0000771497-23-000008 | 10-Q | XBRL Viewer

Cover - shares	3 Months Ended
Cover - shares	Jan. 31, 2023	Mar. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2023
Document Transition Report	false
Entity File Number	1-8929
Entity Registrant Name	ABM INDUSTRIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1369354
Entity Address, Address Line One	One Liberty Plaza
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10006
City Area Code	212
Local Phone Number	297-0200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ABM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		66,105,992
Entity Central Index Key	0000771497
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Current assets
Cash and cash equivalents	$ 87.9	$ 73.0
Trade accounts receivable, net of allowances of $23.3 and $22.6 at January 31, 2023 and October 31, 2022, respectively	1,319.3	1,278.7
Costs incurred in excess of amounts billed	87.2	75.8
Prepaid expenses	104.6	82.1
Other current assets	57.4	51.6
Total current assets	1,656.3	1,561.2
Other investments	15.6	14.5
Property, plant and equipment, net of accumulated depreciation of $304.4 and $296.9 at January 31, 2023 and October 31, 2022, respectively	127.8	125.4
Right-of-use assets	113.1	115.2
Other intangible assets, net of accumulated amortization of $479.9 and $459.8 at January 31, 2023 and October 31, 2022, respectively	360.1	378.5
Goodwill	2,491.8	2,485.6
Other noncurrent assets	153.3	188.5
Total assets	4,918.0	4,868.9
Current liabilities
Current portion of debt, net	181.5	181.5
Trade accounts payable	279.9	315.5
Accrued compensation	199.9	246.6
Accrued taxes — other than income	68.8	124.7
Insurance claims	175.5	171.4
Income taxes payable	6.6	6.6
Current portion of lease liabilities	30.3	30.3
Other accrued liabilities	333.7	276.5
Total current liabilities	1,276.3	1,353.2
Long-term debt, net	1,203.4	1,086.3
Long-term lease liabilities	101.8	104.5
Deferred income tax liability, net	95.8	89.7
Noncurrent insurance claims	396.3	387.7
Other noncurrent liabilities	103.7	126.0
Noncurrent income taxes payable	4.2	4.2
Total liabilities	3,181.5	3,151.7
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 500,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value; 100,000,000 shares authorized; 66,097,165 and 65,587,894 shares issued and outstanding at January 31, 2023 and October 31, 2022, respectively	0.7	0.7
Additional paid-in capital	670.7	675.5
Accumulated other comprehensive loss, net of taxes	(15.1)	(16.2)
Retained earnings	1,080.3	1,057.2
Total stockholders’ equity	1,736.5	1,717.2
Total liabilities and stockholders’ equity	$ 4,918.0	$ 4,868.9

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance	$ 23.3	$ 22.6
Property, plant and equipment, accumulated depreciation	304.4	296.9
Other intangible assets, accumulated amortization	$ 479.9	$ 459.8
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	66,097,165	65,587,894
Common stock, shares outstanding (in shares)	66,097,165	65,587,894

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Revenues	$ 1,991.3	$ 1,936.2
Operating expenses	1,749.8	1,659.6
Selling, general and administrative expenses	150.6	153.1
Amortization of intangible assets	19.5	17.5
Operating profit	71.4	106.0
Income from unconsolidated affiliates	1.1	0.5
Interest expense	(19.8)	(6.2)
Income before income taxes	52.7	100.3
Income tax provision	(14.2)	(24.3)
Net income	38.5	76.0
Other comprehensive income
Interest rate swaps	(13.1)	0.6
Foreign currency translation and other	10.5	(2.4)
Income tax benefit (provision)	3.6	(0.2)
Comprehensive income	$ 39.6	$ 74.0
Net income per common share
Basic (in USD per share)	$ 0.58	$ 1.12
Diluted (in USD per share)	$ 0.58	$ 1.11
Weighted-average common and common equivalent shares outstanding
Basic (in shares)	66.3	67.9
Diluted (in shares)	66.8	68.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss, Net of Taxes	Retained Earnings
Balance, beginning of period (in shares) at Oct. 31, 2021		67,300,000
Balance, beginning of period at Oct. 31, 2021		$ 0.7	$ 750.9	$ (22.5)	$ 880.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under employee stock purchase and share-based compensation plans (in shares)		400,000
Taxes withheld under employee stock purchase and share-based compensation plans, net		$ 0.0	(9.0)
Repurchase of common stock (in shares)	(300,000)	(300,000)
Repurchase of common stock	$ (13.3)	$ 0.0	(13.3)
Share-based compensation expense			8.5
Other comprehensive income (loss)				(2.1)
Net income	76.0				76.0
Dividends
Common stock ($0.220 and $0.195 per share)					(13.1)
Stock issued under share-based compensation plans					(1.0)
Balance, end of period (in shares) at Jan. 31, 2022		67,400,000
Balance, end of period at Jan. 31, 2022	1,655.2	$ 0.7	737.0	(24.6)	942.1
Balance, beginning of period (in shares) at Oct. 31, 2022		65,600,000
Balance, beginning of period at Oct. 31, 2022	$ 1,717.2	$ 0.7	675.5	(16.2)	1,057.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under employee stock purchase and share-based compensation plans (in shares)		500,000
Taxes withheld under employee stock purchase and share-based compensation plans, net		$ 0.0	(11.7)
Repurchase of common stock (in shares)	0	0
Repurchase of common stock	$ 0.0	$ 0.0	0.0
Share-based compensation expense			6.9
Other comprehensive income (loss)				1.1
Net income	38.5				38.5
Dividends
Common stock ($0.220 and $0.195 per share)					(14.4)
Stock issued under share-based compensation plans					(1.0)
Balance, end of period (in shares) at Jan. 31, 2023		66,100,000
Balance, end of period at Jan. 31, 2023	$ 1,736.5	$ 0.7	$ 670.7	$ (15.1)	$ 1,080.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividends (in USD per share)	$ 0.220	$ 0.195

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Cash flows from operating activities
Net income	$ 38.5	$ 76.0
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	30.5	27.7
Deferred income taxes	9.6	9.3
Share-based compensation expense	6.9	8.5
(Recovery of)/Provision for bad debt	(0.9)	0.9
Amortization of accumulated other comprehensive gain on interest rate swaps	0.0	(1.4)
Discount accretion on insurance claims	0.1	0.0
Gain on sale of assets	(0.2)	(0.3)
Income from unconsolidated affiliates	(1.1)	(0.5)
Changes in operating assets and liabilities
Trade accounts receivable and costs incurred in excess of amounts billed	(51.0)	(90.3)
Prepaid expenses and other current assets	(18.7)	(1.1)
Right-of-use assets	2.1	2.3
Other noncurrent assets	23.7	(1.3)
Trade accounts payable and other accrued liabilities	(111.5)	(41.8)
Long-term lease liabilities	(2.7)	(2.1)
Insurance claims	12.5	(17.5)
Income taxes payable	(9.4)	4.7
Other noncurrent liabilities	0.7	(66.5)
Total adjustments	(109.4)	(169.6)
Net cash used in operating activities	(70.9)	(93.6)
Cash flows from investing activities
Additions to property, plant and equipment	(13.8)	(9.6)
Proceeds from sale of assets	1.3	0.2
Investments in equity securities	0.0	(3.0)
Net cash used in investing activities	(12.5)	(12.4)
Cash flows from financing activities
Taxes withheld from issuance of share-based compensation awards, net	(12.7)	(10.0)
Repurchases of common stock	0.0	(13.3)
Dividends paid	(14.4)	(13.1)
Borrowings from debt	264.5	475.5
Repayment of borrowings from debt	(147.6)	(356.6)
Changes in book cash overdrafts	6.8	5.9
Financing of energy savings performance contracts	0.4	2.6
Repayment of finance lease obligations	(0.8)	(0.6)
Net cash provided by financing activities	96.2	90.3
Effect of exchange rate changes on cash and cash equivalents	2.2	(0.6)
Net increase (decrease) in cash and cash equivalent	14.9	(16.2)
Cash and cash equivalents at beginning of year	73.0	62.8
Cash and cash equivalents at end of period	$ 87.9	$ 46.6

THE COMPANY AND NATURE OF OPERATIONS	3 Months Ended
THE COMPANY AND NATURE OF OPERATIONS	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND NATURE OF OPERATIONS	THE COMPANY AND NATURE OF OPERATIONS ABM is a leading provider of integrated facility services with a mission to make a difference, every person, every day. We are organized into four industry groups and one Technical Solutions segment: Through these groups, we offer janitorial, facilities engineering, parking, and specialized mechanical and electrical technical solutions, on a standalone basis or in combination with other services.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 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. 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 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 year ended October 31, 2022. Unless otherwise indicated, all references to years are to our fiscal years, which end 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. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Management Reimbursement Revenue by Segment We operate certain parking facilities under management reimbursement arrangements. Under these arrangements, we manage the parking facilities for management fees and pass through the revenues and expenses associated with the facilities to the owners. These revenues and expenses are reported in equal amounts as costs reimbursed from our managed locations. Management reimbursement revenue was $72.4 million and $64.9 million in the three months ended January 31, 2023 and 2022, respectively. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients to assist with the discontinuance of LIBOR. The expedients allow companies to ease the potential accounting burden when modifying contracts and hedging relationships that use LIBOR as a reference rate, if certain criteria are met. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. Effective November 1, 2022, we applied available practical expedients under ASC 848 to account for modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes have been made to applicable debt and derivative contracts as if they were not substantial.

