v3.25.2
Fair value measurements
 9 Months Ended
Jul. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements
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:
July 31, 2025TotalLevel 1Level 2Level 3
Assets:    
Foreign currency forward contracts (a)
$4,274 $— $4,274 $— 
Interest rate swaps (b)
8,662 — 8,662 — 
Net investment contracts (c)
4,153 — 4,153 — 
Total assets at fair value$17,089 $— $17,089 $— 
Liabilities:
Deferred compensation plans (d)
$11,615 $— $11,615 $— 
Interest rate swaps (b)
6 — 6 — 
Net investment contracts (c)
57,454 — 57,454 — 
Foreign currency forward contracts (a)
8,108 — 8,108 — 
Total liabilities at fair value$77,183 $— $77,183 $— 
October 31, 2024TotalLevel 1Level 2Level 3
Assets:    
Foreign currency forward contracts (a)
$3,332 $— $3,332 $— 
Net investment contracts (c)
6,049 — 6,049 — 
Total assets at fair value$9,381 $— $9,381 $— 
Liabilities:
Deferred compensation plans (d)
$9,615 $— $9,615 $— 
Net investment contracts (c)
20,261 — 20,261 — 
Foreign currency forward contracts (a)
5,508 — 5,508 — 
Total liabilities at fair value$35,384 $— $35,384 $— 
(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)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 ("SOFR"), 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.
(c)Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. The fair value of these hedges is primarily based on the exchange rate between the currency pair of the hedge upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk. The notional amount of our net investment hedge contracts as of July 31, 2025 was $855,821.
(d)Executive officers and other highly compensated employees may defer up to 100% of their salary and annual cash incentive compensation and for executive officers, up to 90% 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.
The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, receivables, accounts payable and notes payable, are shown in the table below. The carrying values of cash and cash equivalents, receivables, accounts payable and notes payable approximate fair value due to the short-term nature of these instruments.
 July 31, 2025
 Carrying AmountFair Value
Long-term debt (including current portion)$2,107,089 $2,143,866 
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, bond discounts and interest rate swap fair value adjustment as disclosed in the Long-term debt Note.