0000771497-24-000013 | 10-Q | XBRL Viewer

COMMON STOCK (Tables)

6 Months Ended

Apr. 30, 2024

Stockholders' Equity Note [Abstract]


(in millions, except per share amounts)	Three Months Ended April 30, 2024		Six Months Ended April 30, 2024
Total number of shares purchased	0.56		0.56
Average price paid per share(1)	$	42.84	$	42.84
Total cash paid for share repurchases(1)	$	23.80	$	23.80

(1) Average price paid per share and total cash paid for share repurchases does not include any excise tax for stock repurchases as part of the Inflation Reduction Act of 2022.

REVENUES

6 Months Ended

Apr. 30, 2024

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 April 30, 2024												Six Months Ended April 30, 2024
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total		B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	681.5	$	338.2	$	199.7	$	41.9	$	—	$	1,261.3	$	1,374.7	$	687.1	$	397.7	$	78.4	$	—	$	2,537.9
Parking(2)	102.5		12.1		0.1		80.1		—		194.8		205.7		25.1		0.2		162.8		—		393.9
Facility Services(3)	205.7		38.3		25.8		11.1		—		280.8		442.3		77.3		47.8		24.1		—		591.4
Building & Energy Solutions(4)	—		—		—		—		176.2		176.2		—		—		—		—		342.1		342.1
Airline Services(5)	—		—		—		105.1		—		105.1		—		—		—		222.5		—		222.5
Total	$	989.6	$	388.6	$	225.6	$	238.2	$	176.2	$	2,018.2	$	2,022.8	$	789.5	$	445.7	$	487.8	$	342.1	$	4,087.8


	Three Months Ended April 30, 2023												Six Months Ended April 30, 2023
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total		B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	673.5	$	325.3	$	188.2	$	36.2	$	—	$	1,223.2	$	1,360.6	$	653.8	$	375.9	$	72.1	$	—	$	2,462.4
Parking(2)	100.3		9.9		0.3		91.7		—		202.1		197.1		21.3		0.5		166.5		—		385.5
Facility Services(3)	224.7		38.0		28.2		8.0		—		298.9		477.3		78.5		55.2		16.8		—		627.8
Building & Energy Solutions(4)	—		—		—		—		168.4		168.4		—		—		—		—		315.5		315.5
Airline Services(5)	—		—		—		91.3		—		91.3		—		—		—		184.1		—		184.1
Total	$	998.5	$	373.2	$	216.7	$	227.2	$	168.4	$	1,984.0	$	2,035.0	$	753.7	$	431.6	$	439.5	$	315.5	$	3,975.3

(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, service concession 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, 2023.

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 90 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 April 30, 2024, performance obligations that were unsatisfied for which we expect to recognize revenue totaled $283.0 million. We expect to recognize revenue on approximately 71% 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. For these contract types, 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)	April 30, 2024		October 31, 2023
Contract assets
Billed trade receivables(1)	$	1,167.6	$	1,219.6
Unbilled trade receivables(1)	171.2		170.4
Costs incurred in excess of amounts billed(2)	152.2		139.2
Capitalized commissions(3)	30.2		30.2

(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 six months ended April 30, 2024, we capitalized $7.4 million of new costs and amortized $7.4 million of previously capitalized costs. There was no impairment loss recorded on the costs capitalized.


(in millions)	Six Months Ended April 30, 2024
Contract liabilities(1)
Balance at beginning of period	$	141.2
Additional contract liabilities	121.6
Recognition of deferred revenue	(107.9)
Balance at end of period	$	154.9

(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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Cover - shares	6 Months Ended
Cover - shares	Apr. 30, 2024	Jun. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
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)		62,763,623
Entity Central Index Key	0000771497
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Credit Facility - Schedule of Components of Debt (Details) - USD ($) $ in Millions	Apr. 30, 2024	Oct. 31, 2023
Current portion of long-term debt
Gross term loan	$ 32.5	$ 32.5
Unamortized deferred financing costs	(0.9)	(1.0)
Current portion of term loan	31.6	31.5
Long-term debt
Gross term loan	520.0	536.3
Unamortized deferred financing costs	(1.0)	(1.5)
Total noncurrent portion of term loan	519.0	534.8
Revolving line of credit	720.0	745.0
Long-term debt	1,239.0	$ 1,279.8
Borrowing capacity	501.1
Standby letters of credit	$ 57.9
Credit Facility
Long-term debt
Weighted average interest rate	7.17%	7.17%

INSURANCE - Schedule of Instruments Used to Collateralize Insurance Obligations (Details) - USD ($) $ in Millions	Apr. 30, 2024	Oct. 31, 2023
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	$ 232.0	$ 234.7
Standby letters of credit
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	53.1	53.5
Surety bonds and surety-backed letters of credit
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	176.6	178.0
Restricted insurance deposits
Letters Of Credit [Line Items]
Instruments used to collateralize insurance obligations	$ 2.3	$ 3.1

FAIR VALE OF FINANCIAL INSTRUMENTS

6 Months Ended

Apr. 30, 2024

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	April 30, 2024		October 31, 2023
Cash and cash equivalents(1)	1	$	60.7	$	69.5
Insurance deposits(2)	1	2.3		3.1
Assets held in funded deferred compensation plan(3)	1	4.2		4.0
Credit facility(4)	2	1,272.5		1,313.8
Interest rate swap assets(5)	2	30.7		36.4

Preferred equity investment(6)	3	15.4		15.4
Contingent consideration(7)	3	13.4		13.4

(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 Amended Credit Facility. Due to variable interest rates, the carrying value of outstanding borrowings under this facility approximates the fair value. See Note 8, “Credit Facility,” 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, “Credit Facility,” for further information.

(6 Our investments do not have a readily determinable fair value; therefore, we account for the investments using the measurement alternative under Topic 321 and measure the investments at initial cost plus or minus fair value adjustments if there are observable prices minus 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 the “Selling, general and administrative expenses” of the unaudited Consolidated Statements of Comprehensive Income. There was no material change in the fair value of the contingent consideration during the three and six months ended April 30, 2024.