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
ACQUISITIONS AND DISPOSITIONS	Jan. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisition of RavenVolt On September 1, 2022, we completed the acquisition of all of the equity interests of RavenVolt, Inc. (“RavenVolt”), a nationwide provider of advanced turn-key microgrid systems utilized by diversified commercial and industrial customers, national retailers, utilities, and municipalities. RavenVolt’s operations are included within our Technical Solutions segment. The transaction met the definition of a business combination. We applied the acquisition method of accounting. The initial purchase price for the acquisition was approximately $170.0 million in cash at closing (subject to customary working capital and net debt adjustments) plus the potential of post-closing contingent consideration of up to $280.0 million. The post closing contingent consideration is payable in cash in calendar years 2024, 2025, and 2026 if RavenVolt’s earnings before interest, taxes, depreciation, and amortization (EBITDA), as defined in the RavenVolt merger agreement, meets or exceeds certain defined targets. The maximum contingent consideration that is payable in calendar years 2024, 2025, and 2026 is $75.0 million, $75.0 million, and $130.0 million, respectively. If the EBITDA achieved for calendar years 2023 — 2025 cumulatively meets the defined EBITDA targets, the entire $280.0 million would be paid in calendar year 2026, minus any earn-out payments made in 2024 and 2025. The estimate of the fair value of the contingent consideration on the date of acquisition, was $59.0 million. The assets acquired and liabilities assumed were recognized at their acquisition date fair values. The acquisition accounting is subject to change as the Company obtains additional information during the measurement period about the facts and circumstances that existed as of the acquisition date. The final acquisition accounting may include changes to intangible assets, deferred taxes, and deferred revenue within the measurement period not to exceed one year from the acquisition date. Goodwill arising from the RavenVolt Acquisition is not deductible for tax reporting purposes. As of January 31, 2023, we recorded preliminary goodwill and intangibles of $207.4 million and $16.7 million, respectively. The total assets acquired, excluding goodwill and intangibles, and liabilities assumed amounted to $49.3 million and $44.5 million, respectively. The unaudited Consolidated Statements of Comprehensive Income for the three months ended January 31, 2023, include revenues attributable to RavenVolt of $18.3 million, and operating loss of $2.1 million. Acquisition of Momentum Effective April 7, 2022, we acquired Maybin Support Services Limited, Momentum Support Limited (UK), and Momentum Property Support Services Limited (collectively “Momentum”), a leading independent provider of facility services, primarily janitorial, across the Republic of Ireland and Northern Ireland, for a purchase price of approximately $54.8 million. The acquisition was accounted for under the acquisition method. Accordingly, the assets acquired and liabilities assumed were recognized on the date of acquisition at their estimated fair values, with the excess of the purchase price recorded as goodwill, which is not deductible for income tax purposes. As of January 31, 2023, we recorded preliminary goodwill and intangibles of $41.6 million and $10.4 million, respectively. The total assets acquired, excluding goodwill and intangibles, and liabilities assumed amounted to $20.4 million and $17.6 million, respectively. The purchase price allocation is subject to adjustments within the measurement period not to exceed one year from the acquisition date. The unaudited Consolidated Statements of Comprehensive Income for the three months ended January 31, 2023, include revenues attributable to Momentum of $19.2 million, and operating profit of $0.9 million. Disposition of Assets On January 31, 2022, the Company sold a group of customer contracts for healthcare technology management within our Technical Solutions segment for $8.5 million and recognized a gain of $7.7 million during the three months ended January 31, 2022, which is included in “Selling, general and administrative expenses” in the accompanying unaudited Consolidated Statements of Comprehensive Income.

REVENUES

3 Months Ended

Jan. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

Disaggregation of Revenues

We generate revenues under several types of contracts, which are further explained below. Generally, the type of contract is determined by the nature of the services provided by each of our major service lines throughout our reportable segments; therefore, we disaggregate revenues from contracts with customers into major service lines. We have determined that disaggregating revenues into these categories best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Our reportable segments are B&I, M&D, Education, Aviation, and Technical Solutions, as described in Note 12, “Segment Information.”


	Three Months Ended January 31, 2023
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	687.0	$	329.3	$	187.7	$	35.9	$	—	$	1,239.9
Parking(2)	96.9		10.7		0.3		74.8		—		182.6
Facility Services(3)	252.6		40.5		27.0		8.8		—		328.8
Building & Energy Solutions(4)	—		—		—		—		147.0		147.0
Airline Services(5)	—		—		—		92.8		—		92.8
Total	$	1,036.6	$	380.5	$	214.9	$	212.3	$	147.0	$	1,991.3


	Three Months Ended January 31, 2022
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	677.9	$	304.2	$	178.3	$	29.8	$	—	$	1,190.2
Parking(2)	83.2		10.7		0.3		77.7		—		172.0
Facility Services(3)	268.4		44.1		27.1		6.5		—		346.0
Building & Energy Solutions(4)	—		—		—		—		141.8		141.8
Airline Services(5)			—		—		86.3		—		86.3
Total	$	1,029.5	$	359.1	$	205.7	$	200.3	$	141.8	$	1,936.2

(1) Janitorial arrangements provide a wide range of essential cleaning services for commercial office buildings, airports and other transportation centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, and stadiums and arenas. These arrangements are often structured as monthly fixed-price, square-foot, cost-plus, and work order contracts.

(2) Parking arrangements provide parking and transportation services for clients at various locations, including airports and other transportation centers, commercial office buildings, educational institutions, health facilities, hotels, and stadiums and arenas. These arrangements are structured as management reimbursement, leased location, and allowance contracts. Certain of these arrangements are considered service concession agreements and are accounted for under the guidance of Topic 853; accordingly, rent expense related to these arrangements is recorded as a reduction of the related parking service revenues.

(3) Facility Services arrangements provide onsite mechanical engineering and technical services and solutions relating to a broad range of facilities and infrastructure systems that are designed to extend the useful life of facility fixed assets, improve equipment operating efficiencies, reduce energy consumption, lower overall operational costs for clients, and enhance the sustainability of client locations. These arrangements are generally structured as monthly fixed-price, cost-plus, and work order contracts.

(4) Building & Energy Solutions arrangements provide custom energy solutions, including microgrid systems installation, electrical, HVAC, lighting, electric vehicle charging station installation, and other general maintenance and repair services for clients in the public and private sectors and are generally structured as energy savings, fixed-price repair and refurbishment contracts. We also franchise certain operations under franchise agreements relating to our Linc Network and TEGG brands pursuant to franchise contracts.

(5) Airline Services arrangements support airlines and airports with services such as passenger assistance, catering logistics, and airplane cabin maintenance. These arrangements are often structured as monthly fixed-price, cost-plus, transaction price, and hourly contracts.

Contract Types

We have arrangements under various contract types, as described in Note 2, “Basis of Presentation and Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended October 31, 2022.

Certain arrangements involve variable consideration (primarily per transaction fees, reimbursable expenses, and sales-based royalties). We do not estimate the variable consideration for these arrangements; rather, we recognize these variable fees as they are earned. Some of our contracts, often related to Airline Services, may also include performance incentives based on variable performance measures that are ascertained exclusively by future performance and therefore cannot be estimated at contract inception and are recognized as revenue once known and mutually agreed upon. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current, and forecasted) that is reasonably available to us.

The majority of our contracts include performance obligations that are primarily satisfied over time as we provide the related services. These contract types include: monthly fixed-price; square-foot; cost-plus; work orders; transaction-price; hourly; management reimbursement; leased location; allowance; energy savings contracts; and fixed-price repair and refurbishment contracts, as well as our franchise and royalty fee arrangements. We recognize revenue as the services are performed using a measure of progress that is determined by the contract type. Generally, most of our contracts are cancelable by either party without a substantive penalty, and the majority have a notification period of 30 to 60 days.

We primarily account for our performance obligations under the series guidance, using the as-invoiced practical expedient when applicable. We apply the as-invoiced practical expedient to record revenue as the services are provided, given the nature of the services provided and the frequency of billing under the customer contracts. Under this practical expedient, we recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date and for which we have the right to invoice the customer.

