Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Oct. 31, 2016 | Nov. 30, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | COOPER COMPANIES INC | ||
Entity Central Index Key | 711,404 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 48,786,598 | ||
Entity Public Float | $ 7.5 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-Known Seasoned Issuer | Yes |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,966,814 | $ 1,797,060 | $ 1,717,776 |
Cost of sales | 793,735 | 726,798 | 626,206 |
Gross profit | 1,173,079 | 1,070,262 | 1,091,570 |
Selling, general and administrative expense | 722,798 | 712,543 | 683,115 |
Research and development expense | 65,411 | 69,589 | 66,259 |
Amortization of intangibles | 60,790 | 51,459 | 35,710 |
Operating income | 324,080 | 236,671 | 306,486 |
Interest expense | 26,190 | 18,103 | 7,965 |
Other expense, net | 2,257 | 3,083 | 1,987 |
Income before income taxes | 295,633 | 215,485 | 296,534 |
Provision for income taxes | 20,699 | 10,341 | 24,705 |
Net income | 274,934 | 205,144 | 271,829 |
Less: net income attributable to noncontrolling interests | 1,017 | 1,621 | 1,973 |
Net income attributable to Cooper stockholders | $ 273,917 | $ 203,523 | $ 269,856 |
Earnings per share attributable to Cooper stockholders - basic | $ 5.65 | $ 4.20 | $ 5.61 |
Earnings per share attributable to Cooper stockholders - diluted | $ 5.59 | $ 4.14 | $ 5.51 |
Number of shares used to compute earnings per share attributable to Cooper stockholders: | |||
Basic | 48,520 | 48,452 | 48,061 |
Diluted | 49,026 | 49,179 | 48,960 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 274,934 | $ 205,144 | $ 271,829 |
Foreign currency translation adjustment | (289,648) | (79,424) | (87,763) |
Change in value of derivative instruments, net of tax provision of $0, $30 and $630, respectively | 0 | 47 | 986 |
Change in minimum pension liability, net of tax (benefit) of $(5,331), $(3,908), and $(2,348), respectively | (8,309) | (6,084) | (3,643) |
Other comprehensive loss | (297,957) | (85,461) | (90,420) |
Comprehensive (loss) income | (23,023) | 119,683 | 181,409 |
Less: comprehensive income attributable to noncontrolling interests | 990 | 533 | 733 |
Comprehensive (loss) income attributable to Cooper stockholders | $ (24,013) | $ 119,150 | $ 180,676 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Change in value of derivative instruments, provision (benefit) | $ 0 | $ 30 | $ 630 |
Change in minimum pension liability, provision (benefit) | $ (5,331) | $ (3,908) | $ (2,348) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 100,817 | $ 16,426 |
Trade accounts receivable, net of allowance for doubtful accounts of $8,517 at October 31, 2016 and $5,956 at October 31, 2015 | 291,370 | 282,918 |
Inventories | 417,696 | 419,692 |
Deferred tax assets | 47,103 | 41,731 |
Prepaid expense and other current assets | 77,472 | 80,661 |
Total current assets | 934,458 | 841,428 |
Property, plant and equipment, at cost | 1,603,243 | 1,650,730 |
Less: accumulated depreciation and amortization | 725,571 | 683,633 |
Property, plant and equipment, net | 877,672 | 967,097 |
Goodwill | 2,164,748 | 2,197,077 |
Other intangibles, net | 441,086 | 411,090 |
Deferred tax assets | 6,107 | 4,510 |
Other assets | 51,847 | 38,662 |
Total assets | 4,475,918 | 4,459,864 |
Current liabilities: | ||
Short-term debt | 226,325 | 243,803 |
Accounts payable | 107,386 | 116,912 |
Employee compensation and benefits | 77,717 | 67,373 |
Other current liabilities | 125,027 | 140,694 |
Total current liabilities | 536,455 | 568,782 |
Long-term debt | 1,107,448 | 1,105,408 |
Deferred tax liabilities | 37,532 | 31,016 |
Accrued pension liability and other | 94,448 | 80,754 |
Total liabilities | 1,775,883 | 1,785,960 |
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 52,075 at October 31, 2016 and 51,558 at October 31, 2015 | 5,208 | 5,156 |
Additional paid-in capital | 1,493,965 | 1,434,705 |
Accumulated other comprehensive loss | (489,600) | (191,643) |
Retained earnings | 2,050,443 | 1,779,440 |
Treasury stock at cost: 3,290 shares at October 31, 2016 and October 31, 2015 | (360,149) | (360,149) |
Total Cooper stockholders' equity | 2,699,867 | 2,667,509 |
Noncontrolling interests | 168 | 6,395 |
Stockholders’ equity | 2,700,035 | 2,673,904 |
Total liabilities and stockholders' equity | $ 4,475,918 | $ 4,459,864 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 8,517 | $ 5,956 |
Preferred stock, par value (in usd per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares, issued (in shares) | 52,075,000 | 51,558,000 |
Treasury stock, shares (in shares) | 3,290,318 | 3,290,318 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Treasury Stock Par Net Value [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Oct. 31, 2013 | $ 2,423,494 | $ 4,800 | $ (225,917) | $ 234 | $ 1,329,329 | $ (15,762) | $ 1,311,851 | $ 18,959 |
Beginning Balance (in shares) at Oct. 31, 2013 | 47,995,000 | 2,340,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Cooper stockholders | 269,856 | 269,856 | ||||||
Other comprehensive income (loss), net of tax | (90,420) | (90,420) | ||||||
Issuance of common stock for stock plans | 8,585 | $ 72 | $ 7,033 | (7) | 1,487 | |||
Issuance of common stock for stock plans (in shares) | 720,000 | (72,000) | ||||||
Treasury stock repurchase | 75,778 | $ (57) | $ 75,778 | 57 | ||||
Treasury stock repurchase (in shares) | (572,000) | (572,000) | ||||||
Tax benefit from exercise of stock options | 19,469 | 19,469 | ||||||
Dividends on common stock | (2,884) | (2,884) | ||||||
Share-based compensation expense | 36,515 | 36,515 | ||||||
Distributions to noncontrolling interests | (2,370) | (2,370) | ||||||
Noncontrolling interests | 1,973 | 0 | 1,973 | |||||
Ending Balance (in shares) at Oct. 31, 2014 | 48,143,000 | 2,840,000 | ||||||
Ending Balance at Oct. 31, 2014 | 2,588,440 | $ 4,815 | $ (294,662) | 284 | 1,386,800 | (106,182) | 1,578,823 | 18,562 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Cooper stockholders | 203,523 | 203,523 | ||||||
Other comprehensive income (loss), net of tax | (85,461) | (85,461) | ||||||
Issuance of common stock for stock plans | (4,816) | $ 59 | $ 1,817 | (2) | (6,690) | |||
Issuance of common stock for stock plans (in shares) | 593,000 | (18,000) | ||||||
Treasury stock repurchase | $ 67,304 | $ (47) | $ 67,304 | 47 | ||||
Treasury stock repurchase (in shares) | (467,539) | (468,000) | (468,000) | |||||
Tax benefit from exercise of stock options | $ 18,268 | 18,268 | ||||||
Dividends on common stock | (2,906) | (2,906) | ||||||
Share-based compensation expense | 32,879 | 32,879 | ||||||
Purchase of shares from noncontrolling interests | (8,070) | 3,448 | (11,518) | |||||
Distributions to noncontrolling interests | (714) | (714) | ||||||
Noncontrolling interests | 65 | 0 | 65 | |||||
Ending Balance (in shares) at Oct. 31, 2015 | 48,268,000 | 3,290,000 | ||||||
Ending Balance at Oct. 31, 2015 | 2,673,904 | $ 4,827 | $ (360,149) | 329 | 1,434,705 | (191,643) | 1,779,440 | 6,395 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Cooper stockholders | 273,917 | 273,917 | ||||||
Other comprehensive income (loss), net of tax | (297,957) | (297,957) | ||||||
Issuance of common stock for stock plans | $ 7,214 | $ 52 | $ 0 | 0 | 7,162 | |||
Issuance of common stock for stock plans (in shares) | 517,000 | 0 | ||||||
Treasury stock repurchase (in shares) | 0 | |||||||
Tax benefit from exercise of stock options | $ 20,908 | 20,908 | ||||||
Dividends on common stock | (2,914) | (2,914) | ||||||
Share-based compensation expense | 29,858 | 29,858 | ||||||
Purchase of shares from noncontrolling interests | (2,229) | 1,332 | (3,561) | |||||
Distributions to noncontrolling interests | (697) | (697) | ||||||
Noncontrolling Interest, Decrease from Deconsolidation | (1,969) | (1,969) | ||||||
Ending Balance (in shares) at Oct. 31, 2016 | 48,785,000 | 3,290,000 | ||||||
Ending Balance at Oct. 31, 2016 | $ 2,700,035 | $ 4,879 | $ (360,149) | $ 329 | $ 1,493,965 | $ (489,600) | $ 2,050,443 | $ 168 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | ||
Cash flows from operating activities: | ||||
Net income | $ 274,934 | $ 205,144 | $ 271,829 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization expense | 198,274 | 191,403 | 138,201 | |
Share-based compensation expense | 29,858 | 32,879 | 36,515 | |
Loss on disposal of property, plant and equipment | 30,607 | 42,415 | 9,814 | |
Deferred income taxes | (10,725) | 5,582 | (16,005) | |
Excess tax benefit from share-based compensation awards | (19,801) | (17,300) | (19,300) | |
Provision for doubtful accounts | 2,561 | (69) | 764 | |
Change in assets and liabilities: | ||||
Accounts receivable | 1,645 | (4,528) | (5,167) | |
Inventories | 12,249 | (37,357) | (7,582) | |
Other assets | (5,171) | (22,595) | (13,468) | |
Accounts payable | (10,465) | 10,108 | 1,288 | |
Accrued liabilities | 9,065 | (10,658) | 34,017 | |
Accrued income taxes | (8,920) | (4,342) | 18,098 | |
Other long-term liabilities | 5,526 | 288 | 5,819 | |
Cash provided by operating activities | 509,637 | 390,970 | 454,823 | |
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (152,640) | (243,023) | (238,065) | |
Acquisitions of businesses, net of cash acquired, and other | (266,139) | (44,924) | (1,109,702) | |
Insurance proceeds received | 0 | 0 | 1,359 | |
Cash used in investing activities | (418,779) | (287,947) | (1,346,408) | |
Cash flows from financing activities: | ||||
Proceeds from long-term debt | 1,577,300 | 1,201,300 | 2,561,700 | |
Repayments of long-term debt | (1,460,402) | (1,372,129) | (1,666,441) | |
Net (repayments of) proceeds from short-term debt | (131,857) | 184,787 | (7,331) | |
Payment of loan notes issued for Sauflon acquisition | 0 | (51,208) | 0 | |
Repurchase of common stock | 0 | (67,304) | (75,778) | |
Net proceeds (payments) related to share-based compensation awards | 7,214 | (4,816) | 8,585 | |
Excess tax benefit from share-based compensation awards | 19,801 | 17,300 | 19,300 | |
Purchase of Origio shares from noncontrolling interests | (2,229) | (8,070) | 0 | |
Dividends on common stock | (2,914) | (2,906) | (2,884) | |
Debt issuance costs | (12,583) | 0 | (925) | |
Distributions to noncontrolling interests | (697) | (1,110) | (2,438) | |
Payment of contingent consideration | (500) | (3,231) | (3,819) | |
Proceeds from construction allowance | 5,485 | 710 | 12,196 | |
Cash (used in) provided by financing activities | (1,382) | (106,677) | 842,165 | |
Effect of exchange rate changes on cash and cash equivalents | (5,085) | (5,142) | (2,751) | |
Net increase (decrease) in cash and cash equivalents | 84,391 | (8,796) | (52,171) | |
Cash and cash equivalents at beginning of year | 16,426 | 25,222 | 77,393 | |
Cash and cash equivalents at end of year | 100,817 | 16,426 | 25,222 | |
Supplemental disclosures of cash flow information: | ||||
Interest, net of amounts capitalized | 23,738 | 14,035 | 4,149 | |
Income taxes | 29,376 | 12,167 | 15,918 | |
Litigation settlement charges | $ 0 | $ 17,000 | 0 | |
Sauflon [Member] | ||||
Supplemental disclosures of cash flow information: | ||||
Fair value of assets acquired | 1,305,828 | |||
Cash paid, net of cash acquired | 1,063,077 | |||
Loan notes issued (1) | [1] | 57,954 | ||
Liabilities assumed | 184,797 | |||
Business Combination, Consideration Transferred | $ 1,130,000 | |||
[1] | The loan notes issued at acquisition were fully paid in fiscal 2015. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 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 Company TM 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, markets and offers services within a broad range of medical devices and procedure solutions to improve health care delivery to families. Estimates and Critical Accounting Policies 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 described in this section 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. • Revenue recognition - We recognize product net sales, net of discounts, returns and rebates in accordance with related accounting standards and SEC Staff Accounting Bulletins. As required by these standards, we recognize revenue when it is realized or realizable and earned, based on terms of sale with the customer, where persuasive evidence of an agreement exists, delivery has occurred, the seller's price is fixed and determinable and collectability is reasonably assured. For contact lenses as well as CooperSurgical's medical devices, surgical instruments, accessories, diagnostic products and services, this primarily occurs when title and risk of ownership transfers to our customers, and/or when services are rendered. We believe our revenue recognition policies are appropriate in all circumstances, and that our policies are reflective of our customer arrangements. We record, based on historical statistics, estimated reductions to revenue for customer incentive programs offered including cash discounts, promotional and advertising allowances, volume discounts, contractual pricing allowances, rebates and specifically established customer product return programs. We record taxes collected from customers on a net basis, as these taxes are not included in net sales. • Net realizable value of inventory - In assessing the value of inventories, we make estimates and judgments regarding aging of inventories and other relevant issues potentially affecting the saleable condition of products and estimated prices at which those products will sell. On an ongoing basis, we review the carrying value of our inventory, measuring number of months on hand and other indications of saleability. We reduce the value of inventory if there are indications that the carrying value is greater than market, resulting in a new, lower-cost basis for that inventory. Subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. While estimates are involved, historically, obsolescence has not been a significant factor due to long product dating and lengthy product life cycles. • Valuation of goodwill - We account for goodwill and evaluate our goodwill balances and test them for impairment annually during the fiscal third quarter and when an event occurs or circumstances change such that it is reasonably possible that impairment may exist in accordance with related accounting standards. We performed our annual impairment test in our fiscal third quarter of 2016 , and our analysis indicated that we had no impairment of goodwill. We performed our annual impairment test in our fiscal third quarter of 2015 and concluded that we had no impairment of goodwill in that year. In fiscal 2016 and 2015 , we performed qualitative assessments to test each reporting unit's goodwill for impairment. Qualitative factors considered in this assessment include industry and market considerations, overall financial performance and other relevant events and factors affecting each reporting unit. Based on our qualitative assessment, if we determine that the fair value of a reporting unit is more likely than not to be less than its carrying amount, the two-step impairment test will be performed. Initially, we compare the book value of net assets to the fair value of each reporting unit that has goodwill assigned to it. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of the impairment. A reporting unit is the level of reporting at which goodwill is tested for impairment. Our reporting units are the same as our business segments - CooperVision and CooperSurgical - reflecting the way that we manage our business. Goodwill impairment analysis and measurement is a process that requires significant judgment. If our common stock price trades below book value per share, there are changes in market conditions or a future downturn in our business, or a future annual goodwill impairment test indicates an impairment of our goodwill, we may have to recognize a non-cash impairment of our goodwill that could be material, and could adversely affect our results of operations in the period recognized and also adversely affect our total assets, stockholders' equity and financial condition. • Business combinations - We routinely consummate business combinations. Results of operations for acquired companies are included in our consolidated results of operations from the date of acquisition. We recognize separately from goodwill, the identifiable assets acquired, including acquired in-process research and development, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date fair values as defined by accounting standards related to fair value measurements. As of the acquisition date, goodwill is measured as the excess of consideration given, generally measured at fair value, and the net of the acquisition date fair values of the identifiable assets acquired and the liabilities assumed. Direct acquisition costs are expensed as incurred. • Income taxes - We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. As part of the process of preparing our consolidated financial statements, we must estimate our income tax expense for each of the jurisdictions in which we operate. This process requires significant management judgments and involves estimating our current tax exposures in each jurisdiction including the impact, if any, of additional taxes resulting from tax examinations as well as judging the recoverability of deferred tax assets. To the extent recovery of deferred tax assets is not likely based on our estimation of future taxable income in each jurisdiction, a valuation allowance is established. Tax exposures can involve complex issues and may require an extended period to resolve. Frequent changes in tax laws in each jurisdiction complicate future estimates. To determine the tax rate, we are required to estimate full-year income and the related income tax expense in each jurisdiction. We update the estimated effective tax rate for the effect of significant unusual items as they are identified. Changes in the geographic mix or estimated level of annual pre-tax income can affect the overall effective tax rate, and such changes could be material. Regarding accounting for uncertainty in income taxes, 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. We measure the income tax benefits from the tax positions that are recognized, assess the timing of the derecognition of previously recognized tax benefits and classify and disclose the liabilities within the consolidated financial statements for any unrecognized tax benefits based on the guidance in the interpretation of related accounting guidance for income taxes. The interpretation also provides guidance on how the interest and penalties related to tax positions may be recorded and classified within our Consolidated Statement of Income and presented in the Consolidated Balance Sheet. We classify interest and penalties related to uncertain tax positions as additional income tax expense. • Share-Based Compensation - We grant various share-based compensation awards, including stock options, performance unit shares, restricted stock and restricted stock units. Under fair value recognition provisions, share-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. Determining the fair value of share-based awards at the grant date requires judgment, including estimating Cooper's stock price volatility, employee exercise behaviors and related employee forfeiture rates. The expected life of the share-based awards is based on the observed and expected time to post-vesting forfeiture and/or exercise. Groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. In determining the expected volatility, management considers implied volatility from publicly-traded options on Cooper's common stock at the date of grant, historical volatility and other factors. The risk-free interest rate is based on the continuous rates provided by the United States Treasury with a term equal to the expected life of the award. The dividend yield is based on the projected annual dividend payment per share, divided by the stock price at the date of grant. As share-based compensation expense recognized in our Consolidated Statement of Income is based on awards ultimately expected to vest, the amount of expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant, based on historical experience, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If factors change and we employ different assumptions in the application of the fair value recognition provisions, the compensation expense that we record in future periods may differ significantly from what we have recorded in the current period. Accounting Pronouncements Issued and Not Yet Adopted In October 2016, the FASB issued Accounting Standards Update ("ASU") 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which requires entities to recognize the income tax consequences on an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU changes the timing of the recognition of the income tax consequences of non-inventory transfers which under current guidance defers the income tax consequences until the asset is sold to an outside party or otherwise recognized. The guidance for the amendments of ASU 2016-16 requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. We are currently evaluating the impact of ASU 2016-16 which is effective for the Company in our fiscal year and interim periods beginning on November 1, 2018. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes the following aspects of the accounting for share-based payment award transactions, including: accounting for income taxes; classification of excess tax benefits on the statement of cash flows; forfeitures; minimum statutory tax withholding requirements; and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. We are currently evaluating the impact of ASU 2016-09, which is effective for the Company in our fiscal year and interim periods beginning on November 1, 2017. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. We are currently evaluating the impact of ASU 2016-02, which is effective for the Company in our fiscal year and interim periods beginning on November 1, 2019. Balance Sheet Classification of Deferred Taxes , which requires entities to present all deferred tax assets and liabilities as noncurrent. The amendments in the ASU are effective for the Company in our fiscal year and interim periods beginning on November 1, 2017. The Company does not expect the new guidance to have a material impact on the Company’s consolidated financial statements. 