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

COMMON STOCK

6 Months Ended

Apr. 30, 2024

Stockholders' Equity Note [Abstract]

COMMON STOCK

Effective December 13, 2023, our Board of Directors expanded our existing share repurchase program by an additional $150.0 million. Share repurchases may take place on the open market or otherwise, and all or part of the repurchases may be made pursuant to Rule 10b5-1 plans or in privately negotiated transactions. The timing of repurchases is at our discretion and will depend upon several factors, including market and business conditions, future cash flows, share price, share availability, and other factors. Repurchased shares are retired and returned to an authorized but unissued status. The repurchase program may be suspended or discontinued at any time without prior notice.

Repurchase Activity

We repurchased shares under the share repurchase program during the second quarter of fiscal year 2024, as summarized below. At April 30, 2024, authorization for $186.5 million of repurchases remained under the Share Repurchase Program. We did not repurchase any shares during the six months ended April 30, 2023.


(in millions, except per share amounts)	Three Months Ended April 30, 2024		Six Months Ended April 30, 2024
Total number of shares purchased	0.56		0.56
Average price paid per share(1)	$	42.84	$	42.84
Total cash paid for share repurchases(1)	$	23.80	$	23.80

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Apr. 30, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS 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 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 would be 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. In 2024, defined EBITDA targets were not achieved, and as a result, no contingent consideration payment was made in 2024 for calendar year 2023. The maximum remaining contingent consideration that is payable in calendar years 2025 and 2026 is $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. At October 31, 2023, the estimate of the fair value of the contingent consideration was $13.4 million. There was no material change in the fair value of the contingent consideration during the three and six months ended April 30, 2024.

REVENUES (Tables)

6 Months Ended

Apr. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues


	Three Months Ended April 30, 2024												Six Months Ended April 30, 2024
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total		B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	681.5	$	338.2	$	199.7	$	41.9	$	—	$	1,261.3	$	1,374.7	$	687.1	$	397.7	$	78.4	$	—	$	2,537.9
Parking(2)	102.5		12.1		0.1		80.1		—		194.8		205.7		25.1		0.2		162.8		—		393.9
Facility Services(3)	205.7		38.3		25.8		11.1		—		280.8		442.3		77.3		47.8		24.1		—		591.4
Building & Energy Solutions(4)	—		—		—		—		176.2		176.2		—		—		—		—		342.1		342.1
Airline Services(5)	—		—		—		105.1		—		105.1		—		—		—		222.5		—		222.5
Total	$	989.6	$	388.6	$	225.6	$	238.2	$	176.2	$	2,018.2	$	2,022.8	$	789.5	$	445.7	$	487.8	$	342.1	$	4,087.8


	Three Months Ended April 30, 2023												Six Months Ended April 30, 2023
(in millions)	B&I		M&D		Education		Aviation		Technical Solutions		Total		B&I		M&D		Education		Aviation		Technical Solutions		Total

Major Service Line
Janitorial(1)	$	673.5	$	325.3	$	188.2	$	36.2	$	—	$	1,223.2	$	1,360.6	$	653.8	$	375.9	$	72.1	$	—	$	2,462.4
Parking(2)	100.3		9.9		0.3		91.7		—		202.1		197.1		21.3		0.5		166.5		—		385.5
Facility Services(3)	224.7		38.0		28.2		8.0		—		298.9		477.3		78.5		55.2		16.8		—		627.8
Building & Energy Solutions(4)	—		—		—		—		168.4		168.4		—		—		—		—		315.5		315.5
Airline Services(5)	—		—		—		91.3		—		91.3		—		—		—		184.1		—		184.1
Total	$	998.5	$	373.2	$	216.7	$	227.2	$	168.4	$	1,984.0	$	2,035.0	$	753.7	$	431.6	$	439.5	$	315.5	$	3,975.3

Schedule of Contract Asset and Liability

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


(in millions)	April 30, 2024		October 31, 2023
Contract assets
Billed trade receivables(1)	$	1,167.6	$	1,219.6
Unbilled trade receivables(1)	171.2		170.4
Costs incurred in excess of amounts billed(2)	152.2		139.2
Capitalized commissions(3)	30.2		30.2

(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)	Six Months Ended April 30, 2024
Contract liabilities(1)
Balance at beginning of period	$	141.2
Additional contract liabilities	121.6
Recognition of deferred revenue	(107.9)
Balance at end of period	$	154.9

(1) Included in “Other accrued liabilities” on the unaudited Consolidated Balance Sheets.

INSURANCE - Narrative (Details) - USD ($)	6 Months Ended
INSURANCE - Narrative (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
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	9,700,000	$ 0
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	5,000,000
Primary policy limit	5,000,000
Self insurance retention amount per-claim, medical plan	$ 500,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

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, 2022

65,600,000

Balance, beginning of period at Oct. 31, 2022

$ 700

$ 675,500

$ (16,200)

$ 1,057,200

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net (in shares)

600,000

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net

$ 0

(10,900)

Share-based compensation expense

14,600

Repurchase of common stock, including excise taxes (in shares)

Repurchase of common stock, including excise taxes

$ 0

Other comprehensive income (loss)

1,600

Net income

$ 90,400

90,400

Dividends

Common stock

^[1]

(29,000)

Stock issued under share-based compensation plans

(1,100)

Balance, end of period (in shares) at Apr. 30, 2023

66,100,000

Balance, end of period at Apr. 30, 2023

1,782,800

$ 700

679,200

(14,600)

1,117,500

Balance, beginning of period (in shares) at Jan. 31, 2023

66,100,000

Balance, beginning of period at Jan. 31, 2023

1,782,800

$ 700

670,700

(15,100)

1,080,300

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net (in shares)

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net

$ 0

800

Share-based compensation expense

7,700

Repurchase of common stock, including excise taxes (in shares)

Repurchase of common stock, including excise taxes

$ 0

Other comprehensive income (loss)

500

Net income

51,900

Dividends

Common stock

^[1]

(14,500)

Stock issued under share-based compensation plans

(200)