Remaining Performance Obligations

At January 31, 2023, performance obligations that were unsatisfied for which we expect to recognize revenue totaled $234.5 million. We expect to recognize revenue on approximately 75% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter, based on our estimates of project timing.

These amounts exclude variable consideration primarily related to: (i) contracts where we have determined that the contract consists of a series of distinct service periods and revenues are based on future performance that cannot be estimated at contract inception; (ii) parking contracts where we and the customer share the gross revenues or operating profit for the location; and (iii) contracts where transaction prices include performance incentives that are based on future performance and therefore cannot be estimated at contract inception. We apply the practical expedient that permits exclusion of information about the remaining performance obligations with original expected durations of one year or less.

Contract Balances

The timing of revenue recognition, billings, and cash collections results in contract assets and contract liabilities, as further explained below. The timing of revenue recognition may differ from the timing of invoicing to customers.

Contract assets primarily consist of billed trade receivables, unbilled trade receivables, and costs incurred in excess of amounts billed. Billed and unbilled trade receivables represent amounts from work completed in which we have an unconditional right to bill our customer. Costs incurred in excess of amounts billed typically arise when the revenue recognized on projects exceeds the amount billed to the customer. These amounts are transferred to billed trade receivables when the rights become unconditional. Contract assets also include the capitalization of incremental costs of obtaining a contract with a customer, primarily commissions. Commissions expense is recognized on a straight-line basis over a weighted average expected customer relationship period.

Contract liabilities consist of deferred revenue and advance payments and billings in excess of revenue recognized. We generally classify contract liabilities as current since the related contracts are generally for a period

of one year or less. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation.

The following tables present the balances in our contract assets and contract liabilities:


(in millions)	January 31, 2023		October 31, 2022
Contract assets
Billed trade receivables(1)	$	1,175.7	$	1,138.8
Unbilled trade receivables(1)	166.9		162.5
Costs incurred in excess of amounts billed(2)	87.2		75.8
Capitalized commissions(3)	31.0		30.9

(1) Included in trade accounts receivable, net, on the unaudited Consolidated Balance Sheets. The fluctuations correlate directly to the execution of new customer contracts and to invoicing and collections from customers in the normal course of business.

(2) Fluctuation is primarily due to the timing of payments on our contracts measured using the cost-to-cost method of revenue recognition.

(3) Included in other current assets and other noncurrent assets on the unaudited Consolidated Balance Sheets. During the three months ended January 31, 2023, we capitalized $4.0 million of new costs and amortized $3.9 million of previously capitalized costs. There was no impairment loss recorded on the costs capitalized.


(in millions)	Three Months Ended January 31, 2023
Contract liabilities(1)
Balance at beginning of period	$	79.6
Additional contract liabilities	76.8
Recognition of deferred revenue	(44.0)
Balance at end of period	$	112.4

(1) Included in other accrued liabilities on the unaudited Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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+ Details

NET INCOME PER COMMON SHARE

3 Months Ended

Jan. 31, 2023

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

Basic and Diluted Net Income Per Common Share Calculations


	Three Months Ended January 31,
(in millions, except per share amounts)	2023		2022
Net income	$	38.5	$	76.0

Weighted-average common and common equivalent shares outstanding — Basic	66.3		67.9
Effect of dilutive securities(1)
Restricted stock units	0.2		0.2

Performance shares	0.2		0.2
Weighted-average common and common equivalent shares outstanding — Diluted	66.8		68.3

Net income per common share
Basic	$	0.58	$	1.12
Diluted	$	0.58	$	1.11

(1) Excludes the impact of potentially dilutive outstanding share-based securities that are excluded from the calculation of diluted loss per share in periods when we have a loss, as their inclusion would have an anti-dilutive effect. Such impact is included in the table below.

Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans


	Three Months Ended January 31,
(in millions)	2023	2022
Anti-dilutive	0.1	—

FAIR VALE OF FINANCIAL INSTRUMENTS

3 Months Ended

Jan. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Hierarchy of Our Financial Instruments

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


(in millions)	Fair Value Hierarchy	January 31, 2023		October 31, 2022
Cash and cash equivalents(1)	1	$	87.9	$	73.0
Insurance deposits(2)	1	0.9		0.9
Assets held in funded deferred compensation plan(3)	1	4.2		4.1
Debt facilities(4)	2	1,388.1		1,271.3
Interest rate swap assets(5)	2	24.9		36.9
Interest rate swap liabilities(5)	2	1.0		—
Preferred equity investment(6)	3	3.0		3.0
Contingent Consideration(7)	3	59.0		59.0

(1) Cash and cash equivalents are stated at nominal value, which equals fair value.

(2) Represents restricted deposits that are used to collateralize our insurance obligations and are stated at nominal value, which equals fair value. These insurance deposits are included in “Other noncurrent assets” on the accompanying unaudited Consolidated Balance Sheets. See Note 7, “Insurance,” for further information.

(3) Represents investments held in a Rabbi trust associated with one of our deferred compensation plans, which we include in “Other noncurrent assets” on the accompanying unaudited Consolidated Balance Sheets. The fair value of the assets held in the funded deferred compensation plan is based on quoted market prices.

(4) Represents gross outstanding borrowings under our Credit and Receivables Facilities. Due to variable interest rates, the carrying value of outstanding borrowings under these facilities approximates the fair value. See Note 8, “Debt,” for further information.

(5) Represents interest rate swap derivatives designated as cash flow hedges. The fair values of the interest rate swaps are estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows at current market interest rates using observable benchmarks for the Secured Overnight Financing Rate (“SOFR”) forward rates at the end of the period. Our interest rate swap assets and liabilities are included in “Other noncurrent assets” and “Other noncurrent liabilities,” respectively, on the accompanying unaudited Consolidated Balance Sheets. See Note 8, “Debt,” for further information.

(6) We purchased $3.0 million in a preferred equity investment of a privately held company during the first quarter of 2022, which we include in “Other investments” on the accompanying unaudited Consolidated Balance Sheet. Our investment does not have a readily determinable fair value; therefore, we account for the investment using the measurement alternative under Topic 321 and measure the investment at initial cost less impairment, if any.

(7) Our contingent consideration payable related to the RavenVolt Acquisition is remeasured at each reporting date, based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. After the acquisition date and until the contingency is resolved, the fair value of contingent consideration payable is adjusted each reporting period based primarily on the expected probability of achievement of the contingency targets which are subject to our estimate. These changes in fair value are recognized within “Operating expenses” of the unaudited Consolidated Statements of Comprehensive Income.

Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain items at fair value on a non-recurring basis. These assets can include: goodwill; intangible assets; property, plant and equipment; lease-related ROU assets; and long-lived assets that have been reduced to fair value when they are held for sale. If certain triggering events occur, or if an annual impairment test is required, then we would evaluate these non-financial assets for impairment. If an impairment were to occur, then the asset would be recorded at the estimated fair value, using primarily unobservable Level 3 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INSURANCE

3 Months Ended

Jan. 31, 2023

Insurance [Abstract]

INSURANCE

We use a combination of insured and self-insurance programs to cover workers’ compensation, general liability, automobile liability, property damage, and other insurable risks. For the majority of these insurance programs, we retain the initial $1.0 million to $1.5 million of exposure on a per-occurrence basis, either through deductibles or self-insured retentions. Beyond the retained exposures, we have varying primary policy limits ranging between $1.0 million and $5.0 million per occurrence. To cover general liability and automobile liability losses above these primary limits, we maintain commercial umbrella insurance policies that provide aggregate limits of $200.0 million. Our insurance policies generally cover workers’ compensation losses to the full extent of statutory requirements. Additionally, to cover property damage risks above our retained limits, we maintain policies that provide per occurrence limits of $75.0 million. We are also self-insured for certain employee medical and dental plans. We maintain stop-loss insurance for our self-insured medical plan under which we retain up to $0.5 million of exposure on a per-participant, per-year basis with respect to claims.

We maintain our reserves for workers’ compensation, general liability, automobile liability, and property damage insurance claims based upon known trends and events and the actuarial estimates of required reserves considering the most recently completed actuarial reports. We use all available information to develop our best estimate of insurance claims reserves as information is obtained. The results of actuarial reviews are used to estimate our insurance rates and insurance reserves for future periods and to adjust reserves, if appropriate, for prior years.

Actuarial Review Performed During First Quarter 2023

We review our self-insurance liabilities on a regular basis and adjust our accruals accordingly. Actual claims activity or development may vary from our assumptions and estimates, which may result in material losses or gains. As we obtain additional information that affects the assumptions and estimates used in our reserve liability calculations, we adjust our self-insurance rates and reserves for future periods and, if appropriate, adjust our reserves for claims incurred in prior accounting periods.

During the first quarter of 2023, we performed a comprehensive actuarial review of the majority of our casualty insurance programs to evaluate changes made to claims reserves and claims payment activity for the period of May 1, 2022, through October 31, 2022 (the “Actuarial Review”). The Actuarial Review was comprehensive in nature and was based on loss development patterns, trend assumptions, and underlying expected loss costs during the period analyzed.

