Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Apr-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Entity Registrant Name | 'COOPER COMPANIES INC |
Entity Central Index Key | '0000711404 |
Current Fiscal Year End Date | '--10-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 47,938,672 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $412,317 | $384,041 | $817,297 | $763,880 |
Cost of sales | 143,818 | 129,862 | 285,869 | 269,203 |
Gross profit | 268,499 | 254,179 | 531,428 | 494,677 |
Selling, general and administrative expense | 155,804 | 150,693 | 313,892 | 301,346 |
Research and development expense | 16,295 | 14,490 | 32,007 | 28,143 |
Amortization of intangibles | 7,476 | 7,523 | 14,982 | 14,895 |
Operating income | 88,924 | 81,473 | 170,547 | 150,293 |
Interest expense | 1,558 | 2,444 | 3,214 | 5,010 |
Gain on insurance proceeds | 0 | 0 | 0 | 14,084 |
Other income (expense), net | 455 | -89 | -57 | 549 |
Income before income taxes | 87,821 | 78,940 | 167,276 | 159,916 |
Provision for income taxes | 8,185 | 3,473 | 15,375 | 9,515 |
Net income | 79,636 | 75,467 | 151,901 | 150,401 |
Less: income attributable to noncontrolling interests | 476 | 331 | 898 | 598 |
Net income attributable to Cooper stockholders | $79,160 | $75,136 | $151,003 | $149,803 |
Earnings per share attributable to Cooper stockholders - basic | $1.65 | $1.55 | $3.15 | $3.09 |
Earnings per share attributable to Cooper stockholders - diluted | $1.62 | $1.52 | $3.09 | $3.02 |
Number of shares used to compute earnings per share: | ' | ' | ' | ' |
Basic | 47,919 | 48,494 | 47,963 | 48,485 |
Diluted | 48,754 | 49,478 | 48,883 | 49,555 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $79,636 | $75,467 | $151,901 | $150,401 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 19,962 | -14,783 | 23,157 | -13,410 |
Change in value of derivative instruments, net of tax provision of $175 and $397 for the three and six months ended April 30, 2014, respectively, and $156 and $387 for the corresponding periods of fiscal 2013, respectively | 274 | 244 | 622 | 607 |
Change in minimum pension liability, net of tax | 7 | 7 | 14 | 14 |
Unrealized gain on marketable securities, net of tax provision of $0 for the three and six months ended April 30, 2014, and $13 and $25 for the corresponding periods of fiscal 2013, respectively | 0 | 25 | 0 | 47 |
Other comprehensive income (loss) | 20,243 | -14,507 | 23,793 | -12,742 |
Comprehensive income | 99,879 | 60,960 | 175,694 | 137,659 |
Comprehensive (income) loss attributable to noncontrolling interests | -649 | 294 | -647 | 626 |
Comprehensive income attributable to Cooper stockholders | $99,230 | $61,254 | $175,047 | $138,285 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Change in value of derivative instruments, tax | $175 | $156 | $397 | $387 |
Minimum Pension Liability, tax | 0 | 0 | 0 | 0 |
Unrealized gain on marketable securities, tax | $0 | $13 | $0 | $25 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $82,659 | $77,393 |
Trade accounts receivable, net of allowance for doubtful accounts of $5,823 at April 30, 2014 and $5,261 at October 31, 2013 | 239,769 | 229,537 |
Inventories | 345,816 | 338,917 |
Deferred tax assets | 37,257 | 41,179 |
Prepaid expense and other current assets | 59,179 | 60,215 |
Total current assets | 764,680 | 747,241 |
Property, plant and equipment, at cost | 1,371,241 | 1,240,576 |
Less: accumulated depreciation and amortization | 553,799 | 500,709 |
Property, plant and equipment, net | 817,442 | 739,867 |
Goodwill | 1,393,912 | 1,387,611 |
Other intangibles, net | 184,998 | 198,769 |
Deferred tax assets | 15,738 | 16,279 |
Other assets | 45,212 | 47,494 |
Total assets | 3,221,982 | 3,137,261 |
Current liabilities: | ' | ' |
Short-term debt | 33,916 | 42,987 |
Accounts payable | 86,248 | 108,172 |
Employee compensation and benefits | 52,295 | 63,414 |
Other current liabilities | 92,207 | 106,680 |
Total current liabilities | 264,666 | 321,253 |
Long-term debt | 301,508 | 301,670 |
Deferred tax liabilities | 25,372 | 24,883 |
Accrued pension liability and other | 68,356 | 65,961 |
Total liabilities | 659,902 | 713,767 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, 10 cents par value, shares authorized: 1,000; zero shares issued or outstanding | 0 | 0 |
Common stock, 10 cents par value, shares authorized: 120,000; issued 50,635 at April 30, 2014 and 50,335 at October 31, 2013 | 5,064 | 5,034 |
Additional paid-in capital | 1,340,940 | 1,329,329 |
Accumulated other comprehensive income (loss) | 8,031 | -15,762 |
Retained earnings | 1,461,419 | 1,311,851 |
Treasury stock at cost: 2,696 shares at April 30, 2014 and 2,340 shares at October 31, 2013 | -272,103 | -225,917 |
Total Cooper stockholders' equity | 2,543,351 | 2,404,535 |
Noncontrolling interests | 18,729 | 18,959 |
Stockholders’ equity | 2,562,080 | 2,423,494 |
Total liabilities and stockholders' equity | $3,221,982 | $3,137,261 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade accounts receivable, allowance for doubtful accounts | $5,823 | $5,261 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares, issued | 50,635,000 | 50,335,000 |
Treasury stock, shares | 2,696,393 | 2,339,740 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $151,901 | $150,401 |
Depreciation and amortization | 63,145 | 62,469 |
Decrease in operating capital | -52,504 | -73,532 |
Other non-cash items | 32,364 | 23,188 |
Net cash provided by operating activities | 194,906 | 162,526 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -122,176 | -67,490 |
Acquisitions of businesses, net of cash acquired, and other | 1,060 | -8,130 |
Insurance proceeds received | 1,359 | 1,254 |
Net cash used in investing activities | -119,757 | -74,366 |
Cash flows from financing activities: | ' | ' |
Proceeds from long-term debt | 935,300 | 651,400 |
Repayments of long-term debt | -935,421 | -708,201 |
Net (repayments of) proceeds from short-term debt | -13,127 | 8,550 |
Repurchase of common stock | -50,000 | -44,363 |
Net (payments) proceeds related to share-based compensation awards | -11,287 | 7,538 |
Excess tax benefit from share-based compensation awards | 4,600 | 7,134 |
Purchase of Origio shares from noncontrolling interests | 0 | -2,641 |
Dividends on common stock | -1,436 | -1,449 |
Distributions to noncontrolling interests | -1,455 | -694 |
Payment of contingent consideration | -3,322 | -3,600 |
Proceeds from construction allowance | 6,019 | 0 |
Net cash used in financing activities | -70,129 | -86,326 |
Effect of exchange rate changes on cash and cash equivalents | 246 | -233 |
Net increase in cash and cash equivalents | 5,266 | 1,601 |
Cash and cash equivalents - beginning of period | 77,393 | 12,840 |
Cash and cash equivalents - end of period | $82,659 | $14,441 |
General
General | 6 Months Ended | |
Apr. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
General | ' | |
General | ||
The Cooper Companies, Inc. (Cooper, we or the Company) is a global medical device company publicly traded on the NYSE Euronext (NYSE: COO). Cooper is dedicated to being A Quality of Life CompanyTM with a focus on delivering shareholder value. Cooper operates through our business units, CooperVision and CooperSurgical. | ||
• | CooperVision develops, manufactures and markets a broad range of soft contact lenses for the worldwide vision correction market. | |
