v3.25.4
Subsequent Events
3 Months Ended
Jan. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events
Note 12. Subsequent Events
Amendment No.3 to the 2021 Credit Agreement
On February 3, 2026, the Company entered into Amendment No. 3 to the 2021 Credit Agreement, by and among the Company, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. The amendment modifies the 2021 Credit Agreement by, among other things, extending the maturity date of $950.0 million of term loans to February 3, 2031, with the remaining $550.0 million of term loans retaining their original maturity date. The amendment also removes the
credit spread adjustment and increases the cap on incremental term loans to the greater of $1,365.0 million and 100% of consolidated EBITDA.
In addition, the amendment provides that, at the Company’s option, the applicable pricing rates may be determined based on the Company’s non-credit enhanced, senior unsecured long-term debt ratings or the existing basis of the Company’s ratio of consolidated net indebtedness to consolidated EBITDA.
Accordingly, we classified $950.0 million of the 2021 Credit Agreement loan amount as long-term and the remaining $550.0 million as short-term on our Consolidated Condensed Balance Sheet as of January 31, 2026.
Amendment No.1 to the 2024 Credit Agreement
On February 3, 2026, in connection with the Company’s entry into Amendment No.3 to the 2021 Credit Agreement, the Company also entered into Amendment No. 1 to the 2024 Credit Agreement, modifying the 2024 Credit Agreement by, among other things, conforming certain provisions therein to those contained in the 2021 Credit Agreement, as amended by Amendment No. 3 to the 2021 Credit Agreement, including the removal of the credit spread adjustments.
Non-Income Tax Matters
On March 2, 2026, the U.K. FTT issued a decision that largely supports HMRC in the Company’s dispute relating to payroll tax matters arising from the acquisition of the Sauflon Group in 2014.
The Company believes the FTT’s decision was incorrect and intends to appeal the FTT’s decision. Although the Company does not believe that a loss is probable, an adverse outcome is reasonably possible. Depending on the results of the appeal, the Company could prevail on some or all of the issues in dispute, which could result in an obligation to pay a portion or all of the assessed amounts, with an estimated loss ranging from £0 to £71.7 million, plus accrued interest.
Refer to Note 9 – Commitments and Contingencies for additional information.