Financial Derivatives and Hedging (Tables)

6 Months Ended

Apr. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding derivatives designated as hedging instruments

As of April 30, 2021, the Company had the following outstanding derivatives designated as hedging instruments:

(In millions, except for number of instruments)	Number of Instruments	Notional Value
Interest Rate Swap Contracts	4	$	1,100

Schedule of fair values of derivative instruments in condensed consolidated balance sheets

The following table summarizes the fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Condensed Balance Sheets where the instruments are recorded:

	Derivative Assets
(In millions)		April 30, 2021		October 31, 2020
Derivatives designated as cash flow hedges	Balance sheet location
Interest rate swap contracts	Other current assets	$	—	$	—
Interest rate swap contracts	Other non-current assets	9.5		—
		$	9.5	$	—

	Derivative Liabilities
(In millions)		April 30, 2021		October 31, 2020
Derivatives designated as cash flow hedges	Balance sheet location
Interest rate swap contracts	Other current liabilities	$	0.1	$	0.6
Interest rate swap contracts	Other non-current liabilities	0.5		16.5
		$	0.6	$	17.1

Schedule of derivative instruments recognized in condensed consolidated statements of income

The following table summarizes the amounts recognized with respect to our derivative instruments within the accompanying Consolidated Statements of Income and Comprehensive Income:

Periods Ended April 30,		Three Months				Six Months
(In millions)		2021		2020		2021		2020
Derivatives designated as cash flow hedges	Location of Loss Recognized on Derivatives
Interest rate swap contracts	Interest expense	$	2.0	$	—	$	4.1	$	—

Schedule of changes in accumulated other comprehensive income

Analysis of Changes in Accumulated Other Comprehensive (Loss) Income:

(In millions)	Foreign Currency Translation Adjustment		Minimum Pension Liability		Derivative Instruments		Total
Balance at October 31, 2019	$	(403.2)	$	(43.9)	$	—	$	(447.1)
Gross change in value	0.9		(16.8)		(17.1)		(33.0)
Tax effect for the period	—		4.0		4.1		8.1
Balance at October 31, 2020	$	(402.3)	$	(56.7)	$	(13.0)	$	(472.0)
Gross change in value	105.3		—		25.9		131.2
Tax effect for the period	(0.2)		—		(6.2)		(6.4)
Balance at April 30, 2021	$	(297.2)	$	(56.7)	$	6.7	$	(347.2)

The following table details the changes in accumulated other comprehensive income:

(In millions)	Amount
Beginning balance gain / (loss) as of October 31, 2020	$	(17.1)
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($16.6 million, net of tax)	21.9
Amount reclassified from other comprehensive income into earnings, gross ($3.1 million, net of tax)	4.1
Ending balance gain / (loss) as of April 30, 2021	$	8.9