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Derivative financial instruments | 6 Months Ended
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Apr. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative financial instruments | Derivative financial instruments Foreign Currency Forward Contracts 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 April 30, 2023, we recognized a net loss of $3,960 on foreign currency forward contracts and a net gain of $1,792 from the change in fair value of balance sheet positions. For the three months ended April 30, 2022, we recognized a net loss of $9,080 on foreign currency forward contracts and a net gain of $10,079 from the change in fair value of balance sheet positions. For the six months ended April 30, 2023, we recognized a net gain of $12,179 on foreign currency forward contracts and a net loss of $18,918 from the change in fair value of balance sheet positions. For the six months ended April 30, 2022, we recognized a net loss of $12,678 on foreign currency forward contracts and a net gain of $14,041 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 April 30, 2023 and 2022:
April 30, 2023 contract amounts: |  | Notional Sell Amounts |  | Notional Buy Amounts
Euro |  | $ | 109,595 |  |  | $ | 155,683 |
British pound |  | 28,614 |  |  | 123,134 |
Japanese yen |  | 21,619 |  |  | 26,700 |
Mexican Peso |  | 871 |  |  | 27,577 |
Hong Kong dollar |  | — |  |  | 148,303 |
Singapore dollar |  | 60 |  |  | 19,759 |
Australian dollar |  | — |  |  | 8,892 |
Taiwan Dollar |  | — |  |  | 8,000 |
Others |  | 2,063 |  |  | 66,627 |
Total |  | $ | 162,822 |  |  | $ | 584,675 |
April 30, 2022 contract amounts: |  | Notional Sell Amounts |  | Notional Buy Amounts
Euro |  | $ | 96,436 |  |  | $ | 337,291 |
British pound |  | 38,478 |  |  | 80,853 |
Hong Kong dollar |  | 7,727 |  |  | 55,666 |
Japanese yen |  | 10,848 |  |  | 39,294 |
Singapore dollar |  | 198 |  |  | 17,899 |
Australian dollar |  | 295 |  |  | 9,269 |
Others |  | 15,378 |  |  | 91,599 |
Total |  | $ | 169,360 |  |  | $ | 631,871 |
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 and six months ended April 30, 2023 and 2022, 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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