Based on the results of the Actuarial Review, it was determined that there was no adjustment required for our total reserves related to prior years during the three months ended January 31, 2023. During the three months ended January 31, 2022, we decreased our total reserves related to prior years by $25.2 million. We will continue to assess ongoing developments, which may result in further adjustments to reserves.

Insurance-Related Balances and Activity


(in millions)	January 31, 2023		October 31, 2022
Insurance claim reserves, excluding medical and dental	$	564.7	$	551.1
Medical and dental claim reserves	7.0		8.1
Insurance recoverables	71.0		71.0

At January 31, 2023, and October 31, 2022, insurance recoverables are included in both “Other current assets” and “Other noncurrent assets” on the accompanying unaudited Consolidated Balance Sheets.

Instruments Used to Collateralize Our Insurance Obligations


(in millions)	January 31, 2023		October 31, 2022
Standby letters of credit	$	79.0	$	153.7
Surety bonds	148.8		73.2
Restricted insurance deposits	0.9		0.9
Total	$	228.7	$	227.8

DEBT

3 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

DEBT

Components of Debt


(in millions)	January 31, 2023		October 31, 2022
Current portion of debt
Gross term loan	$	32.5	$	32.5
Unamortized deferred financing costs	(1.0)		(1.0)
Current portion of term loan	$	31.5	$	31.5
Receivables facility	150.0		150.0
Current portion of debt	$	181.5	$	181.5

Long-term debt
Gross term loan	$	560.6	$	568.8
Unamortized deferred financing costs	(2.2)		(2.4)
Total noncurrent portion of term loan	558.4		566.3
Revolving line of credit(1)(2)	645.0		520.0
Long-term debt	$	1,203.4	$	1,086.3

(1) Standby letters of credit amounted to $83.6 million at January 31, 2023.

(2) At January 31, 2023, we had borrowing capacity of $563.3 million.

At January 31, 2023, and October 31, 2022, the weighted average interest rate on all outstanding borrowings, not including letters of credit, was 6.17% and 4.97%, respectively.

On September 1, 2017, we refinanced and replaced our then-existing $800.0 million credit facility with a new senior, secured five-year syndicated credit facility (the “Credit Facility”), consisting of a $900.0 million revolving line of credit (the “revolver”) and an $800.0 million amortizing term loan, both of which were scheduled to mature on September 1, 2022. In accordance with terms of the Credit Facility, the revolver was reduced to $800.0 million on September 1, 2018.

On June 28, 2021, the Company amended and restated the Credit Facility (the “Amended Credit Facility”), extending the maturity date to June 28, 2026, and increasing the capacity of the revolving credit facility from $800.0 million to $1.3 billion and the then-remaining term loan outstanding from $620.0 million to $650.0 million. The Amended Credit Facility provides for the issuance of up to $350.0 million for standby letters of credit and the issuance of up to $75.0 million in swingline advances. The obligations under the Amended Credit Facility are secured on a first-priority basis by a lien on substantially all of our assets and properties, subject to certain exceptions. Additionally, we may repay amounts borrowed under the Amended Credit Facility at any time without penalty.

At November 1, 2022, we amended our Amended Credit Facility pursuant to the LIBOR Transition Amendment and the Fifth Amendment to replace the benchmark rate at which U.S.-dollar-denominated borrowings bear interest from LIBOR to the forward-looking SOFR term rate administered by CME Group Benchmark Administration Limited. As a result of these amendments, we can borrow at Term SOFR plus a credit spread adjustment of 0.10% subject to a floor of zero.

The Amended Credit Facility contains certain covenants, including a maximum total net leverage ratio of 5.00 to 1.00, a maximum secured net leverage ratio of 4.00 to 1.00, and a minimum interest coverage ratio of 1.50 to 1.00, as well as other financial and non-financial covenants. In the event of a material acquisition, as defined in the Amended Credit Facility, we may elect to increase the maximum total net leverage ratio to 5.50 to 1.00 for a total of four fiscal quarters and increase the maximum secured net leverage ratio to 4.50 to 1.00 for a total of four fiscal quarters. Our borrowing capacity is subject to, and limited by, compliance with the covenants described above. At January 31, 2023, we were in compliance with these covenants.

The Amended Credit Facility also includes customary events of default, including: failure to pay principal, interest, or fees when due; failure to comply with covenants; the occurrence of certain material judgments; and a change in control of the Company. If certain events of default occur, including certain cross-defaults, insolvency, change in control, or violation of specific covenants, then the lenders can terminate or suspend our access to the Amended Credit Facility, declare all amounts outstanding (including all accrued interest and unpaid fees) to be immediately due and payable, and require that we cash collateralize the outstanding standby letters of credit.

We incurred deferred financing costs of $6.4 million in conjunction with the execution of the Amended Credit Facility and carried over $6.2 million of unamortized deferred financing from initial execution and previous amendments of the Credit Facility. Total deferred financing costs of $12.6 million, consisting of $4.9 million related to the term loan and $7.7 million related to the revolver, are being amortized to interest expense over the term of the Amended Credit Facility.

On March 1, 2022, we entered into an uncommitted receivable repurchase facility (the “Receivables Facility”) of up to $150 million, which got extended through March 30, 2023. The Receivables Facility allows the Company to sell a portfolio of available and eligible outstanding U.S. trade accounts receivable to a participating institution and simultaneously agree to repurchase them generally on a monthly basis. Under this arrangement, we make floating rate interest payments equal to the forward-looking term rate based on Secured Overnight Financing Rate (“SOFR”) plus 1.05%. These interest payments are payable monthly in arrears. The repurchase price of the receivables in the facility is the original face value. Outstanding receivables must be repurchased on a date agreed upon by both the buyer and seller, generally on a monthly basis, and on the termination date of the repurchase facility. This facility is considered a secured borrowing and provides the buyer with customary rights of termination upon the occurrence of certain events of default. We have guaranteed all of the sellers’ obligations under the facility.

We account for the sale of receivables under the Receivables Facility as short-term debt and continue to carry the receivables on the unaudited Consolidated Balance Sheets, primarily as a result of the requirement to repurchase receivables sold. As of January 31, 2023, there were $150.0 million in borrowings on receivables pledged as collateral under the Receivables Facility.

Long-Term Debt Maturities

During the three months ended January 31, 2023, we made principal payments under the term loan of $8.1 million. As of January 31, 2023, the following principal payments are required under the term loan.


(in millions)	2023		2024		2025		2026		2027
Debt maturities	$	24.4	$	32.5	$	32.5	$	1,148.8	$	—

Interest Rate Swaps

We utilize interest rate swap agreements to fix the variable interest rates on portions of our debt. The purpose of using these derivatives is to reduce our exposure to the interest rate risk associated with variable borrowings. Under these agreements, we typically pay a fixed interest rate in exchange for a SOFR-based variable interest rate on a given notional amount. All of our interest rate swaps are designated and accounted for as cash flow hedges. Changes in the fair value of these derivatives are reported as a component of other comprehensive income and are reclassified into earnings in the period or periods in which the hedged transaction affects earnings. For information regarding the valuation of our interest rate swaps, see Note 6, “Fair Value of Financial Instruments.”

Notional Amount

Fixed Interest Rate

Effective Date

Maturity Date

$100.0 million

1.72%

February 9, 2022

June 28, 2026

$150.0 million

1.85%

February 25, 2022

June 28, 2026

$100.0 million

2.88%

May 4, 2022

June 28, 2026

$243.1 million (1)

2.83%

July 7, 2022

June 28, 2026

$56.9 million (1)

2.79%

July 18, 2022

June 28, 2026

$170.0 million

3.81%

November 1, 2022

June 28, 2026

(1) In July 2022, we entered into interest rate swap agreements with notional values totaling $300.0 million at inception. The notional amount reduces to $250.0 million in April 2024, $175.0 million in October 2024, and $100.0 million in October 2025 before maturing on June 28, 2026.

At January 31, 2023, and October 31, 2022, amounts recorded in accumulated other comprehensive loss (“AOCL”) for interest rate swaps were a gain of $16.9 million, net of taxes of $7.0 million, and a loss of $26.8 million, net of taxes of $10.1 million, respectively. At January 31, 2023, the total amount expected to be reclassified from AOCL to earnings during the next 12 months is a gain of $5.0 million, net of taxes of $2.0 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

COMMON STOCK

3 Months Ended

Jan. 31, 2023

Stockholders' Equity Note [Abstract]

COMMON STOCK

Effective December 9, 2022, our Board of Directors expanded our existing share repurchase program by an additional $150.0 million. We did not repurchase shares under our share repurchase program during the first quarter of 2023. The repurchases made in the first quarter of 2022 are summarized below. At January 31, 2023, authorization for $197.4 million of repurchases remained under our share repurchase program.

