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Derivative Financial Instruments | 3 Months Ended
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Jan. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 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 Condensed Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three months ended January 31, 2022, we recognized a net loss of $3,598 on foreign currency forward contracts and a realized net gain of $3,962 from the change in fair value of balance sheet positions. For the three months ended January 31, 2021, we recognized a net gain of $9,342 on foreign currency forward contracts and a net loss of $12,102 from the change in fair value of balance sheet positions. The fair values of our foreign currency forward contract assets and liabilities are included in Receivable-net and Accrued liabilities, respectively, in our Consolidated Balance Sheets. The following table summarizes, by currency, the foreign currency forward contracts outstanding at January 31, 2022 and 2021:
|  | Notional Amounts
January 31, 2022 contract amounts: |  | Sell |  | Buy
Euro |  | $ | 102,132 |  |  | $ | 338,128 |
British pound |  | 34,657 |  |  | 70,869 |
Japanese yen |  | 12,315 |  |  | 40,384 |
Australian dollar |  | 325 |  |  | 10,026 |
Hong Kong dollar |  | — |  |  | 49,595 |
Singapore dollar |  | 1,079 |  |  | 18,214 |
Others |  | 15,792 |  |  | 87,704 |
Total |  | $ | 166,300 |  |  | $ | 614,920 |
|  | Notional Amounts
January 31, 2021 contract amounts: |  | Sell |  | Buy
Euro |  | $ | 122,414 |  |  | $ | 270,516 |
British pound |  | 20,206 |  |  | 60,579 |
Japanese yen |  | 25,011 |  |  | 42,370 |
Australian dollar |  | 193 |  |  | 9,255 |
Hong Kong dollar |  | 60,949 |  |  | 88,915 |
Singapore dollar |  | 204 |  |  | 16,983 |
Others |  | 9,649 |  |  | 81,018 |
Total |  | $ | 238,626 |  |  | $ | 569,636 |
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 three months ended January 31, 2022 and 2021, 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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