Valspar 10-Q 8 Mar 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jan. 27, 2017	Mar. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 27, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	VALSPAR CORP
Entity Central Index Key	102,741
Current Fiscal Year End Date	--10-27
Entity Common Stock, Shares Outstanding		79,454,938

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 27, 2017	Oct. 28, 2016	[1]	Jan. 29, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 153,680	$ 174,720		$ 151,676
Restricted cash	882	857		1,383
Accounts and notes receivable net of allowances (1/27/17 – $8,308; 10/28/16 – $7,502; 1/29/16 – $9,823)	691,731	815,432		672,296
Inventories	506,562	473,294		515,226
Deferred income taxes	30,703	32,033		31,899
Prepaid expenses and other	120,464	98,288		127,527
TOTAL CURRENT ASSETS	1,504,022	1,594,624		1,500,007
GOODWILL	1,262,481	1,284,706		1,281,756
INTANGIBLES, NET	608,095	625,399		633,521
OTHER ASSETS	105,449	106,178		104,574
LONG-TERM DEFERRED INCOME TAXES	20,192	21,174		10,911
Property, plant and equipment, gross	1,751,514	1,682,456		1,593,379
Less accumulated depreciation	(1,093,644)	(1,014,013)		(964,219)
PROPERTY, PLANT AND EQUIPMENT, NET	657,870	668,443		629,160
TOTAL ASSETS	4,158,109	4,300,524		4,159,929
CURRENT LIABILITIES:
Short-term debt	136,562	71,339		338,185
Current portion of long-term debt	150,107	150,107		116
Trade accounts payable	524,559	553,152		504,639
Income taxes payable	14,338	28,216		20,675
Other accrued liabilities	354,212	463,006		361,707
TOTAL CURRENT LIABILITIES	1,179,778	1,265,820		1,225,322
LONG-TERM DEBT, NET	1,543,302	1,542,926		1,693,119
LONG-TERM DEFERRED INCOME TAXES	186,463	191,821		234,969
OTHER LONG-TERM LIABILITIES	180,205	186,534		151,793
TOTAL LIABILITIES	3,089,748	3,187,101		3,305,203
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	502,197	495,920		477,979
Retained earnings	2,472,674	2,458,101		2,235,998
Accumulated other comprehensive income (loss)	(284,345)	(217,183)		(218,238)
Less cost of common stock in treasury (1/27/17 – 38,987,807 shares; 10/28/16 – 39,019,811 shares; 1/29/16 – 39,430,801 shares)	(1,681,385)	(1,682,635)		(1,700,233)
TOTAL STOCKHOLDERS' EQUITY	1,068,361	1,113,423		854,726
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,158,109	$ 4,300,524		$ 4,159,929
[1]	The Balance Sheet at October 28, 2016 has been derived from the audited consolidated financial statements at that date.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 27, 2017	Oct. 28, 2016	Jan. 29, 2016
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowance	$ 8,308	$ 7,502	$ 9,823
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)	38,987,807	39,019,811	39,430,801

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Income Statement [Abstract]
Net sales	$ 907,652	$ 885,756
Cost of sales	597,133	567,129
Gross profit	310,519	318,627
Research and development	33,221	32,528
Selling, general and administrative	202,707	192,391
Operating expenses	235,928	224,919
Income from operations	74,591	93,708
Interest expense	22,544	22,415
Other (income) expense - net	(676)	615
Income before income taxes	52,723	70,678
Income taxes	11,976	18,247
Net income	$ 40,747	$ 52,431
Net income per common share - basic (in dollars per share)	$ 0.51	$ 0.67
Net income per common share - diluted (in dollars per share)	$ 0.50	$ 0.65
Average number of common shares outstanding
- basic (in shares)	79,269,937	78,760,765
- diluted (in shares)	81,341,377	80,612,302
Dividends paid per common share (in dollars per share)	$ 0.37	$ 0.33

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 40,747	$ 52,431
Other comprehensive income (loss)	(67,162)	(22,740)
Comprehensive income (loss)	$ (26,415)	$ 29,691

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017		Jan. 29, 2016
OPERATING ACTIVITIES:
Net income	$ 40,747		$ 52,431
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	21,057		20,228
Amortization	2,906		2,793
Stock-based compensation	10,574		4,435
Changes in certain assets and liabilities:
(Increase)/decrease in accounts and notes receivable	97,224		176,042
(Increase)/decrease in inventories and other assets	(65,296)		(89,991)
Increase/(decrease) in trade accounts payable and other accrued liabilities	(106,170)		(131,574)
Increase/(decrease) in income taxes, net	(20,848)		(23,865)
Increase/(decrease) in other non-current liabilities	2,518		12,638
Other	139		(2,648)
Net cash provided by (used in) operating activities	(17,149)		20,489
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(28,697)		(24,117)
Acquisition of businesses, net of cash acquired	0		(5,698)
Purchase of noncontrolling interest	(5,820)		0
Cash proceeds on disposal of assets	980		6,753
Decrease in restricted cash	(25)		(76)
Net cash used in investing activities	(33,562)		(23,138)
FINANCING ACTIVITIES:
Payments of debt	(45)		(45)
Net change in other borrowings	3		5,850
Net proceeds (repayments) of commercial paper	65,702		(450)
Proceeds from stock options exercised	892		6,454
Treasury stock purchases	0		(18,134)
Excess tax benefit from stock-based compensation	1,043		4,429
Dividends paid	(30,151)		(26,063)
Net cash provided by (used in) financing activities	37,444		(27,959)
Decrease in cash and cash equivalents	(13,267)		(30,608)
Effect of exchange rate changes on cash and cash equivalents	(7,773)		(3,677)
Cash and cash equivalents at beginning of period	174,720	[1]	185,961
Cash and cash equivalents at end of period	$ 153,680		$ 151,676
[1]	The Balance Sheet at October 28, 2016 has been derived from the audited consolidated financial statements at that date.