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. We are currently evaluating the impact of ASU 2014-09, which is effective for the Company in our fiscal year beginning on November 1, 2018. Accounting Pronouncements Recently Adopted In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (Topic 850) . ASU 2015-16 requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendment should be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with early adoption permitted for financial statements that have not been issued. We elected to early adopt this guidance on a prospective basis for the quarter ended July 31, 2016. Such adoption did not have a material impact to our consolidated financial position. In April 2015, the FASB issued Accounting Standards Update (ASU) 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We elected to early adopt this guidance as a change in accounting principle on a retrospective basis in the fiscal first quarter ended January 31, 2016. As of January 31, 2016 and October 31, 2015, we have presented debt issuance costs related to our term loans, previously reported in other assets, as direct deductions from the carrying amount of the debt liability. We also presented the debt issuance costs related to our revolving credit facility as a deferred asset within other assets, as permitted by ASU 2015-15, Imputation of Interest , which was issued in August 2015. Such adoption did not have a material impact to our consolidated financial position. Consolidation The financial statements in this report include the accounts of all of Cooper's consolidated entities. All significant intercompany transactions and balances are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year's presentation. Foreign Currency Translation Most of our operations outside the United States use their local currency as their functional currency. We translate these assets and liabilities into United States dollars at year-end exchange rates. We translate income and expense accounts at weighted average rates for each year. We record gains and losses from the translation of financial statements in foreign currencies into United States dollars in other comprehensive income. We record gains and losses from changes in exchange rates on transactions denominated in currencies other than each reporting location's functional currency in net income for each period. We recorded in other expense and income a net foreign exchange loss of $1.6 million for fiscal 2016 , $3.5 million for fiscal 2015 , and $2.9 million for fiscal 2014 . Financial Instruments We may use derivatives to reduce market risks associated with changes in foreign exchange and interest rates. We do not use derivatives for trading or speculative purposes. We believe that the counterparties with which we enter into forward exchange contracts and interest rate swap agreements are financially sound and that the credit risk of these contracts is not significant. We operate multiple foreign subsidiaries that manufacture and/or sell our products worldwide. As a result, our earnings, cash flow and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables, sales transactions, capital expenditures and net investment in certain foreign operations. Our policy is to minimize, to the extent reasonable and practical, transaction, remeasurement and specified economic exposures with derivatives instruments such as foreign exchange forward contracts and cross currency swaps. The gains and losses on these derivatives are intended to at least partially offset the transaction gains and losses recognized in earnings. Exposures are reduced whenever possible by taking advantage of offsetting payable and receivable balances and netting net sales against expenses, also referred to as natural hedges. We may employ the use of foreign currency derivative instruments to manage a portion of the remaining foreign exchange risk. Our risk management objectives and the strategies for achieving those objectives depend on the type of exposure being hedged. We are also exposed to risks associated with changes in interest rates, as the interest rate on our credit agreements vary. To mitigate this risk, we may hedge portions of our variable rate debt by swapping those portions to fixed rates. We only enter into derivative financial instruments with institutions with which we have an International Swap Dealers Association (ISDA) agreement in place. When applicable, we record interest rate derivatives as net on our Consolidated Balance Sheet, in accordance with derivative accounting. When we net or set-off our interest rate derivative obligations, only the net asset or liability position will be credit affected. We had no outstanding interest rate swaps at October 31, 2016. Since ISDA agreements are signed between the Company and each respective financial institution, netting is permitted on a per institution basis only. On an ongoing basis, we monitor counterparty credit ratings. We consider our credit non-performance risk to be minimal because we award and disperse derivatives business between multiple commercial institutions that have at least an investment grade credit rating. Effectiveness testing of the hedge relationship and measurement to quantify ineffectiveness is performed at a minimum each fiscal quarter using the hypothetical derivative method. Effective amounts are reclassified to interest expense as the related hedged expense is incurred. Litigation We are subject to various legal proceedings, claims, litigation, investigations and contingencies arising out of the ordinary course of business. If we believe the likelihood of an adverse legal outcome is probable and the amount is estimable, we accrue a liability in accordance with accounting guidance for contingencies. We consult with legal counsel on matters related to litigation and seek input both within and outside the Company. Long-lived Assets We review long-lived assets held and used, intangible assets with finite useful lives and assets held for sale for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an evaluation of recoverability is required, the estimated undiscounted future cash flows associated with the asset group are compared to the asset group's carrying amount to determine if a write-down is required. If the undiscounted cash flows are less than the carrying amount, an impairment loss is recorded to the extent that the carrying amount exceeds the fair value. If management has committed to a plan to dispose of long-lived assets, the assets to be disposed of are reported at the lower of carrying amount or fair value less estimated costs to sell. CooperVision provides optometric practices with in-office lenses used in marketing programs to facilitate efficient and convenient fitting of contact lenses by practitioners. Such lens fitting sets generally consist of a physical binder or rack to store contact lenses and an array of lenses. We record the costs associated with the original fitting set to other long-term assets on our Consolidated Balance Sheet. We amortize such costs over their estimated useful lives to selling, general and administrative expense on our Consolidated Statements of Income. We also expense the cost for lenses provided to practitioners as replenishment for fitting sets in the period shipped to selling, general and administrative expense on our Consolidated Statements of Income. Cash and Cash Equivalents Cash and cash equivalents include short-term income producing investments with maturity dates of three months or less. These investments are readily convertible to cash and are carried at cost, which approximates market value. Inventories October 31, (In millions) 2016 2015 Raw materials $ 86.0 $ 80.9 Work-in-process 12.6 14.5 Finished goods 319.1 324.3 $ 417.7 $ 419.7 Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard cost that approximates actual cost, on a first-in, first-out basis. Property, Plant and Equipment October 31, (In millions) 2016 2015 Land and improvements $ 18.2 $ 19.8 Buildings and improvements 259.9 226.1 Machinery and equipment 1,171.1 1,085.1 Construction in progress 154.1 319.7 Less: Accumulated depreciation 725.6 683.6 $ 877.7 $ 967.1 Property, plant and equipment are stated at cost. We compute depreciation using the straight-line method in amounts sufficient to write off depreciable assets over their estimated useful lives. We amortize leasehold improvements over their estimated useful lives or the period of the related lease, whichever is shorter. We depreciate buildings over 30 to 40 years and machinery and equipment over 3 to 15 years. We expense costs for maintenance and repairs and capitalize major replacements, renewals and betterments. We eliminate the cost and accumulated depreciation of depreciable assets retired or otherwise disposed of from the asset and accumulated depreciation accounts and reflect any gains or losses in operations for the period. We had capitalized interest included in construction in progress of $3.1 million and $6.2 million for the years ended October 31, 2016 and 2015 , respectively. Earnings Per Share We determine basic earnings per share (EPS) by using the weighted average number of shares outstanding. We determine diluted EPS by increasing the weighted average number of shares outstanding in the denominator by the number of outstanding dilutive equity awards using the treasury stock method. Treasury Stock We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. At October 31, 2016 and 2015 , the number of shares in treasury was 3,290,318 and 3,290,318 , respectively. No shares were purchased during the year ended October 31, 2016 , and 467,539 shares were purchased during the year ended October 31, 2015 . See Note 8 for additional information on the share repurchase program. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal Year 2016 On September 6, 2016 , we completed the acquisition of Soflex, an Israel based manufacturer and distributor of soft contact lenses. The fair value of the consideration transferred for the acquisition was approximately $15.1 million , $14.3 million net of cash acquired. Our preliminary allocation of the fair value of the purchase price includes $7.8 million in identifiable intangible assets, consisting of $6.7 million for customer relationships, $1.0 million for trade names and $0.1 million for non-compete agreement; $9.0 million in goodwill; and $1.7 million in identifiable net liabilities. We are in the process of finalizing information related to assets, liabilities, income taxes and the corresponding effect on goodwill. On May 31, 2016 we completed the acquisition of Reprogenetics UK, a UK based genetics laboratory specializing in service offerings of preimplantation genetic screening (PGS) and preimplantation genetic diagnosis (PGD) used during the IVF process. The fair value of the consideration transferred for the acquisition was approximately $11.7 million , $11.4 million net of cash acquired. Our preliminary allocation of the fair value of the purchase price includes $6.3 million in identifiable intangible assets, consisting of $5.1 million for customer relationships and $1.2 million for trade names; $5.6 million in goodwill; and $0.2 million in identifiable net liabilities. We are in the process of finalizing information related to income taxes and the corresponding effect on goodwill. On May 25, 2016 , we completed the acquisition of Recombine Inc., a U.S. based clinical genetic testing company specializing in carrier screening. The fair value of the consideration transferred for the acquisition was approximately $84.9 million , $84.4 million net of cash acquired. Our preliminary allocation of the fair value of the purchase price includes $30.0 million in identifiable intangible assets, consisting of $23.1 million for technology, $2.4 million for customer relationships and $4.5 million for trade names; $65.4 million in goodwill; and $10.5 million in identifiable net liabilities. We are in the process of finalizing information related to certain assets, income taxes and the corresponding effect on goodwill. On May 4, 2016 , we completed the acquisition of Kivex Biotec A/S (K-Systems), a Danish manufacturer and distributor of equipment for IVF clinics. The fair value of the consideration transferred for the acquisition was approximately $11.7 million , $11.5 million net of cash acquired. Our preliminary allocation of the fair value of the purchase price includes $5.4 million in identifiable intangible assets, consisting of $3.6 million for Technology, $1.0 million for trade names and $0.8 million for customer relationships; $5.6 million in goodwill; and $0.7 million in identifiable net tangible assets. We are in the process of finalizing information related to income taxes and the corresponding effect on goodwill. On March 31, 2016 we completed the acquisition of Genesis Genetics Inc., a U.S. based genetics laboratory specializing in PGS and PGD used during the IVF process. The fair value of the consideration transferred for the acquisition was approximately $61.1 million in cash, $60.5 million net of cash acquired. Our preliminary allocation of the fair value of the purchase price includes $28.6 million in identifiable intangible assets, consisting of $25.2 million for customer relationships and $3.4 million for trade names; $28.7 million in goodwill; and $3.8 million in identifiable net tangible assets. We are in the process of finalizing information related to income taxes and the corresponding effect on goodwill. On February 8, 2016 , we completed the acquisition of The Pipette Company, an Australian manufacturer and distributor of micro pipettes for the Assisted Reproductive Technology market. The fair value of the consideration transferred for the acquisition was approximately $20.2 million in cash, $19.6 million net of cash acquired. Our preliminary allocation of the fair value of the purchase price includes $5.6 million in identifiable intangible assets, consisting of $5.2 million for customer relationships and $0.4 million for trade names; $15.0 million in goodwill; and $0.4 million in identifiable net liabilities. We are in the process of finalizing information related to income taxes and the corresponding effect on goodwill. On December 17, 2015 , we completed the acquisition of Research Instruments Limited, a UK manufacturer and supplier of IVF medical devices and systems. The fair value of the consideration transferred for the acquisition was approximately $53.6 million in cash, $50.0 million net of cash acquired. Our allocation of the fair value of the purchase price includes $10.3 million in identifiable intangible assets, consisting of $6.2 million for developed technology, $2.2 million of trade names and $1.9 million for customer relationships; $35.8 million in goodwill; and $7.6 million in identifiable net tangible assets. Fiscal Year 2015 On August 7, 2015 , we completed the acquisition of Reprogenetics LLC, a U.S. based genetics laboratory specializing in PGS and PGD used during the IVF process. The fair value of the consideration transferred for the acquisition was approximately $47.7 million in cash, $44.1 million net of cash acquired. Our allocation of the fair value of the purchase price includes $24.2 million in identifiable intangible assets, consisting of $21.0 million for customer relationships and $3.2 million of trade name; $16.9 million in goodwill; and $6.6 million in identifiable net tangible assets. We believe these acquisitions strengthen CooperSurgical's business through the addition of new or complementary products and services within IVF and our genetic testing platform. The pro forma results of operations of these acquisitions have not been presented because the effects of the business combinations described above, individually and in the aggregate, were not material to our consolidated results of operations. Fiscal Year 2014 Sauflon Acquisition On August 6, 2014 , which we refer to as the Sauflon acquisition date, we completed the acquisition of the entire issued share capital of Sauflon Pharmaceuticals Limited (Sauflon), a privately-owned European manufacturer and distributor of soft contact lenses and solutions, that was based in Twickenham, United Kingdom. The fair value of the consideration transferred for Sauflon was approximately $1,073.2 million in cash, $1,063.1 million net of cash acquired, and approximately $58.0 million in the form of loan notes issued by Cooper. The loan notes were denominated in British pounds and redeemed and paid in our fiscal second quarter of 2015. We acquired Sauflon to accelerate the growth in sales of our single-use products by enabling a multi-tier, single-use strategy with a full suite of hydrogel and silicone hydrogel product offerings in the major product categories of sphere, toric and multifocal lenses. This acquisition was also intended to provide for enhanced relationships with key European retailers and opportunities for operational synergies. The acquisition was accounted for under the acquisition method of accounting, and the related assets acquired and liabilities assumed were recorded at fair value. While the acquisition was completed on August 6, 2014, we accounted for the acquisition as of August 1, 2014, and have included the operating results of Sauflon in our CooperVision business segment from that date. The impact of Sauflon's results of operations for the period August 1, 2014 through August 5, 2014 on our CooperVision business segment results of operations was de minimis. Similarly, we have determined that any difference in the fair value of assets acquired and liabilities assumed with respect to Sauflon between August 1, 2014 and August 6, 2014 was de minimis. The following table summarizes our consideration paid for Sauflon and the allocation of the purchase price to assets acquired and liabilities assumed. We repaid substantially all of the acquired debt concurrently with the acquisition with our available funds. (In millions) Useful Lives of Intangible Assets Fair Value Goodwill $ 856.2 Trademarks 10 years $ 7.2 Technology 10 years 138.2 Customer relationships 15 years 39.3 License and distribution rights and other 2 to 5 years 51.6 In-process research and development N/A 43.1 Purchased intangible assets $ 279.4 Cash and cash equivalents $ 10.1 Property, plant and equipment 83.9 Inventories 36.2 Trade accounts receivable 42.3 Other current assets 6.9 Debt (85.1 ) Accounts payable (23.6 ) Long term deferred tax liabilities (56.7 ) Other creditors and current liabilities (18.5 ) Net tangible liabilities $ (4.5 ) Total purchase consideration $ 1,131.1 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized. The goodwill recorded as part of the acquisition of Sauflon was ascribed to our CooperVision business segment and is not amortized. This goodwill includes the following: â–Ş The expected synergies and other benefits that we believe will result from combining the operations of Sauflon with the operations of CooperVision; â–Ş Any intangible assets that did not qualify for separate recognition, as well as future, yet unidentified projects and products; and â–Ş The value of the going-concern element of Sauflon's existing businesses (the higher rate of return on the assembled collection of net assets versus if CooperVision had acquired all of the net assets separately). Management determined fair values of the identifiable intangible assets through a combination of income approaches including relief from royalty, with-and-without, multi-period excess earnings and disaggregated methods. The valuation models were based on estimates of future operating projections of the acquired business and rights to sell products as well as judgments on the discount rates used and other variables. We determined the forecasts based on a number of factors, including our best estimate of near-term net sales expectations and long-term projections, which include review of internal and independent market analyses. The discount rate used was representative of the weighted average cost of capital. The unaudited pro forma financial results presented below for the fiscal years ended October 31, 2014 and 2013, include the effects of pro forma adjustments as if the acquisition occurred on November 1, 2012. The pro forma results were prepared using the acquisition method of accounting and combine the historical results of Cooper and Sauflon for the fiscal years ended October 31, 2014 and 2013, including the effects of the business combination, primarily amortization expense related to the fair value of identifiable intangible assets acquired, interest expense associated with the financing obtained by Cooper in connection with the acquisition, and the elimination of incurred acquisition-related costs. The fiscal 2014 unaudited pro forma financial information is not adjusted to exclude $36.1 million of restructuring costs and costs incurred in the fiscal year to integrate the operations of Cooper with Sauflon. The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the earliest period presented, nor is it intended to be a projection of future results. Years Ended October 31, (In millions, except per share amounts, pro forma, unaudited) 2014 2013 Revenue $ 1,858.2 $ 1,746.3 Net income attributable to Cooper stockholders $ 276.0 $ 284.9 Diluted earnings per share $ 5.64 $ 5.73 The pro forma results for fiscal 2014 were adjusted to include pre-tax amortization of intangible assets totaling $22.2 million , and an additional $6.4 million of interest expense. The pro forma results were adjusted to exclude pre-tax acquisition-related costs totaling $20.4 million . The pro forma results for fiscal 2013 were adjusted to include pre-tax amortization of intangible assets totaling $29.7 million and an additional $9.3 million of interest expense. |
Restructuring and Integration C
Restructuring and Integration Costs | 12 Months Ended |
Oct. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Integration Costs | Restructuring and Integration Costs 2014 Sauflon Integration Plan During the fiscal fourth quarter of 2014, in connection with the Sauflon acquisition, our CooperVision business unit initiated restructuring and integration activities to optimize operational synergies of the combined companies. These activities include product and equipment rationalization, workforce reductions and consolidation of duplicative facilities. As of October 31, 2016 , our activities related to this restructuring and integration plan were complete. The total restructuring costs under this plan were $148.3 million . In fiscal 2016, we recorded in cost of sales $56.4 million of expense, arising from production-related asset disposals, accelerated depreciation on equipment, and inventory rationalization, primarily related to older lens products, based on our review of products, materials and manufacturing processes of Sauflon. We recorded in cost of sales $1.1 million of employee termination costs. We recorded in selling, general and administrative expense a reduction of $1.1 million due to decreased expected employee termination payments; and we recorded $0.2 million of expense for lease termination costs. In addition, CooperVision incurred $10.0 million of integration costs in fiscal 2016, included in operating expenses. In fiscal 2015, we recorded in cost of sales $57.7 million of expense, arising from production-related asset disposals and accelerated depreciation on equipment, primarily related to our hydrogel lenses, based on our review of products, materials and manufacturing processes of Sauflon. We recorded in cost of sales $4.0 million of employee termination costs. We recorded in selling, general and administrative expense a reduction of $7.2 million , as a result of decreased estimates in expected employee termination costs and voluntary terminations; and we recorded $0.4 million of expense for lease termination costs. We recorded in research and development expense $0.7 million of employee termination costs. In addition, CooperVision incurred $35.2 million of integration costs in fiscal 2015, included in operating expenses. In fiscal 2014, we recorded restructuring charges of $20.3 million for employee termination costs; $15.3 million for product rationalization, including inventory write-offs and production-related asset impairments, primarily related to our Avaira toric contact lenses, based on our review of products, materials and manufacturing processes of Sauflon; and $0.5 million of lease termination costs for facility closures. In addition, CooperVision incurred $2.8 million of integration costs recorded in selling, general and administrative expense. Of the employee termination costs, $19.7 million are recorded in selling, general and administrative expense and $0.6 million in research and development expense. The product rationalization costs are recorded in cost of sales. The lease termination costs and other related costs are recorded in selling, general and administrative expense. A summary of the total restructuring costs by major component recognized for the fiscal years ended October 31, 2016, October 31, 2015, and October 31, 2014, is as follows: (In millions) Employee-related Facilities-related Product Rationalization Total Amounts incurred in: Year ended October 31, 2014 $ 20.3 $ 0.5 $ 15.3 $ 36.1 Year ended October 31, 2015 (2.5 ) 0.4 57.7 55.6 Year ended October 31, 2016 — 0.2 56.4 56.6 Cumulative amounts as of October 31, 2016 $ 17.8 $ 1.1 $ 129.4 $ 148.3 The following table summarizes the restructuring activities by major component: (In millions) Employee-related Facilities-related Product Rationalization Total Additions during fiscal 2014 $ 20.3 $ 0.5 $ 15.3 $ 36.1 Payments during the fiscal year (0.4 ) — — (0.4 ) Non-cash adjustments (b) — — (15.3 ) (15.3 ) Balance at October 31, 2014 $ 19.9 $ 0.5 $ — $ 20.4 (Reductions) additions during fiscal 2015 (2.5 ) 0.4 57.7 55.6 Payments during the fiscal year (9.0 ) (0.4 ) — (9.4 ) Non-cash adjustments (a) (b) 0.2 (0.2 ) (57.7 ) (57.7 ) Balance at October 31, 2015 $ 8.6 $ 0.3 $ — $ 8.9 Additions during fiscal 2016 — 0.2 56.4 56.6 Payments during the fiscal year (5.2 ) (0.2 ) — (5.4 ) Non-cash adjustments (a) (b) (0.6 ) — (56.4 ) (57.0 ) Balance at October 31, 2016 $ 2.8 $ 0.3 $ — $ 3.1 (a) Non-cash adjustments for employee-related and facilities-related costs represent currency translation adjustment. (b) Non-cash adjustments for product rationalization represent equipment disposals, inventory write-offs and accelerated depreciation. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Oct. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Goodwill (In millions) CooperVision CooperSurgical Total Balance as of October 31, 2014 $ 1,861.5 $ 359.4 $ 2,220.9 Net (reductions) additions during the year ended October 31, 2015 (1.2 ) 17.4 16.2 Translation (32.7 ) (7.3 ) (40.0 ) Balance as of October 31, 2015 $ 1,827.6 $ 369.5 $ 2,197.1 Net additions during the year ended October 31, 2016 9.1 156.9 166.0 Translation (190.3 ) (8.1 ) (198.4 ) Balance as of October 31, 2016 $ 1,646.4 $ 518.3 $ 2,164.7 Of the October 31, 2016 goodwill balance, $117.9 million for CooperSurgical and $19.7 million for CooperVision is expected to be deductible for tax purposes. Other Intangible Assets As of October 31, 2016 As of October 31, 2015 (In millions) Gross Carrying Amount Accumulated Amortization & Translation Gross Carrying Amount Accumulated Amortization & Translation Weighted Average Amortization Period (In years) Trademarks $ 36.6 $ 6.8 $ 23.7 $ 4.4 12 Technology 354.8 139.3 318.9 114.7 11 Customer relationships 285.7 121.9 247.0 104.5 13 License and distribution rights and other 65.8 33.8 71.7 26.6 9 742.9 $ 301.8 661.3 $ 250.2 12 Less accumulated amortization and translation 301.8 250.2 Other intangible assets, net $ 441.1 $ 411.1 Included in Technology at October 31, 2016, is $7.4 million of acquired in-process research and development from Sauflon that is not amortized. Included in Technology at October 31, 2015 is $39.5 million of acquired in-process research and development from Sauflon, of which $2.3 million was written off and $29.8 million has been placed in service in during fiscal 2016. See Note 2. Acquisitions for additional information on acquired intangible assets from Sauflon. We estimate that amortization expense for our existing other intangible assets will be approximately $58.5 million in fiscal 2017, $56.5 million in fiscal 2018, $54.2 million in fiscal 2019, $44.7 million in fiscal 2020 and $43.1 million in fiscal 2021. |
Debt
