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Financial Instruments and Fair Value Measurements | 3 Months Ended
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Jan. 31, 2018
Fair Value Disclosures [Abstract] |
Financial Instruments and Fair Value Measurements | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following table presents the fair value for those assets and (liabilities) measured on a recurring basis as of January 31, 2018 and October 31, 2017:
| January 31, 2018 |  |
| Fair Value Measurement |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Balance Sheet Location
Interest rate derivatives | $ | — |  |  | $ | 14.2 |  |  | $ | — |  |  | $ | 14.2 |  |  | Other long-term assets and other current assets
Foreign exchange hedges | — |  |  | 0.6 |  |  | — |  |  | 0.6 |  |  | Other current assets
Foreign exchange hedges | — |  |  | (3.5 | ) |  | — |  |  | (3.5 | ) |  | Other current liabilities
Insurance annuity | — |  |  | — |  |  | 22.0 |  |  | 22.0 |  |  | Other long-term assets
Total | $ | — |  |  | $ | 11.3 |  |  | $ | 22.0 |  |  | $ | 33.3 |  |  |
| October 31, 2017 |  |
| Fair Value Measurement |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Balance Sheet Location
Interest rate derivatives | $ | — |  |  | $ | 8.9 |  |  | $ | — |  |  | $ | 8.9 |  |  | Other long-term assets and other current assets
Foreign exchange hedges | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | Other current assets
Foreign exchange hedges | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | ) |  | Other current liabilities
Insurance annuity | — |  |  | — |  |  | 20.7 |  |  | 20.7 |  |  | Other long-term assets
Total | $ | — |  |  | $ | 8.4 |  |  | $ | 20.7 |  |  | $ | 29.1 |  |  |
The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of January 31, 2018 and October 31, 2017 approximate their fair values because of the short-term nature of these items and are not included in this table. Interest Rate Derivatives The Company has various borrowing facilities which charge interest based on the one month U.S. dollar LIBOR rate plus an interest spread. During the first quarter of 2017, the Company entered into a forward interest rate swap with a notional amount of $300.0 million. As of February 1, 2017, the Company began to receive variable rate interest payments based upon one month U.S. dollar LIBOR and in return was obligated to pay interest at a fixed rate of 1.194%. This effectively converted the borrowing rate on $300.0 million of debt from a variable rate to a fixed rate. This derivative is designated as a cash flow hedge for accounting purposes. Accordingly, the gain or loss on this derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. For additional disclosures of the gain or loss included with other comprehensive income, see also Note 15 to the interim condensed consolidated financial statements. The assumptions used in measuring fair value of the interest rate derivative are considered level 2 inputs, which are based upon LIBOR and interest paid based upon a designated fixed rate over the life of the swap agreements. Losses reclassified to earnings under these contracts were $0.2 million and zero for the three months ended January 31, 2018, and 2017, respectively. A derivative gain of $2.3 million, based upon interest rates at January 31, 2018, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. Foreign Exchange Hedges The Company conducts business in various international currencies and is subject to risks associated with changing foreign exchange rates. The Company’s objective is to reduce volatility associated with foreign exchange rate changes. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the value of certain existing foreign currency assets and liabilities, commitments and anticipated foreign currency cash flows. As of January 31, 2018, the Company had outstanding foreign currency forward contracts in the notional amount of $139.2 million ($80.1 million as of October 31, 2017). Adjustments to fair value are recognized in earnings, offsetting the impact of the hedged profits. The assumptions used in measuring fair value of foreign exchange hedges are considered level 2 inputs, which were based on observable market pricing for similar instruments, principally foreign exchange futures contracts. Realized losses recorded in other expense, net under fair value contracts were $0.5 million and $1.3 million for the three months ended January 31, 2018 and 2017, respectively. The Company recognized in other expense, net an unrealized net loss of $3.1 million and $1.5 million during the three months ended January 31, 2018 and 2017, respectively. Other Financial Instruments The fair values of the Company’s 2017 Credit Agreement and the Receivables Facility do not materially differ from carrying value as the Company’s cost of borrowing is variable and approximates current borrowing rates. The fair values of the Company’s long-term obligations are estimated based on either the quoted market prices for the same or similar issues or the current interest rates offered for the debt of the same remaining maturities, which are considered level 2 inputs in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." The following table presents the estimated fair values of the Company’s senior notes:
(in millions) | January 31, 2018 |  | October 31, 2017
Senior Notes due 2019 estimated fair value | $ | 266.2 |  |  | $ | 272.0 |
Senior Notes due 2021 estimated fair value | 298.2 |  |  | 281.0 |
Assets held by special purpose entities estimated fair value | 51.7 |  |  | 52.5 |
Non-Recurring Fair Value Measurements The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of long-lived assets held and used and net assets held for sale for the three months ended January 31, 2018 and 2017:
| Quantitative Information about Level 3 Fair Value Measurements
(in millions) | Fair Value of Impairment |  | Valuation Technique |  | Unobservable Input |  | Range of Input Values
January 31, 2018 |  |  |  |  |  |  |
Impairment of Long Lived Assets | $ | 2.9 |  |  | Discounted Cash Flows |  | Discounted Cash Flows |  | N/A
Total | $ | 2.9 |  |  |  |  |  |  |
January 31, 2017 |  |  |  |  |  |  |
Impairment of Net Assets Held for Sale | $ | 1.5 |  |  | Broker Quote/ Indicative Bids |  | Indicative Bids |  | N/A
Impairment of Long Lived Assets | 0.4 |  |  | Sales Value |  | Sales Value |  | N/A
Total | $ | 1.9 |  |  |  |  |  |  |
Long-Lived Assets The Company recognized asset impairment charges of $2.9 million during the three months ended January 31, 2018 and $1.9 million for the three months ended January 31, 2017. As a result of the Company measuring long-lived assets at fair value on a non-recurring basis, during the three months ended January 31, 2018, the Company recorded impairment charges related to properties, plants and equipment, net, of $1.5 million and charges related to intangible assets of $1.4 million in the Rigid Industrial Packaging & Services segment. The assumptions used in measuring fair value of long-lived assets are considered level 3 inputs, which include bids received from third parties, recent purchase offers, market comparable information and discounted cash flows based on assumptions that market participants would use. Assets and Liabilities Held for Sale During the three month period ended January 31, 2018, one asset group was reclassified to assets and liabilities held for sale, resulting in a $0.4 million impairment to net realizable value. During the three month period ended January 31, 2017, one asset group was reclassified to assets and liabilities held for sale, resulting in $1.5 million impairment to net realizable value. The assumptions used in measuring fair value of assets and liabilities held for sale are considered level 3 inputs, which include recent purchase offers, market comparables and/or data obtained from commercial real estate brokers.

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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