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Jan. 27, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of The Valspar Corporation (Valspar, the Company, 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 months ended January 27, 2017 are not necessarily indicative of the results that may be expected for the year ending October 27, 2017 . The Condensed Consolidated Balance Sheet at October 28, 2016 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. The Company made certain reclassifications to prior period amounts to conform to the current year presentation. These reclassifications did not have a material effect on the Condensed Consolidated Statements of Operations, Balance Sheets or Cash Flows. 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 28, 2016 . 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, (1) Merger Sub will be merged with and into Valspar (the Merger), with Valspar surviving the Merger as a wholly-owned subsidiary of Sherwin-Williams, and (2) at the effective time of the Merger, each outstanding share of common stock of Valspar, par value $0.50 per share (Valspar common stock) (other than Valspar common stock held in treasury by Valspar, owned by a subsidiary of Valspar or owned by Sherwin-Williams or any of its wholly-owned subsidiaries, or shares with respect to which appraisal rights have been validly exercised and not lost in accordance with Delaware law) 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, and 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 was filed as Exhibit 2.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2016, and which is incorporated by reference herein. On June 29, 2016, Valspar stockholders voted to adopt the Merger Agreement at a special meeting of stockholders held for that purpose. Completion of the Merger remains subject to certain closing conditions, including the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and the receipt of regulatory approvals in certain other jurisdictions. In connection with the proposed Merger, we recognized costs of $8,683 and $0 for the three months ended January 27, 2017 and January 29, 2016 , respectively, in Selling, general and administrative in the Condensed Consolidated Statements of Operations, for employee-related expenses and professional services.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Jan. 27, 2017
Business Combinations [Abstract]
Acquisitions and Divestitures	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 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. Pro forma results of operations for ISVA are not presented as they are immaterial to the reported results.

Inventories

Inventories	3 Months Ended
	Jan. 27, 2017
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Our major classes of inventories consist of the following: January 27, October 28, January 29, Manufactured products $ 312,504 $ 279,461 $ 317,021 Raw materials, supplies and work-in-progress 194,058 193,833 198,205 Total Inventories $ 506,562 $ 473,294 $ 515,226 Our international inventories are recorded using the first-in, first-out method. Domestic inventories, except for Quest, 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	3 Months Ended
	Jan. 27, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill as of January 27, 2017 is $1,262,481 , a decrease of $22,225 from the end of fiscal year 2016 . The decrease is due to foreign currency translation. Intangibles, net, as of January 27, 2017 are $608,095 , a decrease of $17,304 from the end of fiscal year 2016 . The decrease is due to foreign currency translation and amortization. Total intangible asset amortization expense for the three months ended January 27, 2017 was $2,906 compared to $2,793 for the same period last year. Estimated annual amortization expense for fiscal 2017 and for each of the five succeeding fiscal years based on the intangible assets as of January 27, 2017 is expected to be approximately $12,000 .

Guarantees

Guarantees	3 Months Ended
	Jan. 27, 2017
Guarantees [Abstract]
Guarantees	GUARANTEES Furniture Protection Plans: 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. The range of contractual lives for our extended furniture protection plans is three years to lifetime warranty (estimated as 20 years). We have not sold lifetime warranty plans since 2005. Our furniture protection plans outstanding as of January 27, 2017 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. Warranties: We offer warranties for certain products. 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. Changes in the recorded amounts included in Other accrued liabilities and Other long-term liabilities during the period are as follows: Three Months Ended January 27, January 29, Beginning balance $ 90,038 $ 82,871 Additional net deferred revenue/accrual made during the period 2,749 11,003 Payments made during the period (1,750 ) (2,367 ) Ending balance $ 91,037 $ 91,507

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Jan. 27, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement	FAIR VALUE MEASUREMENT We measure certain assets and liabilities at fair value or disclose the fair value of certain assets and liabilities recorded at cost in the Condensed Consolidated Financial Statements 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 January 27, 2017 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 28,610 $ 28,610 $ — $ — Restricted cash 1 882 882 — — Foreign currency contracts 2 191 — 191 — Deferred compensation plan assets 3 19,515 19,515 — — Total Assets $ 49,198 $ 49,007 $ 191 $ — Fair Value at October 28, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 39,842 $ 39,842 $ — $ — Restricted cash 1 857 857 — — Foreign currency contracts 2 267 — 267 — Deferred compensation plan assets 3 12,864 12,864 — — Total Assets $ 53,830 $ 53,563 $ 267 $ — Fair Value at January 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 39,103 $ 39,103 $ — $ — Restricted cash 1 1,383 1,383 — — Foreign currency contracts 2 403 — 403 — Deferred compensation plan assets 3 10,796 10,796 — — Total Assets $ 51,685 $ 51,282 $ 403 $ — 1 Restricted cash represents cash that is restricted from withdrawal for contractual or legal reasons. 2 In the Condensed Consolidated Balance Sheets, 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 Company'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 Company. 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 in the Condensed Consolidated Balance Sheets: Fair Value at January 27, 2017 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,723,409 $ 1,723,409 $ — $ — Non-publicly traded debt 143,568 — 143,568 — Total Debt $ 1,866,977 $ 1,723,409 $ 143,568 $ — Fair Value at October 28, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,777,957 $ 1,777,957 $ — $ — Non-publicly traded debt 78,398 — 78,398 — Total Debt $ 1,856,355 $ 1,777,957 $ 78,398 $ — Fair Value at January 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,749,610 $ 1,749,610 $ — $ — Non-publicly traded debt 346,732 — 346,732 — Total Debt $ 2,096,342 $ 1,749,610 $ 346,732 $ — 1 Debt, excluding debt issuance costs, is recorded at carrying value of $1,843,568 , $1,778,398 and $2,046,732 on the Condensed Consolidated Balance Sheets as of January 27, 2017 , October 28, 2016 and January 29, 2016 , 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. 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 an acquisition, as well as property, plant and equipment when the planned use of the asset changes. See Note 2 for additional information on our acquisitions and Note 15 for additional information on restructuring.

