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Debt
 3 Months Ended
Jan. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Credit facility
Long-term debt under our syndicated credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following:

(In millions)January 31, 2024October 31, 2023
Revolving line of credit. The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.43% and 7.42%, respectively. Interest is payable monthly and principal is due in full in October 2027
$60.0 $55.0 
Senior term loan (A-1). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.43% and 7.42%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027.
46.9 47.5 
Senior term loan (A-2). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.68% and 7.67% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029.
49.3 49.5 
Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both January 31, 2024 and October 31, 2023. Principal is due July 2024.
0.3 0.4 
Total long-term debt156.5 152.4 
Less debt issuance costs(0.4)(0.4)
Long-term debt, net of debt issuance costs156.1 152.0 
Less current portion of long-term debt(3.3)(3.4)
Long-term debt, net of current portion$152.8 $148.6 
The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of January 31, 2024, the Company was in compliance with all financial covenants of the credit facility.
Other
Certain of our consolidated subsidiaries may also enter into short-term bank borrowings from time to time. As of January 31, 2024, no short-term borrowings were outstanding as the $2.8 million balance outstanding at October 31, 2023 had been repaid in full. The weighted average variable interest rate on the borrowings were 10.46%. Our Blueberries business also obtains loans from shareholders from time to time, which accrue interest at rates ranging from 5.0 to 6.5%. Amounts outstanding as of January 31, 2024 are expected to be repaid by the end of fiscal 2026.
The Company may issue standby letters of credit through banking institutions. As of January 31, 2024, total letters of credit outstanding were $0.7 million.
Interest rate swaps
The Company has four separate interest rate swaps with a total notional amount of $100 million to hedge changes in variable interest rates on the principal value of the Company’s term loans. The interest rate swaps carried fixed LIBOR rates ranging from 1.75% to 2.57%. Three of the four interest rate swaps matured during fiscal year 2023. As of January 31, 2024, the remaining interest swap notional amount of $25 million carries a fixed rate of 2.30% and matures in the second quarter of fiscal 2024. We account for the interest rate swaps in accordance with ASC 815, Derivatives and Hedging, as amended, which requires the recognition of all derivative instruments as either assets or liabilities in the consolidated balance sheets and measurement of those instruments at fair value. The Company has not designated the interest rate swaps as cash flow hedges, and as a result under the accounting guidance, changes in the fair value of the interest rate swaps have been recorded in other expense, net in the condensed consolidated statements of income (loss) and changes in the asset are presented in net cash provided by (used in) operating activities in the condensed consolidated statements of cash flow. Refer to Note 9 for more details.