Fair Value Measurements

12 Months Ended

Oct. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11 — Fair value measurements

The inputs to the valuation techniques used to measure fair value are classified into the following categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis:

October 31, 2018	Total		Level 1		Level 2		Level 3
Assets:
Foreign currency forward contracts (a)	$	6,428	$	—	$	6,428	$	—
Total assets at fair value	$	6,428	$	—	$	6,428	$	—
Liabilities:
Deferred compensation plans (b)	$	11,018	$	—	$	11,018	$	—
Foreign currency forward contracts (a)		9,289		—		9,289		—
Total liabilities at fair value	$	20,307	$	—	$	20,307	$	—

October 31, 2017	Total		Level 1		Level 2		Level 3
Assets:
Foreign currency forward contracts (a)	$	3,249	$	—	$	3,249	$	—
Total assets at fair value	$	3,249	$	—	$	3,249	$	—
Liabilities:
Deferred compensation plans (b)	$	11,004	$	—	$	11,004	$	—
Foreign currency forward contracts (a)		2,959		—		2,959		—
Total liabilities at fair value	$	13,963	$	—	$	13,963	$	—

(a) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges.

(b) Executive officers and other highly compensated employees may defer up to 100 percent of their salary and annual cash incentive compensation and for executive officers, up to 90 percent of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds.

Fair value disclosures related to goodwill and indefinite-lived intangible assets are disclosed in Note 5.

The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, receivables, and accounts payable, are shown in the table below. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments.

	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current portion)		1,314,091		1,293,899		1,582,984		1,587,920

We used the following methods and assumptions in estimating the fair value of financial instruments:

• Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The carrying amount of long-term debt is shown net of unamortized debt issuance costs as described in Note 9.