Debt

Debt	3 Months Ended
	Jan. 27, 2017
Debt Disclosure [Abstract]
Debt	DEBT Debt consists of the following: January 27, October 28, January 29, Short-term debt $ 136,562 $ 71,339 $ 338,185 Current portion of long-term debt 150,107 150,107 116 Long-term debt: Publicly traded bonds 1,550,000 1,550,000 $ 1,700,000 Other long-term debt 6,899 6,952 8,431 Less: Debt issuance costs (13,597 ) (14,026 ) (15,312 ) Long-term debt, net of current portion and debt issuance costs 1,543,302 1,542,926 1,693,119 Total debt, net of debt issuance costs $ 1,829,971 $ 1,764,372 $ 2,031,420 During the three months ended July 29, 2016, $150,000 of Senior Notes that mature on May 1, 2017 were reclassified as Current portion of long-term debt. We maintain a $750,000 unsecured committed revolving 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 . This facility has covenants that require us to maintain certain financial ratios. We were in compliance with these covenants as of January 27, 2017 . Our debt covenants do not limit, nor are they reasonably likely to limit, our ability to obtain additional debt or equity financing. We maintain uncommitted bank lines of credit to meet short-term funding needs in certain of our international locations. These arrangements are reviewed periodically for renewal and modification.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jan. 27, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION Compensation expense associated with our stock-based compensation plans was $10,574 for the three months ended January 27, 2017 compared to $4,435 for the three months ended January 29, 2016 .

Pensions And Other Post-Retirem

Pensions And Other Post-Retirement Benefits	3 Months Ended
	Jan. 27, 2017
Compensation and Retirement Disclosure [Abstract]
Pensions And Other Post-Retirement Benefits	PENSIONS AND OTHER POST-RETIREMENT 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 January 27, January 29, Service cost $ 740 $ 683 Interest cost 2,905 3,309 Expected return on plan assets (4,916 ) (4,878 ) Amortization of prior service cost 110 112 Recognized actuarial loss 1,788 1,642 Net periodic benefit cost 627 868 The net periodic benefit cost of our post-retirement medical benefits is as follows: Three Months Ended January 27, January 29, Service cost $ 34 $ 72 Interest cost 76 90 Expected return on plan assets N/A N/A Amortization of prior service credit (14 ) (32 ) Recognized actuarial loss 81 96 Net periodic benefit cost $ 177 $ 226

Income Taxes

Income Taxes	3 Months Ended
	Jan. 27, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our effective income tax rates for the three months ended January 27, 2017 and January 29, 2016 are as follows: Three Months Ended January 27, January 29, Effective tax rate 22.7 % 25.8 % The first quarter 2017 effective tax rate is lower than the prior year due to the impact of the cumulative effect of tax laws that were enacted during the period in the U.S., Germany and France. The first quarter 2016 effective tax rate was primarily driven by favorable foreign tax rate changes, recognition of U.S. foreign tax credits in fiscal year 2016, and the permanent extension of the U.S. research and development tax credit. At October 28, 2016 , we had a $19,067 liability recorded for gross unrecognized tax benefits (excluding interest and penalties) in other long-term liabilities. Of this total, $16,674 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 28, 2016 , we had accrued approximately $4,179 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 quarter of fiscal years 2017 or 2016 .

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Jan. 27, 2017
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME PER COMMON SHARE The following table presents the net income per common share calculations for the three months ended January 27, 2017 and January 29, 2016 : Three Months Ended January 27, January 29, Basic Net income $ 40,747 $ 52,431 Weighted-average common shares outstanding - basic 79,269,937 78,760,765 Net income per common share - basic $ 0.51 $ 0.67 Diluted Net income $ 40,747 $ 52,431 Weighted-average common shares outstanding - basic 79,269,937 78,760,765 Diluted effect of stock options and unvested restricted stock 2,071,440 1,851,537 Weighted-average common shares outstanding - diluted 81,341,377 80,612,302 Net income per common share - diluted $ 0.50 $ 0.65 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 and unvested restricted stock 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 703,022 related to our outstanding stock options and unvested restricted stock were excluded from the computation of diluted earnings per share for the three months ended January 27, 2017 and January 29, 2016 , respectively, as inclusion of these shares would have been antidilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jan. 27, 2017
Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss), net of tax, consisted of the following for the three months ended January 27, 2017 and January 29, 2016 : Three Months Ended January 27, 2017 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, October 28, 2016 $ (119,656 ) $ (90,829 ) $ (6,698 ) $ (217,183 ) Other comprehensive income (loss) before reclassifications (69,234 ) — (49 ) (69,283 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,965 156 2,121 Balance, January 27, 2017 $ (188,890 ) $ (88,864 ) $ (6,591 ) $ (284,345 ) Three Months Ended January 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 (loss) before reclassifications (24,927 ) — 595 (24,332 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,808 (216 ) 1,592 Balance, January 29, 2016 $ (132,416 ) $ (78,733 ) $ (7,089 ) $ (218,238 ) 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 for the three months ended January 27, 2017 and $116 for the three months ended January 29, 2016 . 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 January 27, January 29, Cost of sales $ 778 $ 702 Research and development 243 230 Selling, general and administrative 944 876 Total before income taxes $ 1,965 $ 1,808

Segment Information

Segment Information	3 Months Ended
	Jan. 27, 2017
Segment Reporting [Abstract]
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 earnings before interest 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, furniture protection plans and furniture care and repair products. 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 months ended January 27, 2017 and January 29, 2016 are as follows: Three Months Ended January 27, January 29, Net sales Coatings $ 565,212 $ 543,563 Paints 291,275 291,097 Other and Administrative 93,065 90,525 Less Inter-segment Sales (41,900 ) (39,429 ) Total Net sales $ 907,652 $ 885,756 EBIT Coatings $ 86,728 $ 96,547 Paints 3,887 3,819 Other and Administrative (15,348 ) (7,273 ) Total EBIT 75,267 93,093 Interest expense 22,544 22,415 Income before income taxes $ 52,723 $ 70,678 It is not practicable to obtain the information needed to disclose revenues attributable to each of our identified product lines within our reportable segments.

Legal Matter

Legal Matter	3 Months Ended
	Jan. 27, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Matter	LEGAL MATTER The Sherwin-Williams Company/The Valspar Corporation Merger Litigation On May 24, 2016, a putative class action lawsuit challenging the Merger was filed that named 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 sought to enjoin the transaction and alleged, 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. On June 17, 2016, Valspar filed a Current Report on Form 8-K disclosing certain additional information relating to the proposed Merger in response to allegations made in the above lawsuit. In filing the Form 8-K, Valspar denied the allegations of the lawsuit and the need for any supplemental disclosure, and stated it believed the definitive proxy statement filed in connection with the Merger disclosed all material information. However, Valspar disclosed the additional information solely for the purpose of avoiding the expense and burden of litigation. On June 22, 2016, the Court of Chancery entered an order dismissing the Delaware Action with prejudice as to plaintiff Tom Mitsopoulos and without prejudice as to all other members of the putative class. Pursuant to the order, the Court of Chancery retained jurisdiction solely for the purpose of determining plaintiff Tom Mitsopoulos’ application for an award of attorneys’ fees and reimbursement of expenses. Plaintiff’s counsel in the Action filed a Petition for an Award of Attorneys’ Fees and Expenses in view of the supplemental disclosures contained in the June 17, 2016 Form 8-K. After negotiations, to eliminate any risk associated with plaintiff Tom Mitsopoulos’ fee petition, Valspar has agreed to pay, and will pay, fees and expenses of $140 (i.e., $140,000 ) pertaining to the Action. This fee has not been approved or ruled upon by the Court of Chancery of the State of Delaware.

