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Derivative Financial Instruments | 6 Months Ended
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Apr. 30, 2020
Investments All Other Investments [Abstract] |
Derivative Financial Instruments |
13. | Derivative 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 currency transactions occur 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 under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other – net” on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three months ended April 30, 2020, we recognized net losses of $3,728 on foreign currency forward contracts and net gains of $6,720 from the change in fair value of balance sheet positions. For the three months ended April 30, 2019, we recognized net losses of $1,236 on foreign currency forward contracts and net gains of $1,863 from the change in fair value of balance sheet positions. For the six months ended April 30, 2020, we recognized net losses of $4,159 on foreign currency forward contracts and gains of $7,151 from the change in fair value of balance sheet positions. For the six months ended April 30, 2019, we recognized losses of $206 on foreign currency forward contracts and losses of $140 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, 2020 and 2019:
|  | Notional Amounts |
April 30, 2020 contract amounts: |  | Sell |  |  | Buy |
Euro |  | $ | 110,114 |  |  | $ | 182,146 |
British pound |  |  | 18,987 |  |  |  | 58,543 |
Japanese yen |  |  | 16,301 |  |  |  | 31,934 |
Australian dollar |  |  | 327 |  |  |  | 7,647 |
Hong Kong dollar |  |  | 53,935 |  |  |  | 60,737 |
Singapore dollar |  |  | 1,082 |  |  |  | 15,620 |
Others |  |  | 3,995 |  |  |  | 61,286 |
Total |  | $ | 204,741 |  |  | $ | 417,913 |
|  | Notional Amounts |
April 30, 2019 contract amounts: |  | Sell |  |  | Buy |
Euro |  | $ | 401,545 |  |  | $ | 279,131 |
British pound |  |  | 21,012 |  |  |  | 44,879 |
Japanese yen |  |  | 28,504 |  |  |  | 46,226 |
Australian dollar |  |  | 180 |  |  |  | 7,771 |
Hong Kong dollar |  |  | 1,209 |  |  |  | 128,710 |
Singapore dollar |  |  | 794 |  |  |  | 15,356 |
Others |  |  | 3,128 |  |  |  | 60,540 |
Total |  | $ | 456,372 |  |  | $ | 582,613 |
We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. For the six months ended April 30, 2020 and 2019, there were no significant concentrations of credit risk.

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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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