Debt | 12 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt October 31, (In millions) 2016 2015 Short-term: Overdraft and other credit facilities $ 17.1 $ 240.4 Current portion of long-term debt 210.7 3.8 Less: unamortized debt issuance cost (1.5 ) (0.4 ) $ 226.3 $ 243.8 Long term: Credit Agreement $ — $ 109.0 Term loans 1,111.2 996.3 Other 0.2 0.5 Less: unamortized debt issuance cost (4.0 ) (0.4 ) $ 1,107.4 $ 1,105.4 Annual maturities of long-term debt as of October 31, 2016 , are as follows: Year (In millions) 2017 $ — 2018 $ 281.2 2019 $ — 2020 $ — 2021 $ 830.2 Thereafter $ — Revolving Credit and Term Loan Agreement on March 1, 2016 (2016 Credit Agreement) On March 1, 2016 , we entered into a new Revolving Credit and Term Loan Agreement (2016 Credit Agreement), among the Company, CooperVision International Holding Company, LP, the lenders party thereto and KeyBank National Association, as administrative agent. The 2016 Credit Agreement provides for a multicurrency revolving credit facility in an aggregate principal amount of $1.0 billion and a term loan facility in an aggregate principal amount of $830.0 million , each of which, unless terminated earlier, mature on March 1, 2021 . In addition, we have the ability from time to time to request an increase to the size of the revolving credit facility or establish one or more new term loans under the term loan facility in an aggregate amount up to $750.0 million , subject to the discretionary participation of the lenders. The 2016 Credit Agreement replaced our previous Credit Agreement that was entered into on January 12, 2011 (2011 Credit Agreement), and we terminated the 2011 Credit Agreement on March 1, 2016. In connection with the termination, all borrowings outstanding under the 2011 Credit Agreement were repaid and all letters of credit outstanding were transferred to the 2016 Credit Agreement. We did not incur any termination or prepayment penalties with respect to replacing the 2011 Credit Agreement. We used funds from the new term loan to repay the $200.0 million outstanding principal amount of the two uncommitted revolving lines of credit, entered into on March 24, 2015, as well as to partially repay outstanding amounts under the term loans entered into on August 4, 2014, and September 12, 2013, and for general corporate purposes. Amounts outstanding under the 2016 Credit Agreement will bear interest, at our option, at either the base rate, or the adjusted LIBO rate or adjusted foreign currency rate (each as defined in the 2016 Credit Agreement), plus, in each case, an applicable rate of between 0.00% and 0.75% , in respect of base rate loans and between 1.00% and 1.75% in respect of adjusted LIBO rate or adjusted foreign currency rate loans, in each case in accordance with a pricing grid tied to the Total Leverage Ratio, as defined in the 2016 Credit Agreement. We pay an annual commitment fee that ranges from 0.125% to 0.25% of the unused portion of the revolving credit facility depending on certain financial ratios. In addition to the annual commitment fee described above, we are also required to pay certain letter of credit and related fronting fees and other administrative fees pursuant to the terms of the 2016 Credit Agreement. The 2016 Credit Agreement is not secured by any of the Company's, or any of its subsidiaries’ (including CooperVision International Holding Company), assets. All obligations under this facility will be guaranteed by each of the Company’s existing and future direct and indirect domestic material subsidiaries, as defined in the 2016 Credit Agreement. CooperVision International Holding Company is responsible only for its own obligations, if any, and does not guarantee any of the Company’s obligations under the 2016 Credit Agreement. The facility is not subject to amortization and is not subject to mandatory prepayments prior to maturity. We may prepay loan balances from time to time, in whole or in part, without premium or penalty (other than any related breakage costs). The 2016 Credit Agreement contains customary restrictive covenants, as well as financial covenants that require us to maintain a certain total leverage ratio and interest coverage ratio, each as defined in the 2016 Credit Agreement. The 2016 Credit Agreement also contains customary events of default, the occurrence of which would permit KeyBank as the administrative agent to declare the principal, accrued interest and other obligations under the agreement to be immediately due and payable. Pursuant to the terms of the 2016 Credit Agreement and the Term Loan Agreements discussed below, we are also required to maintain specified financial ratios: • Interest Coverage Ratio, as defined, to be at least 3.00 to 1.00 at all times. • Total Leverage Ratio, as defined, to be no higher than 3.75 to 1.00. At October 31, 2016 , we were in compliance with the Interest Coverage Ratio at 24.27 to 1.00 and the Total Leverage Ratio at 1.95 to 1.00. At October 31, 2016 , we had $830.0 million outstanding under the term loan and $999.8 million available under the revolving credit agreement. Uncommitted Revolving Lines of Credit on March 24, 2015 On March 24, 2015 , we entered into two uncommitted line of credit agreements with TD Bank, N.A. and Santander Bank, N.A. These lines of credit had a termination date of March 24, 2016 , and each provided revolving loan amounts to Cooper of up to $100.0 million , at the lender's option, with maturity dates of up to ninety days from the loan origination date. Amounts outstanding under these agreements bear interest at a rate equal to LIBOR for the period plus, 0.9% , payable in arrears on the last day of the period, as defined in the agreements. In the fiscal second quarter of 2016, in connection with the refinancing discussed above, we repaid the full outstanding principal amount of the two uncommitted revolving lines of credit and terminated both lines of credit. $700 million Term Loan and $300 million Term Loan On August 4, 2014 , we entered into a three -year, $700.0 million , senior unsecured term loan agreement by and among the Company, the lenders party thereto and KeyBank National Association as administrative agent (2014 Term Loan Agreement). In August 2014, we utilized this facility to fund the acquisition of Sauflon, as well as to provide working capital and for general corporate purposes. We repaid $493.0 million of the outstanding balance in fiscal 2016 using the funds from the 2016 Credit Agreement, as well as from cash provided by operations. On March 1, 2016, we entered into an Amendment and Restatement Agreement (A/R 2014 Term Loan Agreement) to amend and restate in its entirety the 2014 Term Loan Agreement, as amended previously by Amendment No. 1 dated as of August 21, 2015. The A/R 2014 Term Loan Agreement modifies certain provisions of the 2014 Term Loan Agreement to, among other things, conform certain restrictive covenants and events of default to the restrictive covenants and events of default contained in our new 2016 Credit Agreement. The 2014 Term Loan will mature and the balance is payable on August 4, 2017. The 2014 Term Loan has no amortization of principal and we may prepay loan balances from time to time, in whole or in part, without premium or penalty. On September 12, 2013 , we entered into a five -year, $300.0 million , senior unsecured term loan agreement by and among the Company; the lenders party thereto and KeyBank National Association, as administrative agent (2013 Term Loan Agreement). On March 1, 2016, we entered into an Amendment and Restatement Agreement (A/R 2013 Term Loan Agreement) to amend and restate in its entirety the 2013 Term Loan Agreement, as amended previously by Amendment No. 1 dated as of June 30, 2014, Amendment No. 2 dated as of August 4, 2014 and Amendment No. 3 dated as of August 21, 2015. The A/R 2013 Term Loan Agreement modifies certain provisions of the 2013 Term Loan Agreement to, among other things, conform certain restrictive covenants and events of default to the restrictive covenants and events of default contained in our new 2016 Credit Agreement. The 2013 Term Loan will mature on September 12, 2018 , and will be subject to amortization of principal of 5.0% per annum payable quarterly beginning October 31, 2016 , with the balance payable at maturity. In fiscal second quarter of 2016, we repaid $15.0 million of the outstanding balance using the funds from the 2016 Credit Agreement. Amounts outstanding under the 2014 and 2013 A/R Term Loan Agreements (Term Loan Agreements) will bear interest, at our option, at either the base rate, or the adjusted LIBO rate (each as defined in the Term Loan Agreements), plus, in each case, an applicable rate of between 0.00% and 0.50% in respect of base rate loans and between 0.75% and 1.50% in respect of adjusted LIBO rate loans, in each case in accordance with a pricing grid tied to the Total Leverage Ratio, as defined in the Term Loan Agreements. The Term Loan Agreements contain customary restrictive covenants, as well as financial covenants that require us to maintain a certain Total Leverage Ratio and Interest Coverage Ratio, each as defined in the agreements, consistent with the 2016 Credit Agreement discussed above. The Term Loan Agreements also contain customary events of default, consistent with the 2016 Credit Agreement, the occurrence of which would permit the Administrative Agent to declare the principal, accrued interest and other obligations of the Company under the Term Loan Agreements to be immediately due and payable. At October 31, 2016 , we had $207.0 million outstanding under the 2014 Term Loan, and $285.0 million outstanding under the 2013 Term Loan. European Credit Facilities We maintain European credit facilities in the form of continuing and unconditional guarantees. The aggregate facility limit was $34.0 million and $33.2 million at October 31, 2016 and 2015 , respectively. We will pay all forms of indebtedness in the currency in which it is denominated for those certain subsidiaries. Interest expense is calculated on all outstanding balances based on an applicable base rate for each country plus a fixed spread common across most subsidiaries covered under the guaranty. At October 31, 2016 , $0.9 million of the facility was utilized. The weighted average interest rate on the outstanding balances was 7.4% . In addition to these European credit facilities, we also have available certain non-guaranteed Euro-denominated overdraft facilities. The aggregate facility limit was $0.7 million and $0.7 million at October 31, 2016 and 2015 , respectively. At October 31, 2016 , none of this facility was utilized. Asian Pacific Credit Facilities We maintain Yen-denominated credit facilities in Japan supported by continuing and unconditional guarantees. The aggregate facility limit was $56.9 million and $49.7 million at October 31, 2016 and 2015 , respectively. We will pay all forms of indebtedness in Yen upon demand. Interest expense is calculated on the outstanding balance based on the base rate or TIBOR plus a fixed spread. At October 31, 2016 , $14.8 million of the combined facilities was utilized. The weighted average interest rate on the outstanding balances was 0.4% . We maintain credit facilities for certain of our Asia Pacific subsidiaries. Each facility is supported by a continuing and unconditional guaranty. The aggregate facility limit was $11.2 million and $10.9 million at October 31, 2016 and 2015 , respectively. We will pay all forms of indebtedness, for each facility, in the currency in which it is denominated for those certain subsidiaries. Interest expense is calculated on all outstanding balances based on an applicable base rate for each country plus a fixed spread common across all subsidiaries covered under each guaranty. At October 31, 2016 , $0.5 million of the facility was utilized. The weighted average interest rate on the outstanding balances was 3.9% . Letters of Credit We maintain letters of credit throughout the world with various financial institutions that primarily serve as guarantee notes on certain debt obligations. The aggregate outstanding amount of letters of credit at October 31, 2016 and October 31, 2015 was $4.6 million and $2.5 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Cooper's effective tax rate (ETR) (provision for income taxes divided by pretax income) for fiscal 2016 was 7.0% and fiscal 2015 was 4.8% . The increase in the ETR in fiscal 2016 compared to fiscal 2015 was due to an increase in foreign nondeductible integration and transaction expenses, partially offset by renewal of the R&D tax credit and lower state income taxes. The decrease in the ETR in fiscal 2015 compared to fiscal 2014 of 8.3% , was primarily due to discrete items including the renewal of the R&D tax credit in the United States and increase in integration activities. 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. The ratio of domestic income to worldwide income significantly impacts our overall tax rate due to the fact that the tax rates in the majority of foreign jurisdictions where we operate are significantly lower than the statutory rate in the United States. The components of income from continuing operations before income taxes and extraordinary items and the income tax provision related to income from all operations in our Consolidated Statements of Income consist of: Years Ended October 31, (In millions) 2016 2015 2014 Income before income taxes: United States $ 31.5 $ 31.9 $ 32.5 Foreign 264.1 183.6 264.0 $ 295.6 $ 215.5 $ 296.5 Income tax provision $ 20.7 $ 10.3 $ 24.7 The income tax provision (benefit) related to income from continuing operations in our Consolidated Statements of Income consists of: Years Ended October 31, (In millions) 2016 2015 2014 Current: Federal $ 14.6 $ 0.2 $ 23.0 State 1.3 1.2 1.1 Foreign 15.5 3.3 16.6 31.4 4.7 40.7 Deferred: Federal (3.9 ) 12.0 (5.3 ) State (0.7 ) (0.5 ) (0.9 ) Foreign (6.1 ) (5.9 ) (9.8 ) (10.7 ) 5.6 (16.0 ) Income tax provision $ 20.7 $ 10.3 $ 24.7 We reconcile the provision for income taxes attributable to income from operations and the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes as follows: Years Ended October 31, (In millions) 2016 2015 2014 Computed expected provision for taxes $ 103.5 $ 75.4 $ 103.8 (Decrease) increase in taxes resulting from: Income earned outside the United States subject to different tax rates (81.2 ) (72.6 ) (85.5 ) State taxes, net of federal income tax benefit 1.2 1.4 0.8 Foreign source income subject to United States tax — — 0.5 Research and development credit (1.2 ) (0.7 ) (0.1 ) Incentive stock option compensation and non-deductible employee compensation 0.5 0.4 0.4 Tax accrual adjustment (5.0 ) 3.8 3.8 Other, net 2.9 2.6 1.0 Actual provision for income taxes $ 20.7 $ 10.3 $ 24.7 The tax effects of temporary differences that give rise to the deferred tax assets and liabilities are: October 31, (In millions) 2016 2015 Deferred tax assets: Accounts receivable, principally due to allowances for doubtful accounts $ 3.3 $ 1.3 Inventories 6.2 4.9 Litigation settlements 0.5 0.2 Accrued liabilities, reserves and compensation accruals 50.3 43.1 Share-based compensation expenses 24.5 26.4 Net operating loss carryforwards 2.7 2.8 Plant and equipment 0.4 4.4 Research and experimental expenses - Section 59(e) 6.7 2.6 Tax credit carryforwards 1.8 1.1 Total gross deferred tax assets 96.4 86.8 Less valuation allowance (13.3 ) (13.4 ) Deferred tax assets 83.1 73.4 Deferred tax liabilities: Tax deductible goodwill (29.5 ) (26.5 ) Transaction costs (1.1 ) (1.1 ) Foreign deferred tax liabilities (5.6 ) (6.6 ) Other intangible assets (31.2 ) (24.0 ) Total gross deferred tax liabilities (67.4 ) (58.2 ) Net deferred tax assets $ 15.7 $ 15.2 Current deferred tax liabilities of $4 thousand at October 31, 2016 , and $4 thousand at October 31, 2015 , are included in other accrued liabilities on the balance sheet. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, we believe it is more likely than not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowance at October 31, 2016 . The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. For the year ended October 31, 2014, we recorded in purchase accounting deferred tax assets in connection with our acquisition of Sauflon Pharmaceuticals, Ltd., and subsidiaries. A valuation allowance of $13.5 million was set up against Sauflon Hungary's development tax credits. A valuation allowance of $13.3 million and $13.4 million was recorded against our gross deferred tax asset balance as of October 31, 2016 , and October 31, 2015 , respectively. As of October 31, 2016 , there was approximately $2.1 billion of undistributed earnings in our foreign subsidiaries which we have not provided for federal income tax since we intend to reinvest this amount outside the United States indefinitely. At October 31, 2016 , we had federal net operating loss carryforwards of $0.3 million and state net operating loss carryforwards of $38.9 million . We also had federal net operating loss carryforwards of $8.0 million related to share based compensation exercises as of October 31, 2016 . A tax benefit and a credit to additional paid-in capital for the excess deduction would not be recognized until such deduction reduces taxes payable. Additionally, we had $7.0 million of federal alternative minimum tax credits, $6.6 million of federal research credits and $1.3 million of California research credits. The federal net operating loss and federal research credits carryforwards expire on various dates between 2029 through 2036 , and the federal alternative minimum tax credits carry forward indefinitely . The state net operating loss carryforwards expire on various dates between 2019 through 2036 , and the California research credits carry forward indefinitely . The net operating loss and other tax credits may be subject to certain limitations upon utilization under Section 382 of the Internal Revenue Code. The aggregated changes in the balance of gross unrecognized tax benefits were as follows: (In millions) Balance at October 31, 2014 $ 31.4 Increase from prior year's UTB's — Increase from current year's UTB's 18.7 UTB (decrease) from expiration of statute of limitations (9.8 ) Balance at October 31, 2015 40.3 Increase from prior year's UTB's 4.5 Increase from current year's UTB's 6.7 UTB (decrease) from expiration of statute of limitations (11.6 ) Balance at October 31, 2016 $ 39.9 As of October 31, 2016 , we had unrecognized tax benefits of $29.7 million , including $3.7 million of related accrued interest and penalties that, if recognized, would affect our effective tax rate. It is our policy to recognize interest and penalties directly related to incomes taxes as additional income tax expense. Included in the balance of unrecognized tax benefits at October 31, 2016 , is $1.6 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 is comprised of transfer pricing and other items. We are required to file income tax returns in the United States federal jurisdiction, various state and local jurisdictions, and many foreign jurisdictions. As of October 31, 2016 , the tax years for which we remain subject to United States federal income tax assessment upon examination are 2013 through 2015, as well as other major tax jurisdictions including the United Kingdom, Japan and France. We remain subject to income tax examinations in Australia for the tax years 2012 through 2015. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Years Ended October 31, (In millions, except per share amounts) 2016 2015 2014 Net income attributable to Cooper stockholders $ 273.9 $ 203.5 $ 269.9 Basic: Weighted average common shares 48.5 48.5 48.1 Basic earnings per share attributable to Cooper stockholders $ 5.65 $ 4.20 $ 5.61 Diluted: Weighted average common shares 48.5 48.5 48.1 Effect of dilutive stock options 0.5 0.7 0.9 Diluted weighted average common shares 49.0 49.2 49.0 Diluted earnings per share attributable to Cooper stockholders $ 5.59 $ 4.14 $ 5.51 The following table sets forth stock options to purchase our 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: Years Ended October 31, (In thousands, except exercise prices) 2016 2015 2014 Stock option shares excluded 392 123 138 Range of exercise prices $131.60-$162.69 $ 162.28 $ 119.89 Restricted stock units excluded 2 1 1 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Analysis of changes in accumulated other comprehensive income (loss): (In millions) Foreign Currency Translation Adjustment Change in Value of Derivative Instruments Minimum Pension Liability Total Balance at October 31, 2013 $ (4.6 ) $ (1.1 ) $ (10.1 ) $ (15.8 ) Gross change in value for the period (87.8 ) (0.1 ) (5.9 ) (93.8 ) Reclassification adjustments for loss realized in income — 1.7 — 1.7 Tax effect for the period — (0.6 ) 2.3 1.7 Balance at October 31, 2014 $ (92.4 ) $ (0.1 ) $ (13.7 ) $ (106.2 ) Gross change in value for the period $ (79.4 ) $ — $ (10.0 ) $ (89.4 ) Reclassification adjustments for loss realized in income — 0.1 — 0.1 Tax effect for the period — — 3.9 3.9 Balance at October 31, 2015 $ (171.8 ) $ — $ (19.8 ) $ (191.6 ) Gross change in value for the period $ (289.6 ) $ — $ (13.7 ) $ (303.3 ) Tax effect for the period — — 5.3 5.3 Balance at October 31, 2016 $ (461.4 ) $ — $ (28.2 ) $ (489.6 ) 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. With the amendment, 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 may be made from time to time as permitted by securities laws and other legal requirements. We did not repurchase any shares under the 2012 Share Repurchase Program during the fiscal year ended October 31, 2016 . During the fiscal year ended October 31, 2015 , we repurchased 468 thousand shares of our common stock for $67.3 million and approximately $118.4 million remained authorized for repurchase under the program. During the three months ended October 31, 2015 , we repurchased 368 thousand shares of our common stock for $51.3 million at an average purchase price of $139.60 per share. For the three months ended January 31, 2015, we repurchased 100 thousand shares of our common stock for $16.0 million at an average purchase price of $159.96 per share. We did not repurchase shares during the three-month periods ended July 31, 2015 and April 30, 2015. Cash Dividends In fiscal 2016 and 2015, we paid semiannual dividends of 3 cents per share: an aggregate of $1.4 million or 3 cents per share on February 9, 2016, to stockholders of record on January 22, 2016 ; $1.5 million or 3 cents per share on August 5, 2016, to stockholders of record on July 22, 2016 ; $1.4 million or 3 cents per share on February 9, 2015, to stockholders of record on January 23, 2015 ; $1.5 million or 3 cents per share on August 6, 2015, to stockholders of record on July 24, 201 5 . Stockholders' Rights Plan Under our stockholders' rights plan, each outstanding share of our common stock carries one-half of one preferred share purchase right (Right). The Rights will become exercisable only under certain circumstances involving acquisition of beneficial ownership of 20% or more of our common stock by a person or group (Acquiring Person) without the prior consent of Cooper's Board of Directors. If a person or group becomes an Acquiring Person, each Right would then entitle the holder (other than an Acquiring Person) to purchase, for the then purchase price of the Right (currently $450 , subject to adjustment), shares of Cooper's common stock, or shares of common stock of any person into which we are thereafter merged or to which 50% or more of our assets or earning power is sold, with a market value of twice the purchase price. The Rights will expire in October 2017 unless earlier exercised or redeemed. The Board of Directors may redeem the Rights for $0.01 per Right prior to any person or group becoming an Acquiring Person. |
Stock Plans
Stock Plans | 12 Months Ended |
