As of April 30, 2023, the Company has six interest rate swap contracts that have a total notional amount of $1.3 billion and remaining maturities of four years or less. The Company did not have any cross-currency swaps or foreign currency forward contracts as of April 30, 2023.

The interest rate swap contracts are fair valued by netting discounted future fixed cash payments and the discounted expected variable cash receipts, which are estimated based on observable market interest rate curves (Level 2). The fair value of derivative instruments are classified in "Other non-current assets" on our Consolidated Condensed Balance Sheets.

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)		2023		2022		2023		2022
Derivatives designated as cash flow hedges	Location of (Gain)/Loss Recognized on Derivatives
Interest rate swap contracts	Interest (income) expense	$	(9.9)	$	1.4	$	(18.2)	$	3.3

The Company expects that $41.1 million recorded as a component of "Accumulated other comprehensive loss" will be realized in the Consolidated Statements of Income and Comprehensive Income over the next twelve months and the amount will vary depending on prevailing interest rates.

The cumulative pre-tax impact of the gain on derivatives designated for hedge accounting is recognized in "Accumulated other comprehensive loss". The following table details the changes in the cumulative pre-tax impact of the gain on derivatives designated for hedge accounting:


Periods Ended April 30,	Three Months				Six Months
(In millions)	2023		2022		2023		2022
Beginning balance gain	$	96.7	$	34.8	$	124.5	$	17.2
Amount recognized in accumulated other comprehensive loss on interest rate swap contracts, gross	2.7		50.6		(16.8)		66.3
Amount reclassified from accumulated other comprehensive loss into earnings, gross	(9.9)		1.4		(18.2)		3.3
Ending balance gain	$	89.5	$	86.8	$	89.5	$	86.8

The amount recognized in other comprehensive income on interest rate swap contracts was $2.0 million and $(12.7) million, net of tax, for the three and six months ended April 30, 2023, respectively, and $38.3 million and $50.2 million, net of tax, for the three and six months ended April 30, 2022, respectively.