Derivative Financial Instruments

12 Months Ended

Oct. 31, 2025

Investments, All Other Investments [Abstract]

Derivative Financial Instruments

Note 12 — Derivative financial instruments

The Company uses derivative instruments to manage foreign currency and interest rate risk as detailed below. The Company does not enter into derivative instruments for trading purposes.

Foreign Currency Forward Contracts

We operate internationally and enter into 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. The settlement of these contracts is recorded in operating activities on the Consolidated Statement of Cash Flows.

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. As of October 31, 2025 and 2024, there were no significant concentrations of credit risk.

Net Investment Hedges

Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries.

The Company is a party to various cross currency swaps between the U.S. dollar and Euro, Japanese Yen, Taiwan dollar, Singapore dollar and Chinese Yuan, which were designated as hedges of our net investments in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. Any increases or decreases related to the remeasurement of the effective portion of the hedges are recorded in the currency translation component of Accumulated other comprehensive income (loss) within Shareholders' Equity in the Consolidated Balance Sheets until the sale or substantial liquidation of the underlying investments. The settlement of these hedges is recorded in investing activities on the Consolidated Statement of Cash Flows. The interest component is recorded in operating activities on the Consolidated Statement of Cash Flows.

Fair Value Hedges of Interest Rate Risk

The Company is exposed to changes in the fair value of certain of its fixed-rate liabilities due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, Secured Overnight Financing Rate, with the objective of minimizing the cost of borrowed funds. The Company's interest rate swaps involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments without the exchange of the underlying notional amount.

The Company's interest rate swaps are designated and qualify as fair value hedges. As a result, the interest rate swaps are measured at fair value and the carrying value of the hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. Accordingly, the earnings effect of an increase in the fair value of the interest rate swaps will be substantially offset by the earnings effect of the increase in the carrying value of the hedged debt.

The following table provides information regarding the Company's outstanding interest rate derivatives that were used to hedge changes in fair value attributable to interest rate risk:

	Interest rate swaps - notional amount		Cumulative adjustment to long-term debt from application of hedge accounting		Carrying value of hedged debt
Interest rate swaps	$	300,000	$	11,486	$	311,486

The following table provides information regarding the balance sheet and income statement impacts of the Company's derivatives:

October 31, 2025	Notional Amount $		Prepaids and other current assets		Other assets		Accrued liabilities		Other long-term liabilities		Type of hedge
Derivatives designated as hedges:
Cross-currency swap	$	863,904	$	5,937	$	—	$	676	$	61,725	Net investment
Interest rate swaps	300,000		1,133		10,353						Fair value
Derivatives not designated as hedges:
Foreign currency forward contracts	1,137,956		4,961		—		15,350		—
Total			$	12,031	$	10,353	$	16,026	$	61,725
October 31, 2024
Derivatives designated as hedges:
Cross-currency swap	$	845,333	$	5,976	$	73	$	10,675	$	9,586	Net investment
Derivatives not designated as hedges:
Foreign currency forward contracts	731,406		3,332		—		5,508		—
Total			$	9,308	$	73	$	16,183	$	9,586
	Gain (Loss) Recognized						Location
	2025		2024		2023
Derivatives designated as hedges:
Interest rate swaps	$	11,486	$	—	$	—	Interest expense
Hedged item	$	(11,486)	$	—	$	—	Interest expense
Cross-currency swap - interest component	$	14,876	$	13,533	$	7,975	Interest expense
Cross-currency swap - effective portion	$	(39,851)	$	(21,580)	$	20,187	Cumulative translation
Derivatives not designated as hedges
Foreign currency forward contracts	$	(8,213)	$	7,553	$	(3,041)	Other-net
Foreign currency balance sheet remeasurement	$	(1,395)	$	(13,052)	$	(4,701)	Other-net