• | CooperSurgical develops, manufactures and markets medical devices and procedure solutions to improve healthcare delivery to women. | |
The unaudited consolidated condensed financial statements presented in this report contain all adjustments necessary to present fairly Cooper’s consolidated condensed financial position at April 30, 2014 and October 31, 2013, the consolidated results of its operations for the three and six months ended April 30, 2014 and 2013 and its consolidated condensed cash flows for the six months ended April 30, 2014 and 2013. Most of these adjustments are normal and recurring. However, certain adjustments associated with acquisitions and insurance proceeds are of a nonrecurring nature. Readers should not assume that the results reported here either indicate or guarantee future performance. | ||
During interim periods, we follow the accounting policies described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2013. Please refer to this when reviewing this Quarterly Report on Form 10-Q. | ||
On October 28, 2011, a manufacturing building in the UK experienced an incident in which a pipe broke in our fire suppression system, causing water and fire retardant foam damage to the facility. While this incident did not substantially impact our existing customers, the repairs to the facility and resultant decrease in manufacturing capacity impacted the timing of marketing initiatives to generate additional sales. In January 2013, we resolved our business interruption claim with our insurer for a total of $19.1 million. We received payments of $5.0 million in our fiscal fourth quarter of 2012. In our fiscal first quarter of 2013, we recorded the remaining $14.1 million in our Consolidated Statement of Income of which we received payment of $2.9 million during the fiscal first quarter 2013 and the remaining $11.2 million in the fiscal second quarter 2013. | ||
Management estimates and judgments are an integral part of financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). We believe that the critical accounting policies listed below address the more significant estimates required of Management when preparing our consolidated financial statements in accordance with GAAP. We consider an accounting estimate critical if changes in the estimate may have a material impact on our financial condition or results of operations. We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, actual results could differ from the original estimates, requiring adjustment to these balances in future periods. The accounting policies that reflect our more significant estimates, judgments and assumptions and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results are: | ||
•Revenue recognition | ||
•Net realizable value of inventory | ||
•Valuation of goodwill | ||
•Business combinations | ||
•Income taxes | ||
•Share-based compensation | ||
During the fiscal first half of 2014, there were no significant changes in our estimates and critical accounting policies. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended October 31, 2013, for a more complete discussion of our estimates and critical accounting policies. | ||
Accounting Pronouncements Issued Not Yet Adopted | ||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. When a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available, or the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The Company does not anticipate the adoption of these amendments, which are effective for the Company for the fiscal year beginning on November 1, 2014, will have a material impact on our consolidated results of operations, financial condition or cash flows. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 sets forth a new revenue recognition model that requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of performance obligations. The amendments in the ASU can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. The Company is currently evaluating the impact of ASU 2014-09, which is effective for the Company in our fiscal year beginning on November 1, 2017. |
Inventories
Inventories | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||
Raw materials | $ | 77,959 | $ | 79,331 | ||||
Work-in-process | 12,387 | 10,515 | ||||||
Finished goods | 255,470 | 249,071 | ||||||
$ | 345,816 | $ | 338,917 | |||||
Inventories are stated at the lower of cost or market. Cost is computed using standard cost that approximates actual cost, on a first-in, first-out basis. |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Intangible Assets | ' | |||||||||||||||
Intangible Assets | ||||||||||||||||
Goodwill | ||||||||||||||||
(In thousands) | CooperVision | CooperSurgical | Total | |||||||||||||
Balance as of October 31, 2012 | $ | 1,044,054 | $ | 326,193 | $ | 1,370,247 | ||||||||||
Net additions during the year ended October 31, 2013 | 3,363 | 11,017 | 14,380 | |||||||||||||
Translation | 1,061 | 1,923 | 2,984 | |||||||||||||
Balance as of October 31, 2013 | 1,048,478 | 339,133 | 1,387,611 | |||||||||||||
Net reductions during the six-month period ended April 30, 2014 | — | (590 | ) | (590 | ) | |||||||||||
Translation | 6,010 | 881 | 6,891 | |||||||||||||
Balance as of April 30, 2014 | $ | 1,054,488 | $ | 339,424 | $ | 1,393,912 | ||||||||||
We performed our annual impairment assessment in our fiscal third quarter of 2013, and our analysis indicated that we had no impairment of goodwill. As described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2013, we will continue to monitor conditions and changes which could indicate that our recorded goodwill may be impaired. | ||||||||||||||||
Other Intangible Assets | ||||||||||||||||
As of April 30, 2014 | As of October 31, 2013 | |||||||||||||||
(In thousands) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
& Translation | & Translation | |||||||||||||||
Trademarks | $ | 12,434 | $ | 2,551 | $ | 12,481 | $ | 2,337 | ||||||||
Technology | 128,794 | 84,839 | 133,842 | 84,371 | ||||||||||||
Shelf space and market share | 201,021 | 84,503 | 199,379 | 75,700 | ||||||||||||
License and distribution rights and other | 24,966 | 10,324 | 24,947 | 9,472 | ||||||||||||
367,215 | $ | 182,217 | 370,649 | $ | 171,880 | |||||||||||
Less accumulated amortization and translation | 182,217 | 171,880 | ||||||||||||||
Other intangible assets, net | $ | 184,998 | $ | 198,769 | ||||||||||||
We estimate that amortization expense for our existing other intangible assets will be $28.7 million in fiscal 2014, $22.2 million in fiscal 2015, $20.5 million in fiscal 2016, $19.8 million in fiscal 2017 and $17.8 million in fiscal 2018. |
Debt
Debt | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||
Short-term: | ||||||||
Overdraft and other credit facilities | $ | 33,916 | $ | 42,987 | ||||
Long-term: | ||||||||
Credit agreement | $ | — | $ | — | ||||
Term Loan | 300,000 | 300,000 | ||||||
Other | 1,508 | 1,670 | ||||||
$ | 301,508 | $ | 301,670 | |||||
Credit Agreement | ||||||||
On May 31, 2012, Cooper entered into an amendment to our Credit Agreement, dated as of January 12, 2011, by and among the Company, CooperVision International Holding Company, LP, the lenders party thereto and KeyBank National Association, as administrative agent. The Credit Agreement, as amended, provides for a multicurrency revolving credit facility in an aggregate commitment amount of $1.0 billion and the aggregate commitment amount under the revolving facility may be increased, upon written request by Cooper, by $500.0 million. The amended Credit Agreement has a termination date of May 31, 2017. | ||||||||
