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Financial Instruments | 6 Months Ended
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Apr. 30, 2018
Investments All Other Investments [Abstract] |
Financial Instruments |
13. | Financial instruments
We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currencies are recorded and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments. We do not use financial instruments for trading or speculative purposes. Gains and losses on foreign currency forward contracts are recorded in “Other – net” on the Consolidated Statement of Income together with the transaction gain or loss from the hedged balance sheet position. For the three months ended April 30, 2018, we recognized losses of $1,607 on foreign currency forward contracts and gains of $2,584 from the change in fair value of balance sheet positions. For the three months ended April 30, 2017, we recognized losses of $1,687 on foreign currency forward contracts and gains of $702 from the change in fair value of balance sheet positions. For the six months ended April 30, 2018, we recognized losses of $2,571 on foreign currency forward contracts and gains of $1,602 from the change in fair value of balance sheet positions. For the six months ended April 30, 2017, we recognized losses of $1,900 on foreign currency forward contracts and gains of $906 from the change in fair value of balance sheet positions. The following table summarizes, by currency, the foreign currency forward contracts outstanding at April 30, 2018:
|  | Sell |  |  | Buy |
|  | Notional Amounts |  |  | Fair Value |  |  | Notional Amounts |  |  | Fair Value |
Euro |  | $ | 152,436 |  |  | $ | 149,658 |  |  | $ | 82,687 |  |  | $ | 80,189 |
British pound |  |  | 43,914 |  |  |  | 42,617 |  |  |  | 58,981 |  |  |  | 57,370 |
Japanese yen |  |  | 32,610 |  |  |  | 31,785 |  |  |  | 35,260 |  |  |  | 34,116 |
Australian dollar |  |  | 194 |  |  |  | 188 |  |  |  | 8,137 |  |  |  | 7,774 |
Hong Kong dollar |  |  | 2,170 |  |  |  | 2,166 |  |  |  | 110,723 |  |  |  | 111,005 |
Singapore dollar |  |  | 616 |  |  |  | 608 |  |  |  | 13,143 |  |  |  | 12,967 |
Others |  |  | 4,398 |  |  |  | 4,191 |  |  |  | 52,468 |  |  |  | 50,573 |
Total |  | $ | 236,338 |  |  | $ | 231,213 |  |  | $ | 361,399 |  |  | $ | 353,994 |
The carrying amounts and fair values of financial instruments at April 30, 2018, other than cash and cash equivalents, receivables and accounts payable, are shown in the table below. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments.
|  | Carrying Amount |  |  | Fair Value |
Long-term debt, including current maturities |  | $ | 1,539,046 |  |  | $ | 1,529,148 |
Foreign currency forward contracts (net) |  |  | (2,281 | ) |  |  | (2,281 | )
We used the following methods and assumptions in estimating the fair value of financial instruments:
| • | Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy.
| • | Foreign currency forward contracts are valued using observable market based inputs, which are considered to be Level 2 inputs under the fair value hierarchy.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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- References No definition available. + Details
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