Repurchase Activity



(in millions, except per share amounts)	Three Months Ended January 31, 2023		Three Months Ended January 31, 2022
Total number of shares purchased	$	—	0.3
Average price paid per share	$	—	$	44.23
Total cash paid for share repurchases	$	—	$	13.3

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jan. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Surety Bonds We use letters of credit and surety bonds to secure certain commitments related to insurance programs and for other purposes. As of January 31, 2023, these letters of credit and surety bonds totaled $83.6 million and $678.9 million, respectively. Guarantees In some instances, we offer clients guaranteed energy savings under certain energy savings contracts. At January 31, 2023, total guarantees were $239.5 million and extend through 2043. We include the estimated costs of guarantees in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current, and forecasted) that is reasonably available to us. Historically, we have not incurred any material losses in connection with these guarantees. Sales Taxes We collect sales tax from clients and remit those collections to the applicable states. In some cases when clients fail to pay their invoices, including the amount of any sales tax that we paid on their behalf, we may be entitled to seek a refund of that amount of sales tax from the applicable state. Sales tax laws and regulations enacted by the various states are subject to interpretation, and our compliance with such laws is routinely subject to audit and review by such states. Audit risk is concentrated in several states that are conducting ongoing audits. The outcomes of ongoing and any future audits and changes in the states’ interpretation of the sales tax laws and regulations could materially adversely impact our results of operations. Legal Matters We are a party to a number of lawsuits, claims, and proceedings incident to the operation of our business, including those pertaining to labor and employment, contracts, personal injury, and other matters, some of which allege substantial monetary damages. Some of these actions may be brought as class actions on behalf of a class or purported class of employees. At January 31, 2023, the total amount accrued for probable litigation losses where a reasonable estimate of the loss could be made was $29.8 million. We do not accrue for contingent losses that, in our judgment, are considered to be reasonably possible but not probable. The estimation of reasonably possible losses also requires the analysis of multiple possible outcomes that often depend on judgments about potential actions by third parties. Our management currently estimates the range of loss for all reasonably possible losses for which a reasonable estimate of the loss can be made is between zero and $4 million. Factors underlying this estimated range of loss may change from time to time, and actual results may vary significantly from this estimate. Litigation outcomes are difficult to predict, and the estimation of probable losses requires the analysis of multiple possible outcomes that often depend on judgments about potential actions by third parties. If one or more matters are resolved in a particular period in an amount in excess of or in a manner different than what we anticipated, this could have a material adverse effect on our financial position, results of operations, or cash flows. In some cases, although a loss is probable or reasonably possible, we cannot reasonably estimate the maximum potential losses for probable matters or the range of losses for reasonably possible matters. Therefore, our accrual for probable losses and our estimated range of loss for reasonably possible losses do not represent our maximum possible exposure. In determining whether to include any particular lawsuit or other proceeding in our disclosure, we consider both quantitative and qualitative factors. These factors include, but are not limited to: the amount of damages and the nature of any other relief sought in the proceeding; if such damages and other relief are specified, our view of the merits of the claims; whether the action is or purports to be a class action, and our view of the likelihood that a class will be certified by the court; the jurisdiction in which the proceeding is pending; and the potential impact of the proceeding on our reputation. We are not currently a party to any material legal proceedings, and we are not aware of filings of any pending or contemplated litigation, claims, or assessments. There can be no assurance that future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our financial position, results of operations, or cash flows.

INCOME TAXES	3 Months Ended
INCOME TAXES	Jan. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our quarterly tax provision is calculated using an estimated annual tax rate that is adjusted for discrete items occurring during the period to arrive at our effective tax rate. During the three months ended January 31, 2023 and 2022, we had effective tax rates of 26.9% and 24.2%, respectively, resulting in provisions for taxes of $14.2 million and $24.3 million, respectively. The difference between the effective tax rate and statutory rate is primarily related to state income taxes and non-deductible compensation. Our effective tax rate for the three months ended January 31, 2023, benefited by a $1.3 million for share-based compensation. Our effective tax rate for the three months ended January 31, 2022, benefited by a $3.5 million change in tax reserves. In 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which included various payroll tax provisions. Through December 2020, we deferred approximately $132 million of payroll tax. The deferred payroll tax has been remitted in full: $66 million was paid in December 2021 and the remaining $66 million was paid in December 2022. We plan to reinvest our foreign earnings to fund future non-U.S. growth and expansion, and we do not anticipate remitting such earnings to the United States. While U.S. federal tax expense has been recognized as a result of the Tax Cuts and Jobs Act of 2017, no deferred tax liabilities with respect to federal and state income taxes or foreign withholding taxes have been recognized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

SEGMENT INFORMATION

3 Months Ended

Jan. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our current reportable segments consist of B&I, M&D, Education, Aviation, and Technical Solutions, as further described below.


REPORTABLE SEGMENTS AND DESCRIPTIONS
B&I			B&I, our largest reportable segment, encompasses janitorial, facilities engineering, and parking services for commercial real estate properties (including corporate offices for high-tech clients), sports and entertainment venues, and traditional hospitals and non-acute healthcare facilities. B&I also provides vehicle maintenance and other services to rental car providers.
M&D			M&D provides integrated facility services, engineering, janitorial, and other specialized services in different types of manufacturing, distribution, and data center facilities. Manufacturing facilities include traditional motor vehicles, electric vehicles, batteries, pharmaceuticals, steel, semiconductors, chemicals, and many others. Distribution facilities include e-commerce, cold storage, logistics, general warehousing, and others.
Education			Education delivers janitorial, custodial, landscaping and grounds, facilities engineering, and parking services for public school districts, private schools, colleges, and universities.
Aviation			Aviation supports airlines and airports with services ranging from parking and janitorial to passenger assistance, catering logistics, air cabin maintenance, and transportation.
Technical Solutions			Technical Solutions specializes in facility infrastructure, mechanical, and electrical services, including power design, installation, and maintenance, as well as microgrid systems installations. These services can also be leveraged for cross-selling across all of our industry groups, both domestically and internationally.

Financial Information by Reportable Segment


	Three Months Ended January 31,
(in millions)	2023		2022
Revenues
Business & Industry	$	1,036.6	$	1,029.5
Manufacturing & Distribution	380.5		359.1
Education	214.9		205.7
Aviation	212.3		200.3
Technical Solutions	147.0		141.8

	$	1,991.3	$	1,936.2
Operating profit
Business & Industry	$	75.9	$	83.3
Manufacturing & Distribution	40.9		40.6
Education	11.8		12.6
Aviation	8.3		8.9
Technical Solutions(1)	7.2		16.9
Government Services	—		(0.1)
Corporate	(71.5)		(55.8)
Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions	(1.1)		(0.5)
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions	(0.1)		—
	71.4		106.0
Income from unconsolidated affiliates	1.1		0.5
Interest expense	(19.8)		(6.2)
Income before income taxes	$	52.7	$	100.3

(1) Reflects a $7.7 million gain on the sale of assets during the three months ended January 31, 2022.