The commitment fee rate ranges between 0.100% and 0.275% of the unused portion of the revolving facility based on a pricing grid tied to our Total Leverage Ratio (as defined below and in the Credit Agreement). The applicable margin rates on loans outstanding under the Credit Agreement will bear interest based, at our option, on either the base rate or the adjusted Eurodollar rate (currently referred to as LIBOR) or adjusted foreign currency rate (each as defined in the amended Credit Agreement), plus an applicable margin of between 0.00% and 0.75% in respect of base rate loans and between 1.00% and 1.75% in respect of adjusted Eurodollar rate or adjusted foreign currency rate loans, in each case in accordance with a pricing grid tied to our Total Leverage Ratio, as defined in the Credit Agreement. In addition to the annual commitment fee, we are also required to pay certain letter of credit and related fronting fees and other administrative fees pursuant to the terms of the Credit Agreement. | ||||||||
The Credit Agreement is not secured by any of the Company's, or any of its subsidiaries’, assets. All obligations under the Credit Agreement will be guaranteed by each of our existing and future direct and indirect material domestic subsidiaries. | ||||||||
Pursuant to the terms of the Credit Agreement and the Term Loan discussed below, we are also required to maintain specified financial ratios: | ||||||||
• | The ratio of Consolidated Proforma EBITDA to Consolidated Interest Expense (as defined, Interest Coverage Ratio) be at least 3.00 to 1.00 at all times. | |||||||
• | The ratio of Consolidated Funded Indebtedness to Consolidated Proforma EBITDA (as defined, Total Leverage Ratio) be no higher than 3.75 to 1.00. | |||||||
At April 30, 2014, we were in compliance with the Interest Coverage Ratio at 69.18 to 1.00 and the Total Leverage Ratio at 0.66 to 1.00. | ||||||||
At April 30, 2014, we had $999.8 million available under the Credit Agreement. | ||||||||
Term Loan | ||||||||
On September 12, 2013, the Company entered into a five-year, $300.0 million, senior unsecured term loan agreement (Term Loan) by and among the Company; the lenders party thereto and KeyBank National Association, as administrative agent. This syndicated credit facility will mature on September 12, 2018, and will be subject to amortization of principal of 5% per annum payable quarterly beginning October 31, 2016, with the balance payable at maturity. | ||||||||
Amounts outstanding under the Term Loan agreement will bear interest, at the Company's option, at either the base rate, which is a rate per annum equal to the greatest of (a) KeyBank's prime rate, (b) 0.5% in excess of the federal funds effective rate and (c) 1% in excess of the adjusted Eurodollar rate (currently referred to as LIBOR) for a one-month interest period on such day, or the adjusted Eurodollar rate, plus, in each case, an applicable margin of, initially, 0%, in respect of base rate loans and 0.75%, in respect of adjusted Eurodollar rate loans. The applicable margins will be determined quarterly by reference to a grid based upon the Company's ratio of funded debt to consolidated proforma EBITDA, or Total Leverage Ratio as defined in the Term Loan agreement, and consistent with the revolving Credit Agreement discussed above. | ||||||||
The Term Loan agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain Total Leverage Ratio and Interest Coverage Ratio, as defined in the agreement, consistent with the revolving Credit Agreement discussed above. The agreement also contains customary events of default, the occurrence of which would permit the Administrative Agent to declare the principal, accrued interest and other obligations of the Company under the agreement to be immediately due and payable. | ||||||||
At April 30, 2014, we had $300.0 million outstanding under the Term Loan. |
Income_Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Cooper’s effective tax rate (ETR) (provision for income taxes divided by pretax income) for the fiscal first half of 2014 was 9.2%. Our year-to-date results include the projected fiscal year ETR, plus any discrete items. The ETR used to record the provision for income taxes for the fiscal first half of 2013 was 5.9%. The ETR is below the United States statutory rate as a majority of our taxable income is earned in foreign jurisdictions with lower tax rates. | |
We recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. As of November 1, 2013, Cooper had unrecognized tax benefits, that if recognized, $28.8 million would impact our ETR. For the six-month period ended April 30, 2014, there were no material changes to the total amount of unrecognized tax benefits. | |
Interest and penalties of $2.6 million have been reflected as a component of the total liability as of November 1, 2013. It is the Company’s policy to recognize the items of interest and penalties directly related to income taxes as additional income tax expense. | |
Included in the balance of unrecognized tax benefits at November 1, 2013, is $3.6 million related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. This amount represents a decrease in unrecognized tax benefits related to expiring statutes in various jurisdictions worldwide and relates primarily to transfer pricing matters. | |
As of April 30, 2014, the tax years for which Cooper remains subject to United States Federal income tax assessment upon examination are 2010 through 2013. Cooper remains subject to income tax examinations in other significant tax jurisdictions including the United Kingdom, Japan, France and Australia for the tax years 2010 through 2013. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to Cooper stockholders | $ | 79,160 | $ | 75,136 | $ | 151,003 | $ | 149,803 | ||||||||
Basic: | ||||||||||||||||
Weighted average common shares | 47,919 | 48,494 | 47,963 | 48,485 | ||||||||||||
Basic earnings per common share attributable to Cooper stockholders | $ | 1.65 | $ | 1.55 | $ | 3.15 | $ | 3.09 | ||||||||
Diluted: | ||||||||||||||||
Weighted average common shares | 47,919 | 48,494 | 47,963 | 48,485 | ||||||||||||
Effect of potential dilutive common shares | 835 | 984 | 920 | 1,070 | ||||||||||||
Diluted weighted average common shares | 48,754 | 49,478 | 48,883 | 49,555 | ||||||||||||
Diluted earnings per common share attributable to Cooper stockholders | $ | 1.62 | $ | 1.52 | $ | 3.09 | $ | 3.02 | ||||||||
The following table sets forth stock options to purchase Cooper’s common stock and restricted stock units that were not included in the diluted earnings per share calculation because their effect would have been antidilutive for the periods presented: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands, except exercise prices) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numbers of stock option shares excluded | 138 | — | 164 | 4 | ||||||||||||
Range of exercise prices | $ | 119.89 | $ | — | $119.89-$128.35 | $ | 102.08 | |||||||||
Numbers of restricted stock units excluded | 5 | — | 6 | — | ||||||||||||
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Share-Based Compensation Plans | ' | |||||||||||||||
Share-Based Compensation Plans | ||||||||||||||||
