Cover Page
Cover Page - shares | 6 Months Ended | |
Apr. 30, 2022 | May 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-7977 | |
Entity Registrant Name | NORDSON CORPORATION | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-0590250 | |
Entity Address, Address Line One | 28601 Clemens Road | |
Entity Address, City or Town | Westlake | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44145 | |
City Area Code | 440 | |
Local Phone Number | 892-1580 | |
Title of 12(b) Security | Common Shares, without par value | |
Trading Symbol | NDSN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 57,511,790 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000072331 | |
Current Fiscal Year End Date | --10-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||||
Sales | $ 635,403 | $ 589,538 | $ 1,244,569 | $ 1,116,104 |
Operating costs and expenses: | ||||
Cost of sales | 277,768 | 251,839 | 546,800 | 488,445 |
Selling and administrative expenses | 173,662 | 171,308 | 357,936 | 352,243 |
Total operating costs and expenses | 451,430 | 423,147 | 904,736 | 840,688 |
Operating profit | 183,973 | 166,391 | 339,833 | 275,416 |
Operating profit | ||||
Interest expense | (5,361) | (7,139) | (11,011) | (14,071) |
Interest and investment income | 419 | 449 | 884 | 829 |
Other - net | (39,764) | (3,843) | (38,472) | (8,504) |
Total other income (expense) | (44,706) | (10,533) | (48,599) | (21,746) |
Income before income taxes | 139,267 | 155,858 | 291,234 | 253,670 |
Income taxes | 29,633 | 31,714 | 61,191 | 51,944 |
Net income | $ 109,634 | $ 124,144 | $ 230,043 | $ 201,726 |
Average common shares | 57,784 | 58,068 | 57,971 | 58,063 |
Incremental common shares attributable to equity compensation | 598 | 584 | 635 | 640 |
Average common shares and common share equivalents | 58,382 | 58,652 | 58,606 | 58,703 |
Basic earnings per share (in dollars per share) | $ 1.90 | $ 2.14 | $ 3.97 | $ 3.47 |
Diluted earnings per share (in dollars per share) | $ 1.88 | $ 2.12 | $ 3.93 | $ 3.44 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Parenthetical) $ in Thousands | 6 Months Ended |
Apr. 30, 2022USD ($) | |
Income Statement [Abstract] | |
Pension settlement charge | $ 1,850 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 109,634 | $ 124,144 | $ 230,043 | $ 201,726 |
Components of other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (46,901) | (6,943) | (60,259) | 21,490 |
Pension settlement, net of tax of ($9,573) | 32,047 | 4,581 | 32,047 | 4,581 |
Amortization of prior service cost and net actuarial losses, net of tax | 2,778 | 3,804 | 5,838 | 6,801 |
Total other comprehensive income (loss) | (12,076) | 1,442 | (22,374) | 32,872 |
Total comprehensive income | $ 97,558 | $ 125,586 | $ 207,669 | $ 234,598 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 120,892 | $ 299,972 |
Receivables - net | 499,535 | 489,389 |
Inventories - net | 383,215 | 327,195 |
Prepaid expenses and other current assets | 56,197 | 48,282 |
Total current assets | 1,059,839 | 1,164,838 |
Property, plant and equipment - net | 357,561 | 355,565 |
Operating right of use lease assets | 105,964 | 110,851 |
Goodwill | 1,821,091 | 1,713,148 |
Intangible assets - net | 357,952 | 357,367 |
Deferred income taxes | 16,446 | 11,381 |
Other assets | 77,490 | 77,811 |
Total assets | 3,796,343 | 3,790,961 |
Current liabilities: | ||
Accounts payable | 96,948 | 91,689 |
Income taxes payable | 23,181 | 16,636 |
Accrued liabilities | 177,674 | 201,992 |
Customer advanced payments | 91,685 | 77,868 |
Current maturities of long-term debt and notes payable | 310,892 | 34,188 |
Operating lease liability - current | 16,829 | 17,222 |
Finance lease liability - current | 5,289 | 5,799 |
Total current liabilities | 722,498 | 445,394 |
Long-term debt | 479,703 | 781,709 |
Operating lease liability - noncurrent | 93,242 | 97,685 |
Finance lease liability - noncurrent | 13,458 | 14,944 |
Deferred income taxes | 97,546 | 88,467 |
Pension obligations | 76,282 | 80,584 |
Postretirement obligations | 82,869 | 82,652 |
Other long-term liabilities | 40,129 | 40,396 |
Shareholders' equity: | ||
Common shares | 12,253 | 12,253 |
Capital in excess of stated value | 608,009 | 585,334 |
Retained earnings | 3,435,769 | 3,265,027 |
Accumulated other comprehensive loss | (198,209) | (175,835) |
Common shares in treasury, at cost | (1,667,206) | (1,527,649) |
Total shareholders' equity | 2,190,616 | 2,159,130 |
Total liabilities and shareholders' equity | $ 3,796,343 | $ 3,790,961 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Shares | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Common Shares in Treasury, at cost |
Balance at Oct. 31, 2020 | $ 1,758,991 | $ (396) | $ 12,253 | $ 534,684 | $ 2,908,738 | $ (396) | $ (226,118) | $ (1,470,566) |
Shares issued under company stock and employee benefit plans | 7,438 | 6,462 | 976 | |||||
Stock-based compensation | 10,120 | 10,120 | ||||||
Purchase of treasury shares | (5,310) | (5,310) | ||||||
Dividends paid | (22,672) | (22,672) | ||||||
Net income | 77,582 | 77,582 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | 28,433 | 28,433 | ||||||
Defined benefit pension and post-retirement plans adjustment | 2,997 | 2,997 | ||||||
Balance at Jan. 31, 2021 | 1,857,183 | 12,253 | 551,266 | 2,963,252 | (194,688) | (1,474,900) | ||
Balance at Oct. 31, 2020 | 1,758,991 | $ (396) | 12,253 | 534,684 | 2,908,738 | $ (396) | (226,118) | (1,470,566) |
Net income | 201,726 | |||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | 21,490 | |||||||
Pension plan settlement adjustment | 4,581 | |||||||
Balance at Apr. 30, 2021 | 1,950,357 | 12,253 | 564,611 | 3,064,726 | (193,246) | (1,497,987) | ||
Balance at Jan. 31, 2021 | 1,857,183 | 12,253 | 551,266 | 2,963,252 | (194,688) | (1,474,900) | ||
Shares issued under company stock and employee benefit plans | 11,345 | 9,468 | 1,877 | |||||
Stock-based compensation | 3,877 | 3,877 | ||||||
Purchase of treasury shares | (24,964) | (24,964) | ||||||
Dividends paid | (22,670) | (22,670) | ||||||
Net income | 124,144 | 124,144 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | (6,943) | (6,943) | ||||||
Pension plan settlement adjustment | 4,581 | |||||||
Defined benefit pension and post-retirement plans adjustment | 8,385 | 8,385 | ||||||
Balance at Apr. 30, 2021 | 1,950,357 | 12,253 | 564,611 | 3,064,726 | (193,246) | (1,497,987) | ||
Balance at Oct. 31, 2021 | 2,159,130 | 12,253 | 585,334 | 3,265,027 | (175,835) | (1,527,649) | ||
Shares issued under company stock and employee benefit plans | 5,721 | 5,046 | 675 | |||||
Stock-based compensation | 8,392 | 8,392 | ||||||
Purchase of treasury shares | (35,002) | (35,002) | ||||||
Dividends paid | (29,724) | (29,724) | ||||||
Net income | 120,409 | 120,409 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | (13,358) | (13,358) | ||||||
Defined benefit pension and post-retirement plans adjustment | 3,060 | 3,060 | ||||||
Balance at Jan. 31, 2022 | 2,218,628 | 12,253 | 598,772 | 3,355,712 | (186,133) | (1,561,976) | ||
Balance at Oct. 31, 2021 | 2,159,130 | 12,253 | 585,334 | 3,265,027 | (175,835) | (1,527,649) | ||
Net income | 230,043 | |||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | (60,259) | |||||||
Pension plan settlement adjustment | 32,047 | |||||||
Balance at Apr. 30, 2022 | 2,190,616 | 12,253 | 608,009 | 3,435,769 | (198,209) | (1,667,206) | ||
Balance at Jan. 31, 2022 | 2,218,628 | 12,253 | 598,772 | 3,355,712 | (186,133) | (1,561,976) | ||
Shares issued under company stock and employee benefit plans | 2,077 | 1,843 | 234 | |||||
Stock-based compensation | 7,394 | 7,394 | ||||||
Purchase of treasury shares | (105,464) | (105,464) | ||||||
Dividends paid | (29,577) | (29,577) | ||||||
Net income | 109,634 | 109,634 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | (46,901) | (46,901) | ||||||
Pension plan settlement adjustment | 32,047 | 32,047 | ||||||
Defined benefit pension and post-retirement plans adjustment | 2,778 | 2,778 | ||||||
Balance at Apr. 30, 2022 | $ 2,190,616 | $ 12,253 | $ 608,009 | $ 3,435,769 | $ (198,209) | $ (1,667,206) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Purchase of treasury shares (in shares) | 469,604,000 | 147,784,000 | 127,297,000 | 27,347,000 |
Dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.39 | $ 0.39 |
Pension settlement, net of tax of ($9,573) | $ 32,047 | $ 4,581 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 230,043 | $ 201,726 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 50,355 | 51,336 |
Non-cash stock compensation | 15,786 | 13,997 |
Deferred income taxes | (6,786) | (491) |
Other non-cash expense | 42,168 | 837 |
Loss on sale of property, plant and equipment | 281 | 515 |
Changes in operating assets and liabilities | (85,070) | 20,206 |
Other | (32,276) | (40,412) |
Net cash provided by operating activities | 214,501 | 247,714 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (24,776) | (18,743) |
Proceeds from sale of property, plant and equipment | 15 | 69 |
Other | 0 | 4,993 |
Acquisition of business, net of cash acquired | (171,613) | 0 |
Net cash used in investing activities | (196,374) | (13,681) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 8,439 | 4,899 |
Repayment of long-term debt | (6,785) | (255,000) |
Repayment of finance lease obligations | (2,620) | (3,399) |
Issuance of common shares | 7,798 | 18,783 |
Purchase of treasury shares | (140,466) | (30,274) |
Dividends paid | (59,301) | (45,342) |
Net cash used in financing activities | (192,935) | (310,333) |
Effect of exchange rate changes on cash | (4,272) | 1,327 |
Decrease in cash and cash equivalents | (179,080) | (74,973) |
Cash and cash equivalents at beginning of period | 299,972 | 208,293 |