The accounting policies for our segments are the same as those disclosed within our significant accounting policies in Note 2, “Basis of Presentation and Significant Accounting Policies.” Our management evaluates the performance of each reportable segment based on its respective operating profit results, which include the allocation of certain centrally incurred costs. Corporate expenses not allocated to segments include certain CEO and other finance and human resource departmental expenses, certain information technology costs, share-based compensation, certain legal costs and settlements, certain actuarial adjustments to self-insurance reserves, and acquisition and integration costs. Management does not review asset information by segment, therefore we do not present assets in this note.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	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. 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 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 year ended October 31, 2022. Unless otherwise indicated, all references to years are to our fiscal years, which end on October 31.
Management Reimbursement Revenue by Segment and Remaining Performance Obligations	Management Reimbursement Revenue by SegmentWe operate certain parking facilities under management reimbursement arrangements. Under these arrangements, we manage the parking facilities for management fees and pass through the revenues and expenses associated with the facilities to the owners. These revenues and expenses are reported in equal amounts as costs reimbursed from our managed locations. Remaining Performance Obligations At January 31, 2023, performance obligations that were unsatisfied for which we expect to recognize revenue totaled $234.5 million. We expect to recognize revenue on approximately 75% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter, based on our estimates of project timing. These amounts exclude variable consideration primarily related to: (i) contracts where we have determined that the contract consists of a series of distinct service periods and revenues are based on future performance that cannot be estimated at contract inception; (ii) parking contracts where we and the customer share the gross revenues or operating profit for the location; and (iii) contracts where transaction prices include performance incentives that are based on future performance and therefore cannot be estimated at contract inception. We apply the practical expedient that permits exclusion of information about the remaining performance obligations with original expected durations of one year or less.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients to assist with the discontinuance of LIBOR. The expedients allow companies to ease the potential accounting burden when modifying contracts and hedging relationships that use LIBOR as a reference rate, if certain criteria are met. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. This ASU clarifies that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions under Topic 848. Effective November 1, 2022, we applied available practical expedients under ASC 848 to account for modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes have been made to applicable debt and derivative contracts as if they were not substantial.
Contract Types and Contract Balances	Contract Types We have arrangements under various contract types, as described in Note 2, “Basis of Presentation and Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended October 31, 2022. Certain arrangements involve variable consideration (primarily per transaction fees, reimbursable expenses, and sales-based royalties). We do not estimate the variable consideration for these arrangements; rather, we recognize these variable fees as they are earned. Some of our contracts, often related to Airline Services, may also include performance incentives based on variable performance measures that are ascertained exclusively by future performance and therefore cannot be estimated at contract inception and are recognized as revenue once known and mutually agreed upon. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current, and forecasted) that is reasonably available to us. The majority of our contracts include performance obligations that are primarily satisfied over time as we provide the related services. These contract types include: monthly fixed-price; square-foot; cost-plus; work orders; transaction-price; hourly; management reimbursement; leased location; allowance; energy savings contracts; and fixed-price repair and refurbishment contracts, as well as our franchise and royalty fee arrangements. We recognize revenue as the services are performed using a measure of progress that is determined by the contract type. Generally, most of our contracts are cancelable by either party without a substantive penalty, and the majority have a notification period of 30 to 60 days. We primarily account for our performance obligations under the series guidance, using the as-invoiced practical expedient when applicable. We apply the as-invoiced practical expedient to record revenue as the services are provided, given the nature of the services provided and the frequency of billing under the customer contracts. Under this practical expedient, we recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date and for which we have the right to invoice the customer. Contract Balances The timing of revenue recognition, billings, and cash collections results in contract assets and contract liabilities, as further explained below. The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets primarily consist of billed trade receivables, unbilled trade receivables, and costs incurred in excess of amounts billed. Billed and unbilled trade receivables represent amounts from work completed in which we have an unconditional right to bill our customer. Costs incurred in excess of amounts billed typically arise when the revenue recognized on projects exceeds the amount billed to the customer. These amounts are transferred to billed trade receivables when the rights become unconditional. Contract assets also include the capitalization of incremental costs of obtaining a contract with a customer, primarily commissions. Commissions expense is recognized on a straight-line basis over a weighted average expected customer relationship period. Contract liabilities consist of deferred revenue and advance payments and billings in excess of revenue recognized. We generally classify contract liabilities as current since the related contracts are generally for a period of one year or less. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUES (Tables)

3 Months Ended

Jan. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Major Service Lines and Segments


	Three Months Ended January 31, 2023
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	687.0	$	329.3	$	187.7	$	35.9	$	—	$	1,239.9
Parking(2)	96.9		10.7		0.3		74.8		—		182.6
Facility Services(3)	252.6		40.5		27.0		8.8		—		328.8
Building & Energy Solutions(4)	—		—		—		—		147.0		147.0
Airline Services(5)	—		—		—		92.8		—		92.8
Total	$	1,036.6	$	380.5	$	214.9	$	212.3	$	147.0	$	1,991.3


	Three Months Ended January 31, 2022
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	677.9	$	304.2	$	178.3	$	29.8	$	—	$	1,190.2
Parking(2)	83.2		10.7		0.3		77.7		—		172.0
Facility Services(3)	268.4		44.1		27.1		6.5		—		346.0
Building & Energy Solutions(4)	—		—		—		—		141.8		141.8
Airline Services(5)			—		—		86.3		—		86.3
Total	$	1,029.5	$	359.1	$	205.7	$	200.3	$	141.8	$	1,936.2

Contract with Customer, Asset and Liability

The following tables present the balances in our contract assets and contract liabilities:


(in millions)	January 31, 2023		October 31, 2022
Contract assets
Billed trade receivables(1)	$	1,175.7	$	1,138.8
Unbilled trade receivables(1)	166.9		162.5
Costs incurred in excess of amounts billed(2)	87.2		75.8
Capitalized commissions(3)	31.0		30.9

(2) Fluctuation is primarily due to the timing of payments on our contracts measured using the cost-to-cost method of revenue recognition.


(in millions)	Three Months Ended January 31, 2023
Contract liabilities(1)
Balance at beginning of period	$	79.6
Additional contract liabilities	76.8
Recognition of deferred revenue	(44.0)
Balance at end of period	$	112.4

(1) Included in other accrued liabilities on the unaudited Consolidated Balance Sheets.

NET INCOME PER COMMON SHARE (Tables)

3 Months Ended

Jan. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Common Share Calculations

Basic and Diluted Net Income Per Common Share Calculations


	Three Months Ended January 31,
(in millions, except per share amounts)	2023		2022
Net income	$	38.5	$	76.0

Weighted-average common and common equivalent shares outstanding — Basic	66.3		67.9
Effect of dilutive securities(1)
Restricted stock units	0.2		0.2

Performance shares	0.2		0.2
Weighted-average common and common equivalent shares outstanding — Diluted	66.8		68.3

Net income per common share
Basic	$	0.58	$	1.12
Diluted	$	0.58	$	1.11

Schedule of Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans

Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans


	Three Months Ended January 31,
(in millions)	2023	2022
Anti-dilutive	0.1	—

FAIR VALE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Jan. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


(in millions)	Fair Value Hierarchy	January 31, 2023		October 31, 2022
Cash and cash equivalents(1)	1	$	87.9	$	73.0
Insurance deposits(2)	1	0.9		0.9
Assets held in funded deferred compensation plan(3)	1	4.2		4.1
Debt facilities(4)	2	1,388.1		1,271.3
Interest rate swap assets(5)	2	24.9		36.9
Interest rate swap liabilities(5)	2	1.0		—
Preferred equity investment(6)	3	3.0		3.0
Contingent Consideration(7)	3	59.0		59.0

(1) Cash and cash equivalents are stated at nominal value, which equals fair value.

INSURANCE (Tables)

3 Months Ended

Jan. 31, 2023

Insurance [Abstract]

Schedule of Insurance Related Balances and Activity

Insurance-Related Balances and Activity


(in millions)	January 31, 2023		October 31, 2022
Insurance claim reserves, excluding medical and dental	$	564.7	$	551.1
Medical and dental claim reserves	7.0		8.1
Insurance recoverables	71.0		71.0

Schedule of Instruments Used to Collateralize Insurance Obligations

Instruments Used to Collateralize Our Insurance Obligations


(in millions)	January 31, 2023		October 31, 2022
Standby letters of credit	$	79.0	$	153.7
Surety bonds	148.8		73.2
Restricted insurance deposits	0.9		0.9
Total	$	228.7	$	227.8

DEBT (Tables)

3 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Schedule of Components of Debt

Components of Debt


(in millions)	January 31, 2023		October 31, 2022
Current portion of debt
Gross term loan	$	32.5	$	32.5
Unamortized deferred financing costs	(1.0)		(1.0)
Current portion of term loan	$	31.5	$	31.5
Receivables facility	150.0		150.0
Current portion of debt	$	181.5	$	181.5

Long-term debt
Gross term loan	$	560.6	$	568.8
Unamortized deferred financing costs	(2.2)		(2.4)
Total noncurrent portion of term loan	558.4		566.3
Revolving line of credit(1)(2)	645.0		520.0
Long-term debt	$	1,203.4	$	1,086.3

(1) Standby letters of credit amounted to $83.6 million at January 31, 2023.

(2) At January 31, 2023, we had borrowing capacity of $563.3 million.

Schedule of Term Loan Maturities

As of January 31, 2023, the following principal payments are required under the term loan.


(in millions)	2023		2024		2025		2026		2027
Debt maturities	$	24.4	$	32.5	$	32.5	$	1,148.8	$	—

Schedule of Interest Rate Swap Information

Notional Amount

Fixed Interest Rate

Effective Date

Maturity Date

$100.0 million

1.72%

February 9, 2022

June 28, 2026

$150.0 million

1.85%

February 25, 2022

June 28, 2026

$100.0 million

2.88%

May 4, 2022

June 28, 2026

$243.1 million (1)

2.83%

July 7, 2022

June 28, 2026

$56.9 million (1)

2.79%

July 18, 2022

June 28, 2026

$170.0 million

3.81%

November 1, 2022

June 28, 2026

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

COMMON STOCK (Tables)

3 Months Ended

Jan. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Share Repurchase Activity



(in millions, except per share amounts)	Three Months Ended January 31, 2023		Three Months Ended January 31, 2022
Total number of shares purchased	$	—	0.3
Average price paid per share	$	—	$	44.23
Total cash paid for share repurchases	$	—	$	13.3

SEGMENT INFORMATION (Tables)

3 Months Ended

Jan. 31, 2023

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

Financial Information by Reportable Segment


	Three Months Ended January 31,
(in millions)	2023		2022
Revenues
Business & Industry	$	1,036.6	$	1,029.5
Manufacturing & Distribution	380.5		359.1
Education	214.9		205.7
Aviation	212.3		200.3
Technical Solutions	147.0		141.8

	$	1,991.3	$	1,936.2
Operating profit
Business & Industry	$	75.9	$	83.3
Manufacturing & Distribution	40.9		40.6
Education	11.8		12.6
Aviation	8.3		8.9
Technical Solutions(1)	7.2		16.9
Government Services	—		(0.1)
Corporate	(71.5)		(55.8)
Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions	(1.1)		(0.5)
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions	(0.1)		—
	71.4		106.0
Income from unconsolidated affiliates	1.1		0.5
Interest expense	(19.8)		(6.2)
Income before income taxes	$	52.7	$	100.3

(1) Reflects a $7.7 million gain on the sale of assets during the three months ended January 31, 2022.