Cooper has several share-based compensation plans that are described in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2013. The compensation expense and related income tax benefit recognized in our consolidated financial statements for share-based awards were as follows: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Selling, general and administrative expense | $ | 6.4 | $ | 5.5 | $ | 19.8 | $ | 14 | ||||||||
Cost of sales | 0.5 | 0.5 | 1.3 | 1 | ||||||||||||
Research and development expense | 0.4 | 0.3 | 1 | 0.7 | ||||||||||||
Capitalized in inventory | 0.5 | 0.5 | 1.3 | 1 | ||||||||||||
Total share-based compensation expense | $ | 7.8 | $ | 6.8 | $ | 23.4 | $ | 16.7 | ||||||||
Related income tax benefit | $ | 2.3 | $ | 1.9 | $ | 7.3 | $ | 4.9 | ||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
Analysis of Changes in Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||
(In thousands) | Foreign Currency Translation Adjustment | Unrealized Gain on Marketable Securities | Change in Value of Derivative Instruments | Minimum Pension Liability | Total | |||||||||||||||
Balance at October 31, 2013 | $ | (4,592 | ) | $ | — | $ | (1,033 | ) | $ | (10,137 | ) | $ | (15,762 | ) | ||||||
Gross change in value for the period | 23,157 | — | (56 | ) | 14 | 23,115 | ||||||||||||||
Reclassification adjustments for losses realized in net income | — | — | 1,075 | — | 1,075 | |||||||||||||||
Tax effect for the period | — | — | (397 | ) | — | (397 | ) | |||||||||||||
Balance at April 30, 2014 | $ | 18,565 | $ | — | $ | (411 | ) | $ | (10,123 | ) | $ | 8,031 | ||||||||
Balance at October 31, 2012 | $ | (7,199 | ) | $ | 50 | $ | (2,374 | ) | $ | (21,738 | ) | $ | (31,261 | ) | ||||||
Gross change in value for the period | (13,410 | ) | 72 | (216 | ) | 14 | (13,540 | ) | ||||||||||||
Reclassification adjustments for losses realized in net income | — | — | 1,210 | — | 1,210 | |||||||||||||||
Tax effect for the period | — | (25 | ) | (387 | ) | — | (412 | ) | ||||||||||||
Balance at April 30, 2013 | $ | (20,609 | ) | $ | 97 | $ | (1,767 | ) | $ | (21,724 | ) | $ | (44,003 | ) | ||||||
Share Repurchases | ||||||||||||||||||||
In December 2011, our Board of Directors authorized the 2012 Share Repurchase Program and subsequently amended the total repurchase authorization to $500.0 million of the Company’s common stock. This program has no expiration date and may be discontinued at any time. Purchases under the 2012 Share Repurchase Program are subject to a review of the circumstances in place at the time and will be made from time to time as permitted by securities laws and other legal requirements. The Company did not repurchase shares during the three-month periods ended April 30, 2014 and 2013. For the three months ended January 31, 2014, the Company repurchased 396 thousand shares of the Company’s common stock for $50.0 million at an average purchase price of $126.21 per share. During the three months ended January 31, 2013, the Company repurchased 460 thousand shares for $44.4 million, at an average purchase price of $96.34 per share. At April 30, 2014, approximately $211.5 million remains authorized for repurchase under the program. | ||||||||||||||||||||
Dividends | ||||||||||||||||||||
We paid a semiannual dividend of approximately $1.4 million or 3 cents per share on February 7, 2014, to stockholders of record on January 24, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Fair Value Measurements | ' | |||||||
Fair Value Measurements | ||||||||
As of April 30, 2014 and October 31, 2013, the carrying value of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, lines of credit, accounts payable and other current liabilities approximate fair value due to the short-term nature of such instruments and the ability to obtain financing on similar terms. | ||||||||
Assets and liabilities are measured and reported at fair value per related accounting standards that define fair value as the price 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 hierarchy prioritizes the inputs to valuation techniques used to measure fair value. An asset’s or liability’s level is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are valued and disclosed in one of the following three levels of the valuation hierarchy: | ||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | ||||||||
Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions. | ||||||||
The Company has derivative assets and liabilities that include interest rate swaps, cross currency swaps and foreign currency forward contracts. The impact of the counterparty’s creditworthiness when in an asset position and Cooper’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments. Both the counterparty and Cooper are expected to continue to perform under the contractual terms of the instruments. | ||||||||
We may use interest rate swaps to maintain our desired mix of fixed-rate and variable-rate debt. The swaps exchange fixed and variable rate payments without exchanging the notional principal amount of the debt. We have elected to use the income approach to value the derivatives using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated but not compelled to transact. Level 2 inputs are limited to quoted prices for similar assets or liabilities in active markets, specifically Eurodollar futures contracts up to three years, and inputs other than quoted prices that are observable for the asset or liability - specifically LIBOR cash and swap rates and credit risk at commonly quoted intervals. Mid-market pricing is used as a practical expedient for fair value measurements. | ||||||||
We may use foreign exchange forward contracts to minimize, to the extent reasonable and practical, our exposure to the impact of foreign currency fluctuations. We have elected to use the income approach to value the derivatives using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated but not compelled to transact. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability - specifically LIBOR cash rates, credit risk at commonly quoted intervals, foreign exchange spot rates and forward points. Mid-market pricing is used as a practical expedient for fair value measurements. | ||||||||
The following table sets forth Cooper’s financial assets and liabilities that were measured at fair value on a recurring basis using Level 2 inputs during the fiscal first half of 2014, within the fair value hierarchy at April 30, 2014, and fiscal year 2013, within the fair value hierarchy at October 31, 2013: | ||||||||
(In millions) | April 30, 2014 | 31-Oct-13 | ||||||
Assets: | ||||||||
Foreign exchange contracts | $ | 0.3 | $ | 0.3 | ||||
Liabilities: | ||||||||
Interest rate swaps | $ | 0.7 | $ | 1.7 | ||||
Foreign exchange contracts | 0.4 | 0.6 | ||||||
$ | 1.1 | $ | 2.3 | |||||
We recorded contingent consideration representing the estimated fair value of the additional variable cash consideration payable related to an acquisition in our fiscal first quarter of 2013. We recorded the fair value of the acquisition-related contingent consideration as liabilities on the acquisition date using the discounted cash flow approach. Cooper uses unobservable Level 3 inputs including a forecast of new customer accounts and discount rates to fair value the liabilities. Significant changes in these unobservable inputs in isolation may result in a significantly lower or higher fair value measurement. At April 30, 2014, the fair value of the contingent consideration payable totaled $2.0 million. |
