Valspar 10-Q 8 Jun 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Apr. 29, 2016	Jun. 01, 2016	Oct. 30, 2015	May. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	VALSPAR CORP
Entity Central Index Key	102,741
Current Fiscal Year End Date	--10-28
Entity Common Stock, Shares Outstanding		79,271,193
Shares Held in Treasury	39,184,461	39,171,431	39,458,773	37,873,936

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 29, 2016	Oct. 30, 2015	May. 01, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 100,278	$ 185,961	$ 146,279
Restricted cash	734	1,307	1,532
Accounts and notes receivable less allowance (4/29/16 – $10,039; 10/30/15 – $9,550; 5/1/15 – $10,851)	827,903	857,256	823,014
Inventories	536,483	451,909	494,355
Deferred income taxes	33,385	37,707	28,621
Prepaid expenses and other	121,543	97,090	105,333
TOTAL CURRENT ASSETS	1,620,326	1,631,230	1,599,134
GOODWILL	1,296,669	1,287,703	1,081,255
INTANGIBLES, NET	639,408	643,100	575,939
OTHER ASSETS	130,232	112,735	108,881
LONG-TERM DEFERRED INCOME TAXES	10,229	11,042	6,570
Property, plant and equipment, gross	1,642,467	1,582,338	1,536,419
Less accumulated depreciation	(992,860)	(949,573)	(929,338)
PROPERTY, PLANT AND EQUIPMENT, NET	649,607	632,765	607,081
TOTAL ASSETS	4,346,471	4,318,575	3,978,860
CURRENT LIABILITIES:
Short-term debt	333,100	334,022	273,840
Current portion of long-term debt	101	131	162,502
Trade accounts payable	533,741	553,737	550,361
Income taxes payable	21,503	36,010	47,829
Other accrued liabilities	393,282	442,839	367,475
TOTAL CURRENT LIABILITIES	1,281,727	1,366,739	1,402,007
LONG-TERM DEBT, NET OF CURRENT PORTION	1,707,042	1,706,933	1,350,005
LONG-TERM DEFERRED INCOME TAXES	238,173	240,919	215,789
OTHER LONG-TERM LIABILITIES	151,316	148,975	139,693
TOTAL LIABILITIES	3,378,258	3,463,566	3,107,494
STOCKHOLDERS' EQUITY:
Common stock (par value - $0.50; authorized - 250,000,000 shares; shares issued, including shares in treasury - 118,442,624)	59,220	59,220	59,220
Additional paid-in capital	483,383	474,044	459,130
Retained earnings	2,289,952	2,209,628	2,052,340
Accumulated other comprehensive income (loss)	(174,671)	(195,498)	(143,191)
Less cost of common stock in treasury (4/29/16 – 39,184,461 shares; 10/30/15 – 39,458,773 shares; 5/1/15 – 37,873,936 shares)	(1,689,671)	(1,692,385)	(1,556,133)
TOTAL STOCKHOLDERS' EQUITY	968,213	855,009	871,366
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,346,471	$ 4,318,575	$ 3,978,860

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 29, 2016	Oct. 30, 2015	May. 01, 2015
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowance	$ 10,039	$ 9,550	$ 10,851
Common stock, par value (in usd per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, shares issued, including shares in treasury (in shares)	118,442,624	118,442,624	118,442,624
Shares Held in Treasury (in shares)	39,184,461	39,458,773	37,873,936

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Income Statement [Abstract]
Net sales	$ 1,056,797	$ 1,079,289	$ 1,942,553	$ 2,093,958
Cost of sales	650,430	684,856	1,217,124	1,361,384
Restructuring charges - cost of sales	4,926	1,230	5,361	6,079
Gross profit	401,441	393,203	720,068	726,495
Research and development	35,591	32,037	68,119	64,639
Selling, general and administrative	210,602	204,237	402,545	393,878
Restructuring charges	4,972	1,020	5,406	2,714
Proposed merger-related charges	18,240	0	18,240	0
Acquisition-related charges	1,111	0	1,125	0
Operating expenses	270,516	237,294	495,435	461,231
Gain on sale of certain assets	0	0	0	48,001
Income from operations	130,925	155,909	224,633	313,265
Interest expense	22,789	20,241	45,204	36,556
Other (income)/expense - net	751	1,694	1,366	729
Income before income taxes	107,385	133,974	178,063	275,980
Income taxes	27,358	43,660	45,605	81,692
Net income	$ 80,027	$ 90,314	$ 132,458	$ 194,288
Net income per common share - basic (in dollars per share)	$ 1.01	$ 1.12	$ 1.68	$ 2.39
Net income per common share - diluted (in dollars per share)	$ 0.99	$ 1.09	$ 1.64	$ 2.33
Average number of common shares outstanding
- basic (in shares)	78,955,687	80,826,518	78,858,226	81,275,572
- diluted (in shares)	80,878,849	82,871,129	80,739,760	83,366,627
Dividends paid per common share (in dollars per share)	$ 0.33	$ 0.30	$ 0.66	$ 0.60

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 80,027	$ 90,314	$ 132,458	$ 194,288
Other comprehensive income (loss)	43,567	(70,955)	20,827	(123,521)
Comprehensive income	$ 123,594	$ 19,359	$ 153,285	$ 70,767

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Apr. 29, 2016	May. 01, 2015
OPERATING ACTIVITIES:
Net income	$ 132,458	$ 194,288
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	41,872	41,356
Amortization	5,811	4,136
Stock-based compensation	16,925	7,378
Gain on asset divestitures	(604)	(51,447)
Changes in certain assets and liabilities:
(Increase)/decrease in accounts and notes receivable	41,365	(60,105)
(Increase)/decrease in inventories and other assets	(94,235)	(103,603)
Increase/(decrease) in trade accounts payable and other accrued liabilities	(76,484)	(67,144)
Increase/(decrease) in income taxes, net	(23,187)	18,211
Increase/(decrease) in other liabilities	(4,531)	4,174
Other	(2,415)	(4,931)
Net cash provided by/(used in) operating activities	36,975	(17,687)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(60,554)	(41,199)
Acquisition of businesses, net of cash acquired	(24,444)	(2,902)
Proceeds from divestiture of businesses	0	54,552
Cash proceeds on disposal of assets	8,435	5,641
(Increase)/decrease in restricted cash	573	1,335
Net cash (used in)/provided by investing activities	(75,990)	17,427
FINANCING ACTIVITIES:
Proceeds from issuance of debt	0	500,000
Payments of debt	(1,996)	(113,938)
Net change in other borrowings	7,808	14,585
Net proceeds (repayments) of commercial paper	(8,132)	(157,946)
Proceeds from stock options exercised	12,902	6,634
Treasury stock purchases	(18,134)	(176,041)
Excess tax benefit from stock-based compensation	10,119	9,543
Dividends paid	(52,155)	(48,951)
Net cash (used in)/provided by financing activities	(49,588)	33,886
Increase/(decrease) in cash and cash equivalents	(88,603)	33,626
Effect of exchange rate changes on cash and cash equivalents	2,920	(15,550)
Cash and cash equivalents at beginning of period	185,961	128,203
Cash and cash equivalents at end of period	$ 100,278	$ 146,279

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Apr. 29, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of The Valspar Corporation ("Valspar," "we," "us" or "our") have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended April 29, 2016 are not necessarily indicative of the results that may be expected for the year ending October 28, 2016 . The Condensed Consolidated Balance Sheet at October 30, 2015 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in our annual report on Form 10-K for the year ended October 30, 2015 . Proposed Merger with The Sherwin-Williams Company On March 19, 2016, Valspar entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Sherwin-Williams Company (“Sherwin-Williams”) and Viking Merger Sub Inc., a wholly owned subsidiary of Sherwin-Williams (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub will be merged with and into Valspar (the “Merger”), with Valspar surviving and continuing as the surviving corporation in the Merger, and, at the effective time of the Merger, each outstanding share of common stock of Valspar will be converted into the right to receive the Merger Consideration. The “Merger Consideration” means $113.00 per share in cash, except that if Sherwin-Williams is required, in order to obtain the necessary antitrust approvals, to commit to any divestiture, license, hold separate, sale or other disposition of or with respect to assets, businesses or product lines of Valspar, Sherwin-Williams or their subsidiaries representing, in the aggregate, in excess of $650 million of Net Sales (as defined in the Merger Agreement), then the Merger Consideration will be $105.00 per share in cash. The merger agreement contains certain termination rights in which we may be required to pay Sherwin-Williams a termination fee of $300 million . For further information on the Merger Agreement, refer to the Merger Agreement, a copy of which is Exhibit 2.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2016 and incorporated by reference herein. In connection with the proposed Merger, we recognized costs of $18,240 for the three and six months ended April 29, 2016, in "Proposed merger-related charges" in the Condensed Consolidated Statements of Operations, related to professional services, regulatory fees and employee-related expenses.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Apr. 29, 2016
Business Combinations [Abstract]
Acquisitions and Divestitures	NOTE 2 – ACQUISITIONS AND DIVESTITURES On February 4, 2016, we purchased ISVA Vernici (ISVA), a European coil coatings manufacturer headquartered in Turin, Italy, for total consideration of approximately $23,000 . The ISVA acquisition extends our manufacturing footprint in Europe and brings customers an expanded product offering and increased customer service capabilities. The acquisition was recorded at fair value in our Coatings segment and an allocation of the purchase price has been substantially completed, with the exception of certain working capital and tax items. These adjustments are not expected to have a material impact on our condensed consolidated financial statements. We expect to finalize the purchase price allocation within one year of the date of acquisition. The assets, liabilities and operating results have been included in our financial statements from the date of acquisition. On June 1, 2015, we purchased the performance coating businesses of Quest Specialty Chemicals (Quest), which include automotive refinish, aerosol and related specialty paint products, for total consideration of approximately $350,000 . The acquisition strengthens our value proposition in automotive refinish and broadens distribution and range of high-performance products. The acquisition was recorded at fair value primarily in our Paints segment and an allocation of the purchase price has been completed, with the exception of certain tax items. These adjustments are not expected to have a material impact on our condensed consolidated financial statements. We expect to finalize the purchase price allocation within one year of the date of acquisition. The assets, liabilities and operating results have been included in our financial statements from the date of acquisition. On December 17, 2014, we completed the divestiture of a non-strategic specialty product offering in our Coatings segment. The divested assets consisted primarily of goodwill, working capital and intellectual property. We recorded the sale in the first quarter of fiscal year 2015 and recorded a pre-tax gain of $48,001 to income from operations. Pro forma results of operations for the acquisitions and divestiture noted above are not presented, as they were immaterial to the reported results.