Oct. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | Stock Plans At October 31, 2016 , Cooper had the following share-based compensation plans: 2006 Long-Term Incentive Plan for Non-Employee Directors (2006 Directors Plan) In March 2006, we received stockholder approval of the 2006 Directors Plan. The Plan was subsequently amended and restated, and approved by stockholders, in March 2009 and again in March 2011. The Board of Directors further amended the Second Amended and Restated 2006 Directors Plan in October 2011, October 2012, October 2013 and October 2016. The Second Amended and Restated 2006 Directors Plan, as amended, authorizes either Cooper's Board of Directors or a designated committee thereof composed of two or more Non-Employee Directors to grant to Non-Employee Directors during the period ending March 21, 2019 , equity awards for up to 950,000 shares of common stock, subject to adjustment for future stock splits, stock dividends, expirations, forfeitures and similar events. As amended, the Second Amended and Restated 2006 Directors Plan provides for annual equity award grants to Non-Employee Directors on November 15 of each fiscal year, and awards will vest on the first anniversary of the date of grant. Each Non-Employee Director may be awarded equity in the form of stock options, restricted stock or restricted stock units, or a combination of award types, with a total grant value of $270,000 , or $285,500 in the case of the Lead Director and $297,000 in the case of the Chairman of the Board. When the equity award is in the format of stock options, options expire no more than 10 years after the grant date and the options will vest on the first anniversary of the date of grant. When the equity award is in the format of restricted stock, each Non-Employee Director may be awarded the right to purchase shares for $0.10 per share and the restrictions on the restricted stock will lapse on the first anniversary of the date of grant . If the equity award is in the format of restricted stock units, there is no purchase price applied and the units will vest and be released on the first anniversary of the date of grant . As of October 31, 2016, 152,670 shares remained available under the 2006 Directors' Plan for future grants. 2007 Long-Term Incentive Plan (2007 LTIP) In March 2007, we received stockholder approval of the 2007 LTIP. The 2007 LTIP was subsequently amended and restated, and granted stockholder approval in March 2009, March 2011, and March 2016. The Third Amended and Restated 2007 LTIP is designed to increase our stockholder value by attracting, retaining and motivating key employees and consultants who directly influence our profitability. The Third Amended and Restated 2007 LTIP authorizes either our Board of Directors, or a designated committee thereof composed of two or more Non-Employee Directors, to grant to eligible individuals during the period ending December 31, 2026, up to 6,930,000 shares in the form of specified equity awards including stock option, restricted stock unit and performance share awards, subject to adjustment for future stock splits, stock dividends, expirations, forfeitures and similar events. During fiscal 2016, we granted stock options, restricted stock units (RSUs) and performance share awards to employees under the Third Amended and Restated 2007 LTIP. All equity awards are granted at 100% of fair market value on the date of grant and stock options expire no more than 10 years after the grant date. Stock options may become exercisable based on our common stock achieving certain price targets, specified time periods elapsing or other criteria designated by the Board of Directors or its authorized committee at their discretion. RSUs are nontransferable awards entitling the recipient to receive shares of common stock, without any payment in cash or property, in one or more installments at a future date or dates as determined by the Board of Directors or its authorized committee. For RSUs, legal ownership of the shares is not transferred to the employee until the unit vests, which is generally over a specified time period. Performance share awards are nontransferable awards entitling the recipient to receive a variable number of shares of common stock, without any payment in cash or property, in one or more installments at a future date or dates as determined by the Board of Directors or its authorized committee. Legal ownership of the shares is not transferred to the recipient until the award vests, and the number of shares distributed is dependent upon the achievement of certain performance targets over a specified period of time. As of October 31, 2016 , 2,010,278 shares remained available under the Third Amended and Restated 2007 LTIP for future grants. The amount of available shares includes shares which may be distributed under performance share awards. Share-Based Compensation The compensation cost and related tax benefit recognized in our consolidated financial statements for share-based awards were as follows: October 31, (In millions) 2016 2015 2014 Selling, general and administrative expense $ 26.2 $ 29.2 $ 32.4 Cost of sales 2.6 2.8 2.2 Research and development expense 1.1 0.9 1.9 Total compensation expense $ 29.9 $ 32.9 $ 36.5 Related income tax benefit $ 9.0 $ 10.2 $ 11.7 We capitalized share-based compensation expense as part of the cost of inventory in the amounts of $2.6 million , $2.8 million , and $2.2 million during the fiscal years ended October 31, 2016, 2015 and 2014, respectively. Net proceeds (payments) related to share-based compensation awards for the fiscal years ended October 31, 2016, 2015 and 2014 were approximately $7.2 million , $(4.8) million and $8.6 million , respectively. Details regarding the valuation and accounting for share-based awards follow. Stock Options The fair value of each stock option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions noted in the following table. The expected life of the awards is based on the observed and expected time to post-vesting forfeiture and/or exercise. Groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. In determining the expected volatility, management considers implied volatility from publicly-traded options on our common stock at the date of grant, historical volatility and other factors. The risk-free interest rate is based on the continuous rates provided by the United States Treasury with a term equal to the expected life of the option. The dividend yield is based on the projected annual dividend payment per share, divided by the stock price at the date of grant. Years Ended October 31, 2016 2015 2014 Expected life 4.8 - 5.5 years 4.8 - 5.5 years 4.8 - 5.5 years Expected volatility 27.6% - 27.7% 29.0% - 29.5% 31.5% - 35.3% Risk-free interest rate 1.3% - 1.5% 1.3% - 1.5% 1.4% - 1.6% Dividend yield 0.04 % 0.04 % 0.05 % The activity and status of our stock option plans are summarized below: Number of Weighted- Weighted- Aggregate Outstanding at October 31, 2015 1,090,531 $ 79.85 Granted 393,728 $ 133.14 Exercised 378,871 $ 53.85 Forfeited or expired — $ — Outstanding at October 31, 2016 1,105,388 $ 107.74 6.66 Vested and exercisable at October 31, 2016 468,031 $ 74.75 4.42 $ 47,408,122 The weighted-average fair value of each option granted during fiscal 2016, estimated as of the grant date using the Black-Scholes option pricing model, for the 2007 LTIP was $37.24 . The weighted-average fair value of each option granted during fiscal 2015, estimated as of the grant date using the Black-Scholes option pricing model, for the 2007 LTIP was $48.70 . For the 2006 Directors Plan, the weighted-average fair values of options granted for fiscal 2016 and 2015 were $43.91 and $48.53 , respectively. The expected requisite service period for options granted to employees in fiscal 2016 was 60 months . The total intrinsic value of options exercised during the year ended October 31, 2016 was $41.9 million . Stock awards outstanding under our current plans have been granted at prices which are either equal to or above the market value of the common stock on the date of grant. Options granted under the 2007 LTIP generally vest over four to five years based on market and service conditions and expire no later than ten years after the grant date. Options granted under the 2006 Directors Plan generally vest in one year or upon achievement of a market condition and expire no later than ten years after the grant date. We generally recognize compensation expense ratably over the vesting period. Directors' options and restricted stock grants are expensed on the date of grant as the 2006 Directors Plan does not contain a substantive future requisite service period. As of October 31, 2016, there was $11.3 million of total unrecognized compensation cost related to nonvested options, which is expected to be recognized over a remaining weighted-average vesting period of 3.5 years. Restricted Stock Units RSUs granted under the 2007 LTIP have been granted at prices which are either equal to or above the market value of the stock on the date of grant and generally vest over four to five years. The fair value of restricted stock units is estimated on the date of grant based on the market price of our common stock. We recognize compensation expense ratably over the vesting period. As of October 31, 2016, there was $52.3 million of total unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a remaining weighted-average vesting period of 3.2 years. The status of our non-vested RSUs is summarized below: Number of Weighted- Non-vested RSUs at October 31, 2015 516,206 $ 121.96 Granted 198,448 $ 132.78 Vested and issued 178,511 $ 104.86 Forfeited or expired 28,364 $ 132.20 Non-vested RSUs at October 31, 2016 507,779 $ 131.63 Performance Units Performance units are granted to selected executives and other key employees with vesting contingent upon meeting future reported earnings per share goals over a defined performance cycle, usually three years . Performance units, if earned, may be paid in cash or shares of common stock. The performance shares actually earned will range from zero to 150% of the target number of performance shares for performance periods ending in fiscal 2016 through fiscal 2018. Subject to limited exceptions set forth in the performance share plan, any shares earned will be distributed in the subsequent fiscal year after the performance period. The fair value of performance unit awards is estimated on the date of grant based on the current market price of our common stock and the estimate of probability of award achievement. This estimate is reviewed each fiscal quarter and adjustments are recorded if it is determined that the estimate of probability of award achievement has changed. We recognize compensation expense ratably over the vesting period. As of October 31, 2016 , there was $9.1 million of total unrecognized compensation cost related to non-vested performance units, which is expected to be recognized over a remaining weighted-average vesting period of 1.7 years. Performance units granted on December 11, 2013 vested on October 31, 201 6 and met 100% of the target and, subject to the provisions of the plan, we expect to grant a similar performance award in our fiscal first quarter of 2017. We also granted performance unit awards on February 2, 2015 and January 29, 2016 with specific performance goals for each period ending on October 31, 2017 and October 31, 2018, respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits Cooper's Retirement Income Plan 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. Beginning in fiscal 2016, we refined the method used to determine the service and interest cost components of our net periodic benefit cost. Previously, the cost was determined using a single weighted-average discount rate derived from the yield curve. Under the refined method, known as the spot rate approach, we will use individual spot rates along the yield curve that correspond with the timing of each benefit payment. We believe this change provides a more precise measurement of service and interest costs by improving the correlation between projected cash outflows and corresponding spot rates on the yield curve. Compared to the previous method, the spot rate approach decreased the service and interest components of our benefit costs in fiscal 2016, which was immaterial. There is no impact on the total benefit obligation. We will account for this change prospectively as a change in accounting estimate. The following table sets forth the Plan's benefit obligations and fair value of the Plan assets at October 31, 2016 , and the funded status of the Plan and net periodic pension costs for each of the years in the three-year period ended October 31, 2016 . Retirement Income Plan Years Ended October 31, (In millions) 2016 2015 2014 Change in benefit obligation Benefit obligation, beginning of year $ 117.3 $ 101.1 $ 84.2 Service cost 8.9 8.8 7.1 Interest cost 4.3 4.6 4.0 Benefits paid (2.3 ) (4.7 ) (1.8 ) Actuarial loss (gain) 10.7 7.5 7.6 Benefit obligation, end of year $ 138.9 $ 117.3 $ 101.1 Change in plan assets Fair value of plan assets, beginning of year $ 79.5 $ 72.2 $ 59.3 Actual return on plan assets 2.0 2.0 5.9 Employer contributions 10.0 10.0 8.8 Benefits paid (2.3 ) (4.7 ) (1.8 ) Fair value of plan assets, end of year $ 89.2 $ 79.5 $ 72.2 Funded status at end of year $ (49.7 ) $ (37.8 ) $ (28.9 ) Years Ended October 31, (In millions) 2016 2015 2014 Amounts recognized in the statement of financial position consist of: Noncurrent asset $ — $ — $ — Current liability — — — Noncurrent liabilities (49.7 ) (37.8 ) (28.9 ) Net amount recognized at year end $ (49.7 ) $ (37.8 ) $ (28.9 ) Years Ended October 31, (In millions) 2016 2015 2014 Amounts recognized in accumulated other comprehensive income consist of: Net transition obligation $ — $ — $ — Prior service cost — — — Net loss 45.8 32.1 22.1 Accumulated other comprehensive income $ 45.8 $ 32.1 $ 22.1 Years Ended October 31, (In millions) 2016 2015 2014 Information for pension plans with accumulated benefit obligations in excess of plan assets Projected benefit obligation $ 138.9 $ 117.3 $ 101.1 Accumulated benefit obligation $ 121.2 $ 102.6 $ 88.6 Fair value of plan assets $ 89.2 $ 79.5 $ 72.2 Years Ended October 31, (In millions) 2016 2015 2014 Reconciliation of prepaid (accrued) pension cost Accrued pension cost at prior fiscal year end $ (5.7 ) $ (6.8 ) $ (8.9 ) Net periodic benefit cost 8.3 8.9 6.7 Contributions made during the year 10.0 10.0 8.8 Accrued pension cost at fiscal year end $ (4.0 ) $ (5.7 ) $ (6.8 ) Years Ended October 31, (In millions) 2016 2015 2014 Components of net periodic benefit cost and other amounts recognized in other comprehensive income Net periodic benefit cost: Service cost $ 8.9 $ 8.8 $ 7.1 Interest cost 4.3 4.6 4.0 Expected return on plan assets (6.6 ) (6.0 ) (5.0 ) Amortization of transitional (asset) or obligation — — — Amortization of prior service cost — — — Recognized actuarial loss 1.7 1.5 0.6 Net periodic pension cost $ 8.3 $ 8.9 $ 6.7 Years Ended October 31, (In millions) 2016 2015 2014 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net transition obligation $ — $ — $ — Prior service cost — — — Net loss (gain) 15.4 11.5 6.7 Amortizations of net transition obligation — — — Amortizations of prior service cost — — — Amortizations of net (gain) (1.7 ) (1.5 ) (0.6 ) Total recognized in other comprehensive income $ 13.7 $ 10.0 $ 6.1 Total recognized in net periodic benefit cost and other comprehensive income $ 22.0 $ 18.9 $ 12.8 There is no estimated net transition obligation or prior service cost, but $2.7 million of estimated net loss for the plan will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year. Years Ended October 31, 2016 2015 2014 Weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligation at year end: Discount rate for determining net periodic pension cost: Projected Benefit Obligation 4.25 % 4.25 % 4.75 % Service Cost 4.42 % 4.25 % 4.75 % Interest Cost 3.70 % 4.25 % 4.75 % Discount rate for determining benefit obligations at year end 3.74 % 4.25 % 4.25 % Rate of compensation increase for determining expense 4.00 % 4.00 % 4.00 % Rate of compensation increase for determining benefit obligations at year end 4.00 % 4.00 % 4.00 % Expected rate of return on plan assets for determining net periodic pension cost 8.00 % 8.00 % 8.00 % Expected rate of return on plan assets at year end 8.00 % 8.00 % 8.00 % Measurement date for determining assets and benefit obligations at year end 10/31/2016 10/31/2015 10/31/2014 The discount rate enables us to state expected future cash flows at a present value on the measurement date. The discount rate used for the plan is based primarily on the yields of a universe of high quality corporate bonds or the spot rate of high quality AA-rated corporate bonds, with durations corresponding to the expected durations of the benefit obligations. A change in the discount rate will cause the present value of benefit obligations to change in the opposite direction. If a discount rate of 4.25% , which is similar to prior fiscal year, had been used, the projected benefit obligation would have been $126.7 million , and the accumulated benefit obligation would have been $111.2 million . The expected rate of return on plan assets was determined based on a review of historical returns, both for this plan and for medium- to large-sized defined benefit pension funds with similar asset allocations. This review generated separate expected returns for each asset class listed below. These expected future returns were then blended based on this Plan's target asset allocation. Plan Assets Weighted-average asset allocations at year end, by asset category are as follows: Years Ended October 31, 2016 2015 2014 Asset category Cash and cash equivalents 4.9 % 2.2 % 3.0 % Corporate common stock 8.9 % 9.0 % 9.0 % Equity mutual funds 47.2 % 52.0 % 52.1 % Real estate funds 4.3 % 3.3 % 4.1 % Bond mutual funds 34.7 % 33.5 % 31.8 % Total 100.0 % 100.0 % 100.0 % The Plan invests in a diversified portfolio of assets intended to minimize risk of poor returns while maximizing expected portfolio returns. To achieve the long-term rate of return, plan assets will be invested in a mixture of instruments, including but not limited to, corporate common stock (may include the Company's stock), investment grade bond funds, cash, balanced funds, real estate funds, small or large cap equity funds and international equity funds. The allocation of assets will be determined by the investment manager, and will typically include 50% to 80% equities with the remainder invested in fixed income and cash. Presently, this diversified portfolio is expected to return roughly 8.0% in the long run. The expected rate of return on assets is 8.0% . Fair Value Measurement of Plan Assets (In millions) Total Quoted Prices Significant Significant Asset category Cash and cash equivalents $ 4.4 $ 4.4 $ — $ — Corporate common stock 8.0 8.0 — — Equity mutual funds 42.1 42.1 — — Real estate funds 3.8 3.8 — — Bond mutual funds 30.9 30.9 — — Total $ 89.2 $ 89.2 $ — $ — The Plan has an established process for determining the fair value of plan assets. Fair value is based upon quoted market prices, as Level 1 inputs, where available. For our investments in equity and bond mutual funds, and real estate funds, fair value is based on observable, Level 1 inputs, as price quotes are available and the fair values of these funds were not impacted by liquidity restrictions or the fund status. Level 2 assets are those where price quotes are not readily available and the fair value would be determined based on other observable inputs. Level 3 assets are those where price quotes are not readily available and the fair value would be determined based on unobservable inputs. While we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Plan Cash Flows Contributions The Company contributions to the pension plan were $10.0 million , $10.0 million and $8.8 million for fiscal 2016, 2015 and 2014, respectively. We closely monitor the funded status of the Plan with respect to legislative and accounting rules. We expect to make contributions of about $10.0 million during fiscal 2017. Estimated Future Benefit Payments Years (In millions) 2017 $ 2.9 2018 $ 3.3 2019 $ 3.8 2020 $ 4.3 2021 $ 4.8 2022-2026 $ 32.8 Cooper's 401(k) Savings Plan Cooper's 401(k) savings plan provides for the deferral of compensation as described in the Internal Revenue Code and is available to substantially all United States employees. Employees who participate in the 401(k) plan may elect to have up to 75% of their pre-tax salary or wages deferred and contributed to the trust established under the plan. Cooper's contributions on account of participating employees, were $4.4 million , $4.2 million and $4.0 million for the years ended October 31, 2016, 2015 and 2014, respectively. International Pension Plans For our employees outside the United States, we also participate in country-specific defined contribution plans and government-sponsored retirement plans. The defined contribution plans are administered by third-party trustees and we are not directly responsible for providing benefits to participants of government-sponsored plans. The Company’s contributions to such plans are not significant individually or in the aggregate. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements As of October 31, 2016 and October 31, 2015 , 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. We believe that the balances of our revolving debt and term loans approximated their fair values as of October 31, 2016 and October 31, 2015 and are categorized as Level 2 of the fair value hierarchy. We have derivative assets and liabilities that may 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 our financial assets and liabilities that were measured at fair value on a recurring basis using Level 2 inputs during the fiscal years 2016 and 2015 , within the fair value hierarchy at October 31: (In millions) 2016 2015 Assets: Foreign exchange contracts $ — $ 1.3 Liabilities: Foreign exchange contracts — 0.4 $ — $ 0.4 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments Total minimum annual rental obligations under noncancelable operating leases (substantially all real property or equipment) in force at October 31, 2016 , were payable as follows: (In millions) 2017 $ 27.4 2018 23.7 2019 21.5 2020 19.2 2021 16.4 2022 and thereafter 124.8 $ 233.0 Aggregate rental expense for both cancelable and noncancelable contracts amounted to $29.9 million , $27.5 million and $25.6 million in 2016, 2015 and 2014, respectively. Legal Proceedings On or about November 11, 2014, Johnson & Johnson Vision Care (JJVC) filed an action in the district court of Dusseldorf, Germany, against CooperVision GmbH and CooperVision, Inc. (collectively “CooperVision” or “we”) for patent infringement. In the action, JJVC alleged that certain CooperVision products infringe JJVC’s European Patent No. EP 1 754 728 B1, and was seeking damages and to enjoin these products from selling in Germany. We were challenging the validity of the patent before the European Patent Office. In July 2015, CooperVision made a one-time lump sum payment to JJVC of $17.0 million to settle our existing patent disputes. As a result of the settlement, we withdrew our opposition to the JJVC patent filed before the European Patent Office, and JJVC withdrew its complaint of infringement pending before the district court of Dusseldorf, Germany. The settlement included worldwide, non-exclusive, perpetual and royalty-free cross-licenses between the parties to certain patents including the JJVC patent referenced above. The settlement also included reciprocal covenants not to sue on those patents which were not licensed with respect to each party’s current, core commercialized product offerings, including all silicone hydrogel lenses. Neither party admitted any liability as part of the settlement. Since March 2015, over 50 putative class action complaints were filed by contact lens consumers alleging that contact lens manufacturers, in conjunction with their respective Unilateral Pricing Policy (UPP), conspired to reach agreements between each other and certain distributors and retailers regarding the prices at which certain contact lenses could be sold to consumers. The plaintiffs are seeking damages against CooperVision, Inc., other contact lens manufacturers, distributors and retailers, in various courts around the United States. In June 2015, all of the class action cases were consolidated and transferred to the United States District Court for the Middle District of Florida. CooperVision and the other defendants jointly filed a motion to dismiss the complaints in December 2015. In June 2016, the motion to dismiss with respect to claims brought under the Maryland Consumer Protection Act was granted, but the motion to dismiss with respect to claims brought under Section 1 of the Sherman Act and other state laws was denied. The actions currently are in discovery. CooperVision denies the allegations and intends to defend the actions vigorously. At this time, we do not believe a loss or adverse effect on our financial condition is probable nor is any range of potential loss reasonably estimable. The Company is involved in various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, supplier relationships, distributors, competitor relationships, employees and other matters. The Company does not believe that an estimate of possible loss or a range of loss can be made at this time. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Oct. 31, 2016 | |
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. Total net sales include sales to customers as reported in our Consolidated Statements of Income and sales between geographic areas that are priced at terms that allow for a reasonable profit for the seller. Operating income (loss) is total net sales less cost of sales, selling, general and administrative expenses, research and development expenses, and amortization of intangible assets. Corporate operating loss is principally corporate headquarters expense. Interest expense, loss on extinguishment of debt and other income and expenses are not allocated to individual segments. One customer, a CooperVision contact lens distributor, accounted for approximately 11% of our consolidated net revenue in the fiscal year ended October 31, 2016 and was approximately 10% in the fiscal year ended October 31, 2014. No customers accounted for 10% or more of our consolidated net revenue in the fiscal year ended October 31, 2015. 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. The following table presents a summary of our business segment net sales: (In millions) 2016 2015 2014 CooperVision net sales by category: Toric lens $ 480.2 $ 440.1 $ 428.6 Multifocal lens 169.8 162.1 147.0 Single-use sphere lens 403.1 357.2 306.6 Non single-use sphere and other 524.1 528.4 510.4 Total CooperVision net sales 1,577.2 1,487.8 1,392.6 CooperSurgical net sales 389.6 309.3 325.2 Total net sales $ 1,966.8 $ 1,797.1 $ 1,717.8 Information by business segment for each of the years in the three-year period ended October 31, 2016 , follows: (In millions) CooperVision CooperSurgical Corporate Consolidated 2016 Net sales $ 1,577.2 $ 389.6 $ — $ 1,966.8 Operating income (loss) $ 309.8 $ 60.2 $ (45.9 ) $ 324.1 Interest expense 26.2 Other expense, net 2.3 Income before income taxes $ 295.6 Identifiable assets $ 3,382.4 $ 907.1 $ 186.4 $ 4,475.9 Depreciation expense $ 131.3 $ 5.9 $ 0.3 $ 137.5 Amortization expense $ 40.1 $ 20.7 $ — $ 60.8 Capital expenditures $ 142.8 $ 9.8 $ — $ 152.6 2015 Net sales $ 1,487.8 $ 309.3 $ — $ 1,797.1 Operating income (loss) $ 229.8 $ 56.1 $ (49.2 ) $ 236.7 Interest expense 18.1 Other expense, net 3.1 Income before income taxes $ 215.5 Identifiable assets $ 3,714.6 $ 674.9 $ 70.4 $ 4,459.9 Depreciation expense $ 134.0 $ 5.6 $ 0.3 $ 139.9 Amortization expense $ 36.6 $ 14.9 $ — $ 51.5 Capital expenditures $ 238.3 $ 4.6 $ 0.1 $ 243.0 2014 Net sales $ 1,392.6 $ 325.2 $ — $ 1,717.8 Operating income (loss) $ 289.0 $ 69.0 $ (51.5 ) $ 306.5 Interest expense 8.0 Other expense, net 2.0 Income before income taxes $ 296.5 Identifiable assets $ 3,699.6 $ 646.2 $ 112.5 $ 4,458.3 Depreciation expense $ 95.5 $ 6.5 $ 0.5 $ 102.5 Amortization expense $ 22.7 $ 13.0 $ — $ 35.7 Capital expenditures $ 233.6 $ 4.2 $ 0.3 $ 238.1 Information by geographical area by country of domicile for each of the years in the three-year period ended October 31, 2016 , follows: (In millions) United Europe Rest of Consolidated 2016 Sales to unaffiliated customers $ 886.5 $ 681.1 $ 399.2 $ 1,966.8 Sales between geographic areas 254.7 464.1 (718.8 ) — Net sales $ 1,141.2 $ 1,145.2 $ (319.6 ) $ 1,966.8 Operating income (loss) $ 77.7 $ 6.0 $ 240.4 $ 324.1 Long-lived assets $ 464.1 $ 334.4 $ 79.2 $ 877.7 2015 Sales to unaffiliated customers $ 811.9 $ 647.3 $ 337.9 $ 1,797.1 Sales between geographic areas 250.0 493.1 (743.1 ) — Net sales $ 1,061.9 $ 1,140.4 $ (405.2 ) $ 1,797.1 Operating income (loss) $ 30.7 $ (37.6 ) $ 243.6 $ 236.7 Long-lived assets $ 494.2 $ 407.9 $ 65.0 $ 967.1 2014 Sales to unaffiliated customers $ 773.8 $ 582.4 $ 361.6 $ 1,717.8 Sales between geographic areas 230.6 346.0 (576.6 ) — Net sales $ 1,004.4 $ 928.4 $ (215.0 ) $ 1,717.8 Operating income $ 47.8 $ (10.3 ) $ 269.0 $ 306.5 Long-lived assets $ 499.2 $ 406.4 $ 31.7 $ 937.3 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) (In millions, except per share amounts) First Second Third Fourth 2016 (1) Net sales $ 449.6 $ 483.8 $ 514.7 $ 518.7 Gross profit $ 262.0 $ 298.5 $ 316.6 $ 296.0 Income before income taxes $ 50.7 $ 82.6 $ 93.4 $ 68.9 Net income attributable to Cooper stockholders $ 51.4 $ 74.1 $ 87.9 $ 60.5 Earnings per share attributable to Cooper stockholders - basic $ 1.06 $ 1.53 $ 1.81 $ 1.25 Earnings per share attributable to Cooper stockholders - diluted $ 1.05 $ 1.52 $ 1.79 $ 1.23 2015 (1) Net sales $ 445.2 $ 434.7 $ 461.7 $ 455.5 Gross profit $ 276.4 $ 267.7 $ 272.9 $ 253.3 Income before income taxes $ 67.5 $ 67.0 $ 44.6 $ 36.4 Net income attributable to Cooper stockholders $ 61.2 $ 60.7 $ 45.0 $ 36.7 Earnings per share attributable to Cooper stockholders - basic $ 1.27 $ 1.25 $ 0.92 $ 0.76 Earnings per share attributable to Cooper stockholders - diluted $ 1.25 $ 1.23 $ 0.91 $ 0.75 (1) Fiscal first through fourth quarters of 2016 and 2015 results include charges for integration and restructuring activities related to recent acquisitions. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Oct. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Subsequent to our fiscal year ended October 31, 2016, on November 6, 2016 , CooperSurgical acquired Wallace, the in-vitro fertilization segment of Smiths Medical International, Ltd., a division of Smiths Group plc., for a purchase price of approximately $168.0 million , subject to customary closing adjustments. |
Schedule II
Schedule II | 12 Months Ended |
Oct. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II | Schedule II THE COOPER COMPANIES, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Three Years Ended October 31, 2016 (In millions) Balance Additions (Deductions) (1) Balance Allowance for doubtful accounts: Year Ended October 31, 2016 $ 6.0 $ 2.5 $ — $ 8.5 Year Ended October 31, 2015 $ 6.0 $ 1.7 $ (1.7 ) $ 6.0 Year Ended October 31, 2014 $ 5.3 $ 1.7 $ (1.0 ) $ 6.0 (1) Consists of additions representing allowances and recoveries, less deductions representing receivables written off as uncollectible. (In millions) Balance Additions (2) Reductions/ Charges Balance Income tax valuation allowance: Year Ended October 31, 2016 $ 13.4 $ — $ (0.1 ) $ 13.3 Year Ended October 31, 2015 $ 14.5 $ — $ (1.1 ) $ 13.4 Year Ended October 31, 2014 $ 1.0 $ 13.5 $ — $ 14.5 (2) During the fiscal fourth quarter of 2014, we recorded in purchase accounting deferred tax assets in connection with our acquisition of Sauflon Pharmaceuticals, Ltd., and subsidiaries. A valuation allowance of $13.5 million was set up against Sauflon Hungary's development tax credits. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Revenue recognition | Revenue recognition - We recognize product net sales, net of discounts, returns and rebates in accordance with related accounting standards and SEC Staff Accounting Bulletins. As required by these standards, we recognize revenue when it is realized or realizable and earned, based on terms of sale with the customer, where persuasive evidence of an agreement exists, delivery has occurred, the seller's price is fixed and determinable and collectability is reasonably assured. For contact lenses as well as CooperSurgical's medical devices, surgical instruments, accessories, diagnostic products and services, this primarily occurs when title and risk of ownership transfers to our customers, and/or when services are rendered. We believe our revenue recognition policies are appropriate in all circumstances, and that our policies are reflective of our customer arrangements. We record, based on historical statistics, estimated reductions to revenue for customer incentive programs offered including cash discounts, promotional and advertising allowances, volume discounts, contractual pricing allowances, rebates and specifically established customer product return programs. We record taxes collected from customers on a net basis, as these taxes are not included in net sales. |
Net realizable value of inventory | Net realizable value of inventory - In assessing the value of inventories, we make estimates and judgments regarding aging of inventories and other relevant issues potentially affecting the saleable condition of products and estimated prices at which those products will sell. On an ongoing basis, we review the carrying value of our inventory, measuring number of months on hand and other indications of saleability. We reduce the value of inventory if there are indications that the carrying value is greater than market, resulting in a new, lower-cost basis for that inventory. Subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. While estimates are involved, historically, obsolescence has not been a significant factor due to long product dating and lengthy product life cycles. |
Valuation of goodwill | Valuation of goodwill - We account for goodwill and evaluate our goodwill balances and test them for impairment annually during the fiscal third quarter and when an event occurs or circumstances change such that it is reasonably possible that impairment may exist in accordance with related accounting standards. We performed our annual impairment test in our fiscal third quarter of 2016 , and our analysis indicated that we had no impairment of goodwill. We performed our annual impairment test in our fiscal third quarter of 2015 and concluded that we had no impairment of goodwill in that year. In fiscal 2016 and 2015 , we performed qualitative assessments to test each reporting unit's goodwill for impairment. Qualitative factors considered in this assessment include industry and market considerations, overall financial performance and other relevant events and factors affecting each reporting unit. Based on our qualitative assessment, if we determine that the fair value of a reporting unit is more likely than not to be less than its carrying amount, the two-step impairment test will be performed. Initially, we compare the book value of net assets to the fair value of each reporting unit that has goodwill assigned to it. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of the impairment. A reporting unit is the level of reporting at which goodwill is tested for impairment. Our reporting units are the same as our business segments - CooperVision and CooperSurgical - reflecting the way that we manage our business. Goodwill impairment analysis and measurement is a process that requires significant judgment. If our common stock price trades below book value per share, there are changes in market conditions or a future downturn in our business, or a future annual goodwill impairment test indicates an impairment of our goodwill, we may have to recognize a non-cash impairment of our goodwill that could be material, and could adversely affect our results of operations in the period recognized and also adversely affect our total assets, stockholders' equity and financial condition. |
Business combinations | Business combinations - We routinely consummate business combinations. Results of operations for acquired companies are included in our consolidated results of operations from the date of acquisition. We recognize separately from goodwill, the identifiable assets acquired, including acquired in-process research and development, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date fair values as defined by accounting standards related to fair value measurements. As of the acquisition date, goodwill is measured as the excess of consideration given, generally measured at fair value, and the net of the acquisition date fair values of the identifiable assets acquired and the liabilities assumed. Direct acquisition costs are expensed as incurred. |
Income taxes | Income taxes - We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. As part of the process of preparing our consolidated financial statements, we must estimate our income tax expense for each of the jurisdictions in which we operate. This process requires significant management judgments and involves estimating our current tax exposures in each jurisdiction including the impact, if any, of additional taxes resulting from tax examinations as well as judging the recoverability of deferred tax assets. To the extent recovery of deferred tax assets is not likely based on our estimation of future taxable income in each jurisdiction, a valuation allowance is established. Tax exposures can involve complex issues and may require an extended period to resolve. Frequent changes in tax laws in each jurisdiction complicate future estimates. To determine the tax rate, we are required to estimate full-year income and the related income tax expense in each jurisdiction. We update the estimated effective tax rate for the effect of significant unusual items as they are identified. Changes in the geographic mix or estimated level of annual pre-tax income can affect the overall effective tax rate, and such changes could be material. Regarding accounting for uncertainty in income taxes, 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. We measure the income tax benefits from the tax positions that are recognized, assess the timing of the derecognition of previously recognized tax benefits and classify and disclose the liabilities within the consolidated financial statements for any unrecognized tax benefits based on the guidance in the interpretation of related accounting guidance for income taxes. The interpretation also provides guidance on how the interest and penalties related to tax positions may be recorded and classified within our Consolidated Statement of Income and presented in the Consolidated Balance Sheet. We classify interest and penalties related to uncertain tax positions as additional income tax expense. |
Share-based Compensation | Share-Based Compensation - We grant various share-based compensation awards, including stock options, performance unit shares, restricted stock and restricted stock units. Under fair value recognition provisions, share-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. Determining the fair value of share-based awards at the grant date requires judgment, including estimating Cooper's stock price volatility, employee exercise behaviors and related employee forfeiture rates. The expected life of the share-based awards is based on the observed and expected time to post-vesting forfeiture and/or exercise. Groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. In determining the expected volatility, management considers implied volatility from publicly-traded options on Cooper's common stock at the date of grant, historical volatility and other factors. The risk-free interest rate is based on the continuous rates provided by the United States Treasury with a term equal to the expected life of the award. The dividend yield is based on the projected annual dividend payment per share, divided by the stock price at the date of grant. As share-based compensation expense recognized in our Consolidated Statement of Income is based on awards ultimately expected to vest, the amount of expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant, based on historical experience, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If factors change and we employ different assumptions in the application of the fair value recognition provisions, the compensation expense that we record in future periods may differ significantly from what we have recorded in the current period. |
Accounting Pronouncements Issued and Not Yet Adopted | Accounting Pronouncements Issued and Not Yet Adopted In October 2016, the FASB issued Accounting Standards Update ("ASU") 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which requires entities to recognize the income tax consequences on an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU changes the timing of the recognition of the income tax consequences of non-inventory transfers which under current guidance defers the income tax consequences until the asset is sold to an outside party or otherwise recognized. The guidance for the amendments of ASU 2016-16 requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. We are currently evaluating the impact of ASU 2016-16 which is effective for the Company in our fiscal year and interim periods beginning on November 1, 2018. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes the following aspects of the accounting for share-based payment award transactions, including: accounting for income taxes; classification of excess tax benefits on the statement of cash flows; forfeitures; minimum statutory tax withholding requirements; and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. We are currently evaluating the impact of ASU 2016-09, which is effective for the Company in our fiscal year and interim periods beginning on November 1, 2017. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. We are currently evaluating the impact of ASU 2016-02, which is effective for the Company in our fiscal year and interim periods beginning on November 1, 2019. Balance Sheet Classification of Deferred Taxes , which requires entities to present all deferred tax assets and liabilities as noncurrent. The amendments in the ASU are effective for the Company in our fiscal year and interim periods beginning on November 1, 2017. The Company does not expect the new guidance to have a material impact on the Company’s consolidated financial statements. 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. We are currently evaluating the impact of ASU 2014-09, which is effective for the Company in our fiscal year beginning on November 1, 2018. Accounting Pronouncements Recently Adopted In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (Topic 850) . ASU 2015-16 requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendment should be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with early adoption permitted for financial statements that have not been issued. We elected to early adopt this guidance on a prospective basis for the quarter ended July 31, 2016. Such adoption did not have a material impact to our consolidated financial position. In April 2015, the FASB issued Accounting Standards Update (ASU) 2015-03, Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We elected to early adopt this guidance as a change in accounting principle on a retrospective basis in the fiscal first quarter ended January 31, 2016. As of January 31, 2016 and October 31, 2015, we have presented debt issuance costs related to our term loans, previously reported in other assets, as direct deductions from the carrying amount of the debt liability. We also presented the debt issuance costs related to our revolving credit facility as a deferred asset within other assets, as permitted by ASU 2015-15, Imputation of Interest , which was issued in August 2015. Such adoption did not have a material impact to our consolidated financial position. |
Consolidation | Consolidation The financial statements in this report include the accounts of all of Cooper's consolidated entities. All significant intercompany transactions and balances are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year's presentation. |
Foreign Currency Translation | Foreign Currency Translation Most of our operations outside the United States use their local currency as their functional currency. We translate these assets and liabilities into United States dollars at year-end exchange rates. We translate income and expense accounts at weighted average rates for each year. We record gains and losses from the translation of financial statements in foreign currencies into United States dollars in other comprehensive income. We record gains and losses from changes in exchange rates on transactions denominated in currencies other than each reporting location's functional currency in net income for each period. We recorded in other expense and income a net foreign exchange loss of $1.6 million for fiscal 2016 , $3.5 million for fiscal 2015 , and $2.9 million for fiscal 2014 . |
Financial Instruments | Financial Instruments We may use derivatives to reduce market risks associated with changes in foreign exchange and interest rates. We do not use derivatives for trading or speculative purposes. We believe that the counterparties with which we enter into forward exchange contracts and interest rate swap agreements are financially sound and that the credit risk of these contracts is not significant. We operate multiple foreign subsidiaries that manufacture and/or sell our products worldwide. As a result, our earnings, cash flow and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables, sales transactions, capital expenditures and net investment in certain foreign operations. Our policy is to minimize, to the extent reasonable and practical, transaction, remeasurement and specified economic exposures with derivatives instruments such as foreign exchange forward contracts and cross currency swaps. The gains and losses on these derivatives are intended to at least partially offset the transaction gains and losses recognized in earnings. Exposures are reduced whenever possible by taking advantage of offsetting payable and receivable balances and netting net sales against expenses, also referred to as natural hedges. We may employ the use of foreign currency derivative instruments to manage a portion of the remaining foreign exchange risk. Our risk management objectives and the strategies for achieving those objectives depend on the type of exposure being hedged. We are also exposed to risks associated with changes in interest rates, as the interest rate on our credit agreements vary. To mitigate this risk, we may hedge portions of our variable rate debt by swapping those portions to fixed rates. We only enter into derivative financial instruments with institutions with which we have an International Swap Dealers Association (ISDA) agreement in place. When applicable, we record interest rate derivatives as net on our Consolidated Balance Sheet, in accordance with derivative accounting. When we net or set-off our interest rate derivative obligations, only the net asset or liability position will be credit affected. We had no outstanding interest rate swaps at October 31, 2016. Since ISDA agreements are signed between the Company and each respective financial institution, netting is permitted on a per institution basis only. On an ongoing basis, we monitor counterparty credit ratings. We consider our credit non-performance risk to be minimal because we award and disperse derivatives business between multiple commercial institutions that have at least an investment grade credit rating. Effectiveness testing of the hedge relationship and measurement to quantify ineffectiveness is performed at a minimum each fiscal quarter using the hypothetical derivative method. Effective amounts are reclassified to interest expense as the related hedged expense is incurred. |
Litigation | Litigation We are subject to various legal proceedings, claims, litigation, investigations and contingencies arising out of the ordinary course of business. If we believe the likelihood of an adverse legal outcome is probable and the amount is estimable, we accrue a liability in accordance with accounting guidance for contingencies. We consult with legal counsel on matters related to litigation and seek input both within and outside the Company. |
Long-lived Assets | Long-lived Assets We review long-lived assets held and used, intangible assets with finite useful lives and assets held for sale for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an evaluation of recoverability is required, the estimated undiscounted future cash flows associated with the asset group are compared to the asset group's carrying amount to determine if a write-down is required. If the undiscounted cash flows are less than the carrying amount, an impairment loss is recorded to the extent that the carrying amount exceeds the fair value. If management has committed to a plan to dispose of long-lived assets, the assets to be disposed of are reported at the lower of carrying amount or fair value less estimated costs to sell. CooperVision provides optometric practices with in-office lenses used in marketing programs to facilitate efficient and convenient fitting of contact lenses by practitioners. Such lens fitting sets generally consist of a physical binder or rack to store contact lenses and an array of lenses. We record the costs associated with the original fitting set to other long-term assets on our Consolidated Balance Sheet. We amortize such costs over their estimated useful lives to selling, general and administrative expense on our Consolidated Statements of Income. We also expense the cost for lenses provided to practitioners as replenishment for fitting sets in the period shipped to selling, general and administrative expense on our Consolidated Statements of Income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term income producing investments with maturity dates of three months or less. These investments are readily convertible to cash and are carried at cost, which approximates market value. |
Inventories | Inventories October 31, (In millions) 2016 2015 Raw materials $ 86.0 $ 80.9 Work-in-process 12.6 14.5 Finished goods 319.1 324.3 $ 417.7 $ 419.7 Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard cost that approximates actual cost, on a first-in, first-out basis. |
Property, Plant and Equipment | Property, Plant and Equipment October 31, (In millions) 2016 2015 Land and improvements $ 18.2 $ 19.8 Buildings and improvements 259.9 226.1 Machinery and equipment 1,171.1 1,085.1 Construction in progress 154.1 319.7 Less: Accumulated depreciation 725.6 683.6 $ 877.7 $ 967.1 Property, plant and equipment are stated at cost. We compute depreciation using the straight-line method in amounts sufficient to write off depreciable assets over their estimated useful lives. We amortize leasehold improvements over their estimated useful lives or the period of the related lease, whichever is shorter. We depreciate buildings over 30 to 40 years and machinery and equipment over 3 to 15 years. We expense costs for maintenance and repairs and capitalize major replacements, renewals and betterments. We eliminate the cost and accumulated depreciation of depreciable assets retired or otherwise disposed of from the asset and accumulated depreciation accounts and reflect any gains or losses in operations for the period. We had capitalized interest included in construction in progress of $3.1 million and $6.2 million for the years ended October 31, 2016 and 2015 , respectively. |
Earnings Per Share | Earnings Per Share We determine basic earnings per share (EPS) by using the weighted average number of shares outstanding. We determine diluted EPS by increasing the weighted average number of shares outstanding in the denominator by the number of outstanding dilutive equity awards using the treasury stock method. |
Treasury Stock | Treasury Stock We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. At October 31, 2016 and 2015 , the number of shares in treasury was 3,290,318 and 3,290,318 , respectively. No shares were purchased during the year ended October 31, 2016 , and 467,539 shares were purchased during the year ended October 31, 2015 . See Note 8 for additional information on the share repurchase program. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | Inventories October 31, (In millions) 2016 2015 Raw materials $ 86.0 $ 80.9 Work-in-process 12.6 14.5 Finished goods 319.1 324.3 $ 417.7 $ 419.7 |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment October 31, (In millions) 2016 2015 Land and improvements $ 18.2 $ 19.8 Buildings and improvements 259.9 226.1 Machinery and equipment 1,171.1 1,085.1 Construction in progress 154.1 319.7 Less: Accumulated depreciation 725.6 683.6 $ 877.7 $ 967.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes our consideration paid for Sauflon and the allocation of the purchase price to assets acquired and liabilities assumed. We repaid substantially all of the acquired debt concurrently with the acquisition with our available funds. (In millions) Useful Lives of Intangible Assets Fair Value Goodwill $ 856.2 Trademarks 10 years $ 7.2 Technology 10 years 138.2 Customer relationships 15 years 39.3 License and distribution rights and other 2 to 5 years 51.6 In-process research and development N/A 43.1 Purchased intangible assets $ 279.4 Cash and cash equivalents $ 10.1 Property, plant and equipment 83.9 Inventories 36.2 Trade accounts receivable 42.3 Other current assets 6.9 Debt (85.1 ) Accounts payable (23.6 ) Long term deferred tax liabilities (56.7 ) Other creditors and current liabilities (18.5 ) Net tangible liabilities $ (4.5 ) Total purchase consideration $ 1,131.1 |
Business Acquisition, Pro Forma Information | Years Ended October 31, (In millions, except per share amounts, pro forma, unaudited) 2014 2013 Revenue $ 1,858.2 $ 1,746.3 Net income attributable to Cooper stockholders $ 276.0 $ 284.9 Diluted earnings per share $ 5.64 $ 5.73 |
Restructuring and Integration28
Restructuring and Integration Costs Restructuring and Integration Costs (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | A summary of the total restructuring costs by major component recognized for the fiscal years ended October 31, 2016, October 31, 2015, and October 31, 2014, is as follows: (In millions) Employee-related Facilities-related Product Rationalization Total Amounts incurred in: Year ended October 31, 2014 $ 20.3 $ 0.5 $ 15.3 $ 36.1 Year ended October 31, 2015 (2.5 ) 0.4 57.7 55.6 Year ended October 31, 2016 — 0.2 56.4 56.6 Cumulative amounts as of October 31, 2016 $ 17.8 $ 1.1 $ 129.4 $ 148.3 The following table summarizes the restructuring activities by major component: (In millions) Employee-related Facilities-related Product Rationalization Total Additions during fiscal 2014 $ 20.3 $ 0.5 $ 15.3 $ 36.1 Payments during the fiscal year (0.4 ) — — (0.4 ) Non-cash adjustments (b) — — (15.3 ) (15.3 ) Balance at October 31, 2014 $ 19.9 $ 0.5 $ — $ 20.4 (Reductions) additions during fiscal 2015 (2.5 ) 0.4 57.7 55.6 Payments during the fiscal year (9.0 ) (0.4 ) — (9.4 ) Non-cash adjustments (a) (b) 0.2 (0.2 ) (57.7 ) (57.7 ) Balance at October 31, 2015 $ 8.6 $ 0.3 $ — $ 8.9 Additions during fiscal 2016 — 0.2 56.4 56.6 Payments during the fiscal year (5.2 ) (0.2 ) — (5.4 ) Non-cash adjustments (a) (b) (0.6 ) — (56.4 ) (57.0 ) Balance at October 31, 2016 $ 2.8 $ 0.3 $ — $ 3.1 (a) Non-cash adjustments for employee-related and facilities-related costs represent currency translation adjustment. (b) Non-cash adjustments for product rationalization represent equipment disposals, inventory write-offs and accelerated depreciation. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill (In millions) CooperVision CooperSurgical Total Balance as of October 31, 2014 $ 1,861.5 $ 359.4 $ 2,220.9 Net (reductions) additions during the year ended October 31, 2015 (1.2 ) 17.4 16.2 Translation (32.7 ) (7.3 ) (40.0 ) Balance as of October 31, 2015 $ 1,827.6 $ 369.5 $ 2,197.1 Net additions during the year ended October 31, 2016 9.1 156.9 166.0 Translation (190.3 ) (8.1 ) (198.4 ) Balance as of October 31, 2016 $ 1,646.4 $ 518.3 $ 2,164.7 |
Schedule of Other Intangible Assets | Other Intangible Assets As of October 31, 2016 As of October 31, 2015 (In millions) Gross Carrying Amount Accumulated Amortization & Translation Gross Carrying Amount Accumulated Amortization & Translation Weighted Average Amortization Period (In years) Trademarks $ 36.6 $ 6.8 $ 23.7 $ 4.4 12 Technology 354.8 139.3 318.9 114.7 11 Customer relationships 285.7 121.9 247.0 104.5 13 License and distribution rights and other 65.8 33.8 71.7 26.6 9 742.9 $ 301.8 661.3 $ 250.2 12 Less accumulated amortization and translation 301.8 250.2 Other intangible assets, net $ 441.1 $ 411.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | October 31, (In millions) 2016 2015 Short-term: Overdraft and other credit facilities $ 17.1 $ 240.4 Current portion of long-term debt 210.7 3.8 Less: unamortized debt issuance cost (1.5 ) (0.4 ) $ 226.3 $ 243.8 Long term: Credit Agreement $ — $ 109.0 Term loans 1,111.2 996.3 Other 0.2 0.5 Less: unamortized debt issuance cost (4.0 ) (0.4 ) $ 1,107.4 $ 1,105.4 |
Schedule of Maturities of Long-term Debt | Annual maturities of long-term debt as of October 31, 2016 , are as follows: Year (In millions) 2017 $ — 2018 $ 281.2 2019 $ — 2020 $ — 2021 $ 830.2 Thereafter $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Tax, Domestic and Foreign | The components of income from continuing operations before income taxes and extraordinary items and the income tax provision related to income from all operations in our Consolidated Statements of Income consist of: Years Ended October 31, (In millions) 2016 2015 2014 Income before income taxes: United States $ 31.5 $ 31.9 $ 32.5 Foreign 264.1 183.6 264.0 $ 295.6 $ 215.5 $ 296.5 Income tax provision $ 20.7 $ 10.3 $ 24.7 |
Schedule of Income Tax Provision Related to Income from Continuing Operations | The income tax provision (benefit) related to income from continuing operations in our Consolidated Statements of Income consists of: Years Ended October 31, (In millions) 2016 2015 2014 Current: Federal $ 14.6 $ 0.2 $ 23.0 State 1.3 1.2 1.1 Foreign 15.5 3.3 16.6 31.4 4.7 40.7 Deferred: Federal (3.9 ) 12.0 (5.3 ) State (0.7 ) (0.5 ) (0.9 ) Foreign (6.1 ) (5.9 ) (9.8 ) (10.7 ) 5.6 (16.0 ) Income tax provision $ 20.7 $ 10.3 $ 24.7 |
Schedule of Provision for Income Taxes Attributable to Income from Operations and Amount Computed by Applying Statutory Federal Income Tax Rate | We reconcile the provision for income taxes attributable to income from operations and the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes as follows: Years Ended October 31, (In millions) 2016 2015 2014 Computed expected provision for taxes $ 103.5 $ 75.4 $ 103.8 (Decrease) increase in taxes resulting from: Income earned outside the United States subject to different tax rates (81.2 ) (72.6 ) (85.5 ) State taxes, net of federal income tax benefit 1.2 1.4 0.8 Foreign source income subject to United States tax — — 0.5 Research and development credit (1.2 ) (0.7 ) (0.1 ) Incentive stock option compensation and non-deductible employee compensation 0.5 0.4 0.4 Tax accrual adjustment (5.0 ) 3.8 3.8 Other, net 2.9 2.6 1.0 Actual provision for income taxes $ 20.7 $ 10.3 $ 24.7 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and liabilities are: October 31, (In millions) 2016 2015 Deferred tax assets: Accounts receivable, principally due to allowances for doubtful accounts $ 3.3 $ 1.3 Inventories 6.2 4.9 Litigation settlements 0.5 0.2 Accrued liabilities, reserves and compensation accruals 50.3 43.1 Share-based compensation expenses 24.5 26.4 Net operating loss carryforwards 2.7 2.8 Plant and equipment 0.4 4.4 Research and experimental expenses - Section 59(e) 6.7 2.6 Tax credit carryforwards 1.8 1.1 Total gross deferred tax assets 96.4 86.8 Less valuation allowance (13.3 ) (13.4 ) Deferred tax assets 83.1 73.4 Deferred tax liabilities: Tax deductible goodwill (29.5 ) (26.5 ) Transaction costs (1.1 ) (1.1 ) Foreign deferred tax liabilities (5.6 ) (6.6 ) Other intangible assets (31.2 ) (24.0 ) Total gross deferred tax liabilities (67.4 ) (58.2 ) Net deferred tax assets $ 15.7 $ 15.2 |
Schedule of Changes in Gross Unrecognized Tax Benefits | The aggregated changes in the balance of gross unrecognized tax benefits were as follows: (In millions) Balance at October 31, 2014 $ 31.4 Increase from prior year's UTB's — Increase from current year's UTB's 18.7 UTB (decrease) from expiration of statute of limitations (9.8 ) Balance at October 31, 2015 40.3 Increase from prior year's UTB's 4.5 Increase from current year's UTB's 6.7 UTB (decrease) from expiration of statute of limitations (11.6 ) Balance at October 31, 2016 $ 39.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Years Ended October 31, (In millions, except per share amounts) 2016 2015 2014 Net income attributable to Cooper stockholders $ 273.9 $ 203.5 $ 269.9 Basic: Weighted average common shares 48.5 48.5 48.1 Basic earnings per share attributable to Cooper stockholders $ 5.65 $ 4.20 $ 5.61 Diluted: Weighted average common shares 48.5 48.5 48.1 Effect of dilutive stock options 0.5 0.7 0.9 Diluted weighted average common shares 49.0 49.2 49.0 Diluted earnings per share attributable to Cooper stockholders $ 5.59 $ 4.14 $ 5.51 |
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 our 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: Years Ended October 31, (In thousands, except exercise prices) 2016 2015 2014 Stock option shares excluded 392 123 138 Range of exercise prices $131.60-$162.69 $ 162.28 $ 119.89 Restricted stock units excluded 2 1 1 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Analysis of changes in accumulated other comprehensive income (loss): (In millions) Foreign Currency Translation Adjustment Change in Value of Derivative Instruments Minimum Pension Liability Total Balance at October 31, 2013 $ (4.6 ) $ (1.1 ) $ (10.1 ) $ (15.8 ) Gross change in value for the period (87.8 ) (0.1 ) (5.9 ) (93.8 ) Reclassification adjustments for loss realized in income — 1.7 — 1.7 Tax effect for the period — (0.6 ) 2.3 1.7 Balance at October 31, 2014 $ (92.4 ) $ (0.1 ) $ (13.7 ) $ (106.2 ) Gross change in value for the period $ (79.4 ) $ — $ (10.0 ) $ (89.4 ) Reclassification adjustments for loss realized in income — 0.1 — 0.1 Tax effect for the period — — 3.9 3.9 Balance at October 31, 2015 $ (171.8 ) $ — $ (19.8 ) $ (191.6 ) Gross change in value for the period $ (289.6 ) $ — $ (13.7 ) $ (303.3 ) Tax effect for the period — — 5.3 5.3 Balance at October 31, 2016 $ (461.4 ) $ — $ (28.2 ) $ (489.6 ) |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Expense and Related Income Tax Benefit for Share-Based Awards | The compensation cost and related tax benefit recognized in our consolidated financial statements for share-based awards were as follows: October 31, (In millions) 2016 2015 2014 Selling, general and administrative expense $ 26.2 $ 29.2 $ 32.4 Cost of sales 2.6 2.8 2.2 Research and development expense 1.1 0.9 1.9 Total compensation expense $ 29.9 $ 32.9 $ 36.5 Related income tax benefit $ 9.0 $ 10.2 $ 11.7 |
Schedule of Assumptions Used in Estimating Fair Value of Stock Options Award Granted | The dividend yield is based on the projected annual dividend payment per share, divided by the stock price at the date of grant. Years Ended October 31, 2016 2015 2014 Expected life 4.8 - 5.5 years 4.8 - 5.5 years 4.8 - 5.5 years Expected volatility 27.6% - 27.7% 29.0% - 29.5% 31.5% - 35.3% Risk-free interest rate 1.3% - 1.5% 1.3% - 1.5% 1.4% - 1.6% Dividend yield 0.04 % 0.04 % 0.05 % |
Schedule of Stock Option Plans | The activity and status of our stock option plans are summarized below: Number of Weighted- Weighted- Aggregate Outstanding at October 31, 2015 1,090,531 $ 79.85 Granted 393,728 $ 133.14 Exercised 378,871 $ 53.85 Forfeited or expired — $ — Outstanding at October 31, 2016 1,105,388 $ 107.74 6.66 Vested and exercisable at October 31, 2016 468,031 $ 74.75 4.42 $ 47,408,122 |
Schedule of Non-Vested RSUs | The status of our non-vested RSUs is summarized below: Number of Weighted- Non-vested RSUs at October 31, 2015 516,206 $ 121.96 Granted 198,448 $ 132.78 Vested and issued 178,511 $ 104.86 Forfeited or expired 28,364 $ 132.20 Non-vested RSUs at October 31, 2016 507,779 $ 131.63 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Benefit Obligation and Changes in Plan Assets | The following table sets forth the Plan's benefit obligations and fair value of the Plan assets at October 31, 2016 , and the funded status of the Plan and net periodic pension costs for each of the years in the three-year period ended October 31, 2016 . Retirement Income Plan Years Ended October 31, (In millions) 2016 2015 2014 Change in benefit obligation Benefit obligation, beginning of year $ 117.3 $ 101.1 $ 84.2 Service cost 8.9 8.8 7.1 Interest cost 4.3 4.6 4.0 Benefits paid (2.3 ) (4.7 ) (1.8 ) Actuarial loss (gain) 10.7 7.5 7.6 Benefit obligation, end of year $ 138.9 $ 117.3 $ 101.1 Change in plan assets Fair value of plan assets, beginning of year $ 79.5 $ 72.2 $ 59.3 Actual return on plan assets 2.0 2.0 5.9 Employer contributions 10.0 10.0 8.8 Benefits paid (2.3 ) (4.7 ) (1.8 ) Fair value of plan assets, end of year $ 89.2 $ 79.5 $ 72.2 Funded status at end of year $ (49.7 ) $ (37.8 ) $ (28.9 ) |
Schedule of Amounts Recognized in Balance Sheet | Years Ended October 31, (In millions) 2016 2015 2014 Amounts recognized in the statement of financial position consist of: Noncurrent asset $ — $ — $ — Current liability — — — Noncurrent liabilities (49.7 ) (37.8 ) (28.9 ) Net amount recognized at year end $ (49.7 ) $ (37.8 ) $ (28.9 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | Years Ended October 31, (In millions) 2016 2015 2014 Amounts recognized in accumulated other comprehensive income consist of: Net transition obligation $ — $ — $ — Prior service cost — — — Net loss 45.8 32.1 22.1 Accumulated other comprehensive income $ 45.8 $ 32.1 $ 22.1 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Years Ended October 31, (In millions) 2016 2015 2014 Information for pension plans with accumulated benefit obligations in excess of plan assets Projected benefit obligation $ 138.9 $ 117.3 $ 101.1 Accumulated benefit obligation $ 121.2 $ 102.6 $ 88.6 Fair value of plan assets $ 89.2 $ 79.5 $ 72.2 |
Schedule of Reconciliation of Prepaid (Accrued) Pension Cost | Years Ended October 31, (In millions) 2016 2015 2014 Reconciliation of prepaid (accrued) pension cost Accrued pension cost at prior fiscal year end $ (5.7 ) $ (6.8 ) $ (8.9 ) Net periodic benefit cost 8.3 8.9 6.7 Contributions made during the year 10.0 10.0 8.8 Accrued pension cost at fiscal year end $ (4.0 ) $ (5.7 ) $ (6.8 ) |
Schedule of Components of Net Periodic Pension Costs | Years Ended October 31, (In millions) 2016 2015 2014 Components of net periodic benefit cost and other amounts recognized in other comprehensive income Net periodic benefit cost: Service cost $ 8.9 $ 8.8 $ 7.1 Interest cost 4.3 4.6 4.0 Expected return on plan assets (6.6 ) (6.0 ) (5.0 ) Amortization of transitional (asset) or obligation — — — Amortization of prior service cost — — — Recognized actuarial loss 1.7 1.5 0.6 Net periodic pension cost $ 8.3 $ 8.9 $ 6.7 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Years Ended October 31, (In millions) 2016 2015 2014 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net transition obligation $ — $ — $ — Prior service cost — — — Net loss (gain) 15.4 11.5 6.7 Amortizations of net transition obligation — — — Amortizations of prior service cost — — — Amortizations of net (gain) (1.7 ) (1.5 ) (0.6 ) Total recognized in other comprehensive income $ 13.7 $ 10.0 $ 6.1 Total recognized in net periodic benefit cost and other comprehensive income $ 22.0 $ 18.9 $ 12.8 |
Schedule of Weighted-Average Assumptions Used in Computing the Net Periodic Pension Cost and Projected Benefit Obligation | Years Ended October 31, 2016 2015 2014 Weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligation at year end: Discount rate for determining net periodic pension cost: Projected Benefit Obligation 4.25 % 4.25 % 4.75 % Service Cost 4.42 % 4.25 % 4.75 % Interest Cost 3.70 % 4.25 % 4.75 % Discount rate for determining benefit obligations at year end 3.74 % 4.25 % 4.25 % Rate of compensation increase for determining expense 4.00 % 4.00 % 4.00 % Rate of compensation increase for determining benefit obligations at year end 4.00 % 4.00 % 4.00 % Expected rate of return on plan assets for determining net periodic pension cost 8.00 % 8.00 % 8.00 % Expected rate of return on plan assets at year end 8.00 % 8.00 % 8.00 % Measurement date for determining assets and benefit obligations at year end 10/31/2016 10/31/2015 10/31/2014 |
Schedule of Weighted-Average Asset Allocations by Asset Category | Weighted-average asset allocations at year end, by asset category are as follows: Years Ended October 31, 2016 2015 2014 Asset category Cash and cash equivalents 4.9 % 2.2 % 3.0 % Corporate common stock 8.9 % 9.0 % 9.0 % Equity mutual funds 47.2 % 52.0 % 52.1 % Real estate funds 4.3 % 3.3 % 4.1 % Bond mutual funds 34.7 % 33.5 % 31.8 % Total 100.0 % 100.0 % 100.0 % |
Schedule of Fair Value Measurement of Plan Assets | Fair Value Measurement of Plan Assets (In millions) Total Quoted Prices Significant Significant Asset category Cash and cash equivalents $ 4.4 $ 4.4 $ — $ — Corporate common stock 8.0 8.0 — — Equity mutual funds 42.1 42.1 — — Real estate funds 3.8 3.8 — — Bond mutual funds 30.9 30.9 — — Total $ 89.2 $ 89.2 $ — $ — |
Schedule of Estimated Future Benefit Payments | Estimated Future Benefit Payments Years (In millions) 2017 $ 2.9 2018 $ 3.3 2019 $ 3.8 2020 $ 4.3 2021 $ 4.8 2022-2026 $ 32.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
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 our financial assets and liabilities that were measured at fair value on a recurring basis using Level 2 inputs during the fiscal years 2016 and 2015 , within the fair value hierarchy at October 31: (In millions) 2016 2015 Assets: Foreign exchange contracts $ — $ 1.3 Liabilities: Foreign exchange contracts — 0.4 $ — $ 0.4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Total Minimum Annual Rental Obligations Under Noncancelable Operating Leases | Total minimum annual rental obligations under noncancelable operating leases (substantially all real property or equipment) in force at October 31, 2016 , were payable as follows: (In millions) 2017 $ 27.4 2018 23.7 2019 21.5 2020 19.2 2021 16.4 2022 and thereafter 124.8 $ 233.0 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Business Segment Net Sales | The following table presents a summary of our business segment net sales: (In millions) 2016 2015 2014 CooperVision net sales by category: Toric lens $ 480.2 $ 440.1 $ 428.6 Multifocal lens 169.8 162.1 147.0 Single-use sphere lens 403.1 357.2 306.6 Non single-use sphere and other 524.1 528.4 510.4 Total CooperVision net sales 1,577.2 1,487.8 1,392.6 CooperSurgical net sales 389.6 309.3 325.2 Total net sales $ 1,966.8 $ 1,797.1 $ 1,717.8 |
Schedule of Segment Information | Information by business segment for each of the years in the three-year period ended October 31, 2016 , follows: (In millions) CooperVision CooperSurgical Corporate Consolidated 2016 Net sales $ 1,577.2 $ 389.6 $ — $ 1,966.8 Operating income (loss) $ 309.8 $ 60.2 $ (45.9 ) $ 324.1 Interest expense 26.2 Other expense, net 2.3 Income before income taxes $ 295.6 Identifiable assets $ 3,382.4 $ 907.1 $ 186.4 $ 4,475.9 Depreciation expense $ 131.3 $ 5.9 $ 0.3 $ 137.5 Amortization expense $ 40.1 $ 20.7 $ — $ 60.8 Capital expenditures $ 142.8 $ 9.8 $ — $ 152.6 2015 Net sales $ 1,487.8 $ 309.3 $ — $ 1,797.1 Operating income (loss) $ 229.8 $ 56.1 $ (49.2 ) $ 236.7 Interest expense 18.1 Other expense, net 3.1 Income before income taxes $ 215.5 Identifiable assets $ 3,714.6 $ 674.9 $ 70.4 $ 4,459.9 Depreciation expense $ 134.0 $ 5.6 $ 0.3 $ 139.9 Amortization expense $ 36.6 $ 14.9 $ — $ 51.5 Capital expenditures $ 238.3 $ 4.6 $ 0.1 $ 243.0 2014 Net sales $ 1,392.6 $ 325.2 $ — $ 1,717.8 Operating income (loss) $ 289.0 $ 69.0 $ (51.5 ) $ 306.5 Interest expense 8.0 Other expense, net 2.0 Income before income taxes $ 296.5 Identifiable assets $ 3,699.6 $ 646.2 $ 112.5 $ 4,458.3 Depreciation expense $ 95.5 $ 6.5 $ 0.5 $ 102.5 Amortization expense $ 22.7 $ 13.0 $ — $ 35.7 Capital expenditures $ 233.6 $ 4.2 $ 0.3 $ 238.1 |
Schedule of Information by Geographical Area by Country of Domicile | Information by geographical area by country of domicile for each of the years in the three-year period ended October 31, 2016 , follows: (In millions) United Europe Rest of Consolidated 2016 Sales to unaffiliated customers $ 886.5 $ 681.1 $ 399.2 $ 1,966.8 Sales between geographic areas 254.7 464.1 (718.8 ) — Net sales $ 1,141.2 $ 1,145.2 $ (319.6 ) $ 1,966.8 Operating income (loss) $ 77.7 $ 6.0 $ 240.4 $ 324.1 Long-lived assets $ 464.1 $ 334.4 $ 79.2 $ 877.7 2015 Sales to unaffiliated customers $ 811.9 $ 647.3 $ 337.9 $ 1,797.1 Sales between geographic areas 250.0 493.1 (743.1 ) — Net sales $ 1,061.9 $ 1,140.4 $ (405.2 ) $ 1,797.1 Operating income (loss) $ 30.7 $ (37.6 ) $ 243.6 $ 236.7 Long-lived assets $ 494.2 $ 407.9 $ 65.0 $ 967.1 2014 Sales to unaffiliated customers $ 773.8 $ 582.4 $ 361.6 $ 1,717.8 Sales between geographic areas 230.6 346.0 (576.6 ) — Net sales $ 1,004.4 $ 928.4 $ (215.0 ) $ 1,717.8 Operating income $ 47.8 $ (10.3 ) $ 269.0 $ 306.5 Long-lived assets $ 499.2 $ 406.4 $ 31.7 $ 937.3 |
Selected Quarterly Financial 39
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | (In millions, except per share amounts) First Second Third Fourth 2016 (1) Net sales $ 449.6 $ 483.8 $ 514.7 $ 518.7 Gross profit $ 262.0 $ 298.5 $ 316.6 $ 296.0 Income before income taxes $ 50.7 $ 82.6 $ 93.4 $ 68.9 Net income attributable to Cooper stockholders $ 51.4 $ 74.1 $ 87.9 $ 60.5 Earnings per share attributable to Cooper stockholders - basic $ 1.06 $ 1.53 $ 1.81 $ 1.25 Earnings per share attributable to Cooper stockholders - diluted $ 1.05 $ 1.52 $ 1.79 $ 1.23 2015 (1) Net sales $ 445.2 $ 434.7 $ 461.7 $ 455.5 Gross profit $ 276.4 $ 267.7 $ 272.9 $ 253.3 Income before income taxes $ 67.5 $ 67.0 $ 44.6 $ 36.4 Net income attributable to Cooper stockholders $ 61.2 $ 60.7 $ 45.0 $ 36.7 Earnings per share attributable to Cooper stockholders - basic $ 1.27 $ 1.25 $ 0.92 $ 0.76 Earnings per share attributable to Cooper stockholders - diluted $ 1.25 $ 1.23 $ 0.91 $ 0.75 (1) Fiscal first through fourth quarters of 2016 and 2015 results include charges for integration and restructuring activities related to recent acquisitions. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Estimates and Critical Accounting Policies [Abstract] | |||||||
Goodwill impairment | $ 0 | $ 0 | |||||
Foreign Currency Translation [Abstract] | |||||||
Net foreign exchange gain (loss) | 1,600,000 | 3,500,000 | $ 2,900,000 | ||||
Property, Plant and Equipment [Abstract] | |||||||
Interest capitalized included in construction in progress | $ 3,100,000 | $ 6,200,000 | |||||
Treasury Stock [Abstract] | |||||||
Number of shares in treasury (in shares) | 3,290,318 | 3,290,318 | 3,290,318 | ||||
Number of shares purchased | 368,000 | 0 | 0 | 100,000 | 0 | 467,539 | |
Interest Rate Swap [Member] | |||||||
Financial Instruments [Abstract] | |||||||
Derivative liability, fair value | $ 0 | ||||||
Building [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Property, plant and equipment, useful life, (years) | 30 years | ||||||
Building [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Property, plant and equipment, useful life, (years) | 40 years | ||||||
Machinery and equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Property, plant and equipment, useful life, (years) | 3 years | ||||||
Machinery and equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Property, plant and equipment, useful life, (years) | 15 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Accounting Policies [Abstract] | ||
Raw materials | $ 86,000 | $ 80,900 |
Work-in-process | 12,600 | 14,500 |
Finished goods | 319,100 | 324,300 |
Inventories, net | $ 417,696 | $ 419,692 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Schedule of Property Plant and Equipment) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,603,243 | $ 1,650,730 | |
Less: accumulated depreciation and amortization | 725,571 | 683,633 | |
Property, plant and equipment, net | 877,672 | 967,097 | $ 937,300 |
Land and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,200 | 19,800 | |
Building and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 259,900 | 226,100 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,171,100 | 1,085,100 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 154,100 | $ 319,700 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Sep. 06, 2016 | May 31, 2016 | May 25, 2016 | May 04, 2016 | Mar. 31, 2016 | Feb. 08, 2016 | Dec. 17, 2015 | Aug. 07, 2015 | Aug. 06, 2014 | Aug. 06, 2014 | Oct. 31, 2016 | Oct. 31, 2014 | Oct. 31, 2015 | Aug. 01, 2014 | |
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | $ 2,164,748 | $ 2,220,900 | $ 2,197,077 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||||||||||||||
Goodwill, Acquired During Period | $ 166,000 | ||||||||||||||
CooperSurgical [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | 518,300 | 359,400 | $ 369,500 | ||||||||||||
Goodwill deductible for tax purposes | 117,900 | ||||||||||||||
Goodwill, Acquired During Period | $ 156,900 | ||||||||||||||
Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||||||||||||
Technology [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||||||||||||||
Soflex [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 6, 2016 | ||||||||||||||
Business Combination, Consideration Transferred | $ 15,100 | ||||||||||||||
Cash paid, net of cash acquired | 14,300 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,800 | ||||||||||||||
Goodwill, Acquired During Period | 9,000 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (1,700) | ||||||||||||||
Soflex [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,700 | ||||||||||||||
Soflex [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | ||||||||||||||
Soflex [Member] | Non-compete agreement [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 100 | ||||||||||||||
Reprogenetics UK [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 31, 2016 | ||||||||||||||
Business Combination, Consideration Transferred | $ 11,700 | ||||||||||||||
Cash paid, net of cash acquired | 11,400 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,300 | ||||||||||||||
Goodwill, Acquired During Period | 5,600 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (200) | ||||||||||||||
Reprogenetics UK [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,100 | ||||||||||||||
Reprogenetics UK [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,200 | ||||||||||||||
Recombine [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 25, 2016 | ||||||||||||||
Business Combination, Consideration Transferred | $ 84,900 | ||||||||||||||
Cash paid, net of cash acquired | 84,400 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 30,000 | ||||||||||||||
Goodwill, Acquired During Period | 65,400 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (10,500) | ||||||||||||||
Recombine [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,400 | ||||||||||||||
Recombine [Member] | Technology [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 23,100 | ||||||||||||||
Recombine [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,500 | ||||||||||||||
K-Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 4, 2016 | ||||||||||||||
Business Combination, Consideration Transferred | $ 11,700 | ||||||||||||||
Cash paid, net of cash acquired | 11,500 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,400 | ||||||||||||||
Goodwill, Acquired During Period | 5,600 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 700 | ||||||||||||||
K-Systems [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 800 | ||||||||||||||
K-Systems [Member] | Technology [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,600 | ||||||||||||||
K-Systems [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,000 | ||||||||||||||
Genesis Genetics [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Mar. 31, 2016 | ||||||||||||||
Business Combination, Consideration Transferred | $ 61,100 | ||||||||||||||
Cash paid, net of cash acquired | 60,500 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 28,600 | ||||||||||||||
Goodwill, Acquired During Period | 28,700 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3,800 | ||||||||||||||
Genesis Genetics [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 25,200 | ||||||||||||||
Genesis Genetics [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,400 | ||||||||||||||
The Pipette Company [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 8, 2016 | ||||||||||||||
Business Combination, Consideration Transferred | $ 20,200 | ||||||||||||||
Cash paid, net of cash acquired | 19,600 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,600 | ||||||||||||||
Goodwill, Acquired During Period | 15,000 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (400) | ||||||||||||||
The Pipette Company [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,200 | ||||||||||||||
The Pipette Company [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 400 | ||||||||||||||
Research Instruments [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 17, 2015 | ||||||||||||||
Business Combination, Consideration Transferred | $ 53,600 | ||||||||||||||
Cash paid, net of cash acquired | 50,000 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,300 | ||||||||||||||
Goodwill, Acquired During Period | 35,800 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 7,600 | ||||||||||||||
Research Instruments [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,900 | ||||||||||||||
Research Instruments [Member] | Technology [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,200 | ||||||||||||||
Research Instruments [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,200 | ||||||||||||||
Reprogenetics US [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 7, 2015 | ||||||||||||||
Business Combination, Consideration Transferred | $ 47,700 | ||||||||||||||
Cash paid, net of cash acquired | 44,100 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 24,200 | ||||||||||||||
Goodwill, Acquired During Period | 16,900 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 6,600 | ||||||||||||||
Reprogenetics US [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 21,000 | ||||||||||||||
Reprogenetics US [Member] | Trade Names [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,200 | ||||||||||||||
Sauflon [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 6, 2014 | ||||||||||||||
Business Combination, Consideration Transferred | $ 1,131,100 | 1,130,000 | |||||||||||||
Cost of acquired entity, cash paid | 1,073,200 | ||||||||||||||
Cash paid, net of cash acquired | 1,063,100 | 1,063,077 | |||||||||||||
Loan notes issued (1) | $ 58,000 | $ 57,954 | [1] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 10,100 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 83,900 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 56,700 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 85,100 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 279,400 | ||||||||||||||
Goodwill | 856,200 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ (4,500) | ||||||||||||||
Sauflon [Member] | Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||||
Sauflon [Member] | Technology [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||||
[1] | The loan notes issued at acquisition were fully paid in fiscal 2015. |
Acquisitions Purchase Price all
Acquisitions Purchase Price allocation (Details) - USD ($) $ in Thousands | Aug. 06, 2014 | Aug. 06, 2014 | Oct. 31, 2016 | Oct. 31, 2014 | Oct. 31, 2015 | Aug. 01, 2014 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 2,164,748 | $ 2,220,900 | $ 2,197,077 | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | |||||
Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | |||||
Technology [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | |||||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||
License And Distribution Rights And Other [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||
Sauflon [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 856,200 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 279,400 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 10,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 83,900 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 36,200 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 42,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 6,900 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | (85,100) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (23,600) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (56,700) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (18,500) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (4,500) | |||||
Business Combination, Consideration Transferred | $ 1,131,100 | $ 1,130,000 | ||||
Sauflon [Member] | In Process Research and Development [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 43,100 | |||||
Sauflon [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,200 | |||||
Sauflon [Member] | Technology [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 138,200 | |||||
Sauflon [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 39,300 | |||||
Sauflon [Member] | License And Distribution Rights And Other [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 51,600 | |||||
Sauflon [Member] | License And Distribution Rights And Other [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||||
Sauflon [Member] | License And Distribution Rights And Other [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Acquisitions Pro forma financia
Acquisitions Pro forma financial information (Details) - Sauflon [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Business Acquisition [Line Items] | ||
Revenue | $ 1,858.2 | $ 1,746.3 |
Net income attributable to Cooper stockholders | $ 276 | $ 284.9 |
Diluted earnings per share | $ 5.64 | $ 5.73 |
Acquisitions Pro forma financ46
Acquisitions Pro forma financial information (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Amortization of intangibles | $ 60,790 | $ 51,459 | $ 35,710 | |
Interest expense | 26,190 | 18,103 | 7,965 | |
Sauflon [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Restructuring Charges | $ 56,600 | $ 55,600 | 36,100 | |
Sauflon [Member] | Pro Forma [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Amortization of intangibles | 22,200 | $ 29,700 | ||
Interest expense | 6,400 | $ 9,300 | ||
Acquisition costs | $ 20,400 |
Restructuring and Integration47
Restructuring and Integration Costs Restructuring and Integration Costs (Details) - Sauflon [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 148.3 | ||
Restructuring Charges | 56.6 | $ 55.6 | $ 36.1 |
Payments during the fiscal year | (5.4) | (9.4) | (0.4) |
Restructuring Reserve, Amounts Settled Without Cash and Translation Adjustments | (57) | (57.7) | (15.3) |
Restructuring Reserve | 3.1 | 8.9 | 20.4 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 17.8 | ||
Restructuring Charges | 0 | (2.5) | 20.3 |
Payments during the fiscal year | (5.2) | (9) | (0.4) |
Restructuring Reserve, Amounts Settled Without Cash and Translation Adjustments | (0.6) | 0.2 | 0 |
Restructuring Reserve | 2.8 | 8.6 | 19.9 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 1.1 | ||
Restructuring Charges | 0.2 | 0.4 | 0.5 |
Payments during the fiscal year | (0.2) | (0.4) | 0 |
Restructuring Reserve, Amounts Settled Without Cash and Translation Adjustments | 0 | (0.2) | 0 |
Restructuring Reserve | 0.3 | 0.3 | 0.5 |
Product Rationalization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 129.4 | ||
Restructuring Charges | 56.4 | 57.7 | 15.3 |
Payments during the fiscal year | 0 | 0 | 0 |
Restructuring Reserve, Amounts Settled Without Cash and Translation Adjustments | (56.4) | (57.7) | (15.3) |
Restructuring Reserve | $ 0 | $ 0 | $ 0 |
Restructuring and Integration48
Restructuring and Integration Costs Restructuring and Integration Costs (Narrative) (Details) - Sauflon [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 148.3 | ||
Restructuring Charges | 56.6 | $ 55.6 | $ 36.1 |
Business Combination, Integration Related Costs | 10 | 35.2 | 2.8 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 17.8 | ||
Restructuring Charges | 0 | (2.5) | 20.3 |
Employee Severance [Member] | Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1.1 | 4 | |
Employee Severance [Member] | Selling, general and administrative expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (1.1) | (7.2) | 19.7 |
Employee Severance [Member] | Research and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.7 | 0.6 | |
Product Rationalization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 129.4 | ||
Restructuring Charges | 56.4 | 57.7 | 15.3 |
Product Rationalization [Member] | Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 57.7 | 15.3 | |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 1.1 | ||
Restructuring Charges | $ 0.2 | 0.4 | 0.5 |
Facility Closing [Member] | Selling, general and administrative expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0.4 | $ 0.5 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ 16,200 | |
Goodwill [Roll Forward] | ||
Balance, beginning | $ 2,197,077 | 2,220,900 |
Goodwill, Acquired During Period | 166,000 | |
Translation | (198,400) | (40,000) |
Balance, ending | 2,164,748 | 2,197,077 |
Coopervision [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Period Increase (Decrease) | (1,200) | |
Goodwill [Roll Forward] | ||
Balance, beginning | 1,827,600 | 1,861,500 |
Goodwill, Acquired During Period | 9,100 | |
Translation | (190,300) | (32,700) |
Balance, ending | 1,646,400 | 1,827,600 |
Goodwill deductible for tax purposes | 19,700 | |
CooperSurgical [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Period Increase (Decrease) | 17,400 | |
Goodwill [Roll Forward] | ||
Balance, beginning | 369,500 | 359,400 |
Goodwill, Acquired During Period | 156,900 | |
Translation | (8,100) | (7,300) |
Balance, ending | 518,300 | $ 369,500 |
Goodwill deductible for tax purposes | $ 117,900 |
Intangible Assets (Schedule o50
Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Aug. 06, 2014 | Oct. 31, 2016 | Oct. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 742,900 | $ 661,300 | |
Accumulated Amortization & Translation | $ 301,800 | 250,200 | |
Weighted Average Amortization Period | 12 years | ||
Other intangible assets, net | $ 441,086 | 411,090 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 36,600 | 23,700 | |
Accumulated Amortization & Translation | $ 6,800 | 4,400 | |
Weighted Average Amortization Period | 12 years | ||
Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 354,800 | 318,900 | |
Accumulated Amortization & Translation | $ 139,300 | 114,700 | |
Weighted Average Amortization Period | 11 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 285,700 | 247,000 | |
Accumulated Amortization & Translation | $ 121,900 | 104,500 | |
Weighted Average Amortization Period | 13 years | ||
License And Distribution Rights And Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 65,800 | 71,700 | |
Accumulated Amortization & Translation | $ 33,800 | $ 26,600 | |
Weighted Average Amortization Period | 9 years | ||
Sauflon [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 10 years | ||
Sauflon [Member] | Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 10 years | ||
Sauflon [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period | 15 years |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - Sauflon [Member] - In Process Research and Development [Member] - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 7.4 | $ 39.5 |
Research and Development in Process | 2.3 | |
In Process Research and Development Acquired, Placed In Service [Line Items] | $ 29.8 |
Intangible Assets Finite-lived
Intangible Assets Finite-lived Intangible Assets (Details) $ in Millions | Oct. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 58.5 |
2,018 | 56.5 |
2,019 | 54.2 |
2,020 | 44.7 |
2,021 | $ 43.1 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Mar. 01, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | |||
Overdraft and other credit facilities | $ 17,100 | $ 240,400 | |
Current portion of long-term debt | 210,700 | 3,800 | |
Less: unamortized debt issuance cost | (1,500) | (400) | |
Short-term debt | 226,325 | 243,803 | |
Term loans | 0 | 109,000 | |
Other | 1,111,200 | 996,300 | |
Less: unamortized debt issuance cost | 200 | 500 | |
Long Term Unamortized Debt Issuance Expense | (4,000) | (400) | |
Long-term debt | $ 1,107,448 | $ 1,105,408 | |
2016 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Other | $ 830,000 |
Debt Debt (Schedule of Annual M
Debt Debt (Schedule of Annual Maturities of Long-Term Debt) (Details) $ in Millions | Oct. 31, 2016USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,017 | $ 0 |
2,018 | 281.2 |
2,019 | 0 |
2,020 | 0 |
2,021 | 830.2 |
Thereafter | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Mar. 01, 2016USD ($) | Mar. 24, 2015USD ($) | Aug. 04, 2014USD ($) | Sep. 12, 2013USD ($) | Sep. 12, 2013USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||||
Required minimum interest coverage ratio | 3 | ||||||
Required maximum total leverage ratio | 3.75 | ||||||
Debt instrument, covenant description | Pursuant to the terms of the 2016 Credit Agreement and the Term Loan Agreements discussed below, we are also required to maintain specified financial ratios: Interest Coverage Ratio, as defined, to be at least 3.00 to 1.00 at all times. Total Leverage Ratio, as defined, to be no higher than 3.75 to 1.00. | ||||||
Debt instrument, covenant compliance | At October 31, 2016, we were in compliance with the Interest Coverage Ratio at 24.27 to 1.00 and the Total Leverage Ratio at 1.95 to 1.00. | ||||||
Interest Coverage Ratio | 24.27 | ||||||
Total Leverage Ratio | 1.95 | ||||||
Amount available under the credit agreement | $ 999,800,000 | ||||||
Other | 1,111,200,000 | $ 996,300,000 | |||||
Short-term debt | 226,325,000 | 243,803,000 | |||||
Aggregate outstanding amount of letters of credit | 4,600,000 | 2,500,000 | |||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fee percentage | 0.125% | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fee percentage | 0.25% | ||||||
2016 Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Other | 830,000,000 | ||||||
2016 Credit Agreement [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||||
2016 Credit Agreement [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||
Term Loan $700M [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Issuance Date | Aug. 4, 2014 | ||||||
Debt Instrument, Term | 3 years | ||||||
Other | $ 700,000,000 | 207,000,000 | |||||
Repayments of Debt | 493,000,000 | ||||||
Term Loan $300M [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Issuance Date | Sep. 12, 2013 | ||||||
Debt Instrument, Term | 5 years | ||||||
Other | $ 300,000,000 | $ 300,000,000 | 285,000,000 | ||||
Repayments of Debt | 15,000,000 | ||||||
Debt Instrument, Maturity Date | Sep. 12, 2018 | ||||||
Amortization Of Term Loan Principal | 5.00% | ||||||
Debt Instrument, Date of First Required Payment | Oct. 31, 2016 | ||||||
Medium-term Notes [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||||
Medium-term Notes [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
2016 Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | Mar. 1, 2016 | ||||||
Expiration date | Mar. 1, 2021 | ||||||
Other | $ 830,000,000 | ||||||
Revolving Credit Facilities [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of credit facilities | 1,000,000,000 | ||||||
Line of Credit Facility, Additional Borrowing Capacity | $ 750,000,000 | ||||||
European Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of credit facilities | 34,000,000 | 33,200,000 | |||||
Amount of credit facility utilized | $ 900,000 | ||||||
Weighted average interest rate on outstanding balances | 7.40% | ||||||
Non Guaranteed Euro Denominated Overdraft Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of credit facilities | $ 700,000 | 700,000 | |||||
Amount of credit facility utilized | 0 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | 2016 Credit Agreement [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | 2016 Credit Agreement [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Medium-term Notes [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Medium-term Notes [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
JAPAN | Asian Pacific Credit Facilities [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of credit facilities | 56,900,000 | $ 49,700,000 | |||||
Amount of credit facility utilized | 14,800,000 | ||||||
Weighted average interest rate on outstanding balances | 0.40% | ||||||
Asia Pacific [Member] | Asian Pacific Credit Facilities [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount of credit facilities | 11,200,000 | $ 10,900,000 | |||||
Amount of credit facility utilized | $ 500,000 | ||||||
Weighted average interest rate on outstanding balances | 3.90% | ||||||
Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Extinguishment of Debt, Amount | $ 200,000,000 | ||||||
Aggregate principal amount of credit facilities | $ 100,000,000 | ||||||
Debt Instrument, Issuance Date | Mar. 24, 2015 | ||||||
Debt Instrument, Term | 90 days | ||||||
Debt Instrument, Maturity Date | Mar. 24, 2016 | ||||||
Line of Credit [Member] | Eurodollar [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Effective tax rate (ETR) | 7.00% | 4.80% | (8.30%) |
Statutory income tax rate | 35.00% | ||
Current deferred tax liabilities | $ 4 | $ 4 | |
Less valuation allowance | 13,300 | 13,400 | |
Undistributed earnings of its foreign subsidiaries | 2,100,000 | ||
Research credit | 1,200 | $ 700 | $ 100 |
Unrecognized tax benefits that would impact ETR | 29,700 | ||
Interest and penalties | 3,700 | ||
Unrecognized tax benefits related to tax positions | 1,600 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 300 | ||
Federal net operating loss carryforwards related to share option exercises | 8,000 | ||
Alternative minimum tax credits | 7,000 | ||
Research credit | 6,600 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 38,900 | ||
California [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Research credit | $ 1,300 | ||
Sauflon [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Less valuation allowance | $ 13,500 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Before Income Tax, Domestic Foreign) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income (loss) before income taxes: | |||||||||||
United States | $ 31,500 | $ 31,900 | $ 32,500 | ||||||||
Foreign | 264,100 | 183,600 | 264,000 | ||||||||
Income before income taxes | $ 68,900 | $ 93,400 | $ 82,600 | $ 50,700 | $ 36,400 | $ 44,600 | $ 67,000 | $ 67,500 | 295,633 | 215,485 | 296,534 |
Income tax provision | $ 20,699 | $ 10,341 | $ 24,705 |
Income Taxes (Schedule of Inc58
Income Taxes (Schedule of Income Tax Provision Related to Income from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Current: | |||
Federal | $ 14,600 | $ 200 | $ 23,000 |
State | 1,300 | 1,200 | 1,100 |
Foreign | 15,500 | 3,300 | 16,600 |
Total Current | 31,400 | 4,700 | 40,700 |
Deferred: | |||
Federal | (3,900) | 12,000 | (5,300) |
State | (700) | (500) | (900) |
Foreign | (6,100) | (5,900) | (9,800) |
Total Deferred | (10,725) | 5,582 | (16,005) |
Income tax provision | $ 20,699 | $ 10,341 | $ 24,705 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Taxes Attributable to Income from Operations and Amount Computed by Applying Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Computed expected provision for taxes | $ 103,500 | $ 75,400 | $ 103,800 |
Income earned outside the United States subject to different tax rates | (81,200) | (72,600) | (85,500) |
State taxes, net of federal income tax benefit | 1,200 | 1,400 | 800 |
Foreign source income subject to United States tax | 0 | 0 | 500 |
Research and development credit | (1,200) | (700) | (100) |
Incentive stock option compensation and non-deductible employee compensation | 500 | 400 | 400 |
Tax accrual adjustment | (5,000) | 3,800 | 3,800 |
Other, net | 2,900 | 2,600 | 1,000 |
Income tax provision | $ 20,699 | $ 10,341 | $ 24,705 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 |
Deferred tax assets: | ||
Accounts receivable, principally due to allowances for doubtful accounts | $ 3.3 | $ 1.3 |
Inventories | 6.2 | 4.9 |
Litigation settlements | 0.5 | 0.2 |
Accrued liabilities, reserves and compensation accruals | 50.3 | 43.1 |
Share-based compensation expenses | 24.5 | 26.4 |
Net operating loss carryforwards | 2.7 | 2.8 |
Plant and equipment | 0.4 | 4.4 |
Research and experimental expenses - Section 59(e) | 6.7 | 2.6 |
Tax credit carryforwards | 1.8 | 1.1 |
Total gross deferred tax assets | 96.4 | 86.8 |
Less valuation allowance | (13.3) | (13.4) |
Deferred tax assets | 83.1 | 73.4 |
Deferred tax liabilities: | ||
Tax deductible goodwill | (29.5) | (26.5) |
Transaction costs | (1.1) | (1.1) |
Foreign deferred tax liabilities | (5.6) | (6.6) |
Other intangible assets | (31.2) | (24) |
Total gross deferred tax liabilities | (67.4) | (58.2) |
Net deferred tax assets | $ 15.7 | $ 15.2 |
Income Taxes (Schedule of Chang
Income Taxes (Schedule of Changes in Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Begining of the period | $ 40.3 | $ 31.4 |
Increase from prior year's UTB's | 4.5 | 0 |
Increase from current year's UTB's | 6.7 | 18.7 |
UTB (decrease) from expiration of statute of limitations | (11.6) | (9.8) |
End of the period | $ 39.9 | $ 40.3 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Cooper stockholders | $ 60,500 | $ 87,900 | $ 74,100 | $ 51,400 | $ 36,700 | $ 45,000 | $ 60,700 | $ 61,200 | $ 273,917 | $ 203,523 | $ 269,856 |
Weighted average common shares | 48,520 | 48,452 | 48,061 | ||||||||
Basic earnings per share attributable to Cooper stockholders | $ 1.25 | $ 1.81 | $ 1.53 | $ 1.06 | $ 0.76 | $ 0.92 | $ 1.25 | $ 1.27 | $ 5.65 | $ 4.20 | $ 5.61 |
Effect of dilutive stock options | 500 | 700 | 900 | ||||||||
Diluted weighted average common shares | 49,026 | 49,179 | 48,960 | ||||||||
Diluted earnings per share attributable to Cooper stockholders | $ 1.23 | $ 1.79 | $ 1.52 | $ 1.05 | $ 0.75 | $ 0.91 | $ 1.23 | $ 1.25 | $ 5.59 | $ 4.14 | $ 5.51 |
Earnings Per Share (Schedule 63
Earnings Per Share (Schedule of Stock Options to Purchase Common Stock Not Included in Diluted Net Income per Share Calculation) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Numbers of stock option shares excluded | 392 | 123 | 138 |
Lower, Range of exercise prices | $ 131.6 | $ 162.28 | $ 119.89 |
Upper, Range of exercise prices | $ 162.69 | $ 162.28 | $ 119.89 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Numbers of stock option shares excluded | 2 | 1 | 1 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Aug. 05, 2016USD ($)$ / shares | Feb. 09, 2016USD ($)$ / shares | Aug. 06, 2015USD ($)$ / shares | Feb. 09, 2015USD ($)$ / shares | Oct. 31, 2015USD ($)$ / sharesshares | Jul. 31, 2015shares | Apr. 30, 2015shares | Jan. 31, 2015USD ($)$ / sharesshares | Oct. 31, 2016USD ($)$ / sharesshares | Oct. 31, 2015USD ($)$ / sharesshares | Oct. 31, 2014USD ($) | Dec. 15, 2011USD ($) |
Equity [Abstract] | ||||||||||||
Share repurchase program, maximum amount authorized | $ 500,000,000 | |||||||||||
Number of shares purchased | shares | 368,000 | 0 | 0 | 100,000 | 0 | 467,539 | ||||||
Cost of common stock repurchased | $ 51,300,000 | $ 16,000,000 | $ 67,304,000 | $ 75,778,000 | ||||||||
Share repurchase program, remaining authorized amount | $ 118,400,000 | 118,400,000 | ||||||||||
Average purchase price per share (usd per share) | $ / shares | $ 139.60 | $ 159.96 | ||||||||||
Dividends on common stock | $ 1,500,000 | $ 1,400,000 | $ 1,500,000 | $ 1,400,000 | $ 2,914,000 | $ 2,906,000 | $ 2,884,000 | |||||
Cash dividend, per share (usd per share) | $ / shares | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | |||||||
Date of record | Jul. 22, 2016 | Jan. 22, 2016 | Jul. 24, 2015 | Jan. 23, 2015 | ||||||||
Common stock purchase right versus preferred share purchase right | 0.5 | |||||||||||
Percentage of acquisition of beneficial ownership | 20.00% | |||||||||||
Purchase price of the Right, subject to adjustment (usd per right) | $ 450 | |||||||||||
Percentage of assets or earning power sold | 50.00% | |||||||||||
Board of Directors may redeem the rights at, price per right (in usd per share) | $ / shares | $ 0.01 | $ 0.01 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Foreign Currency Translation Adjustment [Roll Forward] | |||
Foreign Currency Translation Adjustment, Beginning Balance | $ (171,800) | $ (92,400) | $ (4,600) |
Foreign Currency Translation Adjustment, Gross change in value for the period | (289,600) | (79,400) | (87,800) |
Foreign Currency Translation Adjustment, Reclassification adjustments for losses realized in income | 0 | 0 | |
Foreign Currency Translation Adjustment, Tax effect for the period | 0 | 0 | 0 |
Foreign Currency Translation Adjustment, Ending Balance | (461,400) | (171,800) | (92,400) |
Change in Value of Derivative Instruments [Roll Forward] | |||
Change in Value of Derivative Instruments, Beginning Balance | 0 | (100) | (1,100) |
Change in Value of Derivative Instruments, Gross change in value for the period | 0 | 0 | (100) |
Change in Value of Derivative Instruments, Reclassification adjustments for losses realized in income | 100 | 1,700 | |
Change in Value of Derivative Instruments, Tax effect for the period | 0 | (30) | (630) |
Change in Value of Derivative Instruments, Ending Balance | 0 | 0 | (100) |
Minimum Pension Liability [Roll Forward] | |||
Minimum Pension Liability, Beginning Balance | (19,800) | (13,700) | (10,100) |
Minimum Pension Liability, Gross change in value for the period | (13,700) | (10,000) | (5,900) |
Minimum Pension Liability, Reclassification adjustments for losses realized in income | 0 | 0 | |
Minimum Pension Liability, Tax effect for the period | 5,331 | 3,908 | 2,348 |
Minimum Pension Liability, Ending Balance | (28,200) | (19,800) | (13,700) |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Total, Beginning Balance | (191,643) | (106,200) | (15,800) |
Gross change in value for the period | (303,300) | (89,400) | (93,800) |
Reclassification adjustments for losses realized in income | 100 | 1,700 | |
Tax effect for the period | 5,300 | 3,900 | 1,700 |
Total, Ending Balance | $ (489,600) | $ (191,643) | $ (106,200) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) | 12 Months Ended | ||
Oct. 31, 2016USD ($)director$ / sharesshares | Oct. 31, 2015USD ($)directorshares | Oct. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net proceeds (payments) related to share-based compensation awards | $ 7,214,000 | $ (4,816,000) | $ 8,585,000 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected requisite service period for options granted to employees (in months) | 60 months | ||
Total intrinsic value of options exercised | $ 41,900,000 | ||
Total unrecognized compensation cost expected to be recognized | $ 11,300,000 | ||
Total unrecognized compensation cost expected to be recognized over a remaining weighted-average vesting period (in years) | 3 years 6 months | ||
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance cycle | 3 years | ||
Percentage of performance units granted | 100.00% | ||
Total unrecognized compensation cost expected to be recognized | $ 9,100,000 | ||
Total unrecognized compensation cost expected to be recognized over a remaining weighted-average vesting period (in years) | 1 year 8 months | ||
2006 Directors Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of non-employee directors in committee | director | 2 | ||
Number of shares authorized to be granted | shares | 950,000 | ||
Shares remaining for future grant (in shares) | shares | 152,670 | ||
Award expiration date (in years) | 10 years | ||
2006 Directors Plan [Member] | Non Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Right to purchase shares of common stock awarded, per share amount | $ / shares | $ 0.10 | ||
2006 Directors Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration date (in years) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
2007 LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of non-employee directors in committee | director | 2 | ||
Number of shares authorized to be granted | shares | 6,930,000 | ||
Shares remaining for future grant (in shares) | shares | 2,010,278 | ||
Percentage fair market value of equity awards on grant date | 100.00% | ||
Award expiration date (in years) | 10 years | ||
2007 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost expected to be recognized | $ 52,300,000 | ||
Total unrecognized compensation cost expected to be recognized over a remaining weighted-average vesting period (in years) | 3 years 2 months | ||
November 15 [Member] | 2006 Directors Plan [Member] | Non Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement With Individual Amounts Authorized For Issuance | $ 270,000 | ||
November 15 [Member] | 2006 Directors Plan [Member] | Lead Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement With Individual Amounts Authorized For Issuance | 285,500 | ||
November 15 [Member] | 2006 Directors Plan [Member] | Board of Directors Chairman [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement With Individual Amounts Authorized For Issuance | $ 297,000 | ||
Minimum [Member] | Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of performance units granted | 0.00% | ||
Minimum [Member] | 2007 LTIP [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Minimum [Member] | 2007 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Maximum [Member] | Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of performance units granted | 150.00% | ||
Maximum [Member] | 2007 LTIP [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration date (in years) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Maximum [Member] | 2007 LTIP [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Stock Plans (Schedule of Compen
Stock Plans (Schedule of Compensation Expense and Related Income Tax Benefit for Share-Based Awards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 29.9 | $ 32.9 | $ 36.5 |
Related income tax benefit | 9 | 10.2 | 11.7 |
Selling, general and administrative expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 26.2 | 29.2 | 32.4 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 2.6 | 2.8 | 2.2 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 1.1 | 0.9 | 1.9 |
Capitalized in inventory [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 2.6 | $ 2.8 | $ 2.2 |
Stock Plans (Schedule of Estima
Stock Plans (Schedule of Estimated Fair Value of Stock Option Award Granted) (Details) - Stock Options [Member] | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.04% | 0.04% | 0.05% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 4 years 9 months 18 days | 4 years 9 months 18 days | 4 years 9 months 18 days |
Expected volatility | 27.60% | 29.00% | 31.50% |
Risk-free interest rate | 1.30% | 1.30% | 1.40% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected volatility | 27.70% | 29.50% | 35.30% |
Risk-free interest rate | 1.50% | 1.50% | 1.60% |
Stock Plans (Schedule of Stock
Stock Plans (Schedule of Stock Option Plans) (Details) - Stock Options [Member] - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Number of Shares: | ||
Outstanding at October 31, 2015 (in shares) | 1,090,531 | |
Granted (in shares) | 393,728 | |
Exercised (in shares) | 378,871 | |
Forfeited or expired (in shares) | 0 | |
Outstanding at October 31, 2016 (in shares) | 1,105,388 | 1,090,531 |
Vested and exercisable at October 31, 2016 (in shares) | 468,031 | |
Weighted-Average Exercise Price Per Share: | ||
Outstanding at October 31, 2015 (in usd per share) | $ 79.85 | |
Granted (in usd per share) | 133.14 | |
Exercised (in usd per share) | 53.85 | |
Forfeited or expired (in usd per share) | 0 | |
Outstanding at October 31, 2016 (in usd per share) | 107.74 | $ 79.85 |
Vested and exercisable at October 31, 2016 (in usd per share) | $ 74.75 | |
Outstanding at October 31, 2016, Weighted Average Remaining Contractual Term (in years) | 6 years 7 months 28 days | |
Vested and exercisable at October 31, 2016, Weighted Average Remaining Contractual Term (in years) | 4 years 5 months | |
Vested and exercisable at October 31, 2016, Aggregate Intrinsic Value | $ 47,408,122 | |
2006 Directors Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value of options granted | $ 43.91 | 48.53 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
2007 LTIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value of options granted | $ 37.24 | $ 48.70 |
2007 LTIP [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
2007 LTIP [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Stock Plans (Schedule of Non-Ve
Stock Plans (Schedule of Non-Vested RSUs) (Details) - 2007 LTIP [Member] - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Oct. 31, 2016$ / sharesshares | |
Number of Shares | |
Nonvested RSUs at October 31, 2013 | shares | 516,206 |
Granted | shares | 198,448 |
Vested and issued | shares | 178,511 |
Forfeited or expired | shares | 28,364 |
Nonvested RSUs at October 31, 2014 | shares | 507,779 |
Weighted Average Grant Date Fair Value Per Share | |
Non-vested RSUs at October 31, 2015 (in usd per share) | $ / shares | $ 121.96 |
Granted (in usd per share) | $ / shares | 132.78 |
Vested and issued (in usd per share) | $ / shares | 104.86 |
Forfeited or exercised (in usd per share) | $ / shares | 132.20 |
Non-vested RSUs at October 31, 2016 (in usd per share) | $ / shares | $ 131.63 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net loss in the next fiscal year | $ 2.7 | ||
Discount rate for determining benefit obligations at year end | 3.74% | 4.25% | 4.25% |
Projected defined benefit plan benefit obligation | $ 126.7 | ||
Projected defined accumulated benefit obligation | $ 111.2 | ||
Diversified portfolio, allocation of assets in equities | 100.00% | 100.00% | 100.00% |
Expected long-term return on diversified portfolio | 8.00% | ||
Company's contribution to the pension plan | $ 10 | $ 10 | $ 8.8 |
Expected future contribution in pension plan | $ 10 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
Deferral contributions, net of forfeiture credits | $ 4.4 | $ 4.2 | $ 4 |
Minimum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Diversified portfolio, allocation of assets in equities | 50.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Diversified portfolio, allocation of assets in equities | 80.00% |
Employee Benefits (Schedule of
Employee Benefits (Schedule of Change in Benefit Obligations and Changes in Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 117.3 | $ 101.1 | $ 84.2 |
Service cost | 8.9 | 8.8 | 7.1 |
Interest cost | 4.3 | 4.6 | 4 |
Benefits paid | (2.3) | (4.7) | (1.8) |
Actuarial loss (gain) | 10.7 | 7.5 | 7.6 |
Benefit obligation, end of year | 138.9 | 117.3 | 101.1 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | 79.5 | 72.2 | 59.3 |
Actual return on plan assets | 2 | 2 | 5.9 |
Employer contributions | 10 | 10 | 8.8 |
Benefits paid | (2.3) | (4.7) | (1.8) |
Fair value of plan assets, end of year | 89.2 | 79.5 | 72.2 |
Funded status at end of year | $ (49.7) | $ (37.8) | $ (28.9) |
Employee Benefits (Schedule o73
Employee Benefits (Schedule of Amount Recognized in Statement of Financial Position) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Noncurrent asset | $ 0 | $ 0 | $ 0 |
Current liability | 0 | 0 | 0 |
Noncurrent liabilities | (49.7) | (37.8) | (28.9) |
Net amount recognized at year end | $ (49.7) | $ (37.8) | $ (28.9) |
Employee Benefits (Schedule o74
Employee Benefits (Schedule of Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |||
Net transition obligation | $ 0 | $ 0 | $ 0 |
Prior service cost | 0 | 0 | 0 |
Net loss | 45.8 | 32.1 | 22.1 |
Accumulated other comprehensive income | $ 45.8 | $ 32.1 | $ 22.1 |
Employee Benefits (Schedule o75
Employee Benefits (Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |||
Projected benefit obligation | $ 138.9 | $ 117.3 | $ 101.1 |
Accumulated benefit obligation | 121.2 | 102.6 | 88.6 |
Fair value of plan assets | $ 89.2 | $ 79.5 | $ 72.2 |
Employee Benefits (Schedule o76
Employee Benefits (Schedule of Reconciliation of Prepaid (Accrued) Pension Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Prepaid (Accrued) Pension Cost [Roll Forward] | |||
Accrued pension cost at prior fiscal year end | $ (5.7) | $ (6.8) | $ (8.9) |
Net periodic benefit cost | 8.3 | 8.9 | 6.7 |
Contributions made during the year | 10 | 10 | 8.8 |
Accrued pension cost at fiscal year end | $ (4) | $ (5.7) | $ (6.8) |
Employee Benefits (Schedule o77
Employee Benefits (Schedule of Components of Net Periodic Pension Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8.9 | $ 8.8 | $ 7.1 |
Interest cost | 4.3 | 4.6 | 4 |
Amortization of transitional (asset) or obligation | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized actuarial loss | 10.7 | 7.5 | 7.6 |
Net periodic pension cost | 8.3 | 8.9 | 6.7 |
Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 8.9 | 8.8 | 7.1 |
Interest cost | 4.3 | 4.6 | 4 |
Expected return on plan assets | (6.6) | (6) | (5) |
Amortization of transitional (asset) or obligation | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized actuarial loss | 1.7 | 1.5 | 0.6 |
Net periodic pension cost | $ 8.3 | $ 8.9 | $ 6.7 |
Employee Benefits (Schedule o78
Employee Benefits (Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Net transition obligation | $ 0 | $ 0 | $ 0 |
Prior service cost | 0 | 0 | 0 |
Net loss (gain) | 15.4 | 11.5 | 6.7 |
Amortizations of net transition obligation | 0 | 0 | 0 |
Amortizations of prior service cost | 0 | 0 | 0 |
Amortizations of net (gain) | (1.7) | (1.5) | (0.6) |
Total recognized in other comprehensive income | 13.7 | 10 | 6.1 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 22 | $ 18.9 | $ 12.8 |
Employee Benefits (Schedule o79
Employee Benefits (Schedule of Weighted-Average Assumptions Used in Computing Net Periodic Pension Cost and Projected Benefit Obligation) (Details) | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for determining benefit obligations at year end | 3.74% | 4.25% | 4.25% |
Rate of compensation increase for determining expense | 4.00% | 4.00% | 4.00% |
Rate of compensation increase for determining benefit obligations at year end | 4.00% | 4.00% | 4.00% |
Expected rate of return on plan assets for determining net periodic pension cost | 8.00% | 8.00% | 8.00% |
Expected rate of return on plan assets at year end | 8.00% | 8.00% | 8.00% |
Measurement date for determining assets and benefit obligations at year end | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Projected Benefit Obligation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for determining net periodic pension cost: | 4.25% | 4.25% | 4.75% |
Service Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for determining net periodic pension cost: | 4.42% | 4.25% | 4.75% |
Interest Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for determining net periodic pension cost: | 3.70% | 4.25% | 4.75% |
Employee Benefits (Schedule o80
Employee Benefits (Schedule of Weighted-Average Asset Allocations by Asset Category) (Details) | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Asset Allocation | 100.00% | 100.00% | 100.00% |
Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset Allocation | 4.90% | 2.20% | 3.00% |
Corporate common stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset Allocation | 8.90% | 9.00% | 9.00% |
Equity mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset Allocation | 47.20% | 52.00% | 52.10% |
Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset Allocation | 4.30% | 3.30% | 4.10% |
Bond mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset Allocation | 34.70% | 33.50% | 31.80% |
Employee Benefits (Schedule o81
Employee Benefits (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 89,200 | $ 79,500 | $ 72,200 | $ 59,300 |
Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 89,200 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 89,200 | |||
Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Cash and cash equivalents [Member] | Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,400 | |||
Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,400 | |||
Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Corporate Common Stock [Member] | Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8,000 | |||
Corporate Common Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8,000 | |||
Corporate Common Stock [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Corporate Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Equity mutual funds [Member] | Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 42,100 | |||
Equity mutual funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 42,100 | |||
Equity mutual funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Equity mutual funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Real estate funds [Member] | Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,800 | |||
Real estate funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,800 | |||
Real estate funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Real estate funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Bond mutual funds [Member] | Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 30,900 | |||
Bond mutual funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 30,900 | |||
Bond mutual funds [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Bond mutual funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 |
Employee Benefits (Schedule o82
Employee Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Millions | Oct. 31, 2016USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | $ 2.9 |
2,018 | 3.3 |
2,019 | 3.8 |
2,020 | 4.3 |
2,021 | 4.8 |
2022 -2026 | $ 32.8 |
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) - Significant Observable Inputs (Level 2) [Member] - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities measured on a recurring basis | $ 0 | $ 0.4 |
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 | 1.3 |
Fair value of liabilities measured on a recurring basis | $ 0 | $ 0.4 |
Commitments and Contingencies84
Commitments and Contingencies (Details) $ in Millions | 8 Months Ended | 12 Months Ended | ||
Oct. 31, 2015complaint | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 29.9 | $ 27.5 | $ 25.6 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,016 | 27.4 | |||
2,017 | 23.7 | |||
2,018 | 21.5 | |||
2,019 | 19.2 | |||
2,020 | 16.4 | |||
2022 and thereafter | 124.8 | |||
Total | 233 | |||
Payments for Legal Settlements | $ 17 | |||
Loss Contingency, New Claims Filed, Number | complaint | 50 |
Business Segment Information Bu
Business Segment Information Business Segment Information (Narratives) (Details) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2014 | |
Customer Concentration Risk [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 11.00% | 10.00% |
Business Segment Information (S
Business Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 518,700 | $ 514,700 | $ 483,800 | $ 449,600 | $ 455,500 | $ 461,700 | $ 434,700 | $ 445,200 | $ 1,966,814 | $ 1,797,060 | $ 1,717,776 |
Coopervision [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,577,200 | 1,487,800 | 1,392,600 | ||||||||
CooperSurgical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 389,600 | 309,300 | 325,200 | ||||||||
Toric lens [Member] | Coopervision [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 480,200 | 440,100 | 428,600 | ||||||||
Multifocal lens [Member] | Coopervision [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 169,800 | 162,100 | 147,000 | ||||||||
Single-use sphere lens [Member] | Coopervision [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 403,100 | 357,200 | 306,600 | ||||||||
Non single-use sphere and other eye care products and other [Member] | Coopervision [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 524,100 | $ 528,400 | $ 510,400 |
Business Segment Information 87
Business Segment Information (Schedule of Information by Business Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 518,700 | $ 514,700 | $ 483,800 | $ 449,600 | $ 455,500 | $ 461,700 | $ 434,700 | $ 445,200 | $ 1,966,814 | $ 1,797,060 | $ 1,717,776 |
Operating income (loss) | 324,080 | 236,671 | 306,486 | ||||||||
Other expense, net | 2,257 | 3,083 | 1,987 | ||||||||
Interest expense | 26,190 | 18,103 | 7,965 | ||||||||
Income before income taxes | 68,900 | $ 93,400 | $ 82,600 | $ 50,700 | 36,400 | $ 44,600 | $ 67,000 | $ 67,500 | 295,633 | 215,485 | 296,534 |
Identifiable assets | 4,475,918 | 4,459,864 | 4,475,918 | 4,459,864 | 4,458,300 | ||||||
Depreciation expense | 137,500 | 139,900 | 102,500 | ||||||||
Amortization expense | 60,800 | 51,500 | 35,700 | ||||||||
Capital expenditures | 152,640 | 243,023 | 238,065 | ||||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Operating income (loss) | (45,900) | (49,200) | (51,500) | ||||||||
Identifiable assets | 186,400 | 70,400 | 186,400 | 70,400 | 112,500 | ||||||
Depreciation expense | 300 | 300 | 500 | ||||||||
Amortization expense | 0 | 0 | 0 | ||||||||
Capital expenditures | 0 | 100 | 300 | ||||||||
Coopervision [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,577,200 | 1,487,800 | 1,392,600 | ||||||||
Operating income (loss) | 309,800 | 229,800 | 289,000 | ||||||||
Identifiable assets | 3,382,400 | 3,714,600 | 3,382,400 | 3,714,600 | 3,699,600 | ||||||
Depreciation expense | 131,300 | 134,000 | 95,500 | ||||||||
Amortization expense | 40,100 | 36,600 | 22,700 | ||||||||
Capital expenditures | 142,800 | 238,300 | 233,600 | ||||||||
CooperSurgical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 389,600 | 309,300 | 325,200 | ||||||||
Operating income (loss) | 60,200 | 56,100 | 69,000 | ||||||||
Identifiable assets | $ 907,100 | $ 674,900 | 907,100 | 674,900 | 646,200 | ||||||
Depreciation expense | 5,900 | 5,600 | 6,500 | ||||||||
Amortization expense | 20,700 | 14,900 | 13,000 | ||||||||
Capital expenditures | $ 9,800 | $ 4,600 | $ 4,200 |
Business Segment Information 88
Business Segment Information (Schedule of Information by Geographical Area by Country of Domicile) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales to unaffiliated customers | $ 1,966,800 | $ 1,797,100 | $ 1,717,800 | ||||||||
Sales between geographic areas | 0 | 0 | 0 | ||||||||
Net sales | $ 518,700 | $ 514,700 | $ 483,800 | $ 449,600 | $ 455,500 | $ 461,700 | $ 434,700 | $ 445,200 | 1,966,814 | 1,797,060 | 1,717,776 |
Operating income (loss) | 324,080 | 236,671 | 306,486 | ||||||||
Long-lived assets | 877,672 | 967,097 | 877,672 | 967,097 | 937,300 | ||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to unaffiliated customers | 886,500 | 811,900 | 773,800 | ||||||||
Sales between geographic areas | 254,700 | 250,000 | 230,600 | ||||||||
Net sales | 1,141,200 | 1,061,900 | 1,004,400 | ||||||||
Operating income (loss) | 77,700 | 30,700 | 47,800 | ||||||||
Long-lived assets | 464,100 | 494,200 | 464,100 | 494,200 | 499,200 | ||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to unaffiliated customers | 681,100 | 647,300 | 582,400 | ||||||||
Sales between geographic areas | 464,100 | 493,100 | 346,000 | ||||||||
Net sales | 1,145,200 | 1,140,400 | 928,400 | ||||||||
Operating income (loss) | 6,000 | (37,600) | (10,300) | ||||||||
Long-lived assets | 334,400 | 407,900 | 334,400 | 407,900 | 406,400 | ||||||
Rest of World, Other Eliminations & Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to unaffiliated customers | 399,200 | 337,900 | 361,600 | ||||||||
Sales between geographic areas | (718,800) | (743,100) | (576,600) | ||||||||
Net sales | (319,600) | (405,200) | (215,000) | ||||||||
Operating income (loss) | 240,400 | 243,600 | 269,000 | ||||||||
Long-lived assets | $ 79,200 | $ 65,000 | $ 79,200 | $ 65,000 | $ 31,700 |
Selected Quarterly Financial 89
Selected Quarterly Financial Data (Unaudited) (Schedule of Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 518,700 | $ 514,700 | $ 483,800 | $ 449,600 | $ 455,500 | $ 461,700 | $ 434,700 | $ 445,200 | $ 1,966,814 | $ 1,797,060 | $ 1,717,776 |
Gross profit | 296,000 | 316,600 | 298,500 | 262,000 | 253,300 | 272,900 | 267,700 | 276,400 | 1,173,079 | 1,070,262 | 1,091,570 |
Income before income taxes | 68,900 | 93,400 | 82,600 | 50,700 | 36,400 | 44,600 | 67,000 | 67,500 | 295,633 | 215,485 | 296,534 |
Net income attributable to Cooper stockholders | $ 60,500 | $ 87,900 | $ 74,100 | $ 51,400 | $ 36,700 | $ 45,000 | $ 60,700 | $ 61,200 | $ 273,917 | $ 203,523 | $ 269,856 |
Earnings per share attributable to Cooper stockholders - basic | $ 1.25 | $ 1.81 | $ 1.53 | $ 1.06 | $ 0.76 | $ 0.92 | $ 1.25 | $ 1.27 | $ 5.65 | $ 4.20 | $ 5.61 |
Earnings per share attributable to Cooper stockholders - diluted | $ 1.23 | $ 1.79 | $ 1.52 | $ 1.05 | $ 0.75 | $ 0.91 | $ 1.23 | $ 1.25 | $ 5.59 | $ 4.14 | $ 5.51 |
Subsequent Event (Details)
Subsequent Event (Details) - Wallace [Member] - Subsequent Event [Member] $ in Millions | Nov. 06, 2016USD ($) |
Subsequent Event [Line Items] | |
Business Acquisition, Effective Date of Acquisition | Nov. 6, 2016 |
Business Combination, Consideration Transferred | $ 168 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Less valuation allowance | $ 13.3 | $ 13.4 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Year | 6 | 6 | $ 5.3 |
Additions Charged to Costs and Expenses | 2.5 | 1.7 | 1.7 |
(Deductions) Recoveries/Other | 0 | (1.7) | (1) |
Balance End of Year | 8.5 | 6 | 6 |
Deferred Income Tax Charge [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Year | 13.4 | 14.5 | 1 |
Additions Charged to Costs and Expenses | 0 | 0 | 13.5 |
(Deductions) Recoveries/Other | (0.1) | (1.1) | 0 |
Balance End of Year | $ 13.3 | $ 13.4 | 14.5 |
Sauflon [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Less valuation allowance | $ 13.5 |