Balance, end of period (in shares) at Apr. 30, 2023

66,100,000

Balance, end of period at Apr. 30, 2023

$ 1,782,800

$ 700

679,200

(14,600)

1,117,500

Balance, beginning of period (in shares) at Oct. 31, 2023

62,847,387

62,800,000

Balance, beginning of period at Oct. 31, 2023

$ 1,799,900

$ 600

558,900

(9,200)

1,249,600

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net (in shares)

500,000

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net

$ 0

(7,800)

Share-based compensation expense

16,600

Repurchase of common stock, including excise taxes (in shares)

(560,000)

(600,000)

Repurchase of common stock, including excise taxes

$ (23,800)

$ 0

(23,800)

Other comprehensive income (loss)

(500)

Net income

$ 88,400

88,400

Dividends

Common stock

^[1]

(28,300)

Stock issued under share-based compensation plans

(1,000)

Balance, end of period (in shares) at Apr. 30, 2024

62,756,634

62,800,000

Balance, end of period at Apr. 30, 2024

$ 1,843,600

$ 600

544,000

(9,800)

1,308,800

Balance, beginning of period (in shares) at Jan. 31, 2024

63,300,000

Balance, beginning of period at Jan. 31, 2024

$ 1,843,600

$ 600

558,500

(15,700)

1,279,300

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net (in shares)

Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net

$ 0

1,000

Share-based compensation expense

8,400

Repurchase of common stock, including excise taxes (in shares)

(560,000)

(600,000)

Repurchase of common stock, including excise taxes

$ (23,800)

$ 0

(23,800)

Other comprehensive income (loss)

5,900

Net income

$ 43,800

43,800

Dividends

Common stock

^[1]

(14,100)

Stock issued under share-based compensation plans

(200)

Balance, end of period (in shares) at Apr. 30, 2024

62,756,634

62,800,000

Balance, end of period at Apr. 30, 2024

$ 1,843,600

$ 600

$ 544,000

$ (9,800)

$ 1,308,800

[1]	Cash dividends declared per common share were $0.225 and $0.220 for the three months ended April 30, 2024 and 2023, respectively, and $0.450 and $0.440 for the six months ended April 30, 2024 and 2023, respectively.

ACQUISITIONS (Details) - RavenVolt - USD ($) $ in Millions		12 Months Ended
ACQUISITIONS (Details) - RavenVolt - USD ($) $ in Millions	Sep. 01, 2022	Dec. 31, 2026	Dec. 31, 2025	Oct. 31, 2023
Business Acquisition [Line Items]
Cash purchase price	$ 170.0
Fair value of contingent consideration	59.0			$ 13.4
Forecast
Business Acquisition [Line Items]
Maximum contingent consideration payable in future years		$ 130.0	$ 75.0
Maximum
Business Acquisition [Line Items]
Potential post-closing contingent consideration	$ 280.0
Maximum \| Forecast
Business Acquisition [Line Items]
Potential post-closing contingent consideration		$ 280.0

INSURANCE - Schedule of Insurance Related Balances and Activity (Details) - USD ($) $ in Millions	Apr. 30, 2024	Oct. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Insurance recoverables	$ 106.6	$ 67.1
Insurance claim reserves, excluding medical and dental
Liability for Claims and Claims Adjustment Expense [Line Items]
Insurance claim reserves	602.9	555.0
Medical and dental claim reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Insurance claim reserves	$ 11.4	$ 9.5

COMMITMENTS AND CONTINGENCIES (Details)	Apr. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Standby letters of credit	$ 57,900,000
Surety bonds and surety-backed letters of credit	814,200,000
Minimum
Loss Contingencies [Line Items]
Amount of reasonably possible loss	0
Maximum
Loss Contingencies [Line Items]
Amount of reasonably possible loss	5,100,000
Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual	14,000,000
Energy Savings Contracts
Loss Contingencies [Line Items]
Guarantee obligation	$ 233,900,000

THE COMPANY AND NATURE OF OPERATIONS	6 Months Ended
THE COMPANY AND NATURE OF OPERATIONS	Apr. 30, 2024
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.

INCOME TAXES	6 Months Ended
INCOME TAXES	Apr. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our quarterly tax provision is calculated using an estimated annual effective tax rate that is adjusted for discrete items occurring during the period to arrive at our effective tax rate. During the three and six months ended April 30, 2024, we had effective tax rates of 29.9% and 24.0%, respectively, resulting in provisions for taxes of $18.7 million and $28.0 million, respectively. During the three and six months ended April 30, 2023, we had effective tax rates of 28.2% and 27.6%, respectively, resulting in provisions for taxes of $20.4 million and $34.5 million respectively. The difference between the estimated annual effective tax rate before discrete items and statutory rate is primarily related to state income taxes, non-deductible compensation, and tax credits. Our effective tax rates for the three months ended April 30, 2024, and April 30, 2023, were not impacted by any significant discrete items. Our effective tax rate for the six months ended April 30, 2024, benefited from discrete items, primarily from $2.4 million for uncertain tax positions, $2.2 million for share-based compensation, and $2.2 million for return to provision adjustments related to our non-U.S. operations. Our effective tax rate for the six months ended April 30, 2023, benefited from discrete items, primarily from $1.4 million for share-based compensation. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Income Statement [Abstract]
Revenues	$ 2,018.2	$ 1,984.0	$ 4,087.8	$ 3,975.3
Operating expenses	1,763.5	1,715.2	3,589.8	3,465.0
Selling, general and administrative expenses	159.9	156.6	314.5	307.2
Amortization of intangible assets	13.6	19.5	28.2	39.0
Operating profit	81.3	92.7	155.4	164.1
Income from unconsolidated affiliates	1.7	0.6	3.0	1.7
Interest expense	(20.6)	(21.1)	(41.9)	(40.9)
Income before income taxes	62.4	72.3	116.4	125.0
Income tax provision	(18.7)	(20.4)	(28.0)	(34.5)
Net income	43.8	51.9	88.4	90.4
Other comprehensive income
Interest rate swaps	10.3	(2.5)	(5.7)	(15.6)
Foreign currency translation and other	(1.7)	2.3	3.7	12.8
Income tax (provision) benefit	(2.7)	0.7	1.5	4.3
Comprehensive income	$ 49.7	$ 52.4	$ 87.9	$ 92.0
Net income per common share
Basic (in USD per share)	$ 0.69	$ 0.78	$ 1.40	$ 1.36
Diluted (in USD per share)	$ 0.69	$ 0.78	$ 1.39	$ 1.35
Weighted-average common and common equivalent shares outstanding
Basic (in shares)	63.3	66.4	63.4	66.4
Diluted (in shares)	63.5	66.7	63.7	66.7