Restructuring

Restructuring	3 Months Ended
	Jan. 27, 2017
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING Restructuring charges in the three months ended January 27, 2017 primarily relate to a continuation of fiscal year 2016 initiatives to improve the global cost structure in our Paints segment. These initiatives included consolidating three sites in our automotive refinish product lines as a result of the Quest acquisition and initiatives to improve our global cost structure by consolidating our operations in the Paints segment. These restructuring activities resulted in pre-tax charges of $1,894 in the three months ended January 27, 2017 . Included in restructuring charges are non-cash asset-related charges of $969 . 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 Accounting Standards Codification (ASC) Topic 360, Property, Plant and Equipment . Restructuring charges in the first quarter of fiscal year 2016 primarily related to a continuation of fiscal year 2015 initiatives in the Paints segment to improve our North American cost structure through activities to rationalize our manufacturing operations and staffing reductions, which resulted from moving certain manufacturing to a third party. These restructuring activities resulted in pre-tax charges of $869 in the three months ended January 29, 2016 , including non-cash asset-related charges of $571 . We currently expect additional expenses of approximately $1,100 in fiscal year 2017 for these restructuring plans, primarily related to site clean-up and lease exit costs. The following restructuring charges by segment were recorded in the 2017 and 2016 periods: Three Months Ended January 27, 2017 Liability Balance October 28, 2016 Expense Payments and Other Activity Liability Balance January 27, 2017 Coatings Severance and employee benefits $ 1,456 $ (136 ) $ (47 ) $ 1,273 Exit costs (consulting/site clean-up) 425 149 (162 ) 412 Total Coatings 1,881 13 (209 ) 1,685 Paints Severance and employee benefits 3,721 340 (1,167 ) 2,894 Asset-related charges — 969 (969 ) — Exit costs (consulting/site clean-up) 856 576 (193 ) 1,239 Total Paints 4,577 1,885 (2,329 ) 4,133 Other and Administrative Severance and employee benefits 1,269 (4 ) (182 ) 1,083 Total Other and Administrative 1,269 (4 ) (182 ) 1,083 Total $ 7,727 $ 1,894 $ (2,720 ) $ 6,901 Three Months Ended January 29, 2016 Liability Balance October 30, 2015 Expense Payments and Other Activity Liability Balance January 29, 2016 Coatings Severance and employee benefits $ 6,679 $ 107 $ (3,098 ) $ 3,688 Exit costs (consulting/site clean-up) — 84 (84 ) — Total Coatings 6,679 191 (3,182 ) 3,688 Paints Severance and employee benefits 6,004 54 (329 ) 5,729 Asset-related charges — 571 (571 ) — Exit costs (consulting/site clean-up) 1,069 53 (154 ) 968 Total Paints 7,073 678 (1,054 ) 6,697 Other and Administrative Severance and employee benefits 38 — (1 ) 37 Total Other and Administrative 38 — (1 ) 37 Total $ 13,790 $ 869 $ (4,237 ) $ 10,422 The ending liability balance at January 27, 2017 and January 29, 2016 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. Restructuring charges were recorded in the Condensed Consolidated Statements of Operations for the three months ended January 27, 2017 and January 29, 2016 approximately as follows: Three Months Ended January 27, January 29, Cost of sales $ 1,192 $ 435 Selling, general and administrative 702 434 Total restructuring charges $ 1,894 $ 869

