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Financial Derivatives and Hedging (Tables) | 12 Months Ended
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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 |

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