REVENUES - Schedule of Contract Asset and Liability (Details) - USD ($)	6 Months Ended
	Apr. 30, 2024	Oct. 31, 2023
Revenue from Contract with Customer [Abstract]
Billed trade receivables	$ 1,167,600,000	$ 1,219,600,000
Unbilled trade receivables	171,200,000	170,400,000
Costs incurred in excess of amounts billed	152,200,000	139,200,000
Capitalized commissions	30,200,000	$ 30,200,000
Capitalized contract price	7,400,000
Amortization of previously capitalized contract costs	7,400,000
Impairment loss recorded on costs capitalized	0
Contract with Customer, Liabilities [Roll Forward]
Contract liabilities, balance at beginning of period	141,200,000
Additional contract liabilities	121,600,000
Recognition of deferred revenue	(107,900,000)
Contract liabilities, balance at end of period	$ 154,900,000

INSURANCE

6 Months Ended

Apr. 30, 2024

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 $5.0 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 and Interim Update Performed During 2024

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 2024, 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, 2023, through October 31, 2023 (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.

During the second quarter of 2024, we performed an interim actuarial update of the majority of our casualty insurance programs that considered changes in claims development and claims payment activity for the period of November 1, 2023, through January 31, 2024 (the “Interim Update”). This Interim Update was abbreviated in nature based on actual versus expected developments during the periods analyzed and relied on the key assumptions in the Actuarial Review (most notably loss development patterns, trend assumptions, and underlying expected loss costs).

Based on the results of the Actuarial Review and Interim Update at April 30, 2024, we increased our total reserves related to prior years for known claims as well as our estimate of the loss amounts associated with incurred but not reported claims (“IBNR claims”) by $9.7 million during the six months ended April 30, 2024. During the six months ended April 30, 2023, it was determined that there was no adjustment required for our total reserves related to prior years. We will continue to assess ongoing developments, which may result in further adjustments to reserves.

Insurance-Related Balances and Activity


(in millions)	April 30, 2024		October 31, 2023
Insurance claim reserves, excluding medical and dental	$	602.9	$	555.0
Medical and dental claim reserves	11.4		9.5
Insurance recoverables	106.6		67.1

At April 30, 2024, and October 31, 2023, 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)	April 30, 2024		October 31, 2023
Standby letters of credit	$	53.1	$	53.5
Surety bonds and surety-backed letters of credit	176.6		178.0
Restricted insurance deposits	2.3		3.1
Total	$	232.0	$	234.7

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Apr. 30, 2024
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 April 30, 2024, these letters of credit totaled $57.9 million and surety bonds and surety-backed letters of credit totaled $814.2 million. Guarantees In some instances, we offer clients guaranteed energy savings under certain energy savings contracts. At April 30, 2024, total guarantees were $233.9 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 April 30, 2024, the total amount accrued for probable litigation losses where a reasonable estimate of the loss could be made was $14.0 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 $5.1 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 currently not 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.

THE COMPANY AND NATURE OF OPERATIONS (Details)	6 Months Ended
THE COMPANY AND NATURE OF OPERATIONS (Details)	Apr. 30, 2024 industry_group segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of industry groups \| industry_group	4
Number of technical solutions segments \| segment	1

FAIR VALE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Apr. 30, 2024

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	April 30, 2024		October 31, 2023
Cash and cash equivalents(1)	1	$	60.7	$	69.5
Insurance deposits(2)	1	2.3		3.1
Assets held in funded deferred compensation plan(3)	1	4.2		4.0
Credit facility(4)	2	1,272.5		1,313.8
Interest rate swap assets(5)	2	30.7		36.4

Preferred equity investment(6)	3	15.4		15.4
Contingent consideration(7)	3	13.4		13.4

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

Credit Facility - Narrative (Details)			3 Months Ended	6 Months Ended	12 Months Ended
Credit Facility - Narrative (Details)	Nov. 01, 2022	Sep. 01, 2017 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	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
Debt instrument, periodic payment, principal			$ 8,100,000	$ 16,300,000
Interest rate cash flow hedge gain to be reclassified during next 12 months, net			10,400,000	10,400,000
Tax to be reclassified during the next 12 months			$ 3,700,000	3,700,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Line of Credit Facility [Line Items]
Gain from cash flow hedges recorded in accumulated other comprehensive income (loss), net of tax				21,700,000	$ 26,000,000
Tax related to amounts in accumulated other comprehensive income (loss)				$ 9,000,000	$ 10,500,000
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]
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 \| 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
Credit Facility \| Revolving Credit Facility \| Line of Credit
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 \| 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

NET INCOME PER COMMON SHARE - Schedule of Anti-Dilutive Outstanding Stock Awards Issued Under Share-Based Compensation Plans (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive (in shares)	0.2	0.3	0.3	0.2

INSURANCE (Tables)

6 Months Ended

Apr. 30, 2024

Insurance [Abstract]

Schedule of Insurance Related Balances and Activity

Insurance-Related Balances and Activity


(in millions)	April 30, 2024		October 31, 2023
Insurance claim reserves, excluding medical and dental	$	602.9	$	555.0
Medical and dental claim reserves	11.4		9.5
Insurance recoverables	106.6		67.1

Schedule of Instruments Used to Collateralize Insurance Obligations

Instruments Used to Collateralize Our Insurance Obligations


(in millions)	April 30, 2024		October 31, 2023
Standby letters of credit	$	53.1	$	53.5
Surety bonds and surety-backed letters of credit	176.6		178.0
Restricted insurance deposits	2.3		3.1
Total	$	232.0	$	234.7