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Jan. 27, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS Recently Adopted Standards In the first quarter of fiscal 2017, we retrospectively adopted Accounting Standards Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs . This guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the presentation of a debt discount. Accordingly, we reclassified $1,661 and $12,365 of unamortized debt issuance costs previously reported within Prepaid expenses and other and Other assets as a deduction to the carrying amount of our long-term debt in the October 28, 2016 consolidated balance sheet and reclassified $1,715 and $13,597 of unamortized debt issuance costs previously reported within Prepaid expenses and other and Other assets as a deduction to the carrying amount of our long-term debt in the January 29, 2016 consolidated balance sheet. In the first quarter of fiscal 2017, we adopted ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . This guidance clarifies that an entity may defer and present debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortize those costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on it. Accordingly, the deferred financing fees related to our revolving credit facility will remain reported as an asset. In the first quarter of fiscal 2017, we prospectively adopted ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . This 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. Adoption of this guidance had no impact on our consolidated financial statements. Standards Not Yet Adopted In January 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , to eliminate Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. The guidance is effective for fiscal years beginning after December 15, 2019, which means the first quarter of our fiscal year 2021. Early application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business , with the objective of adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (disposals) of assets or of businesses. The guidance is effective for fiscal years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted for interim and annual periods in which the financial statements have not been issued or made. We are currently reviewing the revised guidance and assessing the potential impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Amendment to Restricted Cash , on the classification and presentation of changes in restricted cash on the statement of cash flows. Amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted. Adoption of this guidance will not have a material impact on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Asset Transfers (Other Than Inventory) , which will require immediate recognition of current and deferred income tax consequences for intercompany asset transfers (other than inventory) at the time of the asset transfer. Under the existing standard, current and deferred income tax consequences are recognized when the assets are sold to an outside party. This new guidance is intended to align with International Accounting Standards 12, Income Taxes . The guidance is effective for fiscal years beginning on or after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , in the statement of cash flows and is intended to simplify guidance that is currently absent for debt prepayments and extinguishment costs, contingent consideration payments made after business combinations, and separately identifiable cash flows, among other clarifications. The guidance is effective for fiscal years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted. We are currently reviewing the revised guidance and assessing the potential impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation: Improvements to Employee Share-Based Payment Accounting . The new guidance 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. 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. Early adoption is permitted. We are currently reviewing the revised guidance and assessing the impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . The new guidance 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, and modified retrospective adoption is required. Early adoption is permitted. We are currently reviewing the revised guidance and assessing the impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The guidance requires that deferred tax assets and deferred tax liabilities be presented as non-current in the 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. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying 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. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contacts with Customers , which 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 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 consolidated financial statements. In addition to the expanded disclosures regarding revenue, this guidance may impact timing of revenue recognition in some arrangements with variable consideration or contracts for the sale of goods or services. We have determined that all other recently issued accounting standards will not have a material impact on our consolidated financial statements or do not apply to our operations.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	3 Months Ended
	Jan. 27, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of The Valspar Corporation (Valspar, the Company, 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 months ended January 27, 2017 are not necessarily indicative of the results that may be expected for the year ending October 27, 2017 . The Condensed Consolidated Balance Sheet at October 28, 2016 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.
Reclassifications	The Condensed Consolidated Balance Sheet at October 28, 2016 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 or disclose the fair value of certain assets and liabilities recorded at cost in the Condensed Consolidated Financial Statements 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 earnings before interest 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, furniture protection plans and furniture care and repair products. 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 Recently Adopted Standards In the first quarter of fiscal 2017, we retrospectively adopted Accounting Standards Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs . This guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the presentation of a debt discount. Accordingly, we reclassified $1,661 and $12,365 of unamortized debt issuance costs previously reported within Prepaid expenses and other and Other assets as a deduction to the carrying amount of our long-term debt in the October 28, 2016 consolidated balance sheet and reclassified $1,715 and $13,597 of unamortized debt issuance costs previously reported within Prepaid expenses and other and Other assets as a deduction to the carrying amount of our long-term debt in the January 29, 2016 consolidated balance sheet. In the first quarter of fiscal 2017, we adopted ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . This guidance clarifies that an entity may defer and present debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortize those costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on it. Accordingly, the deferred financing fees related to our revolving credit facility will remain reported as an asset. In the first quarter of fiscal 2017, we prospectively adopted ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . This 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. Adoption of this guidance had no impact on our consolidated financial statements. Standards Not Yet Adopted In January 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , to eliminate Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. The guidance is effective for fiscal years beginning after December 15, 2019, which means the first quarter of our fiscal year 2021. Early application is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business , with the objective of adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (disposals) of assets or of businesses. The guidance is effective for fiscal years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted for interim and annual periods in which the financial statements have not been issued or made. We are currently reviewing the revised guidance and assessing the potential impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Amendment to Restricted Cash , on the classification and presentation of changes in restricted cash on the statement of cash flows. Amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted. Adoption of this guidance will not have a material impact on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Asset Transfers (Other Than Inventory) , which will require immediate recognition of current and deferred income tax consequences for intercompany asset transfers (other than inventory) at the time of the asset transfer. Under the existing standard, current and deferred income tax consequences are recognized when the assets are sold to an outside party. This new guidance is intended to align with International Accounting Standards 12, Income Taxes . The guidance is effective for fiscal years beginning on or after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , in the statement of cash flows and is intended to simplify guidance that is currently absent for debt prepayments and extinguishment costs, contingent consideration payments made after business combinations, and separately identifiable cash flows, among other clarifications. The guidance is effective for fiscal years beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. Early adoption is permitted. We are currently reviewing the revised guidance and assessing the potential impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation: Improvements to Employee Share-Based Payment Accounting . The new guidance 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. 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. Early adoption is permitted. We are currently reviewing the revised guidance and assessing the impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . The new guidance 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, and modified retrospective adoption is required. Early adoption is permitted. We are currently reviewing the revised guidance and assessing the impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The guidance requires that deferred tax assets and deferred tax liabilities be presented as non-current in the 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. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying 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. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contacts with Customers , which 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 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 consolidated financial statements. In addition to the expanded disclosures regarding revenue, this guidance may impact timing of revenue recognition in some arrangements with variable consideration or contracts for the sale of goods or services. We have determined that all other recently issued accounting standards will not have a material impact on our consolidated financial statements or do not apply to our operations.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jan. 27, 2017
Inventory Disclosure [Abstract]
Schedule Of Inventories	Our major classes of inventories consist of the following: January 27, October 28, January 29, Manufactured products $ 312,504 $ 279,461 $ 317,021 Raw materials, supplies and work-in-progress 194,058 193,833 198,205 Total Inventories $ 506,562 $ 473,294 $ 515,226

Guarantees (Tables)

Guarantees (Tables)	3 Months Ended
	Jan. 27, 2017
Guarantees [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: Three Months Ended January 27, January 29, Beginning balance $ 90,038 $ 82,871 Additional net deferred revenue/accrual made during the period 2,749 11,003 Payments made during the period (1,750 ) (2,367 ) Ending balance $ 91,037 $ 91,507