Employee_Benefits
Employee Benefits | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Employee Benefits | ' | |||||||||||||||
Employee Benefits | ||||||||||||||||
Cooper’s Retirement Income Plan (Plan), a defined benefit plan, covers substantially all full-time United States employees. Cooper’s contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. Cooper pays the entire cost of the Plan and funds such costs as they accrue. Virtually all of the assets of the Plan are comprised of equities and participation in equity and fixed income funds. | ||||||||||||||||
Cooper’s results of operations for the six months ended April 30, 2014 and 2013 reflect the following components of net periodic pension costs: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 1,769 | $ | 1,846 | $ | 3,537 | $ | 3,692 | ||||||||
Interest cost | 987 | 822 | 1,975 | 1,643 | ||||||||||||
Expected returns on assets | (1,238 | ) | (961 | ) | (2,475 | ) | (1,922 | ) | ||||||||
Amortization of prior service cost | 6 | 6 | 12 | 12 | ||||||||||||
Recognized net actuarial loss | 154 | 546 | 308 | 1,093 | ||||||||||||
Net periodic pension cost | $ | 1,678 | $ | 2,259 | $ | 3,357 | $ | 4,518 | ||||||||
Cooper contributed $3.4 million and $4.5 million to the pension plan for the three and six months ended April 30, 2014, respectively, and expects to contribute an additional $4.3 million in fiscal 2014. We contributed $3.0 million and $3.4 million to the pension plan for the three and six months ended April 30, 2013. The expected rate of return on plan assets for determining net periodic pension cost is 8%. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
Business Segment Information | ||||||||||||||||
Cooper uses operating income, as presented in our financial reports, as the primary measure of segment profitability. We do not allocate costs from corporate functions to segment operating income. Items below operating income are not considered when measuring the profitability of a segment. We use the same accounting policies to generate segment results as we do for our consolidated results. | ||||||||||||||||
Identifiable assets are those used in continuing operations except cash and cash equivalents, which we include as corporate assets. Long-lived assets are property, plant and equipment. | ||||||||||||||||
Segment information: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
CooperVision net sales by category: | ||||||||||||||||
Toric lens | $ | 104,763 | $ | 96,728 | $ | 205,959 | $ | 188,362 | ||||||||
Multifocal lens | 35,540 | 29,654 | 69,235 | 56,805 | ||||||||||||
Single-use sphere lens | 71,704 | 63,746 | 140,476 | 129,209 | ||||||||||||
Non single-use sphere and other | 119,075 | 119,220 | 241,715 | 236,351 | ||||||||||||
Total CooperVision net sales | 331,082 | 309,348 | 657,385 | 610,727 | ||||||||||||
CooperSurgical net sales | 81,235 | 74,693 | 159,912 | 153,153 | ||||||||||||
Total net sales | $ | 412,317 | $ | 384,041 | $ | 817,297 | $ | 763,880 | ||||||||
Operating income (loss): | ||||||||||||||||
CooperVision | $ | 82,618 | $ | 79,299 | $ | 166,764 | $ | 146,368 | ||||||||
CooperSurgical | 18,098 | 12,431 | 32,255 | 26,480 | ||||||||||||
Corporate | (11,792 | ) | (10,257 | ) | (28,472 | ) | (22,555 | ) | ||||||||
Total operating income | 88,924 | 81,473 | 170,547 | 150,293 | ||||||||||||
Interest expense | 1,558 | 2,444 | 3,214 | 5,010 | ||||||||||||
Gain on insurance proceeds | — | — | — | 14,084 | ||||||||||||
Other income (expense), net | 455 | (89 | ) | (57 | ) | 549 | ||||||||||
Income before income taxes | $ | 87,821 | $ | 78,940 | $ | 167,276 | $ | 159,916 | ||||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||||||||||
Identifiable assets: | ||||||||||||||||
CooperVision | $ | 2,465,916 | $ | 2,376,022 | ||||||||||||
CooperSurgical | 624,556 | 632,844 | ||||||||||||||
Corporate | 131,510 | 128,395 | ||||||||||||||
Total | $ | 3,221,982 | $ | 3,137,261 | ||||||||||||
Geographic information: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales to external customers by country of domicile: | ||||||||||||||||
United States | $ | 189,559 | $ | 180,314 | $ | 377,251 | $ | 356,071 | ||||||||
Europe | 131,418 | 112,932 | 260,464 | 221,462 | ||||||||||||
Rest of world | 91,340 | 90,795 | 179,582 | 186,347 | ||||||||||||
Total | $ | 412,317 | $ | 384,041 | $ | 817,297 | $ | 763,880 | ||||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||||||||||
Long-lived assets by country of domicile: | ||||||||||||||||
United States | $ | 454,758 | $ | 427,560 | ||||||||||||
Europe | 332,533 | 297,157 | ||||||||||||||
Rest of world | 30,151 | 15,150 | ||||||||||||||
Total | $ | 817,442 | $ | 739,867 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||
Raw materials | $ | 77,959 | $ | 79,331 | ||||
Work-in-process | 12,387 | 10,515 | ||||||
Finished goods | 255,470 | 249,071 | ||||||
$ | 345,816 | $ | 338,917 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
(In thousands) | CooperVision | CooperSurgical | Total | |||||||||||||
Balance as of October 31, 2012 | $ | 1,044,054 | $ | 326,193 | $ | 1,370,247 | ||||||||||
Net additions during the year ended October 31, 2013 | 3,363 | 11,017 | 14,380 | |||||||||||||
Translation | 1,061 | 1,923 | 2,984 | |||||||||||||
Balance as of October 31, 2013 | 1,048,478 | 339,133 | 1,387,611 | |||||||||||||
Net reductions during the six-month period ended April 30, 2014 | — | (590 | ) | (590 | ) | |||||||||||
Translation | 6,010 | 881 | 6,891 | |||||||||||||
Balance as of April 30, 2014 | $ | 1,054,488 | $ | 339,424 | $ | 1,393,912 | ||||||||||
Schedule of Other Intangible Assets | ' | |||||||||||||||
Other Intangible Assets | ||||||||||||||||
As of April 30, 2014 | As of October 31, 2013 | |||||||||||||||
(In thousands) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
& Translation | & Translation | |||||||||||||||
Trademarks | $ | 12,434 | $ | 2,551 | $ | 12,481 | $ | 2,337 | ||||||||
Technology | 128,794 | 84,839 | 133,842 | 84,371 | ||||||||||||
Shelf space and market share | 201,021 | 84,503 | 199,379 | 75,700 | ||||||||||||
License and distribution rights and other | 24,966 | 10,324 | 24,947 | 9,472 | ||||||||||||
367,215 | $ | 182,217 | 370,649 | $ | 171,880 | |||||||||||
Less accumulated amortization and translation | 182,217 | 171,880 | ||||||||||||||
Other intangible assets, net | $ | 184,998 | $ | 198,769 | ||||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||
Short-term: | ||||||||
Overdraft and other credit facilities | $ | 33,916 | $ | 42,987 | ||||
Long-term: | ||||||||
Credit agreement | $ | — | $ | — | ||||
Term Loan | 300,000 | 300,000 | ||||||
Other | 1,508 | 1,670 | ||||||
$ | 301,508 | $ | 301,670 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share | ' | |||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to Cooper stockholders | $ | 79,160 | $ | 75,136 | $ | 151,003 | $ | 149,803 | ||||||||
Basic: | ||||||||||||||||
Weighted average common shares | 47,919 | 48,494 | 47,963 | 48,485 | ||||||||||||
Basic earnings per common share attributable to Cooper stockholders | $ | 1.65 | $ | 1.55 | $ | 3.15 | $ | 3.09 | ||||||||
Diluted: | ||||||||||||||||
Weighted average common shares | 47,919 | 48,494 | 47,963 | 48,485 | ||||||||||||
Effect of potential dilutive common shares | 835 | 984 | 920 | 1,070 | ||||||||||||
Diluted weighted average common shares | 48,754 | 49,478 | 48,883 | 49,555 | ||||||||||||