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(29.90%)	28.20%	24.00%	27.60%
Provisions for taxes	$ 18.7	$ 20.4	$ 28.0	$ 34.5
Effective tax rate benefit from uncertain tax positions			(2.4)
Effective tax rate benefit from share-based compensation			(2.2)	$ (1.4)
Effective tax rate benefit from return to provision adjustments			$ (2.2)

- Definition

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

+ References + Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

Financial Information by Reportable Segment


	Three Months Ended April 30,				Six Months Ended April 30,
(in millions)	2024		2023		2024		2023
Revenues
Business & Industry	$	989.6	$	998.5	$	2,022.8	$	2,035.0
Manufacturing & Distribution	388.6		373.2		789.5		753.7
Education	225.6		216.7		445.7		431.6
Aviation	238.2		227.2		487.8		439.5
Technical Solutions	176.2		168.4		342.1		315.5

Total Revenues	$	2,018.2	$	1,984.0	$	4,087.8	$	3,975.3
Operating profit
Business & Industry	$	77.6	$	76.2	$	157.2	$	152.2
Manufacturing & Distribution	43.6		40.8		85.0		81.7
Education	11.5		11.8		24.3		23.6
Aviation	13.1		23.6		22.8		31.9
Technical Solutions	17.0		10.2		23.5		17.4

Corporate	(79.7)		(69.2)		(154.4)		(140.8)
Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions	(1.7)		(0.6)		(3.0)		(1.7)
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions	—		—		—		(0.1)
Total operating profit	$	81.3	$	92.7	$	155.4	$	164.1
Income from unconsolidated affiliates	1.7		0.6		3.0		1.7
Interest expense	(20.6)		(21.1)		(41.9)		(40.9)
Income before income taxes	$	62.4	$	72.3	$	116.4	$	125.0

REVENUES - Schedule of Disaggregation of Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Revenue from External Customer [Line Items]
Revenues	$ 2,018.2	$ 1,984.0	$ 4,087.8	$ 3,975.3
B&I
Revenue from External Customer [Line Items]
Revenues	989.6	998.5	2,022.8	2,035.0
M&D
Revenue from External Customer [Line Items]
Revenues	388.6	373.2	789.5	753.7
Education
Revenue from External Customer [Line Items]
Revenues	225.6	216.7	445.7	431.6
Aviation
Revenue from External Customer [Line Items]
Revenues	238.2	227.2	487.8	439.5
Technical Solutions
Revenue from External Customer [Line Items]
Revenues	176.2	168.4	342.1	315.5
Janitorial
Revenue from External Customer [Line Items]
Revenues	1,261.3	1,223.2	2,537.9	2,462.4
Janitorial \| B&I
Revenue from External Customer [Line Items]
Revenues	681.5	673.5	1,374.7	1,360.6
Janitorial \| M&D
Revenue from External Customer [Line Items]
Revenues	338.2	325.3	687.1	653.8
Janitorial \| Education
Revenue from External Customer [Line Items]
Revenues	199.7	188.2	397.7	375.9
Janitorial \| Aviation
Revenue from External Customer [Line Items]
Revenues	41.9	36.2	78.4	72.1
Janitorial \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Parking
Revenue from External Customer [Line Items]
Revenues	194.8	202.1	393.9	385.5
Parking \| B&I
Revenue from External Customer [Line Items]
Revenues	102.5	100.3	205.7	197.1
Parking \| M&D
Revenue from External Customer [Line Items]
Revenues	12.1	9.9	25.1	21.3
Parking \| Education
Revenue from External Customer [Line Items]
Revenues	0.1	0.3	0.2	0.5
Parking \| Aviation
Revenue from External Customer [Line Items]
Revenues	80.1	91.7	162.8	166.5
Parking \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Facility Services
Revenue from External Customer [Line Items]
Revenues	280.8	298.9	591.4	627.8
Facility Services \| B&I
Revenue from External Customer [Line Items]
Revenues	205.7	224.7	442.3	477.3
Facility Services \| M&D
Revenue from External Customer [Line Items]
Revenues	38.3	38.0	77.3	78.5
Facility Services \| Education
Revenue from External Customer [Line Items]
Revenues	25.8	28.2	47.8	55.2
Facility Services \| Aviation
Revenue from External Customer [Line Items]
Revenues	11.1	8.0	24.1	16.8
Facility Services \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Building & Energy Solutions
Revenue from External Customer [Line Items]
Revenues	176.2	168.4	342.1	315.5
Building & Energy Solutions \| B&I
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Building & Energy Solutions \| M&D
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Building & Energy Solutions \| Education
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Building & Energy Solutions \| Aviation
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Building & Energy Solutions \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	176.2	168.4	342.1	315.5
Airline Services
Revenue from External Customer [Line Items]
Revenues	105.1	91.3	222.5	184.1
Airline Services \| B&I
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Airline Services \| M&D
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Airline Services \| Education
Revenue from External Customer [Line Items]
Revenues	0.0	0.0	0.0	0.0
Airline Services \| Aviation
Revenue from External Customer [Line Items]
Revenues	105.1	91.3	222.5	184.1
Airline Services \| Technical Solutions
Revenue from External Customer [Line Items]
Revenues	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Credit Facility (Tables)

6 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Debt


(in millions)	April 30, 2024		October 31, 2023
Current portion of long-term debt(1)(2)
Gross term loan	$	32.5	$	32.5
Unamortized deferred financing costs	(0.9)		(1.0)
Current portion of term loan	$	31.6	$	31.5



Long-term debt(1)(2)
Gross term loan	$	520.0	$	536.3
Unamortized deferred financing costs	(1.0)		(1.5)
Total noncurrent portion of term loan	519.0		534.8
Revolving line of credit(3)	720.0		745.0
Long-term debt	$	1,239.0	$	1,279.8

(1)At both April 30, 2024, and October 31, 2023, the weighted average interest rate on all outstanding borrowings, not including letters of credit and swaps, was 7.17%.

(2)At April 30, 2024, we had borrowing capacity of $501.1 million.

