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Hedging Instruments (Tables)
 3 Months Ended
Apr. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions As of April 30, 2020, the notional amounts of cross-currency swaps accounted for as cash flow hedges and the respective maturity dates were as follows:
Cross-Currency Swap
 
Notional Amount
Effective Date
Maturity Date
(in millions)
(in millions)
July 2016
October 2024
¥
10,620.0

$
100.0

March 2017
April 2027
¥
11,000.0

$
96.1

May 2017
April 2027
¥
5,634.5

$
50.0

August 2019
August 2026
€
21.1

$
23.6


As of April 30, 2020, the notional amounts of foreign exchange forward contracts were as follows:
(in millions)
 
Notional Amount
 
USD Equivalent
Derivatives designated as hedging instruments:
 
 
 
 
Japanese yen
¥
19,880.1

 
187.2

British pound
£
12.7

 
16.2

Derivatives not designated as hedging instruments:
 
 
 
 
U.S. dollar
$
130.4

 
130.4

Euro
€
6.8

 
7.6

Australian dollar
AU$
26.0

 
16.5

Czech koruna
CZK
154.3

 
6.3

Japanese yen
¥
488.9

 
4.6

Korean won
KRW
60,528.9

 
49.5

New Zealand dollar
NZ$
10.8

 
6.6

Chinese renminbi

CNY
361.2

 
51.6

Singapore dollar
S$
25.3

 
17.9

Danish kroner
DKK
52.6

 
7.8

Canadian dollar
CAD
12.6

 
9.6

Hong Kong dollar
HKD
404.4

 
52.0
Information on Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Financial Statements
Information on the location and amounts of derivative gains and losses in the condensed consolidated financial statements is as follows:
 
Three Months Ended April 30, 2020
(in millions)
Cost of sales
Interest expense and financing costs
Other income, net
Other comprehensive loss, net of tax
Reported amounts of financial statement line items in which effects of cash flow hedges are recorded
$
246.5

$
9.8

$
(25.4
)
$
(18.5
)
Derivatives in Cash Flow Hedging
Relationships:
 
 
 
 
Foreign exchange forward contracts
 
 
 
 
Pre-tax loss recognized in OCI



(1.1
)
Pre-tax gain reclassified from accumulated OCI into earnings
(0.3
)


0.3

Precious metal forward contracts
 
 
 
 
Pre-tax gain recognized in OCI



0.6

Pre-tax gain reclassified from accumulated OCI into earnings a
(4.6
)


4.6

Cross-currency swaps
 
 
 
 
Pre-tax gain recognized in OCI



8.8

Pre-tax loss reclassified from accumulated OCI into earnings

(1.6
)
4.8

(3.2
)
Forward-starting interest rate swaps
 
 
 
 
Pre-tax loss reclassified from accumulated OCI into earnings

0.3


(0.3
)
a 
Includes net gains of $4.2 million reclassified from Accumulated OCI into Cost of sales on the Condensed Consolidated Statement of Earnings as a result of the discontinuation of hedge accounting on certain precious metal forward contracts.

 
Three Months Ended April 30, 2019
(in millions)
Cost of sales
Interest expense and financing costs
Other income, net
Other comprehensive loss, net of tax
Reported amounts of financial statement line items in which effects of cash flow hedges are recorded
$
383.9

$
10.4

$
(1.0
)
$
(13.2
)
Derivatives in Cash Flow Hedging
Relationships:
 
 
 
 
Foreign exchange forward contracts
 
 
 
 
Pre-tax gain recognized in OCI
—

—

—

5.7

Pre-tax gain reclassified from accumulated OCI into earnings
(1.1
)
—

—

1.1

Precious metal collars
 
 
 
 
Pre-tax gain reclassified from accumulated OCI into earnings
(0.1
)
—

—

0.1

Precious metal forward contracts
 
 
 
 
Pre-tax loss recognized in OCI
—

—

—

(1.4
)
Pre-tax loss reclassified from accumulated OCI into earnings
1.1

—

—

(1.1
)
Cross-currency swaps
 
 
 
 
Pre-tax gain recognized in OCI
—

—

—

13.4

Pre-tax gain reclassified from accumulated OCI into earnings
—

—

(7.8
)
7.8

Forward-starting interest rate swaps
 
 
 
 
Pre-tax loss reclassified from accumulated OCI into earnings
—

0.3

—

(0.3
)