Financial Derivatives and Hedging (Tables)

12 Months Ended

Oct. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding derivatives designated as hedging instruments

As of October 31, 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	3	$	1,000

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 Balance Sheets where the instruments are recorded:

	Derivative Assets
(In millions)		October 31, 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	17.2		—
		$	17.2	$	—

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

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:

Periods Ended October 31,
(In millions)		2021		2020		2019
Derivatives designated as cash flow hedges	Location of Loss Recognized on Derivatives
Interest rate swap contracts	Interest expense	$	8.0	$	3.7	$	—

Changes in accumulated other comprehensive (loss) income

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

(In millions)	Foreign Currency Translation Adjustment		Derivatives		Minimum Pension Liability		Total
Balance at October 31, 2018	$	(412.2)	$	—	$	(18.5)	$	(430.7)
Gross change in value	9.0		—		(33.4)		(24.4)
Tax effect	—		—		8.0		8.0
Balance at October 31, 2019	$	(403.2)	$	—	$	(43.9)	$	(447.1)
Gross change in value	$	0.9	$	(17.1)	$	(16.8)	$	(33.0)
Tax effect	—		4.1		4.0		8.1
Balance at October 31, 2020	$	(402.3)	$	(13.0)	$	(56.7)	$	(472.0)
Gross change in value	$	82.2	$	34.3	$	29.8	$	146.3
Tax effect	(0.2)		(8.2)		(7.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	13.1	$	(34.1)	$	(341.3)

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

(In millions)	Amount
Balance as of October 31, 2019	$	—
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($(15.8), net of tax)	(20.8)
Amount reclassified from other comprehensive income into earnings, gross ($2.8, net of tax)	3.7
Balance loss as of October 31, 2020	$	(17.1)
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($20.0, net of tax)	26.3
Amount reclassified from other comprehensive income into earnings, gross ($6.1, net of tax)	8.0
Balance gain as of October 31, 2021	$	17.2