(3) Standby letters of credit amounted to $57.9 million at April 30, 2024.

Schedule of Long-Term Debt Maturities

As of April 30, 2024, the following principal payments are required under the Amended Credit Facility:


(in millions)	2024		2025		2026		2027		2028
Debt maturities	$	16.3	$	32.5	$	1,223.8	$	—	$	—

Schedule of Interest Rate Swaps

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

$202.5 million (1)

2.83%

July 7, 2022

June 28, 2026

$47.5 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 $175.0 million in October 2024 and $100.0 million in October 2025 before maturing on 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Apr. 30, 2024
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, 2023. 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 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. Remaining Performance Obligations At April 30, 2024, performance obligations that were unsatisfied for which we expect to recognize revenue totaled $283.0 million. We expect to recognize revenue on approximately 71% 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. For these contract types, 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 September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We adopted this standard, effective November 1, 2023, on a prospective basis, except for the rollforward requirement, which becomes effective in fiscal year 2025. We do not participate in any material supplier finance programs and, as such, the adoption of this guidance did not have an impact on our disclosures.
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, 2023. 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 90 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

NET INCOME PER COMMON SHARE (Tables)

6 Months Ended

Apr. 30, 2024

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 April 30,				Six Months Ended April 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net income	$	43.8	$	51.9	$	88.4	$	90.4

Weighted-average common and common equivalent shares outstanding — Basic	63.3		66.4		63.4		66.4
Effect of dilutive securities
Restricted stock units	0.1		0.1		0.1		0.2

Performance shares	0.1		0.1		0.1		0.2
Weighted-average common and common equivalent shares outstanding — Diluted	63.5		66.7		63.7		66.7

Net income per common share
Basic	$	0.69	$	0.78	$	1.40	$	1.36
Diluted	$	0.69	$	0.78	$	1.39	$	1.35

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 April 30,		Six Months Ended April 30,
(in millions)	2024	2023	2024	2023
Anti-dilutive	0.2	0.3	0.3	0.2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends (in USD per share)	$ 0.225	$ 0.220	$ 0.450	$ 0.440

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2024	Oct. 31, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance	$ 25.4	$ 25.0
Property, plant and equipment, accumulated depreciation	347.4	326.5
Other intangible assets, accumulated amortization	$ 466.8	$ 438.3
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)	62,756,634	62,847,387
Common stock, shares outstanding (in shares)	62,756,634	62,847,387

SEGMENT INFORMATION

6 Months Ended

Apr. 30, 2024

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 April 30,				Six Months Ended April 30,
(in millions)	2024		2023		2024		2023
Revenues
Business & Industry	$	989.6	$	998.5	$	2,022.8	$	2,035.0
Manufacturing & Distribution	388.6		373.2		789.5		753.7
Education	225.6		216.7		445.7		431.6
Aviation	238.2		227.2		487.8		439.5
Technical Solutions	176.2		168.4		342.1		315.5

Total Revenues	$	2,018.2	$	1,984.0	$	4,087.8	$	3,975.3
Operating profit
Business & Industry	$	77.6	$	76.2	$	157.2	$	152.2
Manufacturing & Distribution	43.6		40.8		85.0		81.7
Education	11.5		11.8		24.3		23.6
Aviation	13.1		23.6		22.8		31.9
Technical Solutions	17.0		10.2		23.5		17.4

Corporate	(79.7)		(69.2)		(154.4)		(140.8)
Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions	(1.7)		(0.6)		(3.0)		(1.7)
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions	—		—		—		(0.1)
Total operating profit	$	81.3	$	92.7	$	155.4	$	164.1
Income from unconsolidated affiliates	1.7		0.6		3.0		1.7
Interest expense	(20.6)		(21.1)		(41.9)		(40.9)
Income before income taxes	$	62.4	$	72.3	$	116.4	$	125.0

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 corporate costs. Certain corporate costs not allocated to segments include information technology, human resources, executive and finance expenses, and legal costs and settlements. Additionally, share-based compensation, actuarial adjustments to self-insurance reserves related to prior years, acquisition and integration costs, and changes in fair values of contingent consideration are not allocated to segments. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Credit Facility

6 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Credit Facility

Credit Facility Information


(in millions)	April 30, 2024		October 31, 2023
Current portion of long-term debt(1)(2)
Gross term loan	$	32.5	$	32.5
Unamortized deferred financing costs	(0.9)		(1.0)
Current portion of term loan	$	31.6	$	31.5



Long-term debt(1)(2)
Gross term loan	$	520.0	$	536.3
Unamortized deferred financing costs	(1.0)		(1.5)
Total noncurrent portion of term loan	519.0		534.8
Revolving line of credit(3)	720.0		745.0
Long-term debt	$	1,239.0	$	1,279.8

(1)At both April 30, 2024, and October 31, 2023, the weighted average interest rate on all outstanding borrowings, not including letters of credit and swaps, was 7.17%.

(2)At April 30, 2024, we had borrowing capacity of $501.1 million.

(3) Standby letters of credit amounted to $57.9 million at April 30, 2024.

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 matured 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 (London Interbank Offered Rate) 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 Secured Overnight Financing Rate (“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 April 30, 2024, 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.

Long-Term Debt Maturities

During the three and six months ended April 30, 2024, we made principal payments under the term loan of $8.1 million and $16.3 million, respectively. As of April 30, 2024, the following principal payments are required under the Amended Credit Facility:


(in millions)	2024		2025		2026		2027		2028
Debt maturities	$	16.3	$	32.5	$	1,223.8	$	—	$	—

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

$202.5 million (1)

2.83%

July 7, 2022

June 28, 2026

$47.5 million (1)