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Jan. 27, 2017
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 January 27, 2017 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 28,610 $ 28,610 $ — $ — Restricted cash 1 882 882 — — Foreign currency contracts 2 191 — 191 — Deferred compensation plan assets 3 19,515 19,515 — — Total Assets $ 49,198 $ 49,007 $ 191 $ — Fair Value at October 28, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 39,842 $ 39,842 $ — $ — Restricted cash 1 857 857 — — Foreign currency contracts 2 267 — 267 — Deferred compensation plan assets 3 12,864 12,864 — — Total Assets $ 53,830 $ 53,563 $ 267 $ — Fair Value at January 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets Cash equivalents $ 39,103 $ 39,103 $ — $ — Restricted cash 1 1,383 1,383 — — Foreign currency contracts 2 403 — 403 — Deferred compensation plan assets 3 10,796 10,796 — — Total Assets $ 51,685 $ 51,282 $ 403 $ — 1 Restricted cash represents cash that is restricted from withdrawal for contractual or legal reasons. 2 In the Condensed Consolidated Balance Sheets, 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 Company'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 Company. 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 in the Condensed Consolidated Balance Sheets: Fair Value at January 27, 2017 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,723,409 $ 1,723,409 $ — $ — Non-publicly traded debt 143,568 — 143,568 — Total Debt $ 1,866,977 $ 1,723,409 $ 143,568 $ — Fair Value at October 28, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,777,957 $ 1,777,957 $ — $ — Non-publicly traded debt 78,398 — 78,398 — Total Debt $ 1,856,355 $ 1,777,957 $ 78,398 $ — Fair Value at January 29, 2016 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Debt 1 Publicly traded debt $ 1,749,610 $ 1,749,610 $ — $ — Non-publicly traded debt 346,732 — 346,732 — Total Debt $ 2,096,342 $ 1,749,610 $ 346,732 $ — 1 Debt, excluding debt issuance costs, is recorded at carrying value of $1,843,568 , $1,778,398 and $2,046,732 on the Condensed Consolidated Balance Sheets as of January 27, 2017 , October 28, 2016 and January 29, 2016 , 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.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jan. 27, 2017
Debt Disclosure [Abstract]
Schedule Of Debt Instruments	Debt consists of the following: January 27, October 28, January 29, Short-term debt $ 136,562 $ 71,339 $ 338,185 Current portion of long-term debt 150,107 150,107 116 Long-term debt: Publicly traded bonds 1,550,000 1,550,000 $ 1,700,000 Other long-term debt 6,899 6,952 8,431 Less: Debt issuance costs (13,597 ) (14,026 ) (15,312 ) Long-term debt, net of current portion and debt issuance costs 1,543,302 1,542,926 1,693,119 Total debt, net of debt issuance costs $ 1,829,971 $ 1,764,372 $ 2,031,420

Pensions And Other Post-Retir28

Pensions And Other Post-Retirement Benefits (Tables)	3 Months Ended
	Jan. 27, 2017
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 January 27, January 29, Service cost $ 740 $ 683 Interest cost 2,905 3,309 Expected return on plan assets (4,916 ) (4,878 ) Amortization of prior service cost 110 112 Recognized actuarial loss 1,788 1,642 Net periodic benefit cost 627 868 The net periodic benefit cost of our post-retirement medical benefits is as follows: Three Months Ended January 27, January 29, Service cost $ 34 $ 72 Interest cost 76 90 Expected return on plan assets N/A N/A Amortization of prior service credit (14 ) (32 ) Recognized actuarial loss 81 96 Net periodic benefit cost $ 177 $ 226

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Jan. 27, 2017
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Our effective income tax rates for the three months ended January 27, 2017 and January 29, 2016 are as follows: Three Months Ended January 27, January 29, Effective tax rate 22.7 % 25.8 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Jan. 27, 2017
Earnings Per Share [Abstract]
Schedule Of Calculations Of Net Income Per Share	The following table presents the net income per common share calculations for the three months ended January 27, 2017 and January 29, 2016 : Three Months Ended January 27, January 29, Basic Net income $ 40,747 $ 52,431 Weighted-average common shares outstanding - basic 79,269,937 78,760,765 Net income per common share - basic $ 0.51 $ 0.67 Diluted Net income $ 40,747 $ 52,431 Weighted-average common shares outstanding - basic 79,269,937 78,760,765 Diluted effect of stock options and unvested restricted stock 2,071,440 1,851,537 Weighted-average common shares outstanding - diluted 81,341,377 80,612,302 Net income per common share - diluted $ 0.50 $ 0.65

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Jan. 27, 2017
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 months ended January 27, 2017 and January 29, 2016 : Three Months Ended January 27, 2017 Foreign Currency Translation 1 Benefit Obligations 2 Financial Instruments 3 Accumulated Other Comprehensive Income (Loss) Balance, October 28, 2016 $ (119,656 ) $ (90,829 ) $ (6,698 ) $ (217,183 ) Other comprehensive income (loss) before reclassifications (69,234 ) — (49 ) (69,283 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,965 156 2,121 Balance, January 27, 2017 $ (188,890 ) $ (88,864 ) $ (6,591 ) $ (284,345 ) Three Months Ended January 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 (loss) before reclassifications (24,927 ) — 595 (24,332 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings — 1,808 (216 ) 1,592 Balance, January 29, 2016 $ (132,416 ) $ (78,733 ) $ (7,089 ) $ (218,238 ) 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 for the three months ended January 27, 2017 and $116 for the three months ended January 29, 2016
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 January 27, January 29, Cost of sales $ 778 $ 702 Research and development 243 230 Selling, general and administrative 944 876 Total before income taxes $ 1,965 $ 1,808

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jan. 27, 2017
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 months ended January 27, 2017 and January 29, 2016 are as follows: Three Months Ended January 27, January 29, Net sales Coatings $ 565,212 $ 543,563 Paints 291,275 291,097 Other and Administrative 93,065 90,525 Less Inter-segment Sales (41,900 ) (39,429 ) Total Net sales $ 907,652 $ 885,756 EBIT Coatings $ 86,728 $ 96,547 Paints 3,887 3,819 Other and Administrative (15,348 ) (7,273 ) Total EBIT 75,267 93,093 Interest expense 22,544 22,415 Income before income taxes $ 52,723 $ 70,678

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Jan. 27, 2017
Restructuring and Related Activities [Abstract]
Restructuring And Impairment Charges By Segment	The following restructuring charges by segment were recorded in the 2017 and 2016 periods: Three Months Ended January 27, 2017 Liability Balance October 28, 2016 Expense Payments and Other Activity Liability Balance January 27, 2017 Coatings Severance and employee benefits $ 1,456 $ (136 ) $ (47 ) $ 1,273 Exit costs (consulting/site clean-up) 425 149 (162 ) 412 Total Coatings 1,881 13 (209 ) 1,685 Paints Severance and employee benefits 3,721 340 (1,167 ) 2,894 Asset-related charges — 969 (969 ) — Exit costs (consulting/site clean-up) 856 576 (193 ) 1,239 Total Paints 4,577 1,885 (2,329 ) 4,133 Other and Administrative Severance and employee benefits 1,269 (4 ) (182 ) 1,083 Total Other and Administrative 1,269 (4 ) (182 ) 1,083 Total $ 7,727 $ 1,894 $ (2,720 ) $ 6,901 Three Months Ended January 29, 2016 Liability Balance October 30, 2015 Expense Payments and Other Activity Liability Balance January 29, 2016 Coatings Severance and employee benefits $ 6,679 $ 107 $ (3,098 ) $ 3,688 Exit costs (consulting/site clean-up) — 84 (84 ) — Total Coatings 6,679 191 (3,182 ) 3,688 Paints Severance and employee benefits 6,004 54 (329 ) 5,729 Asset-related charges — 571 (571 ) — Exit costs (consulting/site clean-up) 1,069 53 (154 ) 968 Total Paints 7,073 678 (1,054 ) 6,697 Other and Administrative Severance and employee benefits 38 — (1 ) 37 Total Other and Administrative 38 — (1 ) 37 Total $ 13,790 $ 869 $ (4,237 ) $ 10,422 Restructuring charges were recorded in the Condensed Consolidated Statements of Operations for the three months ended January 27, 2017 and January 29, 2016 approximately as follows: Three Months Ended January 27, January 29, Cost of sales $ 1,192 $ 435 Selling, general and administrative 702 434 Total restructuring charges $ 1,894 $ 869