Cash and cash equivalents at end of period | $ 120,892 | $ 133,320 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant accounting policies Basis of presentation . The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States (U.S. GAAP) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended April 30, 2022 are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the Consolidated Financial Statements and notes included in our Annual Report on Form 10-K for the year ended October 31, 2021. Consolidation . The Condensed Consolidated Financial Statements include the accounts of Nordson Corporation and its 100%-owned and controlled subsidiaries. Investments in affiliates and joint ventures in which our ownership is 50% or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates . The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. Actual amounts could differ from these estimates. Revenue recognition . A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Revenue for undelivered items is deferred and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of April 30, 2022 and 2021 were not material. However, for certain contracts related to the sale of customer-specific products within our Advanced Technology Solutions segment, revenue is recognized over time as we satisfy performance obligations because of the continuous transfer of control to the customer. The continuous transfer of control to the customer occurs as we enhance assets that are customer controlled and we are contractually entitled to payment for work performed to date plus a reasonable margin. As control transfers over time, revenue is recognized based on progress toward completion of the performance obligations. The selection method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We have elected to use the input method – costs incurred for these contracts because it best depicts the transfer of products or services to the customer based on incurring costs on the contract. Under this method, revenues are recorded proportionally as costs are incurred. Contract assets recognized are recorded in Prepaid expenses and other current assets and contract liabilities are recorded in Accrued liabilities in our Consolidated Balance Sheets and were not material at April 30, 2022 and October 31, 2021. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or services. Taxes, including sales and value add, that we collect concurrently with revenue-producing activities are excluded from revenue. As a practical expedient, we may exclude the assessment of whether goods or services are performance obligations, if they are immaterial in the context of the contract, and combine these with other performance obligations. While payment terms and conditions vary by contract type, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs as a significant portion of these costs are incurred prior to transfer of control to the customer. We have also elected to apply the practical expedient to expense sales commissions as they are incurred as the amortization period resulting from capitalizing the costs is one year or less. These costs are recorded within Selling and administrative expenses in our Condensed Consolidated Statements of Income. We offer assurance-type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term and are not material. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, are typically regarded as inconsequential or not material. We disclose disaggregated revenues by operating segment and geography in accordance with the revenue standard and on the same basis used internally by the chief operating decision maker for evaluating performance of operating segments and for allocating resources. Refer to our Operating segments Note for details. Earnings per share . Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted shares and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently issued accounting standardsThere have been no new accounting standards issued which would require either disclosure or adoption during the current period. |
Acquisitions
Acquisitions | 6 Months Ended |
Apr. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Business acquisitions have been accounted for using the acquisition method, with the acquired assets and liabilities recorded at estimated fair value on the dates of acquisition. The cost in excess of the net assets of the business acquired is included in goodwill. Operating results since the respective dates of acquisitions are included in the Consolidated Statements of Income. 2022 Acquisition On November 1, 2021, we acquired 100% of NDC Technologies (NDC), a leading global provider of precision measurement solutions for in-line manufacturing process control. NDC's technology portfolio includes in-line measurement sensors, gauges and analyzers using near-infrared, laser, X-ray, optical and nucleonic technologies, as well as proprietary algorithms and software. We acquired NDC for an aggregate purchase price of $171,613, net of cash of approximately $7,533 and other working capital adjustments of $2,763, utilizing cash on hand. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $129,856 and identifiable intangible assets of $31,130 were recorded. The identifiable intangible assets consist primarily of $10,800 of tradenames (amortized over thirteen years), $10,000 of technology (amortized over seven years), $9,500 of customer relationships (amortized over four years) and $830 of non-compete agreements (amortized over three years). Goodwill associated with this acquisition of $73,300 is tax deductible. This acquisition is being reported in our Industrial Precision Solutions segment and the results of NDC are not material to our Consolidated Financial Statements. As of April 30, 2022, the purchase price allocation remains preliminary as we complete our assessments of intangible assets and income taxes. |
Receivables
Receivables | 6 Months Ended |
Apr. 30, 2022 | |
Credit Loss [Abstract] | |
Receivables | Receivables Our allowance for credit losses is principally determined based on aging of receivables. Receivables are exposed to credit risk based on the customers' ability to pay which is influenced by, among other factors, their financial liquidity. We perform ongoing customer credit evaluation to maintain sufficient allowances for potential credit losses. Our segments perform credit evaluation and monitoring to estimate and manage credit risk through the review of customer information, credit ratings, approval and monitoring of customer credit limits, and assessment of market conditions. We may also require prepayments or bank guarantees from customers to mitigate credit risk. Our receivables are generally short-term in nature with a majority of receivables outstanding less than 90 days. Accounts receivable balances are written-off against the allowance if deemed uncollectible. Accounts receivable are net of an allowance for credit losses of $8,300 and $7,552 at April 30, 2022 and October 31, 2021, respectively. The provision for losses on receivables was $180 and $651 for the three and six months ended April 30, 2022, respectively, compared to $301 and $404 for the same periods a year ago, respectively. The remaining change in the allowance for credit losses is principally related to net write-off/recoveries of uncollectible accounts as well as currency translation. |
Inventories
Inventories | 6 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Components of inventories were as follows: April 30, 2022 October 31, 2021 Finished goods $ 235,511 $ 211,628 Raw materials and component parts 141,397 111,089 Work-in-process 65,883 54,557 442,791 377,274 Obsolescence and other reserves (59,576) (50,079) $ 383,215 $ 327,195 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Components of property, plant and equipment were as follows: April 30, 2022 October 31, 2021 Land $ 9,358 $ 9,238 Land improvements 4,913 4,786 Buildings 274,242 263,399 Machinery and equipment 500,427 491,180 Enterprise management system 50,532 50,532 Construction-in-progress 26,291 32,719 Leased property under finance leases 35,427 37,506 901,190 889,360 Accumulated depreciation and amortization (543,629) (533,795) $ 357,561 $ 355,565 Depreciation expense was $12,393 and $12,700 for the three months ended April 30, 2022 and 2021, respectively. Depreciation expense was $24,698 and $25,639 for the six months ended April 30, 2022 and 2021, respectively. |
Goodwill and other intangible a
Goodwill and other intangible assets | 6 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets Changes in the carrying amount of goodwill for th e six months ended April 30, 2022 by operating segment were as follows: Industrial Advanced Total Balance at October 31, 2021 $ 415,020 $ 1,298,128 $ 1,713,148 Acquisitions 129,856 — 129,856 Currency effect (12,431) (9,482) (21,913) Balance at April 30, 2022 $ 532,445 $ 1,288,646 $ 1,821,091 The increase in goodwill for the six months ended April 30, 2022 was due to the acquisition of NDC. See Acquisitions Note for additional details. Information regarding our intangible assets subject to amortization was as follows: April 30, 2022 Carrying Accumulated Net Book Customer relationships $ 485,584 $ 238,359 $ 247,225 Patent/technology costs 160,542 92,682 67,860 Trade name 83,806 42,209 41,597 Non-compete agreements 10,448 9,184 1,264 Other 1,209 1,203 6 Total $ 741,589 $ 383,637 $ 357,952 October 31, 2021 Carrying Accumulated Net Book Customer relationships $ 483,815 $ 226,658 $ 257,157 Patent/technology costs 154,267 89,299 64,968 Trade name 74,301 39,858 34,443 Non-compete agreements 9,896 9,099 797 Other 1,385 1,383 2 Total $ 723,664 $ 366,297 $ 357,367 Amortization expense for the three months ended April 30, 2022 and 2021 was $12,572 and $12,617, respectively. Amortization expense for the six months ended April 30, 2022 and 2021 was $25,657 and $25,697, respectively. See Acquisitions Note for details regarding intangibles recorded due to the acquisition of NDC. |
Pension and other postretiremen
Pension and other postretirement plans | 6 Months Ended |