THE COMPANY AND NATURE OF OPERATIONS (Details)	3 Months Ended
THE COMPANY AND NATURE OF OPERATIONS (Details)	Jan. 31, 2023 industryGroup segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of industry groups \| industryGroup	4
Number of technical solutions segments \| segment	1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 1,991.3	$ 1,936.2
Management Reimbursement Revenue
Segment Reporting Information [Line Items]
Revenues	$ 72.4	$ 64.9

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

ACQUISITIONS AND DISPOSITIONS (Details) - USD ($)			3 Months Ended	12 Months Ended
ACQUISITIONS AND DISPOSITIONS (Details) - USD ($)	Sep. 01, 2022	Apr. 07, 2022	Jan. 31, 2023	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Oct. 31, 2022	Jan. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 2,491,800,000				$ 2,485,600,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, general and administrative expenses
Customer Contracts for Healthcare Technology Management \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Technical Solutions
Business Acquisition [Line Items]
Sale of customer contracts for clinical engineering services, consideration								$ 8,500,000
Gain on sale of government services business			$ 7,700,000
RavenVolt
Business Acquisition [Line Items]
Cash purchase price	$ 170,000,000
Contingent consideration	59,000,000
Goodwill tax deductible amount	0
Goodwill			207,400,000
Intangibles acquired			16,700,000
Total assets acquired, excluding goodwill and intangibles			49,300,000
Liabilities assumed			44,500,000
Revenues associated with acquisition			18,300,000
Operating profit (loss) associated with acquisition			(2,100,000)
RavenVolt \| Forecast
Business Acquisition [Line Items]
Maximum contingent consideration payable in future years				$ 130,000,000	$ 75,000,000	$ 75,000,000
RavenVolt \| Maximum
Business Acquisition [Line Items]
Potential post-closing contingent consideration	$ 280,000,000
RavenVolt \| Maximum \| Forecast
Business Acquisition [Line Items]
Potential post-closing contingent consideration				$ 280,000,000
Momentum
Business Acquisition [Line Items]
Goodwill tax deductible amount		$ 0
Goodwill			41,600,000
Intangibles acquired			10,400,000
Total assets acquired, excluding goodwill and intangibles			20,400,000
Liabilities assumed			17,600,000
Revenues associated with acquisition			19,200,000
Operating profit (loss) associated with acquisition			$ 900,000
Consideration paid		$ 54,800,000

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Revenue from External Customer [Line Items]
Revenues	$ 1,991.3	$ 1,936.2
B&I
Revenue from External Customer [Line Items]
Revenues	1,036.6	1,029.5
M&D
Revenue from External Customer [Line Items]
Revenues	380.5	359.1
Education
Revenue from External Customer [Line Items]
Revenues	214.9	205.7
Aviation
Revenue from External Customer [Line Items]
Revenues	212.3	200.3
Technical Solutions
Revenue from External Customer [Line Items]
Revenues	147.0	141.8
Janitorial
Revenue from External Customer [Line Items]
Revenues	1,239.9	1,190.2
Janitorial \| B&I
Revenue from External Customer [Line Items]
Revenues	687.0	677.9
Janitorial \| M&D
Revenue from External Customer [Line Items]
Revenues	329.3	304.2
Janitorial \| Education
Revenue from External Customer [Line Items]
Revenues	187.7	178.3
Janitorial \| Aviation
Revenue from External Customer [Line Items]
Revenues	35.9	29.8
Janitorial \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Parking
Revenue from External Customer [Line Items]
Revenues	182.6	172.0
Parking \| B&I
Revenue from External Customer [Line Items]
Revenues	96.9	83.2
Parking \| M&D
Revenue from External Customer [Line Items]
Revenues	10.7	10.7
Parking \| Education
Revenue from External Customer [Line Items]
Revenues	0.3	0.3
Parking \| Aviation
Revenue from External Customer [Line Items]
Revenues	74.8	77.7
Parking \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Facility Services
Revenue from External Customer [Line Items]
Revenues	328.8	346.0
Facility Services \| B&I
Revenue from External Customer [Line Items]
Revenues	252.6	268.4
Facility Services \| M&D
Revenue from External Customer [Line Items]
Revenues	40.5	44.1
Facility Services \| Education
Revenue from External Customer [Line Items]
Revenues	27.0	27.1
Facility Services \| Aviation
Revenue from External Customer [Line Items]
Revenues	8.8	6.5
Facility Services \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Building & Energy Solutions
Revenue from External Customer [Line Items]
Revenues	147.0	141.8
Building & Energy Solutions \| B&I
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Building & Energy Solutions \| M&D
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Building & Energy Solutions \| Education
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Building & Energy Solutions \| Aviation
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Building & Energy Solutions \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	147.0	141.8
Airline Services
Revenue from External Customer [Line Items]
Revenues	92.8	86.3
Airline Services \| B&I
Revenue from External Customer [Line Items]
Revenues	0.0
Airline Services \| M&D
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Airline Services \| Education
Revenue from External Customer [Line Items]
Revenues	0.0	0.0
Airline Services \| Aviation
Revenue from External Customer [Line Items]
Revenues	92.8	86.3
Airline Services \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	$ 0.0	$ 0.0

REVENUES - Remaining Performance Obligations Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-02-01 $ in Millions	Jan. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligation	$ 234.5
Percentage of remaining performance obligation	75.00%
Remaining performance obligation period	12 months

REVENUES - Contract with Customer, Asset and Liability (Details) - USD ($)	3 Months Ended
	Jan. 31, 2023	Oct. 31, 2022
Revenue from Contract with Customer [Abstract]
Billed trade receivables	$ 1,175,700,000	$ 1,138,800,000
Unbilled trade receivables	166,900,000	162,500,000
Costs incurred in excess of amounts billed	87,200,000	75,800,000
Capitalized commissions	31,000,000.0	$ 30,900,000
Capitalized contract price	4,000,000
Amortization of previously capitalized contract costs	3,900,000
Impairment loss recorded on costs capitalized	0
Contract with Customer, Liabilities [Roll Forward]
Contract liabilities, balance at beginning of period	79,600,000
Additional contract liabilities	76,800,000
Recognition of deferred revenue	(44,000,000.0)
Contract liabilities, balance at end of period	$ 112,400,000

NET INCOME PER COMMON SHARE - Calculations of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 38.5	$ 76.0
Weighted-average common and common equivalent shares outstanding — Basic (in shares)	66.3	67.9
Effect of dilutive securities
Weighted-average common and common equivalent shares outstanding — Diluted (in shares)	66.8	68.3
Net income per common share
Basic (in USD per share)	$ 0.58	$ 1.12
Diluted (in USD per share)	$ 0.58	$ 1.11
Restricted stock units
Effect of dilutive securities
Effect of dilutive securities (in shares)	0.2	0.2
Performance shares
Effect of dilutive securities
Effect of dilutive securities (in shares)	0.2	0.2

NET INCOME PER COMMON SHARE - Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans (Details) - shares shares in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive (in shares)	0.1	0.0

FAIR VALE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022	Jan. 31, 2022
Privately Held Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred equity investment			$ 3.0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 87.9	$ 73.0
Insurance deposits	0.9	0.9
Assets held in funded deferred compensation plan	4.2	4.1
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt facilities	1,388.1	1,271.3
Interest rate swap assets	24.9	36.9
Interest rate swap liabilities	1.0	0.0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred equity investment	3.0	3.0
Contingent Consideration	$ 59.0	$ 59.0

INSURANCE - Narrative (Details) - USD ($)	3 Months Ended
INSURANCE - Narrative (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2022
Schedule of Other Liabilities [Line Items]
Insurance policy coverage, general and automobile liability losses	$ 200,000,000
Insurance policy coverage, property damage	75,000,000
Change in case reserves plus IBNR Claims — prior years	0	$ 25,200,000
Minimum
Schedule of Other Liabilities [Line Items]
Self insurance retention amount per-claim	1,000,000
Primary policy limit	1,000,000
Maximum
Schedule of Other Liabilities [Line Items]
Self insurance retention amount per-claim	1,500,000
Primary policy limit	5,000,000
Self insurance retention amount per-claim, medical plan	$ 500,000