Inventories

Inventories	6 Months Ended
	Apr. 29, 2016
Inventory Disclosure [Abstract]
Inventories	NOTE 3 – INVENTORIES Our major classes of inventories consist of the following: April 29, October 30, May 1, Manufactured products $ 359,277 $ 268,832 $ 320,617 Raw materials, supplies and work-in-progress 177,206 183,077 173,738 Total Inventories $ 536,483 $ 451,909 $ 494,355 Our international inventories are recorded using the first-in, first-out method. Domestic inventories are recorded using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on inventory levels and costs at that time. Interim LIFO calculations are based on management reviews of price changes, as well as estimates of expected year-end inventory levels and costs, and are subject to the final year-end LIFO inventory valuation.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	6 Months Ended
	Apr. 29, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets	NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill as of April 29, 2016 is $1,296,669 , an increase of $8,966 from the end of fiscal year 2015 . The increase is primarily due to acquisitions, partially offset by foreign currency translation. Intangibles, net, as of April 29, 2016 are $639,408 , a decrease of $3,692 from the end of fiscal year 2015 . The decrease is primarily due to amortization and foreign currency translation, partially offset by acquisitions. Total intangible asset amortization expense for the six months ended April 29, 2016 was $5,811 , compared to $4,136 for the same period last year. The increase in amortization expense is primarily due to the Quest acquisition. Estimated annual amortization expense for fiscal 2016 and for each of the five succeeding fiscal years based on the intangible assets as of April 29, 2016 is expected to be approximately $12,000 .

Guarantees And Contractual Obli

Guarantees And Contractual Obligations	6 Months Ended
	Apr. 29, 2016
Guarantees And Contractual Obligations [Abstract]
Guarantees And Contractual Obligations	NOTE 5 – GUARANTEES AND CONTRACTUAL OBLIGATIONS Furniture Protection Plans and Warranties: We sell extended furniture protection plans and offer warranties for certain products. In the U.S., revenue related to furniture protection plans is deferred and recognized over the contract life. Historical claims data is used to forecast claims payments over the contract period and revenue is recognized based on the forecasted claims payments. Actual claims costs are reflected in earnings in the period incurred. Anticipated losses are charged to earnings when identified. For product warranties, we estimate the costs that may be incurred under these warranties based on historical claims data and record a liability in the amount of such costs at the time revenue is recognized. Anticipated losses are charged to earnings when identified. The range of contractual lives for our extended furniture protection plans is 3 years to lifetime warranty (estimated as 20 years). We have not sold lifetime warranty plans since 2005. Our furniture protection plans outstanding as of April 29, 2016 have a weighted average contractual life of approximately 11 years; however, we expect to pay substantially all of the claims for such plans within five years. We periodically assess the adequacy of these recorded amounts and adjust as necessary. Provisions for estimated losses on uncompleted furniture protection plan contracts are made in the period in which such losses can be estimated. The extended furniture protection plans that we enter into have fixed prices. To the extent the actual costs to complete contracts differ from the amounts estimated as of the date of the financial statements, gross margin would be affected in future periods when we revise our estimates. Changes in the recorded amounts included in other accrued liabilities and other long-term liabilities during the period are as follows: Six Months Ended April 29, May 1, Beginning balance $ 82,871 $ 80,627 Additional net deferred revenue/accrual made during the period 14,851 7,683 Payments made during the period (6,067 ) (4,647 ) Ending balance $ 91,655 $ 83,663 Contractual Purchase Commitments : We are obligated to make payments under contractual purchase commitments, including unconditional purchase obligations. The majority of our unconditional purchase obligations relate to the supply of raw materials with five -year initial terms. The contracts require the purchase of minimum quantities of raw materials, at current market prices. We have estimated our payment obligations under existing contracts using current market prices and currently expect our purchases to exceed our minimum payment obligations. Payments for contracts with remaining terms in excess of one year are summarized below: April 29, Remainder of 2016 $ 216 2017 1,522 2018 — 2019 — 2020 — Thereafter — Total $ 1,738 Total payments relating to unconditional purchase obligations were approximately $500 and $5,023 in the three and six months ended April 29, 2016 , respectively, compared to $10,898 and $21,866 in the three and six months ended May 1, 2015 , respectively.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Apr. 29, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 6 – FAIR VALUE MEASUREMENT We measure certain assets and liabilities at fair value and disclose the fair value of certain assets and liabilities recorded at cost on both a recurring and nonrecurring basis. Fair value is defined as an exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes use of unobservable inputs. Observable inputs must be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available. Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the inputs used in the valuation. We classify assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. Transfers of instruments between levels are recorded based on end of period values. There were no transfers between levels for all periods presented. The three levels are defined as follows: • Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. • Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. Recurring Fair Value Measurements The following tables provide information by level for assets and liabilities that are recorded at fair value on a recurring basis: Fair Value at April 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 8,472 $ 8,472 $ — $ — Restricted cash 1 734 734 — — Foreign currency contracts 2 608 — 608 — Deferred compensation plan assets 3 11,792 11,792 — — Total Assets $ 21,606 $ 20,998 $ 608 $ — Fair Value at October 30, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 26,139 $ 26,139 $ — $ — Restricted cash 1 1,307 1,307 — — Foreign currency contracts 2 207 — 207 — Deferred compensation plan assets 3 6,579 6,579 — — Total Assets $ 34,232 $ 34,025 $ 207 $ — Fair Value at May 1, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 3,560 $ 3,560 $ — $ — Restricted cash 1 1,532 1,532 — — Foreign currency contracts 2 813 — 813 — Deferred compensation plan assets 3 6,371 6,371 — — Total Assets $ 12,276 $ 11,463 $ 813 $ — 1 Restricted cash represents cash that is restricted from withdrawal for contractual or legal reasons. 2 Foreign currency contracts are included in prepaid expenses and other when in an asset position and other accrued liabilities when in a liability position. The fair market value was estimated using observable market data for similar financial instruments. 3 The Deferred Compensation Plan Assets consist of the investment funds maintained for the future payments under the Corporation's deferred compensation plan, which is structured as a rabbi trust. Investments held in the rabbi trust are publicly traded mutual funds. Rabbi trust assets are considered irrevocable, and may only be used to pay participant benefits under the plan. The only exception is the event of bankruptcy, in which case the assets in the rabbi trust would be subject to the claims of creditors of the Corporation. In the Condensed Consolidated Balance Sheets, rabbi trust assets are included in other assets. The following tables provide information regarding the estimated fair value of our outstanding debt, which is recorded at carrying value: Fair Value at April 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,769,178 $ 1,769,178 $ — $ — Non-publicly traded debt 340,243 — 340,243 — Total Debt $ 2,109,421 $ 1,769,178 $ 340,243 $ — Fair Value at October 30, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,741,003 $ 1,741,003 $ — $ — Non-publicly traded debt 341,086 — 341,086 — Total Debt $ 2,082,089 $ 1,741,003 $ 341,086 $ — Fair Value at May 1, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,579,150 $ 1,579,150 $ — $ — Non-publicly traded debt 276,899 — 276,899 — Other 2 9,283 — 9,283 — Total Debt $ 1,865,332 $ 1,579,150 $ 286,182 $ — 1 Debt is recorded at carrying value of $2,040,243 , $2,041,086 and $1,786,347 as of April 29, 2016 , October 30, 2015 and May 1, 2015 , respectively. The fair value of our publicly traded debt is based on quoted prices (unadjusted) in active markets. The fair value of our non-publicly traded debt was estimated using a discounted cash flow analysis based on our current borrowing costs for debt with similar maturities. In addition, the carrying values of our commercial paper included in non-publicly traded debt approximate the financial instrument’s fair value as the maturities are less than three months. See Note 7 for additional information on debt. 2 Other consists of bankers' acceptance drafts and commercial acceptance drafts from our customers that have been sold with recourse to financial institutions but have not yet matured and are included in long-term debt. Nonrecurring Fair Value Measurements We measure certain assets at fair value on a nonrecurring basis. These assets primarily include assets acquired and liabilities assumed as part of a business acquisition, as well as property, plant and equipment that is impaired when the planned use of the asset changes. See Note 2 for additional information on acquisitions and Note 14 for additional information on restructuring.