Apr. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension and other postretirement plans | Pension and other postretirement plans During the second quarter of 2022, we completed a partial plan settlement transaction in regards to two of our U.S. pension plans in which plan assets amounting to $171,181 were used to purchase a group annuity contract from The Prudential Insurance Company of America (Prudential). The settlement resulted in a loss of $41,221 which is included in Other-net on the Condensed Consolidated Statements of Income. This transaction relieved the Company of its responsibility for the pension obligation related to certain retired employees and transferred the obligation and payment responsibility to Prudential for retirement benefits owed to approximately 1,500 retirees and other beneficiaries. The annuity contract covered retirees who commenced receiving benefits on or before November 1, 2021. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Plan participants not included in the transaction remain in the plans and responsibility for payment of the retirement benefits remains with the Company. The components of net periodic pension cost for the three and six months ended April 30, 2022 and 2021 were: U.S. International Three Months Ended 2022 2021 2022 2021 Service cost $ 4,728 $ 5,722 $ 431 $ 662 Interest cost 4,241 3,494 290 250 Expected return on plan assets (8,511) (7,335) (367) (431) Amortization of prior service cost (credit) 12 (21) (13) (88) Amortization of net actuarial loss 2,318 4,042 593 1,011 Settlement loss 41,221 2,018 — — Total benefit cost $ 44,009 $ 7,920 $ 934 $ 1,404 U.S. International Six Months Ended 2022 2021 2022 2021 Service cost $ 9,915 $ 11,488 $ 920 $ 1,180 Interest cost 7,824 6,834 588 470 Expected return on plan assets (16,389) (14,088) (761) (822) Amortization of prior service cost (credit) 24 (41) (30) (165) Amortization of net actuarial loss 5,084 7,616 1,200 1,801 Settlement loss 41,221 2,018 — — Total benefit cost $ 47,679 $ 13,827 $ 1,917 $ 2,464 The components of other postretirement benefit costs for the three and six months ended April 30, 2022 and 2021 were: U.S. International Three Months Ended 2022 2021 2022 2021 Service cost $ 148 $ 216 $ 3 $ 3 Interest cost 474 456 3 3 Amortization of net actuarial (gain) loss 226 338 (12) (10) Total benefit cost (income) $ 848 $ 1,010 $ (6) $ (4) U.S. International Six Months Ended 2022 2021 2022 2021 Service cost $ 343 $ 392 $ 6 $ 7 Interest cost 962 910 6 6 Amortization of net actuarial (gain) loss 489 685 (24) (20) Total benefit cost (income) $ 1,794 $ 1,987 $ (12) $ (7) The components of net periodic pension cost other than service cost are included in Other – net in our Condensed Consolidated Statements of Income. |
Income taxes
Income taxes | 6 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We record our interim provision for income taxes based on our estimated annual effective tax rate, as well as certain items discrete to the current period. The effective tax rate for the three months ended April 30, 2022 and 2021 was 21.3% and 20.3%, respectively. The effective tax rate for the six months ended April 30, 2022 and 2021 was 21.0% and 20.5%, respectively. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 6 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | Accumulated other comprehensive loss The components of accumulated other comprehensive income (loss), including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. Cumulative Pension and Accumulated Balance at October 31, 2021 $ (33,389) $ (142,446) $ (175,835) Amortization of prior service costs and net actuarial losses, net of tax of ($1,850) — 5,838 5,838 Foreign currency translation adjustments (60,259) — (60,259) Pension settlement, net of tax of ($9,573) — 32,047 32,047 Balance at April 30, 2022 $ (93,648) $ (104,561) $ (198,209) |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation During the 2021 Annual Meeting of Shareholders, our shareholders approved the Nordson Corporation 2021 Stock Incentive and Award Plan (the 2021 Plan) as the successor to the Amended and Restated 2012 Stock Incentive and Award Plan (the 2012 Plan). The 2021 Plan provides for the granting of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, cash awards and other stock or performance-based incentives. A maximum of 900 common shares were authorized for grant under the 2021 Plan plus the number of shares that remained available to be granted under the 2012 Plan. As of April 30, 2022, a total of 2,126 common shares were available to be granted under the 2021 Plan. Stock Options Nonqualified or incentive stock options may be granted to our employees and directors. Generally, options granted to employees may be exercised beginning one year from the date of grant at a rate not exceeding 25% per year and expire 10 years from the date of grant. Vesting accelerates upon a qualified termination in connection with a change in control. In the event of termination of employment due to early retirement or normal retirement at age 65, options granted within 12 months prior to termination are forfeited, and vesting continues post retirement for all other unvested options granted. In the event of disability or death, all unvested stock options granted within 12 months prior to termination fully vest. Termination for any other reason results in forfeiture of unvested options and vested options in certain circumstances. The amortized cost of options is accelerated if the retirement eligibility date occurs before the normal vesting date. Option exercises are satisfied through the issuance of treasury shares on a first-in, first-out basis. We recognized compensation expense related to stock options of $2,391 and $4,163 for the three and six months ended April 30, 2022, respectively compared to $1,565 and $3,801 for the three and six months ended April 30, 2021, respectively. The following table summarizes activity related to stock options for the six months ended April 30, 2022: Number of Weighted- Aggregate Weighted Outstanding at October 31, 2021 1,235 $ 130.93 Granted 83 267.51 Exercised (68) 115.99 Forfeited or expired (14) 204.77 Outstanding at April 30, 2022 1,236 $ 140.12 $ 97,385 5.8 years Expected to vest 380 $ 185.05 $ 15,565 7.5 years Exercisable at April 30, 2022 854 $ 119.99 $ 81,711 5.0 years As of April 30, 2022, there was $9,848 of total unrecognized compensation cost related to unvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.1 years. The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended April 30, 2022 April 30, 2021 Expected volatility 30.6% - 30.8% 30.8% - 32.6% Expected dividend yield 0.76% - 0.76% 0.83% - 0.85% Risk-free interest rate 1.36% - 1.47% 0.43% - 0.77% Expected life of the option (in years) 5.3 - 6.2 5.3 - 6.2 The weighted-average expected volatility used to value the 2022 and 2021 options was 30.6% and 31.0%, respectively. Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. The weighted average grant date fair value of stock options granted during the six months ended April 30, 2022 and 2021 was $79.03 and $56.02, respectively. The total intrinsic value of options exercised during the three months ended April 30, 2022 and 2021 was $2,405 and $12,166, respectively. The total intrinsic value of options exercised during the six months ended April 30, 2022 and 2021 was $9,366 and $17,601, respectively. Cash received from the exercise of stock options for the six months ended April 30, 2022 and 2021 was $7,798 and $18,783, respectively. Restricted Shares and Restricted Share Units We may grant restricted shares and/or restricted share units to our employees and directors. These shares or units may not be transferred for a designated period of time (generally one For employee recipients, in the event of termination of employment due to early retirement with the consent of the Company, restricted shares and units granted within 12 months prior to termination are forfeited, and other restricted shares and units vest on a pro-rata basis, subject to the consent of the Compensation Committee. In the event of termination of employment due to normal retirement at age 65, restricted shares and units granted within 12 months prior to termination are forfeited, and, for other restricted shares and units, the restriction period applicable to restricted shares will lapse and the shares will vest and be transferable and all unvested units will become vested in full, subject to the consent of the Compensation Committee. In the event of a recipient's disability or death, all restricted shares and units granted within 12 months prior to termination fully vest. Termination for any other reason prior to the lapse of any restrictions or vesting of units results in forfeiture of the shares or units. For non-employee directors, all restrictions lapse in the event of disability or death of the non-employee director. Termination of service as a director for any other reason within one year of date of grant results in a pro-rata vesting of shares or units. As shares or units are issued, deferred stock-based compensation equivalent to the fair value on the date of grant is expensed over the vesting period. The following table summarizes activity related to restricted shares during the six months ended April 30, 2022: Number of Shares Weighted-Average Restricted shares at October 31, 2021 19 $ 157.36 Vested (10) 146.50 Restricted shares at April 30, 2022 9 $ 171.11 As of April 30, 2022, there was $804 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 0.5 years. The amount charged to expense related to restricted shares during the three months ended April 30, 2022 and 2021 was $299 and $501, respectively, which included common share dividends of $5 and $13, respectively. For the six months ended April 30, 2022 and 2021, the amounts charged to expense related to restricted shares were $613 and $1,465, respectively, which included common share dividends of $10 and $31, respectively. The following table summarizes activity related to restricted share units during the six months ended April 30, 2022: Number of Units Weighted-Average Restricted share units at October 31, 2021 67 $ 202.81 Granted 41 263.75 Forfeited (8) 221.84 Vested (15) 201.79 Restricted share units at April 30, 2022 85 $ 230.34 As of April 30, 2022, there was $13,426 of remaining expense to be recognized related to outstanding restricted share units, which is expected to be recognized over a weighted average period of 1.0 year. The amount charged to expense related to restricted share units during each of the three months ended April 30, 2022 and 2021 was $1,819 and $2,192, respectively, compared to $4,092 and $4,284 for the six months ended April 30, 2022 and 2021, respectively. Performance Share Incentive Awards Executive officers and selected other key employees are eligible to receive common share-based incentive awards. Payouts, in the form of unrestricted common shares, vary based on the degree to which corporate financial performance exceeds predetermined threshold, target and maximum performance goals over three-year performance periods. No payout will occur unless