INSURANCE - Insurance Related Balances and Activity (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Insurance recoverables	$ 71.0	$ 71.0
Insurance claim reserves, excluding medical and dental
Liability for Claims and Claims Adjustment Expense [Line Items]
Insurance claim reserves	564.7	551.1
Medical and dental claim reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Insurance claim reserves	$ 7.0	$ 8.1

INSURANCE - Instruments Used to Collateralize Insurance Obligations (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	$ 228.7	$ 227.8
Standby letters of credit
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	79.0	153.7
Surety bonds
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	148.8	73.2
Restricted insurance deposits
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	$ 0.9	$ 0.9

DEBT - Components of Debt (Details) - USD ($) $ in Millions	Jan. 31, 2023	Oct. 31, 2022	Mar. 01, 2022
Current portion of debt
Gross term loan	$ 32.5	$ 32.5
Unamortized deferred financing costs	(1.0)	(1.0)
Current portion of term loan	31.5	31.5
Receivables facility	150.0	150.0	$ 150.0
Current portion of debt	181.5	181.5
Long-term debt
Gross term loan	560.6	568.8
Unamortized deferred financing costs	(2.2)	(2.4)
Total noncurrent portion of term loan	558.4	566.3
Revolving line of credit	645.0	520.0
Long-term debt	1,203.4	$ 1,086.3
Standby letters of credit	83.6
Borrowing capacity	$ 563.3

DEBT - Narrative (Details)				3 Months Ended	12 Months Ended
DEBT - Narrative (Details)	Nov. 01, 2022	Mar. 01, 2022 USD ($)	Sep. 01, 2017 USD ($)	Jan. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jun. 28, 2021 USD ($)	Jun. 27, 2021 USD ($)	Sep. 01, 2018 USD ($)	Aug. 31, 2017 USD ($)
Line of Credit Facility [Line Items]
Deferred financing costs						$ 12,600,000
Receivables facility		$ 150,000,000		$ 150,000,000.0	$ 150,000,000.0
Debt instrument, periodic payment, principal				8,100,000
Interest rate cash flow hedge gain to be reclassified during next 12 months, net				5,000,000
Tax to be reclassified during the next 12 months				2,000,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Line of Credit Facility [Line Items]
Net gain (loss) from cash flow hedges recorded in accumulated other comprehensive loss, net of tax				16,900,000	26,800,000
Tax related to amounts in accumulated other comprehensive loss				$ 7,000,000	$ 10,100,000
Line of Credit
Line of Credit Facility [Line Items]
Deferred financing costs						7,700,000
Term Loan
Line of Credit Facility [Line Items]
Deferred financing costs						$ 4,900,000
Credit Facility
Line of Credit Facility [Line Items]
Weighted average interest rate				6.17%	4.97%
Line of credit facility, term			5 years
Floor on credit spread adjustment	0
Total net leverage ratio						5.00
Secured net leverage ratio						4.00
Interest coverage ratio						1.50
Deferred financing costs						$ 6,400,000
Credit Facility \| Scenario, Material Acquisition
Line of Credit Facility [Line Items]
Total net leverage ratio						5.50
Secured net leverage ratio						4.50
Credit Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Credit Facility \| Standby Letters of Credit
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity						$ 350,000,000
Credit Facility \| Swing Line Loan
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity						75,000,000
Credit Facility \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity			$ 900,000,000			1,300,000,000	$ 800,000,000	$ 800,000,000	$ 800,000,000
Credit Facility \| Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 800,000,000			650,000,000	$ 620,000,000
Deferred financing costs						$ 6,200,000
Receivables Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.05%

DEBT - Long-Term Debt Maturities (Details) - Term Loan $ in Millions	Jan. 31, 2023 USD ($)
Maturities of Long-term Debt
2023	$ 24.4
2024	32.5
2025	32.5
2026	1,148.8
2027	$ 0.0

DEBT - Interest Rate Swaps (Details) - USD ($)	Oct. 31, 2025	Oct. 31, 2024	Apr. 30, 2024	Nov. 01, 2022	Jul. 31, 2022	Jul. 18, 2022	Jul. 07, 2022	May 04, 2022	Feb. 25, 2022	Feb. 09, 2022
Line of Credit Facility [Line Items]
Notional Amount					$ 300,000,000
Forecast
Line of Credit Facility [Line Items]
Notional Amount	$ 100,000,000	$ 175,000,000	$ 250,000,000
Interest Rate Swap, Effective 2/9/2022
Line of Credit Facility [Line Items]
Notional Amount										$ 100,000,000.0
Fixed Interest Rate										1.72%
Interest Rate Swap, Effective 2/25/2022
Line of Credit Facility [Line Items]
Notional Amount									$ 150,000,000.0
Fixed Interest Rate									1.85%
Interest Rate Swap, Effective 5/4/2022
Line of Credit Facility [Line Items]
Notional Amount								$ 100,000,000.0
Fixed Interest Rate								2.88%
Interest Rate Swap, Effective 7/7/2022
Line of Credit Facility [Line Items]
Notional Amount							$ 243,100,000
Fixed Interest Rate							2.83%
Interest Rate Swap, Effective 7/18/2022
Line of Credit Facility [Line Items]
Notional Amount						$ 56,900,000
Fixed Interest Rate						2.79%
Interest Rate Swap, Effective 11/1/2022
Line of Credit Facility [Line Items]
Notional Amount				$ 170,000,000.0
Fixed Interest Rate				3.81%

COMMON STOCK - Narrative (Details) - USD ($)	3 Months Ended
COMMON STOCK - Narrative (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Dec. 09, 2022
Stockholders' Equity Note [Abstract]
Expansion of of authorized repurchase amount of common stock			$ 150,000,000
Shares repurchased under share repurchase program (in shares)	0	300,000
Remaining amount of authorized repurchases of common stock	$ 197,400,000

COMMON STOCK - Schedule of Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Stockholders' Equity Note [Abstract]
Total number of shares purchased (in shares)	0	300,000
Average price paid per share (in USD per share)	$ 0	$ 44.23
Total cash paid for share repurchases	$ 0.0	$ 13.3

COMMITMENTS AND CONTINGENCIES (Details)	Jan. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Standby letters of credit	$ 83,600,000
Surety bonds	678,900,000
Minimum
Loss Contingencies [Line Items]
Amount of reasonably possible loss	0
Maximum
Loss Contingencies [Line Items]
Amount of reasonably possible loss	4,000,000
Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual	29,800,000
Energy Savings Contracts
Loss Contingencies [Line Items]
Guarantee obligation	$ 239,500,000

INCOME TAXES (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2023	Jan. 31, 2022	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate			26.90%	24.20%
Provisions for taxes			$ 14.2	$ 24.3
Income tax benefit for share-based compensation			$ 1.3
Income tax benefit for change in tax reserves				$ 3.5
Deferred payroll tax					$ 132.0
Payment of deferred payroll tax	$ 66.0	$ 66.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Jan. 31, 2023	Jan. 31, 2022
Revenues
Revenues	$ 1,991.3	$ 1,936.2
Operating profit
Operating profit	71.4	106.0
Income from unconsolidated affiliates	1.1	0.5
Interest expense	(19.8)	(6.2)
Income before income taxes	52.7	100.3
Business & Industry
Revenues
Revenues	1,036.6	1,029.5
Manufacturing & Distribution
Revenues
Revenues	380.5	359.1
Education
Revenues
Revenues	214.9	205.7
Aviation
Revenues
Revenues	212.3	200.3
Technical Solutions
Revenues
Revenues	147.0	141.8
Technical Solutions \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Customer Contracts for Healthcare Technology Management
Operating profit
Gain on sale of assets	7.7
Operating Segments \| Business & Industry
Revenues
Revenues	1,036.6	1,029.5
Operating profit
Operating profit	75.9	83.3
Operating Segments \| Manufacturing & Distribution
Revenues
Revenues	380.5	359.1
Operating profit
Operating profit	40.9	40.6
Operating Segments \| Education
Revenues
Revenues	214.9	205.7
Operating profit
Operating profit	11.8	12.6
Operating Segments \| Aviation
Revenues
Revenues	212.3	200.3
Operating profit
Operating profit	8.3	8.9
Operating Segments \| Technical Solutions
Revenues
Revenues	147.0	141.8
Operating profit
Operating profit	7.2	16.9
Operating Segments \| Government Services
Operating profit
Operating profit	0.0	(0.1)
Corporate
Operating profit
Operating profit	(71.5)	(55.8)
Segment Reconciling Items
Operating profit
Income from unconsolidated affiliates	(1.1)	(0.5)
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions	$ (0.1)	$ 0.0