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	Mar. 19, 2016	Jan. 27, 2017	Jan. 29, 2016	Oct. 28, 2016
Business Acquisition [Line Items]
Common stock, par value (in usd per share)	$ 0.50	$ 0.50	$ 0.50	$ 0.50
Termination fee	$ 300,000,000
Sherwin-Williams and Merger Sub | The Valspar Corporation
Business Acquisition [Line Items]
Proposed merger agreement, minimum amount of net sales from divestiture of assets required to decrease share price	$ 650,000,000
Proposed merger-related costs		$ 8,683,000	$ 0
Sherwin-Williams and Merger Sub | The Valspar Corporation | Maximum
Business Acquisition [Line Items]
Proposed merger agreement, share price (in dollars per share)	$ 113
Sherwin-Williams and Merger Sub | The Valspar Corporation | Minimum
Business Acquisition [Line Items]
Proposed merger agreement, share price (in dollars per share)	$ 105

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Thousands	Feb. 04, 2016USD ($)
ISVA Vernici
Business Acquisition [Line Items]
Consideration transferred	$ 23,000

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Jan. 27, 2017	Oct. 28, 2016		Jan. 29, 2016
Inventory Disclosure [Abstract]
Manufactured products	$ 312,504	$ 279,461		$ 317,021
Raw materials, supplies and work-in-progress	194,058	193,833		198,205
Total Inventories	$ 506,562	$ 473,294	[1]	$ 515,226
[1]	The Balance Sheet at October 28, 2016 has been derived from the audited consolidated financial statements at that date.

Goodwill And Other Intangible37

Goodwill And Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Oct. 28, 2016	[1]
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,262,481	$ 1,281,756	$ 1,284,706
Decrease in goodwill	22,225
Intangibles, net	608,095	633,521	$ 625,399
Decrease in intangibles	17,304
Intangible asset amortization expense	2,906	$ 2,793
Future amortization expense, 2017	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
[1]	The Balance Sheet at October 28, 2016 has been derived from the audited consolidated financial statements at that date.

Guarantees And Contractual Obli

Guarantees And Contractual Obligations (Narrative) (Details)	3 Months Ended
	Jan. 27, 2017
Guarantees and Contractual Obligations [Line Items]
Furniture Protection Plans, weighted average contractual life (in years)	11 years
Furniture Protection Plans, expected term (in years)	5 years
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	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 90,038	$ 82,871
Additional net deferred revenue/accrual made during the period	2,749	11,003
Payments made during the period	(1,750)	(2,367)
Ending balance	$ 91,037	$ 91,507

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Oct. 28, 2016
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	Jan. 27, 2017	Oct. 28, 2016	Jan. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 28,610	$ 39,842	$ 39,103
Restricted cash	882	857	1,383
Foreign currency contracts	191	267	403
Deferred compensation plan assets	19,515	12,864	10,796
Total Assets	49,198	53,830	51,685
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	28,610	39,842	39,103
Restricted cash	882	857	1,383
Foreign currency contracts	0	0	0
Deferred compensation plan assets	19,515	12,864	10,796
Total Assets	49,007	53,563	51,282
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	191	267	403
Deferred compensation plan assets	0	0	0
Total Assets	191	267	403
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 (Sched42

Fair Value Measurement (Schedule Of Fair Value Of Debt) (Details) - USD ($) $ in Thousands	Jan. 27, 2017	Oct. 28, 2016	Jan. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	$ 1,866,977	$ 1,856,355	$ 2,096,342
Carrying value of debt	1,843,568	1,778,398	2,046,732
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	1,723,409	1,777,957	1,749,610
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	143,568	78,398	346,732
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	0	0	0
Publicly traded debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	1,723,409	1,777,957	1,749,610
Publicly traded debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt	1,723,409	1,777,957	1,749,610
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	143,568	78,398	346,732
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	143,568	78,398	346,732
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	Jan. 27, 2017	Oct. 28, 2016		Jan. 29, 2016
Debt Instrument [Line Items]
Short-term debt	$ 136,562	$ 71,339	[1]	$ 338,185
Current portion of long-term debt	150,107	150,107	[1]	116
Long-term debt	1,543,302	1,542,926	[1]	1,693,119
Less: Debt issuance costs	(13,597)	(14,026)		(15,312)
Long-term debt, net of current portion and debt issuance costs	1,543,302	1,542,926		1,693,119
Total Debt	1,829,971	1,764,372		2,031,420
Publicly traded debt
Debt Instrument [Line Items]
Long-term debt	1,550,000	1,550,000		1,700,000
Non-publicly traded debt
Debt Instrument [Line Items]
Long-term debt	$ 6,899	$ 6,952		$ 8,431
[1]	The Balance Sheet at October 28, 2016 has been derived from the audited consolidated financial statements at that date.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Jan. 27, 2017	Jul. 29, 2016
Bank Syndicate Facility Due At December 2018
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 750,000,000
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
6.5% Senior Notes Due 2017
Debt Instrument [Line Items]
Senior notes		$ 150,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense before tax	$ 10,574	$ 4,435

Pensions And Other Post-Retir46

Pensions And Other Post-Retirement Benefits (Schedule Of Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 740	$ 683
Interest cost	2,905	3,309
Expected return on plan assets	(4,916)	(4,878)
Amortization of prior service cost	110	112
Recognized actuarial loss	1,788	1,642
Net total periodic benefit cost	627	868
Post-Retirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	34	72
Interest cost	76	90
Amortization of prior service cost	(14)	(32)
Recognized actuarial loss	81	96
Net total periodic benefit cost	$ 177	$ 226