Diluted earnings per common share attributable to Cooper stockholders | $ | 1.62 | $ | 1.52 | $ | 3.09 | $ | 3.02 | ||||||||
Schedule of Stock Options to Purchase Common Stock Not Included in Diluted Net Income Per Share Calculation | ' | |||||||||||||||
The following table sets forth stock options to purchase Cooper’s common stock and restricted stock units that were not included in the diluted earnings per share calculation because their effect would have been antidilutive for the periods presented: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands, except exercise prices) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numbers of stock option shares excluded | 138 | — | 164 | 4 | ||||||||||||
Range of exercise prices | $ | 119.89 | $ | — | $119.89-$128.35 | $ | 102.08 | |||||||||
Numbers of restricted stock units excluded | 5 | — | 6 | — | ||||||||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Schedule of Compensation Expense and Related Income Tax Benefit for Share-Based Awards | ' | |||||||||||||||
The compensation expense and related income tax benefit recognized in our consolidated financial statements for share-based awards were as follows: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Selling, general and administrative expense | $ | 6.4 | $ | 5.5 | $ | 19.8 | $ | 14 | ||||||||
Cost of sales | 0.5 | 0.5 | 1.3 | 1 | ||||||||||||
Research and development expense | 0.4 | 0.3 | 1 | 0.7 | ||||||||||||
Capitalized in inventory | 0.5 | 0.5 | 1.3 | 1 | ||||||||||||
Total share-based compensation expense | $ | 7.8 | $ | 6.8 | $ | 23.4 | $ | 16.7 | ||||||||
Related income tax benefit | $ | 2.3 | $ | 1.9 | $ | 7.3 | $ | 4.9 | ||||||||
Stockholders_Equity_Analysis_o
Stockholders' Equity Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||||
Apr. 30, 2014 | ||||||||||||||||||||
Analysis of Changes in Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
Analysis of Changes in Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||
(In thousands) | Foreign Currency Translation Adjustment | Unrealized Gain on Marketable Securities | Change in Value of Derivative Instruments | Minimum Pension Liability | Total | |||||||||||||||
Balance at October 31, 2013 | $ | (4,592 | ) | $ | — | $ | (1,033 | ) | $ | (10,137 | ) | $ | (15,762 | ) | ||||||
Gross change in value for the period | 23,157 | — | (56 | ) | 14 | 23,115 | ||||||||||||||
Reclassification adjustments for losses realized in net income | — | — | 1,075 | — | 1,075 | |||||||||||||||
Tax effect for the period | — | — | (397 | ) | — | (397 | ) | |||||||||||||
Balance at April 30, 2014 | $ | 18,565 | $ | — | $ | (411 | ) | $ | (10,123 | ) | $ | 8,031 | ||||||||
Balance at October 31, 2012 | $ | (7,199 | ) | $ | 50 | $ | (2,374 | ) | $ | (21,738 | ) | $ | (31,261 | ) | ||||||
Gross change in value for the period | (13,410 | ) | 72 | (216 | ) | 14 | (13,540 | ) | ||||||||||||
Reclassification adjustments for losses realized in net income | — | — | 1,210 | — | 1,210 | |||||||||||||||
Tax effect for the period | — | (25 | ) | (387 | ) | — | (412 | ) | ||||||||||||
Balance at April 30, 2013 | $ | (20,609 | ) | $ | 97 | $ | (1,767 | ) | $ | (21,724 | ) | $ | (44,003 | ) | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 2 Inputs | ' | |||||||
The following table sets forth Cooper’s financial assets and liabilities that were measured at fair value on a recurring basis using Level 2 inputs during the fiscal first half of 2014, within the fair value hierarchy at April 30, 2014, and fiscal year 2013, within the fair value hierarchy at October 31, 2013: | ||||||||
(In millions) | April 30, 2014 | 31-Oct-13 | ||||||
Assets: | ||||||||
Foreign exchange contracts | $ | 0.3 | $ | 0.3 | ||||
Liabilities: | ||||||||
Interest rate swaps | $ | 0.7 | $ | 1.7 | ||||
Foreign exchange contracts | 0.4 | 0.6 | ||||||
$ | 1.1 | $ | 2.3 | |||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Schedule of Components of Net Periodic Pension Costs | ' | |||||||||||||||
Cooper’s results of operations for the six months ended April 30, 2014 and 2013 reflect the following components of net periodic pension costs: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 1,769 | $ | 1,846 | $ | 3,537 | $ | 3,692 | ||||||||
Interest cost | 987 | 822 | 1,975 | 1,643 | ||||||||||||
Expected returns on assets | (1,238 | ) | (961 | ) | (2,475 | ) | (1,922 | ) | ||||||||
Amortization of prior service cost | 6 | 6 | 12 | 12 | ||||||||||||
Recognized net actuarial loss | 154 | 546 | 308 | 1,093 | ||||||||||||
Net periodic pension cost | $ | 1,678 | $ | 2,259 | $ | 3,357 | $ | 4,518 | ||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Information | ' | |||||||||||||||
Segment information: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
CooperVision net sales by category: | ||||||||||||||||
Toric lens | $ | 104,763 | $ | 96,728 | $ | 205,959 | $ | 188,362 | ||||||||
Multifocal lens | 35,540 | 29,654 | 69,235 | 56,805 | ||||||||||||
Single-use sphere lens | 71,704 | 63,746 | 140,476 | 129,209 | ||||||||||||
Non single-use sphere and other | 119,075 | 119,220 | 241,715 | 236,351 | ||||||||||||
Total CooperVision net sales | 331,082 | 309,348 | 657,385 | 610,727 | ||||||||||||
CooperSurgical net sales | 81,235 | 74,693 | 159,912 | 153,153 | ||||||||||||
Total net sales | $ | 412,317 | $ | 384,041 | $ | 817,297 | $ | 763,880 | ||||||||
Operating income (loss): | ||||||||||||||||
CooperVision | $ | 82,618 | $ | 79,299 | $ | 166,764 | $ | 146,368 | ||||||||
CooperSurgical | 18,098 | 12,431 | 32,255 | 26,480 | ||||||||||||
Corporate | (11,792 | ) | (10,257 | ) | (28,472 | ) | (22,555 | ) | ||||||||
Total operating income | 88,924 | 81,473 | 170,547 | 150,293 | ||||||||||||
Interest expense | 1,558 | 2,444 | 3,214 | 5,010 | ||||||||||||
Gain on insurance proceeds | — | — | — | 14,084 | ||||||||||||
Other income (expense), net | 455 | (89 | ) | (57 | ) | 549 | ||||||||||
Income before income taxes | $ | 87,821 | $ | 78,940 | $ | 167,276 | $ | 159,916 | ||||||||
Schedule of Identifiable Assets by Segment | ' | |||||||||||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||||||||||
Identifiable assets: | ||||||||||||||||
CooperVision | $ | 2,465,916 | $ | 2,376,022 | ||||||||||||
CooperSurgical | 624,556 | 632,844 | ||||||||||||||
Corporate | 131,510 | 128,395 | ||||||||||||||
Total | $ | 3,221,982 | $ | 3,137,261 | ||||||||||||
Schedule of Net Sales to External Customers by Country of Domicile | ' | |||||||||||||||
Geographic information: | ||||||||||||||||
Periods Ended April 30, | Three Months | Six Months | ||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales to external customers by country of domicile: | ||||||||||||||||
United States | $ | 189,559 | $ | 180,314 | $ | 377,251 | $ | 356,071 | ||||||||
Europe | 131,418 | 112,932 | 260,464 | 221,462 | ||||||||||||
Rest of world | 91,340 | 90,795 | 179,582 | 186,347 | ||||||||||||
Total | $ | 412,317 | $ | 384,041 | $ | 817,297 | $ | 763,880 | ||||||||
Schedule of Long-Lived Assets by Country of Domicile | ' | |||||||||||||||
(In thousands) | April 30, 2014 | 31-Oct-13 | ||||||||||||||
Long-lived assets by country of domicile: | ||||||||||||||||
United States | $ | 454,758 | $ | 427,560 | ||||||||||||
Europe | 332,533 | 297,157 | ||||||||||||||
Rest of world | 30,151 | 15,150 | ||||||||||||||
Total | $ | 817,442 | $ | 739,867 | ||||||||||||
General_Details
General (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Insurance proceeds | $19,100,000 | $0 | $0 | $14,100,000 | ' | $0 | $14,084,000 |