2.79%

July 18, 2022

June 28, 2026

$170.0 million

3.81%

November 1, 2022

June 28, 2026

At April 30, 2024, and October 31, 2023, amounts recorded in accumulated other comprehensive loss (“AOCL”) for interest rate swaps were a gain of $21.7 million, net of taxes of $9.0 million, and a gain of $26.0 million, net of taxes of $10.5 million, respectively. At April 30, 2024, the total amount expected to be reclassified from AOCL to earnings during the next 12 months is a gain of $10.4 million, net of taxes of $3.7 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 30, 2024	Oct. 31, 2023
Current assets
Cash and cash equivalents	$ 60.7	$ 69.5
Trade accounts receivable, net of allowances of $25.4 and $25.0 at April 30, 2024 and October 31, 2023, respectively	1,313.4	1,365.0
Costs incurred in excess of amounts billed	152.2	139.2
Prepaid expenses	90.7	78.5
Other current assets	80.9	58.6
Total current assets	1,697.9	1,710.7
Other investments	30.0	28.8
Property, plant and equipment, net of accumulated depreciation of $347.4 and $326.5 at April 30, 2024 and October 31, 2023, respectively	145.1	131.5
Right-of-use assets	108.4	113.4
Other intangible assets, net of accumulated amortization of $466.8 and $438.3 at April 30, 2024 and October 31, 2023, respectively	274.8	302.9
Goodwill	2,493.3	2,491.3
Other noncurrent assets	180.1	155.0
Total assets	4,929.5	4,933.7
Current liabilities
Current portion of debt, net	31.6	31.5
Trade accounts payable	253.6	299.1
Accrued compensation	223.6	249.7
Accrued taxes — other than income	64.9	58.9
Deferred revenue	101.2	90.1
Insurance claims	196.3	177.0
Income taxes payable	12.3	17.9
Current portion of lease liabilities	28.2	32.5
Other accrued liabilities	267.3	261.2
Total current liabilities	1,179.1	1,217.9
Long-term debt, net	1,239.0	1,279.8
Long-term lease liabilities	97.0	98.8
Deferred income tax liability, net	80.9	85.0
Noncurrent insurance claims	418.0	387.5
Other noncurrent liabilities	68.1	61.1
Noncurrent income taxes payable	3.8	3.7
Total liabilities	3,085.9	3,133.8
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; 62,756,634 and 62,847,387 shares issued and outstanding at April 30, 2024 and October 31, 2023, respectively	0.6	0.6
Additional paid-in capital	544.0	558.9
Accumulated other comprehensive loss, net of taxes	(9.8)	(9.2)
Retained earnings	1,308.8	1,249.6
Total stockholders’ equity	1,843.6	1,799.9
Total liabilities and stockholders’ equity	$ 4,929.5	$ 4,933.7

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Revenues
Total Revenues	$ 2,018.2	$ 1,984.0	$ 4,087.8	$ 3,975.3
Operating profit
Total operating profit	81.3	92.7	155.4	164.1
Income from unconsolidated affiliates	1.7	0.6	3.0	1.7
Interest expense	(20.6)	(21.1)	(41.9)	(40.9)
Income before income taxes	62.4	72.3	116.4	125.0
Business & Industry
Revenues
Total Revenues	989.6	998.5	2,022.8	2,035.0
Manufacturing & Distribution
Revenues
Total Revenues	388.6	373.2	789.5	753.7
Education
Revenues
Total Revenues	225.6	216.7	445.7	431.6
Aviation
Revenues
Total Revenues	238.2	227.2	487.8	439.5
Technical Solutions
Revenues
Total Revenues	176.2	168.4	342.1	315.5
Operating Segments \| Business & Industry
Operating profit
Total operating profit	77.6	76.2	157.2	152.2
Operating Segments \| Manufacturing & Distribution
Operating profit
Total operating profit	43.6	40.8	85.0	81.7
Operating Segments \| Education
Operating profit
Total operating profit	11.5	11.8	24.3	23.6
Operating Segments \| Aviation
Operating profit
Total operating profit	13.1	23.6	22.8	31.9
Operating Segments \| Technical Solutions
Operating profit
Total operating profit	17.0	10.2	23.5	17.4
Corporate
Operating profit
Total operating profit	(79.7)	(69.2)	(154.4)	(140.8)
Segment Reconciling Items
Operating profit
Income from unconsolidated affiliates	(1.7)	(0.6)	(3.0)	(1.7)
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions	$ 0.0	$ 0.0	$ 0.0	$ (0.1)

COMMON STOCK - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
COMMON STOCK - Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2024	Apr. 30, 2023	Dec. 13, 2023
Stockholders' Equity Note [Abstract]
Expansion of existing share repurchase program				$ 150.0
Remaining amount of authorized repurchases of common stock	$ 186.5	$ 186.5
Shares repurchased under share repurchase program (in shares)	560,000	560,000	0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

NET INCOME PER COMMON SHARE

6 Months Ended

Apr. 30, 2024

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

Basic and Diluted Net Income Per Common Share Calculations


	Three Months Ended April 30,				Six Months Ended April 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net income	$	43.8	$	51.9	$	88.4	$	90.4

Weighted-average common and common equivalent shares outstanding — Basic	63.3		66.4		63.4		66.4
Effect of dilutive securities
Restricted stock units	0.1		0.1		0.1		0.2

Performance shares	0.1		0.1		0.1		0.2
Weighted-average common and common equivalent shares outstanding — Diluted	63.5		66.7		63.7		66.7

Net income per common share
Basic	$	0.69	$	0.78	$	1.40	$	1.36
Diluted	$	0.69	$	0.78	$	1.39	$	1.35

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


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2024	2023	2024	2023
Anti-dilutive	0.2	0.3	0.3	0.2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Apr. 30, 2024
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, 2023. 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 for the three and six months ended April 30, 2024, was $76.9 million and $157.0 million, respectively. Management reimbursement revenue for the three and six months ended April 30, 2023, was $73.5 million and $146.0 million, respectively. Recently Adopted Accounting Standards In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, designed to enhance transparency around supplier finance programs by requiring new disclosures that would allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We adopted this standard, effective November 1, 2023, on a prospective basis, except for the rollforward requirement, which becomes effective in fiscal year 2025. We do not participate in any material supplier finance programs and, as such, the adoption of this guidance did not have an impact on our disclosures.