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016	Oct. 28, 2016
Income Tax Disclosure [Abstract]
Effective Tax Rate (percent)	22.70%	25.80%
Liability recorded for gross unrecognized tax benefits			$ 19,067
Unrecognized tax benefits that would affect the effective tax rate			16,674
Accrued interest and penalties			$ 4,179
Unrecognized tax benefits, adjustments	$ 0	$ 0
Unrecognized tax benefits, income tax penalties and interest expense	$ 0	$ 0

Net Income Per Common Share (Sc

Net Income Per Common Share (Schedule Of Calculations Of Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Earnings Per Share [Abstract]
Net income	$ 40,747	$ 52,431
Weighted-average common shares outstanding - basic (in shares)	79,269,937	78,760,765
Net income per common share - basic (in dollars per share)	$ 0.51	$ 0.67
Diluted effect of stock options and unvested restricted stock (in shares)	2,071,440	1,851,537
Weighted-average common shares outstanding - diluted (in shares)	81,341,377	80,612,302
Net income per common share - diluted (in dollars per share)	$ 0.50	$ 0.65

Net Income Per Common Share (Na

Net Income Per Common Share (Narrative) (Details) - shares	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of EPS	0	703,022

Accumulated Other Comprehensi50

Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 27, 2017	Jan. 29, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period	[1]	$ 1,113,423
Balance, end of period		1,068,361	$ 854,726
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period		(119,656)	(107,489)
Other comprehensive income (loss) before reclassifications		(69,234)	(24,927)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings		0	0
Balance, end of period		(188,890)	(132,416)
Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period		(90,829)	(80,541)
Other comprehensive income (loss) before reclassifications		0	0
Amounts reclassified from accumulated other comprehensive income (loss) to earnings		1,965	1,808
Balance, end of period		(88,864)	(78,733)
Financial Instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period		(6,698)	(7,468)
Other comprehensive income (loss) before reclassifications		(49)	595
Amounts reclassified from accumulated other comprehensive income (loss) to earnings		156	(216)
Balance, end of period		(6,591)	(7,089)
Amounts reclassified from accumulated other comprehensive income, tax		115	116
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance, beginning of period		(217,183)	(195,498)
Other comprehensive income (loss) before reclassifications		(69,283)	(24,332)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings		2,121	1,592
Balance, end of period		$ (284,345)	$ (218,238)
[1]	The Balance Sheet at October 28, 2016 has been derived from the audited consolidated financial statements at that date.

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassification Out Of Pension And Postretirement Medical Adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 597,133	$ 567,129
Research and development	33,221	32,528
Selling, general and administrative	202,707	192,391
Total before income taxes	(52,723)	(70,678)
Benefit Obligations | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	778	702
Research and development	243	230
Selling, general and administrative	944	876
Total before income taxes	$ 1,965	$ 1,808

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Jan. 27, 2017segment
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
	Jan. 27, 2017	Jan. 29, 2016
Segment Reporting Information [Line Items]
Total Net sales	$ 907,652	$ 885,756
Total EBIT	75,267	93,093
Interest expense	22,544	22,415
Income before income taxes	52,723	70,678
Other and Administrative
Segment Reporting Information [Line Items]
Total Net sales	93,065	90,525
Total EBIT	(15,348)	(7,273)
Less Inter-segment Sales
Segment Reporting Information [Line Items]
Total Net sales	(41,900)	(39,429)
Coatings | Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	565,212	543,563
Total EBIT	86,728	96,547
Paints | Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	291,275	291,097
Total EBIT	$ 3,887	$ 3,819

Legal Matter (Details)

Legal Matter (Details) $ in Thousands	3 Months Ended
	Jan. 27, 2017USD ($)
Mitsopoulus Vs. Valspar | Settled Litigation
Loss Contingencies [Line Items]
Legal fees and expenses to be paid to Plaintiff	$ 140

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 1,894	$ 869
Pre-tax asset-related charges	969	$ 571
Expected additional expenses	$ 1,100

Restructuring (Restructuring An

Restructuring (Restructuring And Impairment Charges By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	$ 7,727	$ 13,790
Expense	1,894	869
Payments and Other Activity	(2,720)	(4,237)
Liability Ending Balance	6,901	10,422
Operating Segments | Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	1,881	6,679
Expense	13	191
Payments and Other Activity	(209)	(3,182)
Liability Ending Balance	1,685	3,688
Operating Segments | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	4,577	7,073
Expense	1,885	678
Payments and Other Activity	(2,329)	(1,054)
Liability Ending Balance	4,133	6,697
Operating Segments | Severance and employee benefits | Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	1,456	6,679
Expense	(136)	107
Payments and Other Activity	(47)	(3,098)
Liability Ending Balance	1,273	3,688
Operating Segments | Severance and employee benefits | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	3,721	6,004
Expense	340	54
Payments and Other Activity	(1,167)	(329)
Liability Ending Balance	2,894	5,729
Operating Segments | Asset-related charges | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	0	0
Expense	969	571
Payments and Other Activity	(969)	(571)
Liability Ending Balance	0	0
Operating Segments | Exit costs (consulting/site clean-up) | Coatings
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	425	0
Expense	149	84
Payments and Other Activity	(162)	(84)
Liability Ending Balance	412	0
Operating Segments | Exit costs (consulting/site clean-up) | Paints
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	856	1,069
Expense	576	53
Payments and Other Activity	(193)	(154)
Liability Ending Balance	1,239	968
Other and Administrative
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	1,269	38
Expense	(4)	0
Payments and Other Activity	(182)	(1)
Liability Ending Balance	1,083	37
Other and Administrative | Severance and employee benefits
Restructuring Reserve [Roll Forward]
Liability Beginning Balance	1,269	38
Expense	(4)	0
Payments and Other Activity	(182)	(1)
Liability Ending Balance	$ 1,083	$ 37

Restructuring Restructuring Cha

Restructuring Restructuring Charges in the Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,894	$ 869
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,192	435
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 702	$ 434

Recently Issued Accounting St58

Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Jan. 27, 2017	Oct. 28, 2016	Jan. 29, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (13,597)	$ (14,026)	$ (15,312)
Prepaid Expenses and Other | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs		1,661	1,715
Other Assets | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs		$ 12,365	$ 13,597