Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Carried at Fair Value

Financial assets and liabilities carried at fair value at July 31, 2020 are classified in the table below in one of the three categories described above:

	Estimated Fair Value						Total Fair Value
(in millions)	Level 1		Level 2		Level 3
Financial assets
Marketable securities a	$	38.9	$	—	$	—	$	38.9
Derivatives designated as hedging instruments:
Precious metal forward contracts b	—		14.8		—		14.8
Foreign exchange forward contracts b	—		0.4		—		0.4
Cross-currency swaps b	—		5.7		—		5.7
Derivatives not designated as hedging instruments:
Precious metal forward contracts b	—		1.5		—		1.5
Foreign exchange forward contracts b	—		2.3		—		2.3
Total financial assets	$	38.9	$	24.7	$	—	$	63.6

	Estimated Fair Value						Total Fair Value
(in millions)	Level 1		Level 2		Level 3
Financial liabilities
Derivatives designated as hedging instruments:
Precious metal forward contracts c	$	—	$	2.1	$	—	$	2.1
Foreign exchange forward contracts c	—		3.7		—		3.7
Cross-currency swaps c	—		0.2		—		0.2
Derivatives not designated as hedging instruments:
Precious metal forward contracts c	—		0.7		—		0.7
Foreign exchange forward contracts c	—		10.8		—		10.8
Total financial liabilities	$	—	$	17.5	$	—	$	17.5

Financial assets and liabilities carried at fair value at January 31, 2020 are classified in the table below in one of the three categories described above: 

	Estimated Fair Value						Total Fair Value
(in millions)	Level 1		Level 2		Level 3
Financial assets
Time deposits d	$	22.7	$	—	$	—	$	22.7
Marketable securities a	39.3		—		—		39.3
Derivatives designated as hedging instruments:
Precious metal forward contracts b	—		13.0		—		13.0
Foreign exchange forward contracts b	—		2.7		—		2.7
Cross-currency swaps b	—		2.9		—		2.9
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts b	—		2.1		—		2.1
Total financial assets	$	62.0	$	20.7	$	—	$	82.7

	Estimated Fair Value						Total Fair Value
(in millions)	Level 1		Level 2		Level 3
Financial liabilities
Derivatives designated as hedging instruments:
Precious metal forward contracts c	$	—	$	0.2	$	—	$	0.2
Foreign exchange forward contracts c	—		0.5		—		0.5
Cross-currency swaps c	—		1.9		—		1.9
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts c	—		2.9		—		2.9
Total financial liabilities	$	—	$	5.5	$	—	$	5.5

Financial assets and liabilities carried at fair value at July 31, 2019 are classified in the table below in one of the three categories described above:

	Estimated Fair Value						Total Fair Value
(in millions)	Level 1		Level 2		Level 3
Financial assets
Time deposits d	$	39.6	$	—	$	—	$	39.6
Marketable securities a	37.6		—		—		37.6
Derivatives designated as hedging instruments:
Precious metal forward contracts b	—		9.4		—		9.4
Foreign exchange forward contracts b	—		1.5		—		1.5
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts b	—		2.8		—		2.8
Total financial assets	$	77.2	$	13.7	$	—	$	90.9

	Estimated Fair Value						Total Fair Value
(in millions)	Level 1		Level 2		Level 3
Financial liabilities
Derivatives designated as hedging instruments:
Precious metal forward contracts c	$	—	$	0.1	$	—	$	0.1
Foreign exchange forward contracts c	—		1.4		—		1.4
Cross-currency swaps c	—		10.5		—		10.5
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts c	—		2.0		—		2.0
Total financial liabilities	$	—	$	14.0	$	—	$	14.0

^a  Included within Other assets, net.

^b  Included within Prepaid expenses and other current assets or Other assets, net based on the maturity of the contract.

^c  Included within Accounts payable and accrued liabilities or Other long-term liabilities based on the maturity of the contract.

^d 

Included within Short-term investments.