Proceeds from Insurance Settlement, Operating Activities | ' | ' | $11,200,000 | $2,900,000 | $5,000,000 | ' | ' |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $77,959 | $79,331 |
Work-in-process | 12,387 | 10,515 |
Finished goods | 255,470 | 249,071 |
Inventories, net | $345,816 | $338,917 |
Intangible_Assets_Schedule_of_
Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Oct. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | $1,387,611 | $1,370,247 |
Net additions during the year | ' | 14,380 |
Net reductions during the six-month period ended April 30, 2014 | -590 | ' |
Translation | 6,891 | 2,984 |
Balance, ending | 1,393,912 | 1,387,611 |
CooperVision [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 1,048,478 | 1,044,054 |
Net additions during the year | ' | 3,363 |
Net reductions during the six-month period ended April 30, 2014 | 0 | ' |
Translation | 6,010 | 1,061 |
Balance, ending | 1,054,488 | 1,048,478 |
CooperSurgical [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 339,133 | 326,193 |
Net additions during the year | ' | 11,017 |
Net reductions during the six-month period ended April 30, 2014 | -590 | ' |
Translation | 881 | 1,923 |
Balance, ending | $339,424 | $339,133 |
Intangible_Assets_Schedule_of_1
Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $367,215 | $370,649 |
Accumulated Amortization & Translation | 182,217 | 171,880 |
Other intangible assets, net | 184,998 | 198,769 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 12,434 | 12,481 |
Accumulated Amortization & Translation | 2,551 | 2,337 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 128,794 | 133,842 |
Accumulated Amortization & Translation | 84,839 | 84,371 |
Shelf space and market share [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 201,021 | 199,379 |
Accumulated Amortization & Translation | 84,503 | 75,700 |
License and distribution right and other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 24,966 | 24,947 |
Accumulated Amortization & Translation | $10,324 | $9,472 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | Apr. 30, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $28.70 |
2015 | 22.2 |
2016 | 20.5 |
2017 | 19.8 |
2018 | $17.80 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term: | ' | ' |
Overdraft and other credit facilities | $33,916 | $42,987 |
Long-term: | ' | ' |
Credit agreement | 0 | 0 |
Term Loan | 300,000 | 300,000 |
Other | 1,508 | 1,670 |
Long-term debt | $301,508 | $301,670 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 6 Months Ended | 0 Months Ended | |||||||
Apr. 30, 2014 | Oct. 31, 2013 | 31-May-12 | 31-May-12 | 31-May-12 | Jan. 12, 2011 | Sep. 12, 2013 | Sep. 12, 2013 | Sep. 12, 2013 | |
Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility [Member] | Federal Funds Rate [Member] | Eurodollar [Member] | |||
Term Loan Facility [Member] | Term Loan Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Of Term Loan Principal | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Debt Instrument, Date of First Required Payment | ' | ' | ' | ' | ' | ' | 31-Oct-16 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% |
Line of credit facility, initiation date | ' | ' | ' | ' | ' | 12-Jan-11 | ' | ' | ' |
Aggregate commitment amount of credit facility | ' | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' |
Additional borrowings | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | 31-May-17 | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | 0.10% | 0.28% | ' | ' | ' | ' | ' |
Line of credit facility interest rate margin on base rate loans percentage | ' | ' | 0.00% | 0.75% | ' | ' | 0.00% | ' | ' |
Line of credit facility interest rate margin on foreign currency loans percentage | ' | ' | 1.00% | 1.75% | ' | ' | 0.75% | ' | ' |
Required minimum Interest coverage ratio | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Required maximum total leverage ratio | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Coverage Ratio | 69.18 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Leverage Ratio | 0.66 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under the credit agreement | 999,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | ' | ' | ' | ' | 12-Sep-13 | ' | ' |
Debt term | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Term Loan | $300,000,000 | $300,000,000 | ' | ' | ' | ' | $300,000,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 12-Sep-18 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Nov. 02, 2013 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Effective tax rate (ETR) | 9.20% | 5.90% | ' |
Unrecognized tax benefits that would impact ETR | ' | ' | $28.80 |
Interest and penalties | ' | ' | 2.6 |
Unrecognized tax benefits related to tax positions | ' | ' | $3.60 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $79,160 | $75,136 | $151,003 | $149,803 |
Basic: | ' | ' | ' | ' |
Weighted average common shares (in shares) | 47,919 | 48,494 | 47,963 | 48,485 |
Basic earnings per common share (in dollars per share) | $1.65 | $1.55 | $3.15 | $3.09 |
Diluted: | ' | ' | ' | ' |
Effect of dilutive stock options (in shares) | 835 | 984 | 920 | 1,070 |
Diluted weighted average common shares (in shares) | 48,754 | 49,478 | 48,883 | 49,555 |
Diluted earnings per common share (in dollars per share) | $1.62 | $1.52 | $3.09 | $3.02 |
Earnings_Per_Share_Schedule_of1
Earnings Per Share (Schedule of Stock Options to Purchase Common Stock Not Included in Diluted Net Income Per Share Calculation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Numbers of stock option shares excluded | 138 | 0 | 164 | 4 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $119.89 | $0 | $119.89 | $102.08 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $119.89 | $0 | $128.35 | $102.08 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Numbers of stock option shares excluded | 5 | 0 | 6 | 0 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Schedule Of Compensation Expense And Related Income Tax Benefit For Share-Based Awards) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $7.80 | $6.80 | $23.40 | $16.70 |
Related income tax benefit | 2.3 | 1.9 | 7.3 | 4.9 |
Selling, general and administrative expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 6.4 | 5.5 | 19.8 | 14 |
Cost of sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.5 | 0.5 | 1.3 | 1 |
Research and development expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.4 | 0.3 | 1 | 0.7 |
Capitalized in inventory [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $0.50 | $0.50 | $1.30 | $1 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Changes in Accumulated Other Comprehensive Income (Loss))(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Foreign Currency Translation Adjustment [Roll Forward] | ' | ' | ' | ' |
Foreign Currency Translation Adjustment, Beginning Balance | ' | ' | ($4,592) | ($7,199) |
Foreign Currency Translation Adjustment, Gross change in value for the period | ' | ' | 23,157 | -13,410 |
Foreign Currency Translation Adjustment, Reclassification adjustments for losses realized in net income | ' | ' | 0 | 0 |
Foreign Currency Translation Adjustment, Tax effect for the period | ' | ' | 0 | 0 |
Foreign Currency Translation Adjustment, Ending Balance | 18,565 | -20,609 | 18,565 | -20,609 |
Marketable Securities, Unrealized Gain (Loss) [Roll Forward] | ' | ' | ' | ' |