threshold performance is achieved. The amount of compensation expense is based upon current performance projections and the percentage of the requisite service that has been rendered. The calculations are based upon the grant date fair value which is principally driven by the stock price on the date of grant or a Monte Carlo valuation for awards with market conditions. The per share values were $260.60 and $273.50 for 2022 and $202.50 for 2021. The amount charged to expense for the three months ended April 30, 2022 was $2,797 and credited to expense in 2021 of $460, respectively, compared to charges of $6,741 and $4,295 for the six months ended April 30, 2022 and 2021, respectively. The cumulative amount recorded in shareholders' equity at April 30, 2022 and 2021 was $13,756 and $4,132, respectively. As of April 30, 2022, there was $14,588 of unrecognized compensation cost related to performance share incentive awards. Deferred Compensation Our executive officers and other highly compensated employees may elect to defer up to 100% of their base pay and cash incentive compensation, and for executive officers, up to 90% of their share-based performance incentive payout each year. Additional share units are credited for quarterly dividends paid on our common shares. Expense related to dividends paid under this plan for the three months ended April 30, 2022 and 2021 was $18 and $29, respectively, compared to $36 and $58 for the six months ended April 30, 2022 and 2021, respectively. Deferred Directors’ Compensation Non-employee directors may defer all or part of their cash and equity-based compensation until retirement. Cash compensation may be deferred as cash or as share equivalent units. Deferred cash amounts are recorded as liabilities, and share equivalent units are recorded as equity. Additional share equivalent units are earned when common share dividends are declared. The following table summarizes activity related to director deferred compensation share equivalent units during the six months ended April 30, 2022: Number of Shares Weighted-Average Outstanding at October 31, 2021 106 $ 68.11 Distributions (7) 48.01 Outstanding at April 30, 2022 99 $ 70.81 The amount charged to expense related to director deferred compensation for the three months ended April 30, 2022 and 2021 was $75 and $63 compared to $151 and $125 for the six months ended April 30, 2022 and 2021, respectively. |
Warranties
Warranties | 6 Months Ended |
Apr. 30, 2022 | |
Guarantees [Abstract] | |
Warranties | Warranties We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual historical return rates. Based on analysis of return rates and other factors, the adequacy of our warranty provisions are adjusted as necessary. The liability for warranty costs is included in Accrued liabilities in the Consolidated Balance Sheets. Following is a reconciliation of the product warranty liability for the six months ended April 30, 2022 and 2021: April 30, 2022 April 30, 2021 Beginning balance at October 31 $ 11,113 $ 10,550 Accruals for warranties 7,557 7,708 Warranty payments (6,773) (8,200) Currency effect (446) 197 Ending balance $ 11,451 $ 10,255 |
Operating segments
Operating segments | 6 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Operating segments | Operating segments We conduct business across two primary operating segments: Industrial Precision Solutions (IPS) and Advanced Technology Solutions (ATS). The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker. The primary measure used by the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing performance is operating profit, which equals sales less cost of sales and certain operating expenses. Items below the operating profit line of the Condensed Consolidated Statements of Income (interest and investment income, interest expense and other income/expense) are excluded from the measure of segment profitability reviewed by our chief operating decision maker and are not presented by operating segment. The accounting policies of the segments are generally the same as those described in the Significant accounting policies Note. Industrial Precision Solutions: This segment delivers proprietary dispensing and processing technology to diverse end markets. Product lines reduce material consumption, increase line efficiency and enhance product brand and appearance. Components are used for dispensing adhesives, coatings, paint, finishes, sealants and other materials. This segment primarily serves the industrial, consumer durables and non-durables markets. Advanced Technology Solutions: This segment integrates our proprietary product technologies found in progressive stages of a customer’s production processes, such as surface treatment, precisely controlled dispensing of material and post-dispense test and inspection to ensure quality. Related single-use plastic molded syringes, cartridges, tips, fluid connection components, tubing, balloons and catheters are used to dispense or control fluids in production processes or within customers’ end products. This segment predominantly serves customers in the electronics, medical and related high-tech industrial markets. The following table presents information about our segments: Three Months Ended Industrial Advanced Corporate Total April 30, 2022 Net external sales $ 316,434 $ 318,969 $ — $ 635,403 Operating profit (loss) 102,196 98,458 (16,681) 183,973 April 30, 2021 Net external sales $ 298,775 $ 290,763 $ — $ 589,538 Operating profit (loss) 104,283 76,585 (14,477) 166,391 Six Months Ended April 30, 2022 Net external sales $ 640,367 $ 604,202 $ — $ 1,244,569 Operating profit (loss) 204,384 174,785 (39,336) 339,833 April 30, 2021 Net external sales $ 587,191 $ 528,913 $ — $ 1,116,104 Operating profit (loss) 187,686 123,786 (36,056) 275,416 We had significant sales in the following geographic regions: Three Months Ended Six Months Ended April 30, 2022 April 30, 2021 April 30, 2022 April 30, 2021 United States $ 218,508 $ 202,924 $ 409,885 $ 388,240 Americas 55,244 44,914 103,769 81,052 Europe 172,256 156,451 328,241 291,602 Japan 25,443 27,852 51,001 54,967 Asia Pacific 163,952 157,397 351,673 300,243 Total net external sales $ 635,403 $ 589,538 $ 1,244,569 $ 1,116,104 |
Fair value measurements
Fair value measurements | 6 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements The inputs to the valuation techniques used to measure fair value are classified into the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis: April 30, 2022 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 5,389 $ — $ 5,389 $ — Total assets at fair value $ 5,389 $ — $ 5,389 $ — Liabilities: Deferred compensation plans (b) $ 10,407 $ — $ 10,407 $ — Foreign currency forward contracts (a) 19,819 — 19,819 — Total liabilities at fair value $ 30,226 $ — $ 30,226 $ — October 31, 2021 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 2,755 $ — $ 2,755 $ — Total assets at fair value $ 2,755 $ — $ 2,755 $ — Liabilities: Deferred compensation plans (b) $ 9,115 $ — $ 9,115 $ — Foreign currency forward contracts (a) 4,507 — 4,507 — Total liabilities at fair value $ 13,622 $ — $ 13,622 $ — (a) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges. (b) Executive officers and other highly compensated employees may defer up to 100% of their salary and annual cash incentive compensation and for executive officers, up to 90% of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, receivables, and accounts payable, are shown in the table below. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments. April 30, 2022 Carrying Fair Value Long-term debt (including current portion) $ 790,595 $ 788,897 We used the following methods and assumptions in estimating the fair value of financial instruments: • Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The carrying amount of long-term debt is shown net of unamortized debt issuance costs. |
Derivative financial instrument
Derivative financial instruments | 6 Months Ended |
Apr. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other – net” on the Condensed Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three months ended April 30, 2022, we recognized a net loss of $9,080 on foreign currency forward contracts and a realized net gain of $10,079 from the change in fair value of balance sheet positions. For the three months ended April 30, 2021, we recognized a net loss of $8,133 on foreign currency forward contracts and a net gain of $7,357 from the change in fair value of balance sheet positions. For the six months ended April 30, 2022, we recognized a net loss of $12,678 on foreign currency forward contracts and a realized net gain of $14,041 from the change in fair value of balance sheet positions. For the six months ended April 30, 2021, we recognized a net gain of $1,209 on foreign currency forward contracts and a net loss of $4,746 from the change in fair value of balance sheet positions. The fair values of our foreign currency forward contract assets and liabilities are included in Receivable-net and Accrued liabilities, respectively, in our Consolidated Balance Sheets. The following table summarizes, by currency, the foreign currency forward contracts outstanding at April 30, 2022 and 2021: Notional Amounts April 30, 2022 contract amounts: Sell Buy Euro $ 96,436 $ 337,291 British pound 38,478 80,853 Japanese yen 10,848 39,294 Australian dollar 295 9,269 Hong Kong dollar 7,727 55,666 Singapore dollar 198 17,899 Others 15,378 91,599 Total $ 169,360 $ 631,871 Notional Amounts April 30, 2021 contract amounts: Sell Buy Euro $ 127,660 $ 309,020 British pound 21,228 79,446 Japanese yen 12,228 38,648 Australian dollar 194 10,240 Hong Kong dollar 978 33,024 Singapore dollar 15 18,071 Others 11,886 92,869 Total $ 174,189 $ 581,318 We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. For the three and six months ended April 30, 2022 and 2021, there were no significant concentrations of credit risk. |
Long-term debt
