Company Quick10K Filing
ABM Industries
Price36.36 EPS2
Shares67 P/E19
MCap2,432 P/FCF9
Net Debt743 EBIT211
TEV3,175 TEV/EBIT15
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-04-30 Filed 2020-06-18
10-Q 2020-01-31 Filed 2020-03-05
10-K 2019-10-31 Filed 2019-12-20
10-Q 2019-07-31 Filed 2019-09-06
10-Q 2019-04-30 Filed 2019-06-06
10-Q 2019-01-31 Filed 2019-03-07
10-K 2018-10-31 Filed 2018-12-21
10-Q 2018-07-31 Filed 2018-09-07
10-Q 2018-04-30 Filed 2018-06-07
10-Q 2018-01-31 Filed 2018-03-07
10-K 2017-10-31 Filed 2017-12-22
10-Q 2017-07-31 Filed 2017-09-07
10-Q 2017-04-30 Filed 2017-06-08
10-Q 2017-01-31 Filed 2017-03-08
10-K 2016-10-31 Filed 2016-12-21
10-Q 2016-07-31 Filed 2016-09-08
10-Q 2016-04-30 Filed 2016-06-09
10-Q 2016-01-31 Filed 2016-03-09
10-K 2015-10-31 Filed 2015-12-17
10-Q 2015-07-31 Filed 2015-09-03
10-Q 2015-04-30 Filed 2015-06-03
10-Q 2015-01-31 Filed 2015-03-04
10-K 2014-10-31 Filed 2014-12-17
10-Q 2014-07-31 Filed 2014-09-04
10-Q 2014-04-30 Filed 2014-06-04
10-Q 2014-01-31 Filed 2014-03-05
10-K 2013-10-31 Filed 2013-12-18
10-Q 2013-07-31 Filed 2013-09-05
10-Q 2013-04-30 Filed 2013-06-05
10-Q 2013-01-31 Filed 2013-03-07
10-K 2012-10-31 Filed 2012-12-20
10-Q 2012-07-31 Filed 2012-09-06
10-Q 2012-04-30 Filed 2012-06-07
10-Q 2012-01-31 Filed 2012-03-06
10-K 2011-10-31 Filed 2011-12-23
10-Q 2011-07-31 Filed 2011-09-09
10-Q 2011-04-30 Filed 2011-06-09
10-Q 2011-01-31 Filed 2011-03-10
10-K 2010-10-31 Filed 2010-12-23
10-Q 2010-07-31 Filed 2010-09-03
10-Q 2010-04-30 Filed 2010-06-04
10-Q 2010-01-31 Filed 2010-03-04
8-K 2020-06-15
8-K 2020-05-28
8-K 2020-05-19
8-K 2020-03-24
8-K 2020-03-04
8-K 2019-12-18
8-K 2019-10-01
8-K 2019-09-05
8-K 2019-09-04
8-K 2019-06-05
8-K 2019-03-27
8-K 2019-03-06
8-K 2019-01-03
8-K 2018-12-18
8-K 2018-12-04
8-K 2018-10-23
8-K 2018-09-06
8-K 2018-09-04
8-K 2018-06-06
8-K 2018-03-19
8-K 2018-03-07
8-K 2018-03-06
8-K 2018-02-26
8-K 2018-01-18

ABM 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 abm4302020ex101.htm
EX-31.1 abm4302020ex311.htm
EX-31.2 abm4302020ex312.htm
EX-32 abm4302020ex32.htm

ABM Industries Earnings 2020-04-30

Balance SheetIncome StatementCash Flow
3.93.12.31.60.80.02012201420172020
Assets, Equity
1.71.31.00.60.3-0.12012201420172020
Rev, G Profit, Net Income
0.90.50.2-0.2-0.5-0.92012201420172020
Ops, Inv, Fin

abm-20200430
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 1-8929 
abm-20200430_g1.jpg
ABM INDUSTRIES INCORPORATED
(Exact name of registrant as specified in its charter)
 