Debt

Debt	6 Months Ended
	Apr. 29, 2016
Debt Disclosure [Abstract]
Debt	NOTE 7 – DEBT Debt consists of the following: April 29, October 30, May 1, Short-term debt $ 333,100 $ 334,022 $ 273,840 Current portion of long-term debt 101 131 162,502 Long-term debt 1,707,042 1,706,933 1,350,005 Total Debt $ 2,040,243 $ 2,041,086 $ 1,786,347 On August 3, 2015, we retired $150,000 of Senior Notes in accordance with their scheduled maturity using commercial paper and our revolving credit facility. On July 27, 2015, we issued $350,000 of unsecured Senior Notes that mature on January 15, 2026 with a coupon rate of 3.95% . The net proceeds of the issuance were approximately $345,000 . The public offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission (SEC). We used the net proceeds from this offering for the repayment of borrowings under the term loan credit facility that was entered into on May 29, 2015. On May 29, 2015, we entered into a $350,000 term loan credit agreement with a syndicate of banks with a maturity date of November 29, 2016. This facility was used to provide funding for the acquisition of Quest. See Note 2 in the Condensed Consolidated Financial Statements for further information on the acquisition. This facility was repaid and terminated on July 29, 2015 primarily using the net proceeds from the unsecured Senior Notes issued in July 2015. On January 21, 2015, we issued $250,000 of unsecured Senior Notes that mature on February 1, 2025 with a coupon rate of 3.30% , and $250,000 of unsecured Senior Notes that mature on February 1, 2045 with a coupon rate of 4.40% . The net proceeds of both issuances were approximately $492,000 in the aggregate. The public offering was made pursuant to a registration statement filed with the SEC. We used the net proceeds to repay short-term borrowings under our commercial paper program and credit facility in the first quarter of 2015. We maintain an unsecured revolving credit facility with a syndicate of banks. On December 16, 2013, we entered into an amended and restated $750,000 credit facility with a syndicate of banks with a maturity date of December 14, 2018. Under certain circumstances we have the option to increase this credit facility to $1,000,000 . Our credit facilities have covenants that require us to maintain certain financial ratios. We were in compliance with these covenants as of April 29, 2016 . Our debt covenants do not limit, nor are they reasonably likely to limit, our ability to obtain additional debt or equity financing. Our short-term debt consists primarily of commercial paper. The weighted-average annual interest rates on outstanding short-term borrowings were 1.3% , 0.6% and 1.6% as of April 29, 2016, October 30, 2015 and May 1, 2015, respectively. To ensure availability of funds, we maintain uncommitted bank lines of credit sufficient to cover outstanding short-term borrowings. These arrangements are reviewed periodically for renewal and modification.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Apr. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	NOTE 8 – STOCK-BASED COMPENSATION Compensation expense associated with our stock-based compensation plans was $12,490 and $16,925 for the three and six months ended April 29, 2016 , respectively, compared to $4,112 and $7,378 for the three and six months ended May 1, 2015 , respectively. In January 2016 and 2015, we granted stock-settled restricted stock units to certain officers and key employees. Stock-settled restricted stock units granted through our 2015 Omnibus Equity Plan ("2015 Omnibus Plan") will reduce the pool of reserved shares at a multiple of 3.51 times the actual number of units awarded upon vesting, three years after the date of grant. The fair value of a stock-settled restricted stock unit is equal to the market value of a share of our stock on the date of grant. Certain units have time-based vesting features while other units have both time-based and performance-based vesting features. Time-based stock-settled restricted stock units cliff vest at the end of the three-year period following the date of grant, unless forfeited, and will be paid out in the form of stock at the end of the three -year vesting period. Performance-based stock-settled restricted stock units vest based on achieving annual performance targets for earnings per share growth over the three fiscal year-end periods following the date of grant. Unless forfeited, the performance-based stock-settled restricted stock units will be paid out in the form of stock at the end of the three -year performance period if the performance targets are achieved. If the performance targets are achieved, the amount paid for the awards may range from 50% to 250% of the target award. Compensation expense associated with grants of stock-settled restricted stock units has been included in the statement of operations since the date of grant.

Pensions And Other Postretireme

Pensions And Other Postretirement Benefits	6 Months Ended
	Apr. 29, 2016
Compensation and Retirement Disclosure [Abstract]
Pensions And Other Postretirement Benefits	NOTE 9 – PENSIONS AND OTHER POSTRETIREMENT BENEFITS We sponsor a number of defined benefit pension plans for certain hourly and salaried employees. The benefits for most of these plans are generally based on stated amounts for each year of service. The net periodic benefit cost of our pension benefits is as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Service cost $ 679 $ 765 $ 1,363 $ 2,018 Interest cost 3,281 3,491 6,590 7,079 Expected return on plan assets (4,834 ) (4,886 ) (9,712 ) (9,838 ) Amortization of prior service cost 112 124 224 237 Recognized actuarial loss 1,638 1,644 3,280 3,316 Net periodic benefit cost 876 1,138 1,745 2,812 Curtailment gain — — — (3,083 ) Net total periodic benefit (gain)/cost $ 876 $ 1,138 $ 1,745 $ (271 ) The net periodic benefit cost of our post-retirement medical benefits is as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Service cost $ 72 $ 51 $ 144 $ 102 Interest cost 90 92 179 184 Amortization of prior service credit (32 ) (32 ) (64 ) (64 ) Recognized actuarial loss 96 108 193 216 Net periodic benefit cost $ 226 $ 219 $ 452 $ 438

Income Taxes

Income Taxes	6 Months Ended
	Apr. 29, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10 – INCOME TAXES Our effective income tax rates for the three and six months ended April 29, 2016 and May 1, 2015 are as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Effective tax rate 25.5 % 32.6 % 25.6 % 29.6 % The lower effective tax rate for the three months ended April 29, 2016 was primarily driven by recognition of U.S. foreign tax credits in fiscal year 2016. The lower effective tax rate for the six months ended April 29, 2016 was primarily driven by recognition of U.S. foreign tax credits and favorable foreign tax rate changes in fiscal year 2016. At October 30, 2015 , we had a $15,600 liability recorded for gross unrecognized tax benefits (excluding interest and penalties). Of this total, $13,668 represents the amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to unrecognized tax benefits in income tax expense. As of October 30, 2015 , we had accrued approximately $4,243 of interest and penalties relating to unrecognized tax benefits. There were no material adjustments to our recorded liability for unrecognized tax benefits or interest and penalties during the first or second quarters of fiscal years 2016 or 2015 .

