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Financial Derivatives and Hedging | 6 Months Ended
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Apr. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Derivatives and Hedging | Note 12. Financial Derivatives and Hedging 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 th at $41.1 million rec orded 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. The amount reclassified from other comprehensive income into earnings was $(7.5) million and $(13.8) million, net of tax, for the three and six months ended April 30, 2023, respectively, and $1.0 million and $2.5 million, net of tax, for the three and six months ended April 30, 2022, respectively.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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