Unrealized Gain (Loss) on Marketable Securities, Beginning Balance | ' | ' | 0 | 50 |
Unrealized Gain (Loss) on Marketable Securities, Gross change in value for the period | ' | ' | 0 | 72 |
Unrealized Gain (Loss) on Marketable Securities, Reclassification adjustments for losses realized in net income | ' | ' | 0 | 0 |
Unrealized Gain (Loss) on Marketable Securities, Tax effect for the period | 0 | -13 | 0 | -25 |
Unrealized Gain (Loss) on Marketable Securities, Ending Balance | 0 | 97 | 0 | 97 |
Change in Value of Derivative Instruments [Roll Forward] | ' | ' | ' | ' |
Change in Value of Derivative Instruments, Beginning Balance | ' | ' | -1,033 | -2,374 |
Change in Value of Derivative Instruments, Gross change in value for the period | ' | ' | -56 | -216 |
Change in Value of Derivative Instruments, Reclassification adjustments for losses realized in net income | ' | ' | 1,075 | 1,210 |
Change in value of derivative instruments, Tax effect for the period | -175 | -156 | -397 | -387 |
Change in Value of Derivative Instruments, Ending Balance | -411 | -1,767 | -411 | -1,767 |
Minimum Pension Liability [Roll Forward] | ' | ' | ' | ' |
Minimum Pension Liability, Beginning Balance | ' | ' | -10,137 | -21,738 |
Minimum Pension Liability, Gross change in value for the period | ' | ' | 14 | 14 |
Minimum Pension Liability, Reclassification adjustments for losses realized in net income | ' | ' | 0 | 0 |
Minimum Pension Liability, Tax effect for the period | 0 | 0 | 0 | 0 |
Minimum Pension Liability, Ending Balance | -10,123 | -21,724 | -10,123 | -21,724 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Total, Beginning balance | ' | ' | -15,762 | -31,261 |
Gross change in value for the period | ' | ' | 23,115 | -13,540 |
Reclassification adjustments for losses realized in net income for the period | ' | ' | 1,075 | 1,210 |
Tax effect for the period | ' | ' | -397 | -412 |
Total, Ending balance | $8,031 | ($44,003) | $8,031 | ($44,003) |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Share data in Thousands, except Per Share data, unless otherwise specified | Feb. 07, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share Repurchase Program, maximum amount authorized | ' | ' | ' | ' | ' | $500,000,000 | ' |
Number of common stock repurchased, shares | ' | 0 | 396 | 0 | 460 | ' | ' |
Cost of common stock repurchased | ' | ' | 50,000,000 | ' | 44,400,000 | ' | ' |
Average purchase price per share | ' | ' | $126.21 | ' | $96.34 | ' | ' |
Share Repurchase Program, remaining authorized amount | ' | ' | ' | ' | ' | 211,500,000 | ' |
Dividends on common stock | $1,400,000 | ' | ' | ' | ' | $1,436,000 | $1,449,000 |
Cash dividend, per share | $0.03 | ' | ' | ' | ' | ' | ' |
Dividends payable, date of record | 24-Jan-14 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Level 2 Inputs) (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of contingent consideration | $2 | ' |
Significant Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities measured on a recurring basis | 1.1 | 2.3 |
Significant Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets measured on a recurring basis | 0.3 | 0.3 |
Fair value of liabilities measured on a recurring basis | 0.4 | 0.6 |
Significant Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities measured on a recurring basis | $0.70 | $1.70 |
Employee_Benefits_Schedule_of_
Employee Benefits (Schedule of Components of Net Periodic Pension Costs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' | ' | ' |
Service cost | $1,769 | $1,846 | $3,537 | $3,692 |
Interest cost | 987 | 822 | 1,975 | 1,643 |
Expected returns on assets | -1,238 | -961 | -2,475 | -1,922 |
Amortization of prior service cost | 6 | 6 | 12 | 12 |
Recognized net actuarial loss | 154 | 546 | 308 | 1,093 |
Net periodic pension cost | $1,678 | $2,259 | $3,357 | $4,518 |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' | ' | ' |
Company's contribution to the pension plan | $3.40 | $3 | $4.50 | $3.40 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | $4.30 | ' |
Expected rate of return on plan assets for determining net periodic pension cost | ' | ' | 8.00% | ' |
Business_Segment_Information_S
Business Segment Information (Schedule of Segment Information) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | $412,317 | $384,041 | ' | $817,297 | $763,880 |
Operating income (loss) | ' | 88,924 | 81,473 | ' | 170,547 | 150,293 |
Interest expense | ' | 1,558 | 2,444 | ' | 3,214 | 5,010 |
Gain on insurance proceeds | 19,100 | 0 | 0 | 14,100 | 0 | 14,084 |
Other income (expense), net | ' | 455 | -89 | ' | -57 | 549 |
Income before income taxes | ' | 87,821 | 78,940 | ' | 167,276 | 159,916 |
CooperVision [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | 331,082 | 309,348 | ' | 657,385 | 610,727 |
Operating income (loss) | ' | 82,618 | 79,299 | ' | 166,764 | 146,368 |
CooperSurgical [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | 81,235 | 74,693 | ' | 159,912 | 153,153 |
Operating income (loss) | ' | 18,098 | 12,431 | ' | 32,255 | 26,480 |
Headquarters [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | -11,792 | -10,257 | ' | -28,472 | -22,555 |
Toric Lens [Member] | CooperVision [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | 104,763 | 96,728 | ' | 205,959 | 188,362 |
Multifocal Lens [Member] | CooperVision [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | 35,540 | 29,654 | ' | 69,235 | 56,805 |
Single-Use Sphere Lens [Member] | CooperVision [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | 71,704 | 63,746 | ' | 140,476 | 129,209 |
Non Single-Use Sphere And Other Eye Care Products And Other [Member] | CooperVision [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | $119,075 | $119,220 | ' | $241,715 | $236,351 |
Business_Segment_Information_S1
Business Segment Information (Schedule of Identifiable Assets By Segment Information) (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Identifiable assets | $3,221,982 | $3,137,261 |
CooperVision [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Identifiable assets | 2,465,916 | 2,376,022 |
CooperSurgical [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Identifiable assets | 624,556 | 632,844 |
Headquarters [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Identifiable assets | $131,510 | $128,395 |
Business_Segment_Information_S2
Business Segment Information (Schedule of Net Sales To External Customers By Country Of Domicile) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales to external customers | $412,317 | $384,041 | $817,297 | $763,880 |
United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales to external customers | 189,559 | 180,314 | 377,251 | 356,071 |
Europe [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales to external customers | 131,418 | 112,932 | 260,464 | 221,462 |
Rest Of World [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales to external customers | $91,340 | $90,795 | $179,582 | $186,347 |
Business_Segment_Information_S3
Business Segment Information (Schedule of Long-Lived Assets By Country Of Domicile) (Details) (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | $817,442 | $739,867 |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 454,758 | 427,560 |
Europe [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 332,533 | 297,157 |
Rest Of World [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | $30,151 | $15,150 |