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Apr. 29, 2016
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	NOTE 11 – NET INCOME (LOSS) PER COMMON SHARE The following table presents the net income (loss) per common share calculations for the three and six months ended April 29, 2016 and May 1, 2015 : Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Basic Net income $ 80,027 $ 90,314 $ 132,458 $ 194,288 Weighted-average common shares outstanding - basic 78,955,687 80,826,518 78,858,226 81,275,572 Net income per common share - basic $ 1.01 $ 1.12 $ 1.68 $ 2.39 Diluted Net income $ 80,027 $ 90,314 $ 132,458 $ 194,288 Weighted-average common shares outstanding - basic 78,955,687 80,826,518 78,858,226 81,275,572 Diluted effect of stock options and unvested restricted stock 1,923,162 2,044,611 1,881,534 2,091,055 Weighted-average common shares outstanding - diluted 80,878,849 82,871,129 80,739,760 83,366,627 Net income per common share - diluted $ 0.99 $ 1.09 $ 1.64 $ 2.33 Basic earnings per share are based on the weighted-average number of common shares outstanding during each period. In computing diluted earnings per share, the number of common shares outstanding is increased by common stock options with exercise prices lower than the average market prices of common shares during each period and reduced by the number of shares assumed to have been purchased with proceeds from the exercised options. Potential common shares of 0 and 47,420 related to our outstanding stock options and unvested stock-settled restricted stock shares and units were excluded from the computation of diluted earnings per share for the three and six months ended April 29, 2016 , respectively, as inclusion of these shares would have been antidilutive. Potential common shares of 284,759 and 283,615 related to our outstanding stock options were excluded from the computation of diluted earnings per share for the three and six months ended May 1, 2015 , respectively, as inclusion of these shares would have been antidilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Apr. 29, 2016
Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss), net of tax, consisted of the following for the three and six months ended April 29, 2016 and May 1, 2015 : Three Months Ended April 29, 2016 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, January 29, 2016 $ (132,416 ) $ (78,733 ) $ (7,089 ) $ (218,238 ) Other comprehensive income before reclassifications 41,361 — 205 41,566 Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,817 184 2,001 Balance, April 29, 2016 $ (91,055 ) $ (76,916 ) $ (6,700 ) $ (174,671 ) Three Months Ended May 1, 2015 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, January 30, 2015 $ 13,128 $ (78,043 ) $ (7,321 ) $ (72,236 ) Other comprehensive loss before reclassifications (72,750 ) — (657 ) (73,407 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,811 641 2,452 Balance, May 1, 2015 $ (59,622 ) $ (76,232 ) $ (7,337 ) $ (143,191 ) Six Months Ended April 29, 2016 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, October 30, 2015 $ (107,489 ) $ (80,541 ) $ (7,468 ) $ (195,498 ) Other comprehensive income before reclassifications 16,434 — 401 16,835 Amounts reclassified from accumulated other comprehensive income (loss) to earnings 3,625 367 3,992 Balance, April 29, 2016 $ (91,055 ) $ (76,916 ) $ (6,700 ) $ (174,671 ) Six Months Ended May 1, 2015 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, October 31, 2014 $ 70,820 $ (82,402 ) $ (8,088 ) $ (19,670 ) Other comprehensive loss before reclassifications (130,442 ) — (304 ) (130,746 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 6,170 1,055 7,225 Balance, May 1, 2015 $ (59,622 ) $ (76,232 ) $ (7,337 ) $ (143,191 ) 1 We deem our foreign investments to be permanent in nature and therefore do not provide for taxes on foreign currency translation adjustments. 2 Taxes on benefit obligations are recorded in the fourth quarter of each fiscal year. 3 Amounts reclassified from accumulated other comprehensive income (loss) for financial instruments were net of tax expense of $115 and $230 for the three and six months ended April 29, 2016 , respectively, and $123 and $245 for the three and six months ended May 1, 2015 , respectively. Amounts related to financial instruments are reclassified from accumulated other comprehensive income (loss) to net income based on the nature of the instrument. Gains and losses on foreign currency contracts are reclassified to other expense (income) when the underlying hedged item is realized. Unamortized gains and losses on treasury lock contracts are reclassified ratably to interest expense over the term of the related debt. Amounts related to pension and post-retirement medical adjustments are reclassified from accumulated other comprehensive income (loss) to pension cost, which is allocated to cost of sales and operating expenses based on salaries and wages, approximately as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Cost of sales $ 728 $ 757 $ 1,430 $ 2,366 Research and development 224 226 454 941 Selling, general and administrative 865 828 1,741 2,863 Total before income taxes $ 1,817 $ 1,811 $ 3,625 $ 6,170

Segment Information

Segment Information	6 Months Ended
	Apr. 29, 2016
Segment Reporting [Abstract]
Segment Information	NOTE 13 – SEGMENT INFORMATION Based on the nature of our products, technology, manufacturing processes, customers and regulatory environment, we aggregate our operating segments into two reportable segments: Coatings and Paints. We are required to report segment information in the same way that management internally organizes its business for assessing performance and making decisions regarding allocation of resources. We evaluate the performance of operating segments and allocate resources based on profit or loss from operations before interest expense and taxes (EBIT). The Coatings segment aggregates our industrial product lines and packaging product line. Industrial products include a broad range of decorative and protective coatings for metal, wood and plastic. Packaging products include both interior and exterior coatings used in packaging containers, principally metal food containers and beverage cans. The products of this segment are sold throughout the world. The Paints segment aggregates our consumer paint and automotive refinish product lines. Consumer paint products include interior and exterior decorative paints, stains, primers, varnishes, high performance floor paints and specialty decorative products, such as enamels, aerosols and faux finishes primarily distributed for the do-it-yourself and professional markets in Australia, China, Europe and North America. Automotive refinish products include refinish paints and aerosol spray paints sold through automotive refinish distributors, body shops and automotive supply distributors and retailers in many countries around the world. Our remaining activities are included in Other and Administrative. These activities include specialty polymers and colorants that are used internally and sold to other coatings manufacturers, as well as related products and furniture protection plans. Also included within Other and Administrative are our corporate administrative expenses. The administrative expenses include expenses not directly allocated to any other reportable segment. In the following table, sales between segments are recorded at selling prices that are below market prices, generally intended to recover internal costs. Segment EBIT includes income realized on inter-segment sales. Comparative segment data for the three and six months ended April 29, 2016 and May 1, 2015 are as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Net sales Coatings $ 587,436 $ 614,821 $ 1,130,999 $ 1,217,878 Paints 407,060 402,979 698,157 765,502 Other and Administrative 116,025 118,511 206,550 211,370 Less Inter-segment Sales (53,724 ) (57,022 ) (93,153 ) (100,792 ) Total Net sales $ 1,056,797 $ 1,079,289 $ 1,942,553 $ 2,093,958 EBIT Coatings $ 112,372 $ 108,022 $ 208,919 $ 243,631 Paints 42,742 46,571 46,561 71,900 Other and Administrative (24,940 ) (378 ) (32,213 ) (2,995 ) Total EBIT 130,174 154,215 223,267 312,536 Interest expense 22,789 20,241 45,204 36,556 Income before income taxes $ 107,385 $ 133,974 $ 178,063 $ 275,980 It is not practicable to obtain the information needed to disclose revenues attributable to each of our identified product lines within our reportable segments.

Restructuring

Restructuring	6 Months Ended
	Apr. 29, 2016
Restructuring and Related Activities [Abstract]
Restructuring	NOTE 14 – RESTRUCTURING Restructuring charges in the first half of fiscal year 2016 primarily relate to initiatives in the Paints segment to improve our global cost structure through activities to consolidate our manufacturing operations and non-manufacturing headcount reductions. This resulted primarily from moving certain manufacturing to a third party in our Consumer Paints product line (continuation of initiative started in 2015), consolidating three sites in our automotive refinish product lines as a result of the Quest acquisition and reducing headcount in our Australia region. These restructuring activities resulted in pre-tax charges of $9,898 and $10,767 in the three and six months ended April 29, 2016 , respectively. Included in restructuring charges are non-cash asset-related charges of $3,710 and $4,281 for the three and six months ended April 29, 2016 , respectively. Asset-related charges include asset impairment charges as well as accelerated depreciation for assets with useful lives that have been shortened, accounted for in accordance with ASC 360. Restructuring charges in fiscal year 2015 included the following: (i) actions to close a manufacturing facility and other facilities in the Coatings segment to rationalize operations in the Australia region, (ii) actions to streamline and consolidate administrative operations in the Europe region and (iii) initiatives in the Paints segment to improve our North American cost structure through staffing reductions and actions to rationalize our manufacturing operations, which resulted from moving certain manufacturing to a third party. These restructuring activities resulted in pre-tax charges of $2,250 and $8,793 in the three and six months ended May 1, 2015 , respectively. Included in restructuring charges are non-cash asset-related charges of $61 and $1,399 for the three and six months ended May 1, 2015 , respectively. Restructuring charges were $21,569 for the full fiscal year 2015 , including non-cash asset-related charges of $2,842 . Asset-related charges include asset impairment charges as well as accelerated depreciation for assets with useful lives that have been shortened, accounted for in accordance with ASC 360. We expect additional expenses of approximately $5,000 in fiscal year 2016 and $4,000 in fiscal year 2017 for these restructuring plans, primarily related to accelerated depreciation and lease exit costs. The following restructuring charges by segment were recorded in the 2016 and 2015 periods: Six Months Ended April 29, 2016 Liability Beginning Balance October 30, 2015 Expense Payments and Other Activity Liability Ending Balance April 29, 2016 Coatings Severance and employee benefits $ 6,679 $ 175 $ (3,399 ) $ 3,455 Asset-related charges — (60 ) 60 — Exit costs (consulting/site clean-up) — 251 (251 ) — Total Coatings 6,679 366 (3,590 ) 3,455 Paints Severance and employee benefits 6,004 5,753 (3,540 ) 8,217 Asset-related charges — 4,341 (4,341 ) — Exit costs (consulting/site clean-up) 1,069 348 (1,417 ) — Total Paints 7,073 10,442 (9,298 ) 8,217 Other and Administrative Severance and employee benefits 38 (41 ) 3 — Total Other and Administrative 38 (41 ) 3 — Total $ 13,790 $ 10,767 $ (12,885 ) $ 11,672 Six Months Ended May 1, 2015 Liability Beginning Balance October 31, 2014 Expense Payments and Other Activity Liability Ending Balance May 1, 2015 Coatings Severance and employee benefits $ 8,711 $ 4,876 $ (6,484 ) $ 7,103 Exit costs (consulting/site clean-up) 4,437 33 (4,470 ) — Total Coatings 13,148 4,909 (10,954 ) 7,103 Paints Severance and employee benefits 803 1,278 (1,001 ) 1,080 Asset-related charges — 1,399 (1,399 ) — Exit costs (consulting/site clean-up) 1,901 1,216 (2,042 ) 1,075 Total Paints 2,704 3,893 (4,442 ) 2,155 Other and Administrative Severance and employee benefits 152 (9 ) (87 ) 56 Total Other and Administrative 152 (9 ) (87 ) 56 Total $ 16,004 $ 8,793 $ (15,483 ) $ 9,314 The ending liability balance at April 29, 2016 and May 1, 2015 is included in other accrued liabilities and other long-term liabilities on our Condensed Consolidated Balance Sheets. The restructuring reserve balances presented are considered adequate to cover committed restructuring actions.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Apr. 29, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	NOTE 15 – RECENTLY ISSUED ACCOUNTING STANDARDS In March 2016, the Financial Accounting Standards Board (FASB) issued an update to accounting standards regarding accounting for employee share-based payments. This update is intended to provide simplification of share-based payment transaction accounting, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as presentation in the statement of cash flows. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018, with early adoption permitted. We are reviewing the revised guidance and assessing the impact on our condensed consolidated financial statements. In February 2016, the FASB issued guidance on leases. The standard requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under existing GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, which means the first quarter of our fiscal year 2020. We are reviewing the revised guidance and assessing the impact on our condensed consolidated financial statements. In November 2015, the FASB issued guidance that simplifies the balance sheet classification of deferred taxes. The new guidance requires that deferred tax assets and deferred tax liabilities be presented as non-current in the condensed consolidated balance sheets. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018, with early adoption permitted. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In September 2015, the FASB issued guidance that eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under the previous standard, an acquirer in a business combination reported provisional amounts with respect to acquired assets and liabilities when their measurements are incomplete as of the end of the reporting period, and adjusted the provisional amounts (and the related impact on earnings) by restating prior period financial statements during the measurement period not exceeding one year from the date of acquisition. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified, thus eliminating the requirement to restate prior period financial statements. The new standard requires disclosure of the nature and amount of measurement-period adjustments as well as information with respect to the portion of the adjustments recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustments to provisional amounts had been recognized as of the acquisition date. We adopted this guidance in the first quarter of our fiscal year 2016. Adoption of this guidance did not have a material impact on our condensed consolidated financial statements. In July 2015, the FASB issued guidance that simplifies the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In April 2015, the FASB issued guidance on the recognition of fees paid by a customer for cloud computing arrangements. The new guidance clarifies that if a cloud computing arrangement includes a software license, the customer should account for the software license consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which means the first quarter of our fiscal year 2017. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In April 2015, the FASB issued guidance that changes the presentation of debt issuance costs in financial statements. Under the new guidance, debt issuance costs will be presented as a direct deduction from the carrying value of the related debt liability, consistent with debt discounts. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which means the first quarter of our fiscal year 2017, and retrospective presentation is required. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued revised guidance on revenue recognition. The standard provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and to enhance disclosures. The guidance, following a one-year deferral issued by the FASB in August 2015, is effective for fiscal years and interim periods within those years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption as of the original date of the new standard is permitted. Either full retrospective or modified retrospective adoption is permitted. We are currently reviewing the revised guidance and assessing the potential impact on our condensed consolidated financial statements. We have determined that all other recently issued accounting standards will not have a material impact on our condensed consolidated financial statements or do not apply to our operations.