Long-term debt | 6 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt A summary of long-term debt is as follows: April 30, 2022 October 31, 2021 Notes payable $ 961 $ 3,545 Revolving credit agreement, due 2024 4,000 — Senior notes, due 2022-2025 79,000 79,000 Senior notes, due 2022-2027 78,572 78,572 Senior notes, due 2023-2030 350,000 350,000 Euro loan, due 2023 279,329 306,358 791,862 817,475 Less current maturities and notes payable 310,892 34,188 Less unamortized debt issuance costs 1,267 1,578 Long-term maturities $ 479,703 $ 781,709 Revolving credit agreement, due 2024 — In April 2019, we entered into a $850,000 unsecured multi-currency credit facility with a group of banks, which amended, restated and extended our then existing syndicated revolving credit agreement. This facility has a five-year term and includes a $75,000 subfacility for swing-line loans. It expires in April 2024. The weighted-average interest rate at April 30, 2022 was 0.91%. Senior notes, due 2022-2025 — These unsecured fixed-rate notes entered into in 2012 with a group of insurance companies had a remaining weighted-average life of 1.45 years. The weighted-average interest rate at April 30, 2022 was 3.10%. Senior notes, due 2022-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies had a remaining weighted-average life of 2.70 years. The weighted-average interest rate at April 30, 2022 was 3.08%. Senior notes, due 2023-2030 — These unsecured fixed-rate notes entered into in 2018 with a group of insurance companies had a remaining weighted-average life of 3.55 years. The weighted-average interest rate at April 30, 2022 was 3.90%. Euro loan, due 2023 — In March 2020, we amended, restated and extended the term of our existing euro term loan facility with Bank of America Merrill Lynch International Limited. The interest rate is variable based on the EURIBOR rate. The term loan agreement provides for the following term loans due in two tranches: €115,000 is due in March 2023 and an additional €150,000 that was drawn down in March 2020 is due in March 2023. The weighted average interest rate at April 30, 2022 was 0.61 percent. |
Contingencies
Contingencies | 6 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. Including the litigation and environmental matters discussed below, after consultation with legal counsel, we do not believe that losses in excess of the amounts we have accrued would have a material adverse effect on our financial condition, quarterly or annual operating results or cash flows. Environmental We have voluntarily agreed with the City of New Richmond, Wisconsin and other potentially responsible parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the Site) and the construction of a potable water delivery system serving the impacted area down gradient of the Site. At April 30, 2022 and October 31, 2021, our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $313 and $319, respectively. The liability for environmental remediation represents management’s best estimate of the probable and reasonably estimable undiscounted costs related to known remediation obligations. The accuracy of our estimate of environmental liability is affected by several uncertainties such as additional requirements that may be identified in connection with remedial activities, the complexity and evolution of environmental laws and regulations, and the identification of presently unknown remediation requirements. Consequently, our liability could be greater than our current estimate. However, we do not expect that the costs associated with remediation will have a material adverse effect on our financial condition or results of operations. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation . The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States (U.S. GAAP) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended April 30, 2022 are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the Consolidated Financial Statements and notes |
Basis of Consolidation | Consolidation. The Condensed Consolidated Financial Statements include the accounts of Nordson Corporation and its 100%-owned and controlled subsidiaries. Investments in affiliates and joint ventures in which our ownership is 50% or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of estimates . The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. Actual amounts could differ from these estimates. |
Revenue Recognition | Revenue recognition . A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Revenue for undelivered items is deferred and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of April 30, 2022 and 2021 were not material. However, for certain contracts related to the sale of customer-specific products within our Advanced Technology Solutions segment, revenue is recognized over time as we satisfy performance obligations because of the continuous transfer of control to the customer. The continuous transfer of control to the customer occurs as we enhance assets that are customer controlled and we are contractually entitled to payment for work performed to date plus a reasonable margin. As control transfers over time, revenue is recognized based on progress toward completion of the performance obligations. The selection method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We have elected to use the input method – costs incurred for these contracts because it best depicts the transfer of products or services to the customer based on incurring costs on the contract. Under this method, revenues are recorded proportionally as costs are incurred. Contract assets recognized are recorded in Prepaid expenses and other current assets and contract liabilities are recorded in Accrued liabilities in our Consolidated Balance Sheets and were not material at April 30, 2022 and October 31, 2021. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or services. Taxes, including sales and value add, that we collect concurrently with revenue-producing activities are excluded from revenue. As a practical expedient, we may exclude the assessment of whether goods or services are performance obligations, if they are immaterial in the context of the contract, and combine these with other performance obligations. While payment terms and conditions vary by contract type, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs as a significant portion of these costs are incurred prior to transfer of control to the customer. We have also elected to apply the practical expedient to expense sales commissions as they are incurred as the amortization period resulting from capitalizing the costs is one year or less. These costs are recorded within Selling and administrative expenses in our Condensed Consolidated Statements of Income. We offer assurance-type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term and are not material. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, are typically regarded as inconsequential or not material. We disclose disaggregated revenues by operating segment and geography in accordance with the revenue standard and on the same basis used internally by the chief operating decision maker for evaluating performance of operating segments and for allocating resources. Refer to our Operating segments Note for details. |
Earnings Per Share | Earnings per share . Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted shares and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be |
New accounting guidance adopted | There have been no new accounting standards issued which would require either disclosure or adoption during the current period. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Components of inventories were as follows: April 30, 2022 October 31, 2021 Finished goods $ 235,511 $ 211,628 Raw materials and component parts 141,397 111,089 Work-in-process 65,883 54,557 442,791 377,274 Obsolescence and other reserves (59,576) (50,079) $ 383,215 $ 327,195 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Components of property, plant and equipment were as follows: April 30, 2022 October 31, 2021 Land $ 9,358 $ 9,238 Land improvements 4,913 4,786 Buildings 274,242 263,399 Machinery and equipment 500,427 491,180 Enterprise management system 50,532 50,532 Construction-in-progress 26,291 32,719 Leased property under finance leases 35,427 37,506 901,190 889,360 Accumulated depreciation and amortization (543,629) (533,795) $ 357,561 $ 355,565 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for th e six months ended April 30, 2022 by operating segment were as follows: Industrial Advanced Total Balance at October 31, 2021 $ 415,020 $ 1,298,128 $ 1,713,148 Acquisitions 129,856 — 129,856 Currency effect (12,431) (9,482) (21,913) Balance at April 30, 2022 $ 532,445 $ 1,288,646 $ 1,821,091 |
Summary of Intangible Assets Subject to Amortization | Information regarding our intangible assets subject to amortization was as follows: April 30, 2022 Carrying Accumulated Net Book Customer relationships $ 485,584 $ 238,359 $ 247,225 Patent/technology costs 160,542 92,682 67,860 Trade name 83,806 42,209 41,597 Non-compete agreements 10,448 9,184 1,264 Other 1,209 1,203 6 Total $ 741,589 $ 383,637 $ 357,952 October 31, 2021 Carrying Accumulated Net Book Customer relationships $ 483,815 $ 226,658 $ 257,157 Patent/technology costs 154,267 89,299 64,968 Trade name 74,301 39,858 34,443 Non-compete agreements 9,896 9,099 797 Other 1,385 1,383 2 Total $ 723,664 $ 366,297 $ 357,367 |
Pension and other postretirem_2