Delaware
abm-20200430_g2.jpg
94-1369354
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
__________________________
One Liberty Plaza, 7th Floor
New YorkNew York 10006
(Address of principal executive offices)

(212) 297-0200
(Registrant’s telephone number, including area code)

None
(Former name, former address and former fiscal year, if changed since last report)
__________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueABMNew York Stock Exchange




Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes     No
Number of shares of the registrant’s common stock outstanding as of June 16, 2020: 66,666,130



ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
SIGNATURES



EXPLANATORY NOTE
As previously disclosed in the Current Report on Form 8-K filed by ABM Industries Incorporated (“ABM”) on May 28, 2020, ABM delayed the filing of this Quarterly Report on Form 10-Q due to circumstances related to the novel coronavirus (“COVID-19”) pandemic (the “Pandemic”) and in reliance on the Securities and Exchange Commission’s Release No. 34-88465, dated March 25, 2020 (Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies) (the “Order”). The Pandemic caused disruptions in required day-to-day activities for completing ABM’s internal quarterly review, including limiting ABM’s access to its offices, and disrupted normal interactions with accounting personnel, legal advisors, and other third parties involved in the preparation of this Form 10-Q. This Form 10-Q is being filed within the 45-day extension period provided by the Order.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains both historical and forward-looking statements regarding ABM and its subsidiaries (collectively referred to as “ABM,” “we,” “us,” “our,” or the “Company”). We make forward-looking statements related to future expectations, estimates, and projections that are uncertain and often contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “should,” “target,” or other similar words or phrases. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. Particular risks and uncertainties that could cause our actual results to be materially different from those expressed in our forward-looking statements include those listed below.
The Pandemic has had and is expected to continue having a negative effect on the global economy, and the United States economy, and has disrupted and is expected to continue disrupting our operations and our clients’ operations, which has adversely affected and may continue to adversely affect our business, results of operations, cash flows, and financial condition.
Our success depends on our ability to gain profitable business despite competitive market pressures.
Our business success depends on our ability to attract and retain qualified personnel and senior management and to manage labor costs.
Our ability to preserve long-term client relationships is essential to our continued success.
Changes to our businesses, operating structure, financial reporting structure, or personnel relating to the implementation of strategic transformations, enhanced business processes, and technology initiatives may not have the desired effects on our financial condition and results of operations.
Acquisitions, divestitures, and other strategic transactions could fail to achieve financial or strategic objectives, disrupt our ongoing business, and adversely impact our results of operations.
We manage our insurable risks through a combination of third-party purchased policies and self-insurance, and we retain a substantial portion of the risk associated with expected losses under these programs, which exposes us to volatility associated with those risks, including the possibility that adjustments to our ultimate insurance loss reserves could result in material charges against our earnings.
Our risk management and safety programs may not have the intended effect of reducing our liability for personal injury or property loss.
Our international business involves risks different from those we face in the United States that could have an effect on our results of operations and financial condition.
Our use of subcontractors or joint venture partners to perform work under customer contracts exposes us to liability and financial risk.
We may experience breaches of, or disruptions to, our information technology systems or those of our third-party providers or clients, or other compromises of our data that could adversely affect our business.
Unfavorable developments in our class and representative actions and other lawsuits alleging various claims could cause us to incur substantial liabilities.
A significant number of our employees are covered by collective bargaining agreements that could expose us to potential liabilities in relationship to our participation in multiemployer pension plans, requirements to make contributions to other benefit plans, and the potential for strikes, work slowdowns or similar activities, and union organizing drives.
Our business may be materially affected by changes to fiscal and tax policies. Negative or unexpected tax consequences could adversely affect our results of operations.
1


Changes in general economic conditions, such as changes in energy prices, government regulations, or consumer preferences, could reduce the demand for facility services and, as a result, reduce our earnings and adversely affect our financial condition.
Future increases in the level of our borrowings or in interest rates could affect our results of operations.
Impairment of goodwill and long-lived assets could have a material adverse effect on our financial condition and results of operations.
If we fail to maintain proper and effective internal control over financial reporting in the future, our ability to produce accurate and timely financial statements could be negatively impacted, which could harm our operating results and investor perceptions of our Company and as a result may have a material adverse effect on the value of our common stock.
Our business may be negatively impacted by adverse weather conditions.
Catastrophic events, disasters, and terrorist attacks could disrupt our services.
Actions of activist investors could disrupt our business.
The list of factors above is illustrative and by no means exhaustive. Additional information regarding these and other risks and uncertainties we face is contained in our Annual Report on Form 10-K for the year ended October 31, 2019 and in other reports we file from time to time with the Securities and Exchange Commission (including all amendments to those reports), including Part II., Item 1A., “Risk Factors,” in this Form 10-Q.
We urge readers to consider these risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
2


PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS.
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share amounts)April 30, 2020October 31, 2019
ASSETS
Current assets
Cash and cash equivalents$555.9  $58.5  
Trade accounts receivable, net of allowances of $34.9 and $22.4
   at April 30, 2020 and October 31, 2019, respectively
952.2  1,013.2  
Costs incurred in excess of amounts billed67.7  72.6  
Prepaid expenses75.0  75.7  
Other current assets64.2  55.5  
Total current assets1,715.0  1,275.4  
Other investments10.6  14.0  
Property, plant and equipment, net of accumulated depreciation of $220.4 and $199.5
    at April 30, 2020 and October 31, 2019, respectively
140.9  150.3  
Right-of-use assets158.8  —  
Other intangible assets, net of accumulated amortization of $320.2 and $309.0
    at April 30, 2020 and October 31, 2019, respectively
262.9  297.2  
Goodwill1,669.4  1,835.4  
Other noncurrent assets121.6  120.3  
Total assets$4,079.2  $3,692.6  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt, net$87.4  $57.2  
Trade accounts payable249.4  280.7  
Accrued compensation152.0  189.3  
Accrued taxes—other than income71.3  63.6  
Insurance claims162.4  149.8  
Income taxes payable24.1  3.5  
Current portion of lease liabilities36.0  —  
Other accrued liabilities158.6  158.2  
Total current liabilities941.2  902.4  
Long-term debt, net1,105.7  744.2  
Long-term lease liabilities144.8  —  
Deferred income tax liability, net32.4  47.7  
Noncurrent insurance claims370.7  365.2  
Other noncurrent liabilities77.5  78.8  
Noncurrent income taxes payable11.7  12.2  
Total liabilities2,684.0  2,150.6  
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 500,000 shares authorized; none issued
    
Common stock, $0.01 par value; 100,000,000 shares authorized;
66,645,129 and 66,571,427 shares issued and outstanding at
April 30, 2020 and October 31, 2019, respectively
0.7  0.7  
Additional paid-in capital707.1  708.9  
Accumulated other comprehensive loss, net of taxes(34.9) (23.9) 
Retained earnings722.3  856.3  
Total stockholders’ equity1,395.2  1,542.0  
Total liabilities and stockholders’ equity$4,079.2  $3,692.6  
See accompanying notes to unaudited consolidated financial statements.
3


ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended April 30,Six Months Ended April 30,
(in millions, except per share amounts)2020201920202019
Revenues$1,496.0  $1,594.7  $3,109.0  $3,202.6  
Operating expenses1,306.1  1,414.2  2,739.9  2,860.2  
Selling, general and administrative expenses119.4  108.4  237.0  221.1  
Restructuring and related expenses1.8  2.7  5.0  6.5  
Amortization of intangible assets12.5  14.8  25.1  30.0  
Impairment loss172.8    172.8    
Operating (loss) profit (116.7) 54.5  (70.8) 84.8  
Income from unconsolidated affiliates0.9  0.8  1.8  1.7  
Interest expense(10.5) (12.8) (20.7) (26.3) 
(Loss) income from continuing operations before income
taxes
(126.2) 42.5  (89.7) 60.2  
Income tax provision(10.6) (12.6) (19.2) (17.3) 
(Loss) income from continuing operations(136.8) 29.9  (108.9) 42.9  
(Loss) income from discontinued operations, net of taxes  (0.2) 0.1  (0.2) 
Net (loss) income (136.8) 29.7  (108.8) 42.7  
Other comprehensive (loss) income
Interest rate swaps(8.7) (3.5) (9.9) (12.2) 
Foreign currency translation(4.2) (0.9) (3.8) 2.2  
Income tax benefit2.4  1.0  2.7  3.3  
Comprehensive (loss) income $(147.3) $26.3  $(119.8) $36.0  
Net (loss) income per common share — Basic
(Loss) income from continuing operations$(2.05) $0.45  $(1.63) $0.65  
(Loss) income from discontinued operations        
Net (loss) income$(2.05) $0.45  $(1.63) $0.64  
Net (loss) income per common share — Diluted
(Loss) income from continuing operations $(2.05) $0.45  $(1.63) $0.64  
(Loss) income from discontinued operations        
Net (loss) income$(2.05) $0.45  $(1.63) $0.64  
Weighted-average common and common equivalent shares outstanding
Basic66.9  66.5  66.9  66.4  
Diluted66.9  66.8  66.9  66.7  
See accompanying notes to unaudited consolidated financial statements.

4


ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended April 30,Six Months Ended April 30,
2020201920202019
(in millions, except per share amounts)SharesAmountSharesAmountSharesAmountSharesAmount
Common Stock
Balance, beginning of period66.8  $0.7  66.2  $0.7  66.6  $0.7  66.0  $0.7  
Stock issued under employee stock purchase and share-based compensation plans
    0.1    0.2    0.3    
Repurchase of common stock(0.2)       (0.2)       
Balance, end of period66.6  0.7  66.3  0.7  66.6  0.7  66.3  0.7  
Additional Paid-in Capital
Balance, beginning of period711.8  694.1  708.9  691.8  
Stock issued (taxes withheld) under employee stock purchase and share-based compensation plans, net
1.1  2.2  (0.9)   
Share-based compensation (reversal) expense(0.7) 4.3  4.2  8.8  
Repurchase of common stock(5.1)   (5.1)   
Balance, end of period707.1  700.6  707.1  700.6  
Accumulated Other Comprehensive Loss, Net of Taxes
Balance, beginning of period(24.3) (12.2) (23.9) (9.0) 
Other comprehensive loss(10.5) (3.4) (11.0) (6.7) 
Balance, end of period(34.9) (15.7) (34.9) (15.7) 
Retained Earnings
Balance, beginning of period871.6  778.6  856.3  771.2  
Net (loss) income(136.8) 29.7  (108.8) 42.7  
Dividends
Common stock ($0.185, $0.180, $0.370, and
   $0.360 per share)
(12.3) (11.9) (24.6) (23.8) 
Stock issued under share-based
compensation plans
(0.1) (0.5) (0.5) (0.7) 
Cumulative effect adjustment for adoption of
Accounting Standards Update 2014-09
—  —  —  6.5  
Balance, end of period722.3  795.9  722.3  795.9  
Total Stockholders’ Equity$1,395.2  $1,481.4  $1,395.2  $1,481.4  
See accompanying notes to unaudited consolidated financial statements.
5


ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended April 30,
(in millions)20202019
Cash flows from operating activities
Net (loss) income $(108.8) $42.7  
(Income) loss from discontinued operations, net of taxes(0.1) 0.2  
(Loss) income from continuing operations(108.9) 42.9  
Adjustments to reconcile (loss) income from continuing operations to net cash provided by operating activities of continuing operations
Depreciation and amortization49.1  53.9  
Impairment loss172.8    
Deferred income taxes(12.7) (4.4) 
Share-based compensation expense4.2  8.8  
Provision for bad debt10.6  2.4  
Discount accretion on insurance claims0.4  0.4  
Loss on sale of assets0.4  0.1  
Income from unconsolidated affiliates(1.8) (1.7) 
Distributions from unconsolidated affiliates0.1  3.5  
Changes in operating assets and liabilities
Trade accounts receivable and costs incurred in excess of amounts billed55.2  (90.0) 
Prepaid expenses and other current assets(12.8) (12.3) 
Right-of-use assets8.7  —  
Other noncurrent assets(3.8) (6.5) 
Trade accounts payable and other accrued liabilities(74.6) 22.8  
Long-term lease liabilities(9.4) —  
Insurance claims17.7  18.1  
Income taxes payable25.1  13.5  
Other noncurrent liabilities7.7  5.0  
Total adjustments236.8  13.6  
Net cash provided by operating activities of continuing operations127.8  56.5  
Net cash provided by (used in) operating activities of discontinued operations0.1  (0.2) 
Net cash provided by operating activities128.0  56.3  
Cash flows from investing activities
Additions to property, plant and equipment(19.1) (27.5) 
Proceeds from sale of assets4.8  0.4  
Proceeds from redemption of auction rate security5.0    
Net cash used in investing activities (9.3) (27.1) 
Cash flows from financing activities
Taxes withheld from issuance of share-based compensation awards, net(1.4) (0.7) 
Repurchases of common stock(5.1)   
Dividends paid(24.6) (23.8) 
Borrowings from credit facility1,048.3  665.8  
Repayment of borrowings from credit facility(658.1) (653.8) 
Changes in book cash overdrafts18.2  (4.1) 
Financing of energy savings performance contracts1.1  3.4  
Repayment of finance leases(1.5) (1.8) 
Net cash provided by (used in) financing activities376.8  (15.0) 
Effect of exchange rate changes on cash and cash equivalents2.0  0.4  
Net increase in cash and cash equivalents497.5  14.6  
Cash and cash equivalents at beginning of year58.5  39.1  
Cash and cash equivalents at end of period$555.9  $53.7  
See accompanying notes to unaudited consolidated financial statements.
6


ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. THE COMPANY AND NATURE OF OPERATIONS
ABM Industries Incorporated, which operates through its subsidiaries (collectively referred to as “ABM,” “we,” “us,” “our,” or the “Company”), 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:
abm-20200430_g3.jpg
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.

2. 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, 2019 (“Annual Report”). Unless otherwise indicated, all references to years are to our fiscal years, which end on October 31.
Impact of the Novel Coronavirus Pandemic
A novel strain of coronavirus (“COVID-19”) has resulted in a worldwide health pandemic (the “Pandemic”). To date, the Pandemic has surfaced in nearly all regions around the world and resulted in business slowdowns and shutdowns, as well as global travel restrictions. In these financial statements and related disclosures we have assessed the current impact of the Pandemic on our financial condition, results of operations, and cash flows, as well as our estimates, forecasts, and accounting policies. We have made additional disclosures of these assessments, as necessary. Given the unprecedented nature of this situation, we cannot reasonably estimate the full extent of impact the Pandemic will have on our financial condition, results of operations, or cash flows in the foreseeable future. The ultimate impact of the Pandemic on our company is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the Pandemic subsides.
The Pandemic continues to create a dynamic client environment, and we are working diligently to ensure our clients’ changing staffing and service needs are met while actively managing direct labor and related personnel costs, including furloughs or reduced hours for certain service employees in markets significantly impacted by shutdowns.
In addition, we have taken various other human capital management actions to help align our organization operationally and help mitigate the financial impact of the Pandemic on our business, including temporary furloughs for certain staff and management employees. To continue supporting our furloughed staff and management employees during the Pandemic, we are paying 100% of health insurance premiums during the furlough period
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(estimated to be between one and three months) for those enrolled in health benefit plans. We have accrued $0.4 million associated with these costs as of and for the three months ended April 30, 2020, which is recorded within “Accrued compensation” on the accompanying unaudited Consolidated Balance Sheets and within “Selling, general and administrative expenses” on the accompanying unaudited Consolidated Statements of Comprehensive Income (Loss).
Refer to additional discussion regarding the Pandemic and the impact on our business throughout this document, including Note 7, “Fair Value of Financial Instruments,” Note 9, “Credit Facility,” Item 2., “Management’s Discussion and Analysis of Financial Conditions and Results of Operations,” and Part II., Item 1A., “Risk Factors.”
Prior Year Reclassifications
During the third quarter of 2019, we made changes to our operating structure to better align the services and expertise of our Healthcare business with our other industry groups, allowing us to leverage our existing branch network to support the long-term growth of this business. As a result, our former Healthcare portfolio is now included primarily in our Business & Industry segment. Our prior period segment data in Note 13, “Segment Information,” has been reclassified to conform with our current period presentation. This change had no impact on our previously reported consolidated financial statements.
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.
Discontinued Operations
Following the sale of our Security business in 2015, we record all costs associated with this former business in discontinued operations. Such costs generally relate to litigation we retained and insurance reserves.
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:
Three Months Ended April 30,Six Months Ended April 30,
(in millions)2020201920202019
Business & Industry$61.7  $69.3  $135.4  $140.3  
Aviation20.7  23.5  46.6  47.6  
Total $82.4  $92.8  $182.0  $188.0  
Recently Adopted Accounting Standards
Our significant accounting policies are described in Note 2, “Basis of Presentation and Significant Accounting Policies,” in our Annual Report. There have been no material changes to our significant accounting policies during the six months ended April 30, 2020, other than as described below.
Leases
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). Since the release of ASU 2016-02, the FASB issued the following additional ASUs further updating Topic 842:
In January 2018, ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842
In July 2018, ASU 2018-10, Codification Improvements to Topic 842
In July 2018, ASU 2018-11, Leases (Topic 842): Targeted Improvements
In March 2019, ASU 2019-01, Leases (Topic 842): Codification Improvements
8


Topic 842 replaced existing lease accounting guidance and is intended to provide enhanced transparency and comparability by requiring lessees to record most leases on the balance sheet. Under Topic 842, lessees are required to record on the balance sheet right-of-use (“ROU”) assets (the right to use an underlying asset for the lease term) and the corresponding lease liabilities (the obligation to make lease payments arising from the lease). The new guidance requires us to continue classifying leases as either operating or financing, with classification affecting the pattern of expense recognition in the Consolidated Statements of Comprehensive Income (Loss). In addition, the new standard requires enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements.
We adopted Topic 842 on November 1, 2019 on a modified retrospective basis using the optional transition method permitted under ASU 2018-11 and have used this effective date as the initial application date. Comparative prior period financial statements have not been restated and continue to be reported under the accounting standards in effect for those prior periods presented.
Upon adoption, we elected the package of transition practical expedients that allowed us to carry forward prior conclusions related to: (i) whether any expired or existing contracts are or contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for existing leases. Additionally, we elected the practical expedient of not separating lease components from non-lease components for all asset classes. We also made an accounting policy election to not record ROU assets or lease liabilities for leases with an initial term of 12 months or less and will recognize payments for such leases in our Consolidated Statements of Comprehensive Income (Loss) on a straight-line basis over the lease term. We did not elect the use of hindsight for determining the reasonably certain lease term.
The adoption of Topic 842 had a significant impact on our unaudited Consolidated Balance Sheet, but did not have a significant impact on our unaudited Consolidated Statement of Comprehensive Income (Loss), our unaudited Consolidated Statement of Stockholders' Equity, our unaudited Consolidated Statement of Cash Flows, our liquidity, or our compliance with the various covenants contained within our credit facility, as further described in Note 9, “Credit Facility.” The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. See Note 4, “Leases,” for additional information on our lease arrangements.
The impact of adoption of Topic 842 on our unaudited Consolidated Balance Sheet was as follows:
(in millions)