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Apr. 29, 2016
Subsequent Events [Abstract]
Subsequent Event	NOTE 16 – SUBSEQUENT EVENT Litigation Related to the Merger On May 24, 2016, a putative class action lawsuit challenging the Merger was filed that names Valspar and its board of directors as defendants. The complaint, captioned Mitsopoulos v. Valspar (Case No. 12373), was filed on May 24, 2016 in the Court of Chancery of the State of Delaware by a purported stockholder of Valspar. The lawsuit seeks to enjoin the transaction and alleges, among other things, that the members of the Valspar board of directors breached their fiduciary duties by failing to disclose material information relating to the transaction, including with respect to the financial analyses of Valspar’s financial advisors and financial projections prepared by Valspar management. The parties believe the claims asserted in the lawsuit are without merit. At this time, Valspar is unable to reasonably estimate any potential material loss in the event of an unfavorable outcome in the lawsuit.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	6 Months Ended
	Apr. 29, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of The Valspar Corporation ("Valspar," "we," "us" or "our") have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended April 29, 2016 are not necessarily indicative of the results that may be expected for the year ending October 28, 2016 . The Condensed Consolidated Balance Sheet at October 30, 2015 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.
Fair Value Measurement	FAIR VALUE MEASUREMENT We measure certain assets and liabilities at fair value and disclose the fair value of certain assets and liabilities recorded at cost on both a recurring and nonrecurring basis. Fair value is defined as an exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes use of unobservable inputs. Observable inputs must be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available. Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the inputs used in the valuation. We classify assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. Transfers of instruments between levels are recorded based on end of period values. There were no transfers between levels for all periods presented. The three levels are defined as follows: • Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. • Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Segment Information	SEGMENT INFORMATION Based on the nature of our products, technology, manufacturing processes, customers and regulatory environment, we aggregate our operating segments into two reportable segments: Coatings and Paints. We are required to report segment information in the same way that management internally organizes its business for assessing performance and making decisions regarding allocation of resources. We evaluate the performance of operating segments and allocate resources based on profit or loss from operations before interest expense and taxes (EBIT). The Coatings segment aggregates our industrial product lines and packaging product line. Industrial products include a broad range of decorative and protective coatings for metal, wood and plastic. Packaging products include both interior and exterior coatings used in packaging containers, principally metal food containers and beverage cans. The products of this segment are sold throughout the world. The Paints segment aggregates our consumer paint and automotive refinish product lines. Consumer paint products include interior and exterior decorative paints, stains, primers, varnishes, high performance floor paints and specialty decorative products, such as enamels, aerosols and faux finishes primarily distributed for the do-it-yourself and professional markets in Australia, China, Europe and North America. Automotive refinish products include refinish paints and aerosol spray paints sold through automotive refinish distributors, body shops and automotive supply distributors and retailers in many countries around the world. Our remaining activities are included in Other and Administrative. These activities include specialty polymers and colorants that are used internally and sold to other coatings manufacturers, as well as related products and furniture protection plans. Also included within Other and Administrative are our corporate administrative expenses. The administrative expenses include expenses not directly allocated to any other reportable segment.
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS In March 2016, the Financial Accounting Standards Board (FASB) issued an update to accounting standards regarding accounting for employee share-based payments. This update is intended to provide simplification of share-based payment transaction accounting, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as presentation in the statement of cash flows. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018, with early adoption permitted. We are reviewing the revised guidance and assessing the impact on our condensed consolidated financial statements. In February 2016, the FASB issued guidance on leases. The standard requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under existing GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, which means the first quarter of our fiscal year 2020. We are reviewing the revised guidance and assessing the impact on our condensed consolidated financial statements. In November 2015, the FASB issued guidance that simplifies the balance sheet classification of deferred taxes. The new guidance requires that deferred tax assets and deferred tax liabilities be presented as non-current in the condensed consolidated balance sheets. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018, with early adoption permitted. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In September 2015, the FASB issued guidance that eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under the previous standard, an acquirer in a business combination reported provisional amounts with respect to acquired assets and liabilities when their measurements are incomplete as of the end of the reporting period, and adjusted the provisional amounts (and the related impact on earnings) by restating prior period financial statements during the measurement period not exceeding one year from the date of acquisition. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified, thus eliminating the requirement to restate prior period financial statements. The new standard requires disclosure of the nature and amount of measurement-period adjustments as well as information with respect to the portion of the adjustments recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustments to provisional amounts had been recognized as of the acquisition date. We adopted this guidance in the first quarter of our fiscal year 2016. Adoption of this guidance did not have a material impact on our condensed consolidated financial statements. In July 2015, the FASB issued guidance that simplifies the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In April 2015, the FASB issued guidance on the recognition of fees paid by a customer for cloud computing arrangements. The new guidance clarifies that if a cloud computing arrangement includes a software license, the customer should account for the software license consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which means the first quarter of our fiscal year 2017. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In April 2015, the FASB issued guidance that changes the presentation of debt issuance costs in financial statements. Under the new guidance, debt issuance costs will be presented as a direct deduction from the carrying value of the related debt liability, consistent with debt discounts. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which means the first quarter of our fiscal year 2017, and retrospective presentation is required. Adoption of this guidance is not expected to have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued revised guidance on revenue recognition. The standard provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and to enhance disclosures. The guidance, following a one-year deferral issued by the FASB in August 2015, is effective for fiscal years and interim periods within those years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption as of the original date of the new standard is permitted. Either full retrospective or modified retrospective adoption is permitted. We are currently reviewing the revised guidance and assessing the potential impact on our condensed consolidated financial statements. We have determined that all other recently issued accounting standards will not have a material impact on our condensed consolidated financial statements or do not apply to our operations.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Apr. 29, 2016
Inventory Disclosure [Abstract]
Schedule Of Inventories	Our major classes of inventories consist of the following: April 29, October 30, May 1, Manufactured products $ 359,277 $ 268,832 $ 320,617 Raw materials, supplies and work-in-progress 177,206 183,077 173,738 Total Inventories $ 536,483 $ 451,909 $ 494,355

