Financial Derivatives and Hedging (Tables)

9 Months Ended

Jul. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding derivatives designated as hedging instruments

As of July 31, 2022, and 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

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)		July 31, 2022		October 31, 2021
Derivatives designated as cash flow hedges	Balance sheet location
Interest rate swap contracts	Other non-current assets	$	72.9	$	17.2

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 July 31,		Three Months				Nine Months
(In millions)		2022		2021		2022		2021
Derivatives designated as cash flow hedges	Location of (Gain)/Loss Recognized on Derivatives
Interest rate swap contracts	Interest (income) expense	$	(0.9)	$	2.0	$	2.4	$	6.0

Schedule of changes in accumulated other comprehensive income

Analysis of Changes in Accumulated Other Comprehensive Income:

(In millions)	Foreign Currency Translation Adjustment		Minimum Pension Liability		Derivative Instruments		Total
Balance at October 31, 2020	$	(402.3)	$	(56.7)	$	(13.0)	$	(472.0)
Gross change in value	82.2		29.8		34.3		146.3
Tax effect	(0.2)		(7.2)		(8.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	(34.1)	$	13.1	$	(341.3)
Gross change in value	(178.3)		0.2		55.7		(122.4)
Tax effect	—		—		(13.6)		(13.6)
Balance at July 31, 2022	$	(498.6)	$	(33.9)	$	55.2	$	(477.3)

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

(In millions)	Amount
Beginning balance gain as of October 31, 2021	$	17.2
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($40.4 million, net of tax)	53.3
Amount reclassified from other comprehensive income into earnings, gross ($1.8 million, net of tax)	2.4
Ending balance gain as of Jul 31, 2022	$	72.9