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Apr. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended April 30, 2024, certain of our “officers,” as defined in Rule 16a-1(f) of the Exchange Act, and directors adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, as follows:

Trading Arrangements

Name and Title

Action

Date of Action

Rule 10b5-1 Trading Arrangement1

Non-Rule 10b5-1 Trading Arrangement

Aggregate Number of Securities to Be Sold

Aggregate Number of Securities to Be Purchased

Duration

Scott Salmirs, President and Chief Executive Officer

Adoption

April 9, 2024

50,000 shares of common stock

From July 10, 2024, until the earlier of (i) the date when all the shares under the plan are sold and (ii) January 15, 2025

Rene Jacobsen, Executive Vice President and Chief Operating Officer

Adoption

April 15, 2024

50,000 shares of common stock

From July 15, 2024, until the earlier of (i) the date when all shares under the plan are sold and (ii) July 15, 2025

(1) Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Scott Salmirs [Member]

Trading Arrangements, by Individual

Name

Scott Salmirs,

Title

President and Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

April 9, 2024

Arrangement Duration

189 days

Aggregate Available

50,000

Rene Jacobsen [Member]

Trading Arrangements, by Individual

Name

Rene Jacobsen,

Title

Executive Vice President and Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

April 15, 2024

Arrangement Duration

365 days

Aggregate Available

50,000

Credit Facility - Schedule of Long-Term Debt Maturities (Details) - Term Loan $ in Millions	Apr. 30, 2024 USD ($)
Maturities of Long-term Debt
2024	$ 16.3
2025	32.5
2026	1,223.8
2027	0.0
2028	$ 0.0

COMMON STOCK- Schedule of Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2024	Apr. 30, 2023
Stockholders' Equity Note [Abstract]
Total number of shares purchased (in shares)	560,000	560,000	0
Average price paid per share (in USD per share)	$ 42.84	$ 42.84
Total cash paid for share repurchases	$ 23,800	$ 23,800

- Definition

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities
Net income	$ 88.4	$ 90.4
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	52.9	61.1
Deferred income taxes	(2.6)	3.3
Share-based compensation expense	16.6	14.6
Provision for bad debt	2.2	0.0
Discount accretion on insurance claims	0.3	0.2
(Gain)/Loss on sale of assets	(0.2)	0.2
Change in fair value of contingent consideration	0.0	(8.4)
Income from unconsolidated affiliates	(3.0)	(1.7)
Distributions from unconsolidated affiliates	1.8	1.8
Changes in operating assets and liabilities
Trade accounts receivable and costs incurred in excess of amounts billed	36.4	(93.5)
Prepaid expenses and other current assets	(34.4)	(35.9)
Right-of-use assets	5.0	3.5
Other noncurrent assets	(30.1)	22.9
Trade accounts payable and other accrued liabilities	(57.8)	(118.1)
Long-term lease liabilities	(1.8)	(6.5)
Insurance claims	49.5	25.4
Income taxes payable, net	(5.4)	(4.0)
Other noncurrent liabilities	(0.9)	(0.3)
Total adjustments	28.4	(135.4)
Net cash provided by (used in) operating activities	116.9	(45.0)
Cash flows from investing activities
Additions to property, plant and equipment	(29.1)	(23.8)
Proceeds from sale of assets	0.6	1.6
Net cash used in investing activities	(28.6)	(22.2)
Cash flows from financing activities
Taxes withheld from issuance of share-based compensation awards, net	(8.7)	(12.0)
Repurchases of common stock, including excise taxes	(23.8)	0.0
Dividends paid	(28.3)	(29.0)
Borrowings from debt	556.0	575.5
Repayment of borrowings from debt	(597.3)	(459.8)
Changes in book cash overdrafts	6.0	(11.0)
Financing of energy savings performance contracts	0.0	0.5
Repayment of finance lease obligations	(2.0)	(1.5)
Net cash (used in) provided by financing activities	(98.0)	62.8
Effect of exchange rate changes on cash and cash equivalents	0.8	2.6
Net decrease in cash and cash equivalents	(8.8)	(1.8)
Cash and cash equivalents at beginning of year	69.5	73.0
Cash and cash equivalents at end of period	$ 60.7	$ 71.2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,018.2	$ 1,984.0	$ 4,087.8	$ 3,975.3
Management Reimbursement Revenue
Segment Reporting Information [Line Items]
Revenues	$ 76.9	$ 73.5	$ 157.0	$ 146.0

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net income	$ 43.8	$ 51.9	$ 88.4	$ 90.4

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

FAIR VALE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Apr. 30, 2024	Oct. 31, 2023
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 60.7	$ 69.5
Insurance deposits	2.3	3.1
Assets held in funded deferred compensation plan	4.2	4.0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility	1,272.5	1,313.8
Interest rate swap assets	30.7	36.4
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred equity investment	15.4	15.4
Contingent consideration	$ 13.4	$ 13.4

NET INCOME PER COMMON SHARE - Schedule of Basic and Diluted Net Income Per Common Share Calculations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 43.8	$ 51.9	$ 88.4	$ 90.4
Weighted-average common and common equivalent shares outstanding — Basic (in shares)	63.3	66.4	63.4	66.4
Effect of dilutive securities
Weighted-average common and common equivalent shares outstanding — Diluted (in shares)	63.5	66.7	63.7	66.7
Net income per common share
Basic (in USD per share)	$ 0.69	$ 0.78	$ 1.40	$ 1.36
Diluted (in USD per share)	$ 0.69	$ 0.78	$ 1.39	$ 1.35
Restricted stock units
Effect of dilutive securities
Effect of dilutive securities (in shares)	0.1	0.1	0.1	0.2
Performance shares
Effect of dilutive securities
Effect of dilutive securities (in shares)	0.1	0.1	0.1	0.2

REVENUES - Remaining Performance Obligations Narrative (Details) $ in Millions	Apr. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligation	$ 283.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	71.00%
Remaining performance obligation period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation period

Credit Facility - Schedule of Interest Rate Swaps (Details) - USD ($)	Oct. 31, 2025	Oct. 31, 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
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						$ 202,500,000
Fixed Interest Rate						2.83%
Interest Rate Swap, Effective 7/18/2022
Line of Credit Facility [Line Items]
Notional Amount					$ 47,500,000
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%