Hedging Instruments (Tables)

9 Months Ended

Oct. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of October 31, 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 October 31, 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	¥	19,104.3	179.5
British pound	£	10.6	13.6
Derivatives not designated as hedging instruments:
U.S. dollar	$	153.9	153.9
Euro	€	6.9	8.2
Australian dollar	AU$	22.0	15.8
Czech koruna	CZK	148.0	6.4
Japanese yen	¥	1,085.3	10.4
Korean won	KRW	18,488.1	15.5
New Zealand dollar	NZ$	9.1	6.1
Chinese renminbi	CNY	361.2	51.6
Singapore dollar	S$	24.8	18.3
Danish kroner	DKK	48.2	7.7
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 October 31, 2020
(in millions)	Cost of sales		Interest expense and financing costs		Other expense, net		Other comprehensive earnings, net of tax
Reported amounts of financial statement line items in which effects of cash flow hedges are recorded	$	364.7	$	10.7	$	5.7	$	11.1
Derivatives in Cash Flow Hedging Relationships:
Foreign exchange forward contracts
Pre-tax gain recognized in OCI	—		—		—		0.2
Pre-tax gain reclassified from accumulated OCI into earnings	(0.6)		—		—		0.6
Precious metal forward contracts
Pre-tax gain recognized in OCI	—		—		—		4.2
Pre-tax gain reclassified from accumulated OCI into earnings	(1.8)		—		—		1.8
Cross-currency swaps
Pre-tax loss recognized in OCI	—		—		—		(0.5)
Pre-tax gain reclassified from accumulated OCI into earnings	—		(1.6)		0.1		1.5
Forward-starting interest rate swaps
Pre-tax loss reclassified from accumulated OCI into earnings	—		0.3		—		(0.3)

	Nine Months Ended October 31, 2020
(in millions)	Cost of sales		Interest expense and financing costs		Other income, net		Other comprehensive earnings, net of tax
Reported amounts of financial statement line items in which effects of cash flow hedges are recorded	$	896.7	$	31.6	$	(20.6)	$	52.1
Derivatives in Cash Flow Hedging Relationships:
Foreign exchange forward contracts
Pre-tax loss recognized in OCI	—		—		—		(4.1)
Pre-tax gain reclassified from accumulated OCI into earnings	(1.7)		—		—		1.7
Precious metal forward contracts
Pre-tax gain recognized in OCI	—		—		—		13.8
Pre-tax gain reclassified from accumulated OCI into earnings a	(7.3)		—		—		7.3
Cross-currency swaps
Pre-tax gain recognized in OCI	—		—		—		7.2
Pre-tax loss reclassified from accumulated OCI into earnings	—		(4.6)		11.2		(6.6)
Forward-starting interest rate swaps
Pre-tax loss reclassified from accumulated OCI into earnings	—		1.0		—		(1.0)

aIncludes net gains of $4.2 million in the nine months ended October 31, 2020 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 October 31, 2019
(in millions)	Cost of sales		Interest expense and financing costs		Other expense, net		Other comprehensive earnings, net of tax
Reported amounts of financial statement line items in which effects of cash flow hedges are recorded	$	388.9	$	9.2	$	4.2	$	14.0
Derivatives in Cash Flow Hedging Relationships:
Foreign exchange forward contracts
Pre-tax gain recognized in OCI	—		—		—		1.4
Pre-tax gain reclassified from accumulated OCI into earnings	(1.0)		—		—		1.0
Precious metal collars
Pre-tax gain reclassified from accumulated OCI into earnings	(0.1)		—		—		0.1
Precious metal forward contracts
Pre-tax gain recognized in OCI	—		—		—		3.8
Pre-tax loss reclassified from accumulated OCI into earnings	0.6		—		—		(0.6)
Cross-currency swaps
Pre-tax gain recognized in OCI	—		—		—		9.2
Pre-tax gain reclassified from accumulated OCI into earnings	—		(1.5)		(1.0)		2.5
Forward-starting interest rate swaps
Pre-tax loss reclassified from accumulated OCI into earnings	—		0.3		—		(0.3)

	Nine Months Ended October 31, 2019
(in millions)	Cost of sales		Interest expense and financing costs		Other expense, net		Other comprehensive earnings, net of tax
Reported amounts of financial statement line items in which effects of cash flow hedges are recorded	$	1,163.4	$	29.4	$	2.2	$	7.8
Derivatives in Cash Flow Hedging Relationships:
Foreign exchange forward contracts
Pre-tax gain recognized in OCI	—		—		—		4.5
Pre-tax gain reclassified from accumulated OCI into earnings	(3.5)		—		—		3.5
Precious metal collars
Pre-tax gain reclassified from accumulated OCI into earnings	(0.3)		—		—		0.3
Precious metal forward contracts
Pre-tax gain recognized in OCI	—		—		—		10.4
Pre-tax loss reclassified from accumulated OCI into earnings	2.8		—		—		(2.8)
Cross-currency swaps
Pre-tax gain recognized in OCI	—		—		—		21.7
Pre-tax gain reclassified from accumulated OCI into earnings	—		(4.6)		(0.2)		4.8
Forward-starting interest rate swaps
Pre-tax loss reclassified from accumulated OCI into earnings	—		1.0		—		(1.0)