Pension and other postretirement plans (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefits Cost | The components of net periodic pension cost for the three and six months ended April 30, 2022 and 2021 were: U.S. International Three Months Ended 2022 2021 2022 2021 Service cost $ 4,728 $ 5,722 $ 431 $ 662 Interest cost 4,241 3,494 290 250 Expected return on plan assets (8,511) (7,335) (367) (431) Amortization of prior service cost (credit) 12 (21) (13) (88) Amortization of net actuarial loss 2,318 4,042 593 1,011 Settlement loss 41,221 2,018 — — Total benefit cost $ 44,009 $ 7,920 $ 934 $ 1,404 U.S. International Six Months Ended 2022 2021 2022 2021 Service cost $ 9,915 $ 11,488 $ 920 $ 1,180 Interest cost 7,824 6,834 588 470 Expected return on plan assets (16,389) (14,088) (761) (822) Amortization of prior service cost (credit) 24 (41) (30) (165) Amortization of net actuarial loss 5,084 7,616 1,200 1,801 Settlement loss 41,221 2,018 — — Total benefit cost $ 47,679 $ 13,827 $ 1,917 $ 2,464 The components of other postretirement benefit costs for the three and six months ended April 30, 2022 and 2021 were: U.S. International Three Months Ended 2022 2021 2022 2021 Service cost $ 148 $ 216 $ 3 $ 3 Interest cost 474 456 3 3 Amortization of net actuarial (gain) loss 226 338 (12) (10) Total benefit cost (income) $ 848 $ 1,010 $ (6) $ (4) U.S. International Six Months Ended 2022 2021 2022 2021 Service cost $ 343 $ 392 $ 6 $ 7 Interest cost 962 910 6 6 Amortization of net actuarial (gain) loss 489 685 (24) (20) Total benefit cost (income) $ 1,794 $ 1,987 $ (12) $ (7) |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income (loss), including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. Cumulative Pension and Accumulated Balance at October 31, 2021 $ (33,389) $ (142,446) $ (175,835) Amortization of prior service costs and net actuarial losses, net of tax of ($1,850) — 5,838 5,838 Foreign currency translation adjustments (60,259) — (60,259) Pension settlement, net of tax of ($9,573) — 32,047 32,047 Balance at April 30, 2022 $ (93,648) $ (104,561) $ (198,209) |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options for the six months ended April 30, 2022: Number of Weighted- Aggregate Weighted Outstanding at October 31, 2021 1,235 $ 130.93 Granted 83 267.51 Exercised (68) 115.99 Forfeited or expired (14) 204.77 Outstanding at April 30, 2022 1,236 $ 140.12 $ 97,385 5.8 years Expected to vest 380 $ 185.05 $ 15,565 7.5 years Exercisable at April 30, 2022 854 $ 119.99 $ 81,711 5.0 years |
Fair Value Assumptions of Stock Options | The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended April 30, 2022 April 30, 2021 Expected volatility 30.6% - 30.8% 30.8% - 32.6% Expected dividend yield 0.76% - 0.76% 0.83% - 0.85% Risk-free interest rate 1.36% - 1.47% 0.43% - 0.77% Expected life of the option (in years) 5.3 - 6.2 5.3 - 6.2 |
Summarized Activity Related to Restricted Stock | The following table summarizes activity related to restricted shares during the six months ended April 30, 2022: Number of Shares Weighted-Average Restricted shares at October 31, 2021 19 $ 157.36 Vested (10) 146.50 Restricted shares at April 30, 2022 9 $ 171.11 |
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units during the six months ended April 30, 2022: Number of Units Weighted-Average Restricted share units at October 31, 2021 67 $ 202.81 Granted 41 263.75 Forfeited (8) 221.84 Vested (15) 201.79 Restricted share units at April 30, 2022 85 $ 230.34 |
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during the six months ended April 30, 2022: Number of Shares Weighted-Average Outstanding at October 31, 2021 106 $ 68.11 Distributions (7) 48.01 Outstanding at April 30, 2022 99 $ 70.81 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Guarantees [Abstract] | |
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability for the six months ended April 30, 2022 and 2021: April 30, 2022 April 30, 2021 Beginning balance at October 31 $ 11,113 $ 10,550 Accruals for warranties 7,557 7,708 Warranty payments (6,773) (8,200) Currency effect (446) 197 Ending balance $ 11,451 $ 10,255 |
Operating segments (Tables)
Operating segments (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segments | The following table presents information about our segments: Three Months Ended Industrial Advanced Corporate Total April 30, 2022 Net external sales $ 316,434 $ 318,969 $ — $ 635,403 Operating profit (loss) 102,196 98,458 (16,681) 183,973 April 30, 2021 Net external sales $ 298,775 $ 290,763 $ — $ 589,538 Operating profit (loss) 104,283 76,585 (14,477) 166,391 Six Months Ended April 30, 2022 Net external sales $ 640,367 $ 604,202 $ — $ 1,244,569 Operating profit (loss) 204,384 174,785 (39,336) 339,833 April 30, 2021 Net external sales $ 587,191 $ 528,913 $ — $ 1,116,104 Operating profit (loss) 187,686 123,786 (36,056) 275,416 |
Sales and Long-lived Asset Information by Geographic Regions | We had significant sales in the following geographic regions: Three Months Ended Six Months Ended April 30, 2022 April 30, 2021 April 30, 2022 April 30, 2021 United States $ 218,508 $ 202,924 $ 409,885 $ 388,240 Americas 55,244 44,914 103,769 81,052 Europe 172,256 156,451 328,241 291,602 Japan 25,443 27,852 51,001 54,967 Asia Pacific 163,952 157,397 351,673 300,243 Total net external sales $ 635,403 $ 589,538 $ 1,244,569 $ 1,116,104 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis: April 30, 2022 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 5,389 $ — $ 5,389 $ — Total assets at fair value $ 5,389 $ — $ 5,389 $ — Liabilities: Deferred compensation plans (b) $ 10,407 $ — $ 10,407 $ — Foreign currency forward contracts (a) 19,819 — 19,819 — Total liabilities at fair value $ 30,226 $ — $ 30,226 $ — October 31, 2021 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 2,755 $ — $ 2,755 $ — Total assets at fair value $ 2,755 $ — $ 2,755 $ — Liabilities: Deferred compensation plans (b) $ 9,115 $ — $ 9,115 $ — Foreign currency forward contracts (a) 4,507 — 4,507 — Total liabilities at fair value $ 13,622 $ — $ 13,622 $ — (a) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges. (b) Executive officers and other highly compensated employees may defer up to 100% of their salary and annual cash incentive compensation and for executive officers, up to 90% of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. |
Carrying Amounts and Fair Values of Financial Instruments, Other than Cash and Cash Equivalents, Receivables and Accounts Payable | The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments. April 30, 2022 Carrying Fair Value Long-term debt (including current portion) $ 790,595 $ 788,897 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the foreign currency forward contracts outstanding at April 30, 2022 and 2021: Notional Amounts April 30, 2022 contract amounts: Sell Buy Euro $ 96,436 $ 337,291 British pound 38,478 80,853 Japanese yen 10,848 39,294 Australian dollar 295 9,269 Hong Kong dollar 7,727 55,666 Singapore dollar 198 17,899 Others 15,378 91,599 Total $ 169,360 $ 631,871 Notional Amounts April 30, 2021 contract amounts: Sell Buy Euro $ 127,660 $ 309,020 British pound 21,228 79,446 Japanese yen 12,228 38,648 Australian dollar 194 10,240 Hong Kong dollar 978 33,024 Singapore dollar 15 18,071 Others 11,886 92,869 Total $ 174,189 $ 581,318 |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | A summary of long-term debt is as follows: April 30, 2022 October 31, 2021 Notes payable $ 961 $ 3,545 Revolving credit agreement, due 2024 4,000 — Senior notes, due 2022-2025 79,000 79,000 Senior notes, due 2022-2027 78,572 78,572 Senior notes, due 2023-2030 350,000 350,000 Euro loan, due 2023 279,329 306,358 791,862 817,475 Less current maturities and notes payable 310,892 34,188 Less unamortized debt issuance costs 1,267 1,578 Long-term maturities $ 479,703 $ 781,709 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Significant Accounting Policies [Line Items] | ||||
Ownership percentage in affiliates and joint ventures | 50.00% | 50.00% | ||
Stock Options | ||||
Significant Accounting Policies [Line Items] | ||||
Options for common shares excluded from computation of diluted earning per share | 77 | 91 | 80 | 91 |
Acquisitions (Detail)
Acquisitions (Detail) - USD ($) $ in Thousands | Nov. 01, 2021 | Apr. 30, 2022 | Apr. 30, 2021 |
Business Acquisition [Line Items] | |||
Acquisition of businesses, net of cash acquired | $ 171,613 | $ 0 | |
NDC Technologies | |||
Business Acquisition [Line Items] | |||
Acquired percent of the outstanding shares | 100.00% | ||
Acquisition of businesses, net of cash acquired | $ 171,613 | ||
Cash acquired from business acquisition | 7,533 | ||
Other working capital adjustments | 2,763 | ||
Assets acquired, liabilities assumed, and goodwill | 129,856 | ||
Identifiable intangible assets | 31,130 | ||
Goodwill, expected tax deductible amount | 73,300 | ||
NDC Technologies | Trade name | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 10,800 | ||
Intangible assets amortization period | 13 years | ||
NDC Technologies | Technology-Based Intangible Assets | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 10,000 | ||
Intangible assets amortization period | 7 years | ||
NDC Technologies | Customer relationships | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 9,500 | ||
Intangible assets amortization period | 4 years | ||
NDC Technologies | Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 830 | ||
Intangible assets amortization period | 3 years |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Credit Loss [Abstract] | |||||
Accounts receivable, after allowance for credit loss | $ 8,300 | $ 8,300 | $ 7,552 | ||
Provisions for losses on receivables | $ 180 | $ 301 | $ 651 | $ 404 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 235,511 | $ 211,628 |
Raw materials and component parts | 141,397 | 111,089 |
Work-in-process | 65,883 | 54,557 |
Inventories - gross | 442,791 | 377,274 |
Obsolescence and other reserves | (59,576) | (50,079) |
Inventories - net | $ 383,215 | $ 327,195 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 901,190 | $ 901,190 | $ 889,360 | ||
Accumulated depreciation and amortization | (543,629) | (543,629) | (533,795) | ||
Property, plant and equipment - net | 357,561 | 357,561 | 355,565 | ||
Depreciation | 12,393 | $ 12,700 | 24,698 | $ 25,639 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 9,358 | 9,358 | 9,238 | ||
Land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 4,913 | 4,913 | 4,786 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 274,242 | 274,242 | 263,399 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 500,427 | 500,427 | 491,180 | ||
Enterprise management system | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 50,532 | 50,532 | 50,532 | ||
Construction-in-progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 26,291 | 26,291 | 32,719 | ||
Leased property under finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 35,427 | $ 35,427 | $ 37,506 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Apr. 30, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 1,713,148 |
Acquisitions | 129,856 |
Currency effect | (21,913) |
Ending balance | 1,821,091 |
Industrial Precision Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 415,020 |
Acquisitions | 129,856 |
Currency effect | (12,431) |
Ending balance | 532,445 |
Advanced Technology Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 1,298,128 |
Acquisitions | 0 |