Guarantees And Contractual Ob25

Guarantees And Contractual Obligations (Tables)	6 Months Ended
	Apr. 29, 2016
Guarantees And Contractual Obligations [Abstract]
Deferred Revenue And Warranties For Certain Products Disclosure	Changes in the recorded amounts included in other accrued liabilities and other long-term liabilities during the period are as follows: Six Months Ended April 29, May 1, Beginning balance $ 82,871 $ 80,627 Additional net deferred revenue/accrual made during the period 14,851 7,683 Payments made during the period (6,067 ) (4,647 ) Ending balance $ 91,655 $ 83,663
Schedule Of Contractual Purchase Commitments	Payments for contracts with remaining terms in excess of one year are summarized below: April 29, Remainder of 2016 $ 216 2017 1,522 2018 — 2019 — 2020 — Thereafter — Total $ 1,738

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Apr. 29, 2016
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets And Liabilities	The following tables provide information by level for assets and liabilities that are recorded at fair value on a recurring basis: Fair Value at April 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 8,472 $ 8,472 $ — $ — Restricted cash 1 734 734 — — Foreign currency contracts 2 608 — 608 — Deferred compensation plan assets 3 11,792 11,792 — — Total Assets $ 21,606 $ 20,998 $ 608 $ — Fair Value at October 30, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 26,139 $ 26,139 $ — $ — Restricted cash 1 1,307 1,307 — — Foreign currency contracts 2 207 — 207 — Deferred compensation plan assets 3 6,579 6,579 — — Total Assets $ 34,232 $ 34,025 $ 207 $ — Fair Value at May 1, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 3,560 $ 3,560 $ — $ — Restricted cash 1 1,532 1,532 — — Foreign currency contracts 2 813 — 813 — Deferred compensation plan assets 3 6,371 6,371 — — Total Assets $ 12,276 $ 11,463 $ 813 $ — 1 Restricted cash represents cash that is restricted from withdrawal for contractual or legal reasons. 2 Foreign currency contracts are included in prepaid expenses and other when in an asset position and other accrued liabilities when in a liability position. The fair market value was estimated using observable market data for similar financial instruments. 3 The Deferred Compensation Plan Assets consist of the investment funds maintained for the future payments under the Corporation's deferred compensation plan, which is structured as a rabbi trust. Investments held in the rabbi trust are publicly traded mutual funds. Rabbi trust assets are considered irrevocable, and may only be used to pay participant benefits under the plan. The only exception is the event of bankruptcy, in which case the assets in the rabbi trust would be subject to the claims of creditors of the Corporation. In the Condensed Consolidated Balance Sheets, rabbi trust assets are included in other assets.
Schedule Of Fair Value Of Debt	The following tables provide information regarding the estimated fair value of our outstanding debt, which is recorded at carrying value: Fair Value at April 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,769,178 $ 1,769,178 $ — $ — Non-publicly traded debt 340,243 — 340,243 — Total Debt $ 2,109,421 $ 1,769,178 $ 340,243 $ — Fair Value at October 30, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,741,003 $ 1,741,003 $ — $ — Non-publicly traded debt 341,086 — 341,086 — Total Debt $ 2,082,089 $ 1,741,003 $ 341,086 $ — Fair Value at May 1, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,579,150 $ 1,579,150 $ — $ — Non-publicly traded debt 276,899 — 276,899 — Other 2 9,283 — 9,283 — Total Debt $ 1,865,332 $ 1,579,150 $ 286,182 $ — 1 Debt is recorded at carrying value of $2,040,243 , $2,041,086 and $1,786,347 as of April 29, 2016 , October 30, 2015 and May 1, 2015 , respectively. The fair value of our publicly traded debt is based on quoted prices (unadjusted) in active markets. The fair value of our non-publicly traded debt was estimated using a discounted cash flow analysis based on our current borrowing costs for debt with similar maturities. In addition, the carrying values of our commercial paper included in non-publicly traded debt approximate the financial instrument’s fair value as the maturities are less than three months. See Note 7 for additional information on debt. 2 Other consists of bankers' acceptance drafts and commercial acceptance drafts from our customers that have been sold with recourse to financial institutions but have not yet matured and are included in long-term debt.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Apr. 29, 2016
Debt Disclosure [Abstract]
Schedule Of Debt Instruments	Debt consists of the following: April 29, October 30, May 1, Short-term debt $ 333,100 $ 334,022 $ 273,840 Current portion of long-term debt 101 131 162,502 Long-term debt 1,707,042 1,706,933 1,350,005 Total Debt $ 2,040,243 $ 2,041,086 $ 1,786,347

Pensions And Other Postretire28

Pensions And Other Postretirement Benefits (Tables)	6 Months Ended
	Apr. 29, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule Of Periodic Benefit Cost	The net periodic benefit cost of our pension benefits is as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Service cost $ 679 $ 765 $ 1,363 $ 2,018 Interest cost 3,281 3,491 6,590 7,079 Expected return on plan assets (4,834 ) (4,886 ) (9,712 ) (9,838 ) Amortization of prior service cost 112 124 224 237 Recognized actuarial loss 1,638 1,644 3,280 3,316 Net periodic benefit cost 876 1,138 1,745 2,812 Curtailment gain — — — (3,083 ) Net total periodic benefit (gain)/cost $ 876 $ 1,138 $ 1,745 $ (271 ) The net periodic benefit cost of our post-retirement medical benefits is as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Service cost $ 72 $ 51 $ 144 $ 102 Interest cost 90 92 179 184 Amortization of prior service credit (32 ) (32 ) (64 ) (64 ) Recognized actuarial loss 96 108 193 216 Net periodic benefit cost $ 226 $ 219 $ 452 $ 438

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Apr. 29, 2016
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Our effective income tax rates for the three and six months ended April 29, 2016 and May 1, 2015 are as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Effective tax rate 25.5 % 32.6 % 25.6 % 29.6 %

Net Income (Loss) Per Common 30

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Apr. 29, 2016
Earnings Per Share [Abstract]
Schedule Of Calculations Of Net Income (Loss) Per Share	The following table presents the net income (loss) per common share calculations for the three and six months ended April 29, 2016 and May 1, 2015 : Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Basic Net income $ 80,027 $ 90,314 $ 132,458 $ 194,288 Weighted-average common shares outstanding - basic 78,955,687 80,826,518 78,858,226 81,275,572 Net income per common share - basic $ 1.01 $ 1.12 $ 1.68 $ 2.39 Diluted Net income $ 80,027 $ 90,314 $ 132,458 $ 194,288 Weighted-average common shares outstanding - basic 78,955,687 80,826,518 78,858,226 81,275,572 Diluted effect of stock options and unvested restricted stock 1,923,162 2,044,611 1,881,534 2,091,055 Weighted-average common shares outstanding - diluted 80,878,849 82,871,129 80,739,760 83,366,627 Net income per common share - diluted $ 0.99 $ 1.09 $ 1.64 $ 2.33

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Apr. 29, 2016
Other Comprehensive Income (Loss), Tax [Abstract]
Schedule Of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss), net of tax, consisted of the following for the three and six months ended April 29, 2016 and May 1, 2015 : Three Months Ended April 29, 2016 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, January 29, 2016 $ (132,416 ) $ (78,733 ) $ (7,089 ) $ (218,238 ) Other comprehensive income before reclassifications 41,361 — 205 41,566 Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,817 184 2,001 Balance, April 29, 2016 $ (91,055 ) $ (76,916 ) $ (6,700 ) $ (174,671 ) Three Months Ended May 1, 2015 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, January 30, 2015 $ 13,128 $ (78,043 ) $ (7,321 ) $ (72,236 ) Other comprehensive loss before reclassifications (72,750 ) — (657 ) (73,407 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,811 641 2,452 Balance, May 1, 2015 $ (59,622 ) $ (76,232 ) $ (7,337 ) $ (143,191 ) Six Months Ended April 29, 2016 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, October 30, 2015 $ (107,489 ) $ (80,541 ) $ (7,468 ) $ (195,498 ) Other comprehensive income before reclassifications 16,434 — 401 16,835 Amounts reclassified from accumulated other comprehensive income (loss) to earnings 3,625 367 3,992 Balance, April 29, 2016 $ (91,055 ) $ (76,916 ) $ (6,700 ) $ (174,671 ) Six Months Ended May 1, 2015 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, October 31, 2014 $ 70,820 $ (82,402 ) $ (8,088 ) $ (19,670 ) Other comprehensive loss before reclassifications (130,442 ) — (304 ) (130,746 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 6,170 1,055 7,225 Balance, May 1, 2015 $ (59,622 ) $ (76,232 ) $ (7,337 ) $ (143,191 ) 1 We deem our foreign investments to be permanent in nature and therefore do not provide for taxes on foreign currency translation adjustments. 2 Taxes on benefit obligations are recorded in the fourth quarter of each fiscal year. 3 Amounts reclassified from accumulated other comprehensive income (loss) for financial instruments were net of tax expense of $115 and $230 for the three and six months ended April 29, 2016 , respectively, and $123 and $245 for the three and six months ended May 1, 2015 , respectively.
Schedule Of Reclassification Out Of Pension And Postretirement Medical Adjustments	Amounts related to pension and post-retirement medical adjustments are reclassified from accumulated other comprehensive income (loss) to pension cost, which is allocated to cost of sales and operating expenses based on salaries and wages, approximately as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Cost of sales $ 728 $ 757 $ 1,430 $ 2,366 Research and development 224 226 454 941 Selling, general and administrative 865 828 1,741 2,863 Total before income taxes $ 1,817 $ 1,811 $ 3,625 $ 6,170