Currency effect | (9,482) |
Ending balance | $ 1,288,646 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 741,589 | $ 723,664 |
Accumulated Amortization | 383,637 | 366,297 |
Net Book Value | 357,952 | 357,367 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 485,584 | 483,815 |
Accumulated Amortization | 238,359 | 226,658 |
Net Book Value | 247,225 | 257,157 |
Patent/technology costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 160,542 | 154,267 |
Accumulated Amortization | 92,682 | 89,299 |
Net Book Value | 67,860 | 64,968 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 83,806 | 74,301 |
Accumulated Amortization | 42,209 | 39,858 |
Net Book Value | 41,597 | 34,443 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 10,448 | 9,896 |
Accumulated Amortization | 9,184 | 9,099 |
Net Book Value | 1,264 | 797 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 1,209 | 1,385 |
Accumulated Amortization | 1,203 | 1,383 |
Net Book Value | $ 6 | $ 2 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets, amortization expense | $ 12,572 | $ 12,617 | $ 25,657 | $ 25,697 |
Pension and other postretirem_3
Pension and other postretirement plans - Additional Information (Detail) $ in Thousands | Apr. 30, 2022USD ($)retireeAndOtherBeneficiary |
Retirement Benefits [Abstract] | |
Defined benefit plan, plan assets, amount | $ | $ 171,181 |
Number of retirees and other beneficiaries | retireeAndOtherBeneficiary | 1,500 |
Pension and other postretirem_4
Pension and other postretirement plans - Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Pension Plans | United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4,728 | $ 5,722 | $ 9,915 | $ 11,488 |
Interest cost | 4,241 | 3,494 | 7,824 | 6,834 |
Expected return on plan assets | (8,511) | (7,335) | (16,389) | (14,088) |
Amortization of prior service cost (credit) | 12 | (21) | 24 | (41) |
Amortization of net actuarial (gain) loss | 2,318 | 4,042 | 5,084 | 7,616 |
Settlement loss | 41,221 | 2,018 | 41,221 | 2,018 |
Total benefit cost | 44,009 | 7,920 | 47,679 | 13,827 |
Pension Plans | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 431 | 662 | 920 | 1,180 |
Interest cost | 290 | 250 | 588 | 470 |
Expected return on plan assets | (367) | (431) | (761) | (822) |
Amortization of prior service cost (credit) | (13) | (88) | (30) | (165) |
Amortization of net actuarial (gain) loss | 593 | 1,011 | 1,200 | 1,801 |
Settlement loss | 0 | 0 | 0 | 0 |
Total benefit cost | 934 | 1,404 | 1,917 | 2,464 |
Postretirement Benefit Costs | United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 148 | 216 | 343 | 392 |
Interest cost | 474 | 456 | 962 | 910 |
Amortization of net actuarial (gain) loss | 226 | 338 | 489 | 685 |
Total benefit cost | 848 | 1,010 | 1,794 | 1,987 |
Postretirement Benefit Costs | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 3 | 6 | 7 |
Interest cost | 3 | 3 | 6 | 6 |
Amortization of net actuarial (gain) loss | (12) | (10) | (24) | (20) |
Total benefit cost | $ (6) | $ (4) | $ (12) | $ (7) |
Income taxes (Detail)
Income taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates | 21.30% | 20.30% | 21.00% | 20.50% |
Income tax provision included discrete tax benefit due to share-based payment transactions | $ 309 | $ 1,796 | $ 1,424 | $ 2,595 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance | $ 2,159,130 | $ 2,159,130 | ||||
Amortization of prior service costs and net actuarial losses, net of tax of ($1,850) | $ 2,778 | $ 3,804 | 5,838 | $ 6,801 | ||
Foreign currency translation adjustments | (46,901) | (13,358) | (6,943) | $ 28,433 | (60,259) | 21,490 |
Pension settlement, net of tax of ($9,573) | 32,047 | 4,581 | 32,047 | $ 4,581 | ||
Accumulated other comprehensive loss, ending balance | 2,190,616 | 2,190,616 | ||||
Amortization of prior service costs and net actuarial losses, tax | 1,850 | |||||
Pension settlement tax | 9,573 | |||||
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance | (175,835) | (175,835) | ||||
Foreign currency translation adjustments | (46,901) | (13,358) | $ (6,943) | $ 28,433 | ||
Pension settlement, net of tax of ($9,573) | 32,047 | |||||
Accumulated other comprehensive loss, ending balance | (198,209) | (198,209) | ||||
Cumulative translation adjustments | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance | (33,389) | (33,389) | ||||
Amortization of prior service costs and net actuarial losses, net of tax of ($1,850) | 0 | |||||
Foreign currency translation adjustments | (60,259) | |||||
Pension settlement, net of tax of ($9,573) | 0 | |||||
Accumulated other comprehensive loss, ending balance | (93,648) | (93,648) | ||||
Pension and postretirement benefit plan adjustments | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance | $ (142,446) | (142,446) | ||||
Amortization of prior service costs and net actuarial losses, net of tax of ($1,850) | 5,838 | |||||
Foreign currency translation adjustments | 0 | |||||
Pension settlement, net of tax of ($9,573) | 32,047 | |||||
Accumulated other comprehensive loss, ending balance | $ (104,561) | $ (104,561) |
Stock-based compensation - Addi
Stock-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of common shares authorized for grant (in shares) | 900,000 | 900,000 | ||
Number of common shares available for grant (in shares) | 2,126,000 | 2,126,000 | ||
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% | |||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option expiring period | 10 years | |||
Normal retirement age | 65 years | |||
Period for options considered to be forfeited for retirees | 12 months | |||
Termination period on death or disability of option holder | 12 months | |||
Compensation expense recognized | $ 2,391 | $ 1,565 | $ 4,163 | $ 3,801 |
Unrecognized compensation cost related to unvested stock option | 9,848 | $ 9,848 | ||
Weighted average period expected to be amortized, non vested shares | 1 year 1 month 6 days | |||
Weighted-average expected volatility used | 30.60% | 31.00% | ||
Weighted average grant date fair value of stock options granted (in dollars per share) | $ 79.03 | $ 56.02 | ||
Total intrinsic value of options exercised | 2,405 | 12,166 | $ 9,366 | $ 17,601 |
Cash received from the exercise of stock options | $ 7,798 | 18,783 | ||
Stock Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum rate of stock option | 25.00% | |||
Restricted Shares and Restricted Share Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant restricted shares transferred period | 1 year | |||
Restricted Shares and Restricted Share Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant restricted shares transferred period | 3 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Normal retirement age | 65 years | |||
Weighted average period expected to be amortized, non vested shares | 6 months | |||
Period for restricted shares and share units considered to be forfeited for retirees | 12 months | |||
Restricted shares termination period for disability or death | 12 months | |||
Unrecognized compensation cost related to nonvested restricted stock | 804 | $ 804 | ||
Expense related to nonvested common shares | 299 | 501 | 613 | 1,465 |
Common share dividends amount included in compensation cost | 5 | 13 | $ 10 | 31 |
Restricted Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period expected to be amortized, non vested shares | 1 year | |||
Unrecognized compensation cost related to nonvested restricted stock | 13,426 | $ 13,426 | ||
Expense related to nonvested common shares | 1,819 | 2,192 | $ 4,092 | $ 4,284 |
Performance Share Incentive Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award requisite service period | 3 years | |||
Weighted average grant date fair value (in dollars per share) | $ 202.50 | |||
Compensation expense | 2,797 | (460) | $ 6,741 | $ 4,295 |
Cumulative amount recorded in shareholders' equity related to long-term incentive plan | 13,756 | 4,132 | 13,756 | 4,132 |
Unrecognized compensation cost | 14,588 | $ 14,588 | ||
Performance Share Incentive Awards | Grant Date One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in dollars per share) | $ 273.50 | |||
Performance Share Incentive Awards | Grant Date Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in dollars per share) | $ 260.60 | |||
Deferred Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common share dividends amount included in compensation cost | 18 | 29 | $ 36 | 58 |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% | |||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% | |||
Deferred Compensation | Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expense related to director deferred compensation | $ 75 | $ 63 | $ 151 | $ 125 |
Stock-based compensation - Summ
Stock-based compensation - Summarized Activity Related to Stock Options (Detail) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Apr. 30, 2022USD ($)$ / sharesshares | |
Number of Options | |
Beginning balance (in shares) | shares | 1,235 |
Granted (in shares) | shares | 83 |
Exercised (in shares) | shares | (68) |
Forfeited or expired (in shares) | shares | (14) |
Ending balance (in shares) | shares | 1,236 |
Expected to vest (in shares) | shares | 380 |
Exercisable (in shares) | shares | 854 |
Weighted- Average Exercise Price Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 130.93 |
Granted (in dollars per share) | $ / shares | 267.51 |
Exercised (in dollars per share) | $ / shares | 115.99 |
Forfeited or expired (in dollars per share) | $ / shares | 204.77 |
Ending balance (in dollars per share) | $ / shares | 140.12 |
Expected to vest (in dollars per share) | $ / shares | 185.05 |
Exercisable (in dollars per share) | $ / shares | $ 119.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Aggregate Intrinsic Value, Outstanding | $ | $ 97,385 |
Aggregate Intrinsic Value, Expected to vest | $ | 15,565 |
Aggregate Intrinsic Value, Exercisable | $ | $ 81,711 |
Weighted Average Remaining Term, Outstanding | 5 years 9 months 18 days |
Weighted Average Remaining Term, Expected to vest | 7 years 6 months |
Weighted Average Remaining Term, Exercisable | 5 years |
Stock-based compensation - Fair
Stock-based compensation - Fair Value Assumptions of Stock Options (Detail) - Stock Options | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 30.60% | 30.80% |
Expected volatility, maximum | 30.80% | 32.60% |