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Apr. 29, 2016
Segment Reporting [Abstract]
Summary Of Comparative Segment Reporting Information	In the following table, sales between segments are recorded at selling prices that are below market prices, generally intended to recover internal costs. Segment EBIT includes income realized on inter-segment sales. Comparative segment data for the three and six months ended April 29, 2016 and May 1, 2015 are as follows: Three Months Ended Six Months Ended April 29, May 1, April 29, May 1, Net sales Coatings $ 587,436 $ 614,821 $ 1,130,999 $ 1,217,878 Paints 407,060 402,979 698,157 765,502 Other and Administrative 116,025 118,511 206,550 211,370 Less Inter-segment Sales (53,724 ) (57,022 ) (93,153 ) (100,792 ) Total Net sales $ 1,056,797 $ 1,079,289 $ 1,942,553 $ 2,093,958 EBIT Coatings $ 112,372 $ 108,022 $ 208,919 $ 243,631 Paints 42,742 46,571 46,561 71,900 Other and Administrative (24,940 ) (378 ) (32,213 ) (2,995 ) Total EBIT 130,174 154,215 223,267 312,536 Interest expense 22,789 20,241 45,204 36,556 Income before income taxes $ 107,385 $ 133,974 $ 178,063 $ 275,980

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Apr. 29, 2016
Restructuring and Related Activities [Abstract]
Restructuring And Impairment Charges By Segment	The following restructuring charges by segment were recorded in the 2016 and 2015 periods: Six Months Ended April 29, 2016 Liability Beginning Balance October 30, 2015 Expense Payments and Other Activity Liability Ending Balance April 29, 2016 Coatings Severance and employee benefits $ 6,679 $ 175 $ (3,399 ) $ 3,455 Asset-related charges — (60 ) 60 — Exit costs (consulting/site clean-up) — 251 (251 ) — Total Coatings 6,679 366 (3,590 ) 3,455 Paints Severance and employee benefits 6,004 5,753 (3,540 ) 8,217 Asset-related charges — 4,341 (4,341 ) — Exit costs (consulting/site clean-up) 1,069 348 (1,417 ) — Total Paints 7,073 10,442 (9,298 ) 8,217 Other and Administrative Severance and employee benefits 38 (41 ) 3 — Total Other and Administrative 38 (41 ) 3 — Total $ 13,790 $ 10,767 $ (12,885 ) $ 11,672 Six Months Ended May 1, 2015 Liability Beginning Balance October 31, 2014 Expense Payments and Other Activity Liability Ending Balance May 1, 2015 Coatings Severance and employee benefits $ 8,711 $ 4,876 $ (6,484 ) $ 7,103 Exit costs (consulting/site clean-up) 4,437 33 (4,470 ) — Total Coatings 13,148 4,909 (10,954 ) 7,103 Paints Severance and employee benefits 803 1,278 (1,001 ) 1,080 Asset-related charges — 1,399 (1,399 ) — Exit costs (consulting/site clean-up) 1,901 1,216 (2,042 ) 1,075 Total Paints 2,704 3,893 (4,442 ) 2,155 Other and Administrative Severance and employee benefits 152 (9 ) (87 ) 56 Total Other and Administrative 152 (9 ) (87 ) 56 Total $ 16,004 $ 8,793 $ (15,483 ) $ 9,314

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015	Mar. 19, 2016
Business Acquisition [Line Items]
Proposed merger-related costs	$ 18,240,000	$ 0	$ 18,240,000	$ 0
Sherwin-Williams and Merger Sub
Business Acquisition [Line Items]
Proposed merger agreement, minimum amount of net sales from divestiture of assets required to decrease share price	650,000,000		650,000,000
Proposed merger agreement, termination fee					$ 300,000,000
Proposed merger-related costs	$ 18,240,000		$ 18,240,000
Sherwin-Williams and Merger Sub | Maximum
Business Acquisition [Line Items]
Proposed merger agreement, share price (in dollars per share)					$ 113
Sherwin-Williams and Merger Sub | Minimum
Business Acquisition [Line Items]
Proposed merger agreement, share price (in dollars per share)					$ 105

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Thousands	Feb. 04, 2016	Jun. 01, 2015	Apr. 29, 2016	May. 01, 2015	Jan. 30, 2015	Apr. 29, 2016	May. 01, 2015
Business Acquisition [Line Items]
Gain on sale of certain assets			$ 0	$ 0	$ 48,001	$ 0	$ 48,001
ISVA Vernici
Business Acquisition [Line Items]
Consideration transferred	$ 23,000
Quest Specialty Chemicals
Business Acquisition [Line Items]
Consideration transferred		$ 350,000

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Apr. 29, 2016	Oct. 30, 2015	May. 01, 2015
Inventory Disclosure [Abstract]
Manufactured products	$ 359,277	$ 268,832	$ 320,617
Raw materials, supplies and work-in-progress	177,206	183,077	173,738
Total Inventories	$ 536,483	$ 451,909	$ 494,355

Goodwill And Other Intangible37

Goodwill And Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Oct. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,296,669	$ 1,081,255	$ 1,287,703
Increase in goodwill	8,966
Intangibles, net	639,408	575,939	$ 643,100
Decrease in intangibles	3,692
Intangible asset amortization expense	5,811	$ 4,136
Future amortization expense, 2016	12,000
Future amortization expense, year one	12,000
Future amortization expense, year two	12,000
Future amortization expense, year three	12,000
Future amortization expense, year four	12,000
Future amortization expense, year five	$ 12,000

Guarantees And Contractual Ob38

Guarantees And Contractual Obligations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Guarantees and Contractual Obligations [Line Items]
Furniture Protection Plans, weighted average contractual life (in years)			11 years
Unconditional purchase obligation term (in years)			5 years
Payments relating to unconditional purchase obligations	$ 500	$ 10,898	$ 5,023	$ 21,866
Minimum
Guarantees and Contractual Obligations [Line Items]
Furniture Protection Plans, Contractual Life (in years)			3 years
Maximum
Guarantees and Contractual Obligations [Line Items]
Furniture Protection Plans, Contractual Life (in years)			20 years

Guarantees And Contractual Ob39

Guarantees And Contractual Obligations (Deferred Revenue And Warranties For Certain Products Disclosure) (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 29, 2016	May. 01, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 82,871	$ 80,627
Additional net deferred revenue/accrual made during the period	14,851	7,683
Payments made during the period	(6,067)	(4,647)
Ending balance	$ 91,655	$ 83,663

Guarantees And Contractual Ob40

Guarantees And Contractual Obligations (Schedule Of Contractual Purchase Commitments) (Details) $ in Thousands	Apr. 29, 2016USD ($)
Guarantees And Contractual Obligations [Abstract]
Remainder of 2016	$ 216
2,017	1,522
2,018	0
2,019	0
2,020	0
Thereafter	0
Total	$ 1,738

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	May. 01, 2015	Apr. 29, 2016	Oct. 30, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy, transfers amount	$ 0	$ 0	$ 0

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule Of Fair Value Of Assets And Liabilities) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Apr. 29, 2016	Oct. 30, 2015	May. 01, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 8,472	$ 26,139	$ 3,560
Restricted cash	734	1,307	1,532
Foreign currency contracts	608	207	813
Deferred compensation plan assets	11,792	6,579	6,371
Total Assets	21,606	34,232	12,276
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	8,472	26,139	3,560
Restricted cash	734	1,307	1,532
Foreign currency contracts	0	0	0
Deferred compensation plan assets	11,792	6,579	6,371
Total Assets	20,998	34,025	11,463
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0	0
Restricted cash	0	0	0
Foreign currency contracts	608	207	813
Deferred compensation plan assets	0	0	0
Total Assets	608	207	813
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0	0
Restricted cash	0	0	0
Foreign currency contracts	0	0	0
Deferred compensation plan assets	0	0	0
Total Assets	$ 0	$ 0	$ 0

Fair Value Measurement (Sched43

Fair Value Measurement (Schedule Of Fair Value Of Debt) (Details) - USD ($) $ in Thousands	Apr. 29, 2016	Oct. 30, 2015	May. 01, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	$ 2,109,421	$ 2,082,089	$ 1,865,332
Carrying value of debt	2,040,243	2,041,086	1,786,347
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	1,769,178	1,741,003	1,579,150
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	340,243	341,086	286,182
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	0	0	0
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt			9,283
Other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt			0
Other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt			9,283
Other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt			0
Publicly traded debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	1,769,178	1,741,003	1,579,150
Publicly traded debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	1,769,178	1,741,003	1,579,150
Publicly traded debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	0	0	0
Publicly traded debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	0	0	0
Non-publicly traded debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	340,243	341,086	276,899
Non-publicly traded debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	0	0	0
Non-publicly traded debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	340,243	341,086	276,899
Non-publicly traded debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	$ 0	$ 0	$ 0

Debt (Schedule Of Debt Instrume

Debt (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands	Apr. 29, 2016	Oct. 30, 2015	May. 01, 2015
Debt Disclosure [Abstract]
Short-term debt	$ 333,100	$ 334,022	$ 273,840
Current portion of long-term debt	101	131	162,502
Long-term debt	1,707,042	1,706,933	1,350,005
Total Debt	$ 2,040,243	$ 2,041,086	$ 1,786,347

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Aug. 03, 2015	Jul. 27, 2015	Jan. 21, 2015	Apr. 29, 2016	Oct. 30, 2015	May. 29, 2015	May. 01, 2015
Debt Instrument [Line Items]
Short-term Debt, Weighted Average Interest Rate, Percentage				1.30%	0.60%		1.60%
Bank Syndicate Facility Due At November 2016
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 350,000,000
Bank Syndicate Facility Due At December Two Thousand And Eighteen
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,000,000,000
Line of Credit Facility, Current Borrowing Capacity				$ 750,000,000
Senior Notes Due 2015 At 5.10%
Debt Instrument [Line Items]
Maturities of Senior Debt	$ 150,000,000
Senior Notes Due 2026 At 3.95%
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 350,000,000
Debt Instrument, Interest Rate, Stated Percentage		3.95%
Proceeds from Debt, Net of Issuance Costs		$ 345,000,000
Senior Notes Due 2025 At 3.30%
Debt Instrument [Line Items]
Proceeds from Issuance of Debt			$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage			3.30%
Senior Notes Due 2045 at 4.40%
Debt Instrument [Line Items]
Proceeds from Issuance of Debt			$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage			4.40%
Senior Notes Due 2025 At 3.30% and Senior Notes Due 2045 at 4.40%
Debt Instrument [Line Items]
Proceeds from Debt, Net of Issuance Costs			$ 492,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense before tax	$ 12,490	$ 4,112	$ 16,925	$ 7,378
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Or Stock Awards Share Multiple Impact On The Reserve Pool	3.51		3.51
Stock Compensation Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage amount paid for performance-based awards	50.00%		50.00%
Stock Compensation Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage amount paid for performance-based awards	250.00%		250.00%
Stock Compensation Plan | Time-based Stock-settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time-based stock-settled restricted stock unit vesting period (in years)			3 years
Stock Compensation Plan | Performance-based Stock-settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based stock-settled restricted stock unit performance period (in years)			3 years

Pensions And Other Postretire47

Pensions And Other Postretirement Benefits (Schedule Of Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 679	$ 765	$ 1,363	$ 2,018
Interest cost	3,281	3,491	6,590	7,079
Expected return on plan assets	(4,834)	(4,886)	(9,712)	(9,838)
Amortization of prior service cost	112	124	224	237
Recognized actuarial loss	1,638	1,644	3,280	3,316
Net periodic benefit cost	876	1,138	1,745	2,812
Curtailment gain	0	0	0	(3,083)
Net total periodic benefit (gain)/cost	876	1,138	1,745	(271)
Post-Retirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	72	51	144	102
Interest cost	90	92	179	184
Amortization of prior service cost	(32)	(32)	(64)	(64)
Recognized actuarial loss	96	108	193	216
Net total periodic benefit (gain)/cost	$ 226	$ 219	$ 452	$ 438

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015	Oct. 30, 2015
Income Tax Disclosure [Abstract]
Effective Tax Rate (percent)	25.50%	32.60%	25.60%	29.60%
Liability recorded for gross unrecognized tax benefits					$ 15,600
Unrecognized tax benefits that would affect the effective tax rate					13,668
Accrued interest and penalties					$ 4,243

Net Income (Loss) Per Common 49

Net Income (Loss) Per Common Share (Schedule Of Calculations Of Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Earnings Per Share [Abstract]
Net income	$ 80,027	$ 90,314	$ 132,458	$ 194,288
Weighted-average common shares outstanding - basic (in shares)	78,955,687	80,826,518	78,858,226	81,275,572
Net income per common share - basic (in dollars per share)	$ 1.01	$ 1.12	$ 1.68	$ 2.39
Diluted effect of stock options and unvested restricted stock (in shares)	1,923,162	2,044,611	1,881,534	2,091,055
Weighted-average common shares outstanding - diluted (in shares)	80,878,849	82,871,129	80,739,760	83,366,627
Net Income (Loss) per Common Share - Diluted (in dollars per share)	$ 0.99	$ 1.09	$ 1.64	$ 2.33

Net Income (Loss) Per Common 50

Net Income (Loss) Per Common Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of EPS	0	284,759	47,420	283,615

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	$ (218,238)	$ (72,236)	$ (195,498)	$ (19,670)
Other comprehensive income before reclassifications	41,566	(73,407)	16,835	(130,746)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings	2,001	2,452	3,992	7,225
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(174,671)	(143,191)	(174,671)	(143,191)
Amounts reclassified from accumulated other comprehensive income, tax	115	123	230	245
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	(132,416)	13,128	(107,489)	70,820
Other comprehensive income before reclassifications	41,361	(72,750)	$ 16,434	(130,442)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings	0	0		0
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(91,055)	(59,622)	$ (91,055)	(59,622)
Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	(78,733)	(78,043)	(80,541)	(82,402)
Other comprehensive income before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss) to earnings	1,817	1,811	3,625	6,170
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(76,916)	(76,232)	(76,916)	(76,232)
Financial Instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	(7,089)	(7,321)	(7,468)	(8,088)
Other comprehensive income before reclassifications	205	(657)	401	(304)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings	184	641	367	1,055
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	$ (6,700)	$ (7,337)	$ (6,700)	$ (7,337)

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassification Out Of Pension And Postretirement Medical Adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 650,430	$ 684,856	$ 1,217,124	$ 1,361,384
Research and development	35,591	32,037	68,119	64,639
Selling, general and administrative	210,602	204,237	402,545	393,878
Total before income taxes	(107,385)	(133,974)	(178,063)	(275,980)
Benefit Obligations | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	728	757	1,430	2,366
Research and development	224	226	454	941
Selling, general and administrative	865	828	1,741	2,863
Total before income taxes	$ 1,817	$ 1,811	$ 3,625	$ 6,170

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Apr. 29, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Summary Of

Segment Information (Summary Of Comparative Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Segment Reporting Information [Line Items]
Total Net sales	$ 1,056,797	$ 1,079,289	$ 1,942,553	$ 2,093,958
Total EBIT	130,174	154,215	223,267	312,536
Interest expense	22,789	20,241	45,204	36,556
Income before income taxes	107,385	133,974	178,063	275,980
Less Inter-segment Sales
Segment Reporting Information [Line Items]
Total Net sales	(53,724)	(57,022)	(93,153)	(100,792)
Coatings | Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	587,436	614,821	1,130,999	1,217,878
Total EBIT	112,372	108,022	208,919	243,631
Paints | Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	407,060	402,979	698,157	765,502
Total EBIT	42,742	46,571	46,561	71,900
Other and Administrative | Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	116,025	118,511	206,550	211,370
Total EBIT	$ (24,940)	$ (378)	$ (32,213)	$ (2,995)

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015	Oct. 30, 2015	Oct. 27, 2017	Oct. 28, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 9,898	$ 2,250	$ 10,767	$ 8,793	$ 21,569
Pre-tax asset-related charges	$ 3,710	$ 61	$ 4,281	$ 1,399	$ 2,842
Scenario, Forecast
Restructuring Cost and Reserve [Line Items]
Additional restructuring expenses expected						$ 4,000	$ 5,000

Restructuring (Restructuring An

Restructuring (Restructuring And Impairment Charges By Segment) (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 29, 2016	May. 01, 2015
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	$ 13,790	$ 16,004
Expense	10,767	8,793
Payments and Other Activity	(12,885)	(15,483)
Liability Ending Balance	11,672	9,314
Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	6,679	13,148
Expense	366	4,909
Payments and Other Activity	(3,590)	(10,954)
Liability Ending Balance	3,455	7,103
Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	7,073	2,704
Expense	10,442	3,893
Payments and Other Activity	(9,298)	(4,442)
Liability Ending Balance	8,217	2,155
Other and Administrative
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	38	152
Expense	(41)	(9)
Payments and Other Activity	3	(87)
Liability Ending Balance	0	56
Severance and employee benefits | Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	6,679	8,711
Expense	175	4,876
Payments and Other Activity	(3,399)	(6,484)
Liability Ending Balance	3,455	7,103
Severance and employee benefits | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	6,004	803
Expense	5,753	1,278
Payments and Other Activity	(3,540)	(1,001)
Liability Ending Balance	8,217	1,080
Severance and employee benefits | Other and Administrative
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	38	152
Expense	(41)	(9)
Payments and Other Activity	3	(87)
Liability Ending Balance	0	56
Asset-related charges | Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	0
Expense	(60)
Payments and Other Activity	60
Liability Ending Balance	0
Asset-related charges | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	0	0
Expense	4,341	1,399
Payments and Other Activity	(4,341)	(1,399)
Liability Ending Balance	0	0
Exit costs (consulting/site clean-up) | Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	0	4,437
Expense	251	33
Payments and Other Activity	(251)	(4,470)
Liability Ending Balance	0	0
Exit costs (consulting/site clean-up) | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	1,069	1,901
Expense	348	1,216
Payments and Other Activity	(1,417)	(2,042)
Liability Ending Balance	$ 0	$ 1,075