Risk-free interest rate, minimum | 1.36% | 0.43% |
Risk-free interest rate, maximum | 1.47% | 0.77% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.76% | 0.83% |
Expected life of the option (in years) | 5 years 3 months 18 days | 5 years 3 months 18 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.76% | 0.85% |
Expected life of the option (in years) | 6 years 2 months 12 days | 6 years 2 months 12 days |
Stock-based compensation - Su_2
Stock-based compensation - Summarized Activity Related to Restricted Stock (Detail) - Restricted Stock shares in Thousands | 6 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 19 |
Vested (in shares) | shares | (10) |
Ending balance (in shares) | shares | 9 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 157.36 |
Vested (in dollars per share) | $ / shares | 146.50 |
Ending balance (in dollars per share) | $ / shares | $ 171.11 |
Stock-based compensation - Su_3
Stock-based compensation - Summarized Activity Related to Restricted Stock Units (Detail) - Restricted Stock Unit shares in Thousands | 6 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 67 |
Granted (in shares) | shares | 41 |
Forfeited (in shares) | shares | (8) |
Vested (in shares) | shares | (15) |
Ending balance (in shares) | shares | 85 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 202,810 |
Granted (in dollars per share) | $ / shares | 263.75 |
Forfeited (in dollars per share) | $ / shares | 221.84 |
Vested (in dollars per share) | $ / shares | 201.79 |
Ending balance (in dollars per share) | $ / shares | $ 230.34 |
Stock-based compensation - Su_4
Stock-based compensation - Summarized Activity Related to Director Deferred Compensation Shares (Detail) - Directors - Deferred Compensation Share Equivalent Units shares in Thousands | 6 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares | |
Outstanding, Beginning balance (in shares) | shares | 106 |
Distributions (in shares) | shares | (7) |
Outstanding, Ending balance (in shares) | shares | 99 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 68.11 |
Distributions (in dollars per share) | $ / shares | 48.01 |
Ending balance (in dollars per share) | $ / shares | $ 70.81 |
Warranties - Additional Informa
Warranties - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 2022 | |
Guarantees [Abstract] | |
Product warranty period | 1 year |
Warranties - Reconciliation of
Warranties - Reconciliation of Product Warranty Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 11,113 | $ 10,550 |
Accruals for warranties | 7,557 | 7,708 |
Warranty payments | (6,773) | (8,200) |
Currency effect | (446) | 197 |
Ending balance | $ 11,451 | $ 10,255 |
Operating segments - Additional
Operating segments - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Operating segments - Segments (
Operating segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net external sales | $ 635,403 | $ 589,538 | $ 1,244,569 | $ 1,116,104 |
Operating profit (loss) | 183,973 | 166,391 | 339,833 | 275,416 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 635,403 | 589,538 | 1,244,569 | 1,116,104 |
Operating profit (loss) | 183,973 | 166,391 | 339,833 | 275,416 |
Operating Segments | Industrial Precision Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 316,434 | 298,775 | 640,367 | 587,191 |
Operating profit (loss) | 102,196 | 104,283 | 204,384 | 187,686 |
Operating Segments | Advanced Technology Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 318,969 | 290,763 | 604,202 | 528,913 |
Operating profit (loss) | 98,458 | 76,585 | 174,785 | 123,786 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit (loss) | $ (16,681) | $ (14,477) | $ (39,336) | $ (36,056) |
Operating segments - Sales Info
Operating segments - Sales Information by Geographic Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | $ 635,403 | $ 589,538 | $ 1,244,569 | $ 1,116,104 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | 218,508 | 202,924 | 409,885 | 388,240 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | 55,244 | 44,914 | 103,769 | 81,052 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | 172,256 | 156,451 | 328,241 | 291,602 |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | 25,443 | 27,852 | 51,001 | 54,967 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | $ 163,952 | $ 157,397 | $ 351,673 | $ 300,243 |
Fair value measurements - Sched
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Assets: | ||
Foreign currency forward contracts | $ 5,389 | $ 2,755 |
Total assets at fair value | 5,389 | 2,755 |
Liabilities: | ||
Deferred compensation plans | 10,407 | 9,115 |
Foreign currency forward contracts | 19,819 | 4,507 |
Total liabilities at fair value | 30,226 | 13,622 |
Level 1 | ||
Assets: | ||
Foreign currency forward contracts | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Deferred compensation plans | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 | ||
Assets: | ||
Foreign currency forward contracts | 5,389 | 2,755 |
Total assets at fair value | 5,389 | 2,755 |
Liabilities: | ||
Deferred compensation plans | 10,407 | 9,115 |
Foreign currency forward contracts | 19,819 | 4,507 |
Total liabilities at fair value | 30,226 | 13,622 |
Level 3 | ||
Assets: | ||
Foreign currency forward contracts | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Deferred compensation plans | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total liabilities at fair value | $ 0 | $ 0 |
Fair value measurements - Sch_2
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Additional Information) (Detail) | 6 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% |
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% |
Fair value measurements - Carry
Fair value measurements - Carrying Amounts and Fair Values of Financial Instruments, Other than Cash and Cash Equivalents, Receivables and Accounts Payable (Detail) $ in Thousands | Apr. 30, 2022USD ($) |
Fair Value Disclosures [Abstract] | |
Long-term debt, carrying amount | $ 790,595 |
Long-term debt, fair value | $ 788,897 |
Derivative financial instrume_3
Derivative financial instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Maturity of foreign currency forward contracts | 90 days | |||
Gains (losses) on foreign currency forward contracts | $ (9,080) | $ (8,133) | $ (12,678) | $ 1,209 |
Change in unrealized gain (loss) on foreign currency derivative instruments | $ 10,079 | $ 7,357 | $ 14,041 | $ (4,746) |
Derivative financial instrume_4
Derivative financial instruments - Outstanding Currency, Forward Exchange Contracts (Detail) - Foreign Currency Forward Contracts - USD ($) $ in Thousands | Apr. 30, 2022 | Apr. 30, 2021 |
Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 169,360 | $ 174,189 |
Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 631,871 | 581,318 |
Euro | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 96,436 | 127,660 |
Euro | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 337,291 | 309,020 |
British pound | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 38,478 | 21,228 |
British pound | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 80,853 | 79,446 |
Japanese yen | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 10,848 | 12,228 |
Japanese yen | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 39,294 | 38,648 |
Australian dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 295 | 194 |
Australian dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 9,269 | 10,240 |
Hong Kong dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 7,727 | 978 |
Hong Kong dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 55,666 | 33,024 |
Singapore dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 198 | 15 |
Singapore dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 17,899 | 18,071 |
Others | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 15,378 | 11,886 |
Others | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 91,599 | $ 92,869 |
Long-term debt - Long-Term Debt
Long-term debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Debt Instrument [Line Items] | ||
Notes payable | $ 961 | $ 3,545 |
Long-term debt | 791,862 | 817,475 |
Less current maturities | 310,892 | 34,188 |
Less unamortized debt issuance costs | 1,267 | 1,578 |
Long-term maturities | 479,703 | 781,709 |
Revolving credit agreement, due 2024 | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement | 4,000 | 0 |
Senior notes, due 2022-2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 79,000 | 79,000 |
Senior notes, due 2022-2027 | ||
Debt Instrument [Line Items] | ||
Senior notes | 78,572 | 78,572 |
Senior notes, due 2023-2030 | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | 350,000 |
Euro loan, due 2023 | ||
Debt Instrument [Line Items] | ||
Euro loan | $ 279,329 | $ 306,358 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) € in Thousands | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2019USD ($) | Apr. 30, 2022 | Mar. 31, 2020EUR (€) | |
Revolving credit agreement, due 2024 | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ | $ 850,000,000 | ||
Credit facility, term | 5 years | ||
Weighted average interest rate for borrowings | 0.91% | ||
Revolving credit agreement, due 2024 | Swing Line Loans | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ | $ 75,000,000 | ||
Senior notes, due 2022-2025 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 3.10% | ||
Remaining weighted average life of notes | 1 year 5 months 12 days | ||
Senior notes, due 2022-2027 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 3.08% | ||
Remaining weighted average life of notes | 2 years 8 months 12 days | ||
Senior notes, due 2023-2030 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 3.90% | ||
Remaining weighted average life of notes | 3 years 6 months 18 days | ||
Euro loan, due 2023 | Bank of America | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 0.61% | ||
Euro loan, due 2023 | Bank of America | Tranches One | |||
Debt Instrument [Line Items] | |||
Term loan | € | € 115,000 | ||
Euro loan, due 2023 | Bank of America | Tranches Two | |||
Debt Instrument [Line Items] | |||
Term loan | € | € 150,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for environmental liability | $ 313 | $ 319 |
Uncategorized Items - ndsn-2022
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |