Cover
Cover - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Nov. 30, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 31, 2022 | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000072331 | ||
Current Fiscal Year End Date | --10-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12,407,909,520 | ||
Entity Common Stock, Shares Outstanding | 57,156,824 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2023 Annual Meeting - Part III of the Form 10-K | ||
Entity Common Stock, Shares Outstanding | 57,156,824 |
Audit Information
Audit Information | 12 Months Ended |
Oct. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Location | Cleveland, Ohio |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | |||
Sales | $ 2,590,278 | $ 2,362,209 | $ 2,121,100 |
Operating costs and expenses: | |||
Cost of sales | 1,163,742 | 1,038,129 | 990,632 |
Selling and administrative expenses | 724,176 | 708,953 | 693,552 |
Assets held for sale impairment charge | 0 | 0 | 87,371 |
Total operating costs and expenses | 1,887,918 | 1,747,082 | 1,771,555 |
Operating profit | 702,360 | 615,127 | 349,545 |
Other income (expense): | |||
Interest expense | (22,413) | (25,491) | (32,160) |
Interest and investment income | 2,026 | 2,150 | 1,681 |
Pension settlement charge for U.S. Plans | (41,221) | 0 | 0 |
Other - net | 8,527 | (17,610) | (17,577) |
Total other income (expense) | (53,081) | (40,951) | (48,056) |
Income before income taxes | 649,279 | 574,176 | 301,489 |
Income tax provision: | |||
Current | 146,908 | 115,737 | 65,906 |
Deferred | (10,732) | 4,071 | (13,956) |
Income taxes | 136,176 | 119,808 | 51,950 |
Net income | $ 513,103 | $ 454,368 | $ 249,539 |
Average common shares (in shares) | 57,629 | 58,091 | 57,757 |
Incremental common shares attributable to outstanding stock options, restricted stock and deferred stock-based compensation (in shares) | 620 | 643 | 716 |
Average common shares and common share equivalents (in shares) | 58,249 | 58,734 | 58,473 |
Basic earnings per share (in dollars per share) | $ 8.90 | $ 7.82 | $ 4.32 |
Diluted earnings per share (in dollars per share) | 8.81 | 7.74 | 4.27 |
Dividends declared per common share (in dollars per share) | $ 2.18 | $ 1.69 | $ 1.53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 513,103 | $ 454,368 | $ 249,539 |
Components of other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (126,657) | 7,033 | 12,910 |
Pension and postretirement benefit plans: | |||
Prior service (cost) credit arising during the year | 0 | 124 | (6) |
Net actuarial gain (loss) arising during the year | 54,065 | 25,289 | (21,607) |
Amortization of prior service cost | (201) | (304) | (232) |
Amortization of actuarial loss | 7,575 | 14,954 | 12,767 |
Curtailment gain | 1,052 | 0 | 0 |
Settlement loss recognized | 32,219 | 3,187 | 1,931 |
Total pension and postretirement benefit plans | 94,710 | 43,250 | (7,147) |
Total other comprehensive income (loss) | (31,947) | 50,283 | 5,763 |
Total comprehensive income | $ 481,156 | $ 504,651 | $ 255,302 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 163,457 | $ 299,972 |
Receivables - net | 537,313 | 489,389 |
Inventories - net | 383,398 | 327,195 |
Prepaid expenses and other current assets | 48,803 | 48,282 |
Total current assets | 1,132,971 | 1,164,838 |
Goodwill | 1,804,693 | 1,713,148 |
Property, plant and equipment - net | 353,442 | 355,565 |
Intangible assets - net | 329,402 | 357,367 |
Operating right of use lease assets | 102,279 | 110,851 |
Deferred income taxes | 10,447 | 11,381 |
Other assets | 87,141 | 77,811 |
Total assets | 3,820,375 | 3,790,961 |
Current liabilities: | ||
Current maturities of long - term debt | 392,537 | 34,188 |
Accrued liabilities | 206,828 | 201,992 |
Accounts payable | 99,276 | 91,689 |
Customer advance payments | 92,584 | 77,868 |
Income taxes payable | 22,333 | 16,636 |
Operating lease liability - current | 15,738 | 17,222 |
Finance lease liability | 4,907 | 5,799 |
Total current liabilities | 834,203 | 445,394 |
Long-term debt | 345,320 | 781,709 |
Operating lease liability - noncurrent | 90,768 | 97,685 |
Deferred income taxes | 110,781 | 88,467 |
Postretirement obligations | 56,804 | 82,652 |
Pension obligations | 40,551 | 80,584 |
Finance lease liability - noncurrent | 11,184 | 14,944 |
Other long-term liabilities | 36,389 | 40,396 |
Shareholders' equity: | ||
Preferred shares, no par value; 10,000 shares authorized; none issued | 0 | 0 |
Common shares, no par value; 160,000 shares authorized; 98,023 shares issued at October 31, 2021 and 2020 | 12,253 | 12,253 |
Capital in excess of stated value | 626,697 | 585,334 |
Retained earnings | 3,652,216 | 3,265,027 |
Accumulated other comprehensive loss | (207,782) | (175,835) |
Common shares in treasury, at cost | (1,789,009) | (1,527,649) |
Total shareholders' equity | 2,294,375 | 2,159,130 |
Total liabilities and shareholders' equity | $ 3,820,375 | $ 3,790,961 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Oct. 31, 2022 | Oct. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred shares, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, authorized (in shares) | 160,000,000 | 160,000,000 |
Common shares, issued (in shares) | 98,023,000 | 98,023,000 |
Condensed Consolidated Statemen
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 Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Common Shares in Treasury, at cost |
Beginning Balance at Oct. 31, 2019 | $ 1,581,045 | $ (104) | $ 12,253 | $ 483,116 | $ 2,747,650 | $ (104) | $ (231,881) | $ (1,430,093) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under company stock and employee benefit plans | 50,853 | 38,712 | 12,141 | |||||
Stock-based compensation | 12,856 | 12,856 | ||||||
Purchase of treasury shares, value | (52,614) | (52,614) | ||||||
Dividends declared | (88,347) | (88,347) | ||||||
Net income | 249,539 | 249,539 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | 12,910 | 12,910 | ||||||
Defined benefit pension and post-retirement plans adjustment | (7,147) | (7,147) | ||||||
Ending Balance at Oct. 31, 2020 | 1,758,991 | $ (396) | 12,253 | 534,684 | 2,908,738 | $ (396) | (226,118) | (1,470,566) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under company stock and employee benefit plans | 31,780 | 27,893 | 3,887 | |||||
Stock-based compensation | 22,757 | 22,757 | ||||||
Purchase of treasury shares, value | (60,970) | (60,970) | ||||||
Dividends declared | (97,683) | (97,683) | ||||||
Net income | 454,368 | 454,368 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | 7,033 | 7,033 | ||||||
Defined benefit pension and post-retirement plans adjustment | 43,250 | 43,250 | ||||||
Ending Balance at Oct. 31, 2021 | 2,159,130 | 12,253 | 585,334 | 3,265,027 | (175,835) | (1,527,649) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under company stock and employee benefit plans | 12,124 | 10,615 | 1,509 | |||||
Stock-based compensation | 30,748 | 30,748 | ||||||
Purchase of treasury shares, value | (262,869) | (262,869) | ||||||
Dividends declared | (125,914) | (125,914) | ||||||
Net income | 513,103 | 513,103 | ||||||
Other Comprehensive Income (Loss): | ||||||||
Foreign currency translation adjustments | (126,657) | (126,657) | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 33,271 | 33,271 | ||||||
Defined benefit pension and post-retirement plans adjustment | 61,439 | 61,439 | ||||||
Ending Balance at Oct. 31, 2022 | $ 2,294,375 | $ 12,253 | $ 626,697 | $ 3,652,216 | $ (207,782) | $ (1,789,009) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Purchase of treasury shares (in shares) | 1,200,546 | 291,253 | 384,498 |
Dividends declared (in dollars per share) | $ 2.18 | $ 1.69 | $ 1.53 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | Accounting Standards Update 2016-02 [Member] |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 513,103 | $ 454,368 | $ 249,539 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 49,098 | 53,332 | 56,323 |
Amortization | 50,825 | 50,551 | 56,979 |
Provision for losses on receivables | 1,259 | 32 | 2,165 |
Deferred income taxes | (10,732) | 4,071 | (13,956) |
Non-cash stock compensation | 30,748 | 22,757 | 12,856 |
Loss (gain) on sale of property, plant and equipment | (581) | 589 | 484 |
Impairment loss on assets held for sale | 0 | 0 | 87,371 |
Pension settlement charge for U.S. Plans | 41,221 | 0 | 0 |
Other non-cash | 1,259 | 4,907 | 3,729 |
Changes in operating assets and liabilities: | |||
Receivables | (72,907) | (13,720) | 50,098 |
Inventories | (69,132) | (50,584) | 5,785 |
Prepaid expenses | (1,708) | (5,209) | 1,978 |
Accounts payable | 10,671 | 20,769 | (10,673) |
Income taxes payable | 6,155 | 8,659 | (7,816) |
Accrued liabilities | 925 | 32,929 | 6,360 |
Customer advance payments | 18,682 | 36,167 | (619) |
Other | (55,755) | (73,691) | 1,818 |
Net cash provided by operating activities | 513,131 | 545,927 | 502,421 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (51,428) | (38,303) | (50,535) |
Proceeds from sale of property, plant and equipment | 280 | 163 | 840 |
Acquisition of businesses, net of cash acquired | (171,613) | 0 | (142,414) |
Other | 0 | 4,971 | (2,000) |
Net cash used in investing activities | (222,761) | (33,169) | (194,109) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 63,067 | 9,414 | 165,734 |
Repayment of long-term debt | (96,975) | (298,830) | (319,550) |
Repayment of capital lease obligations | (5,439) | ||
Repayment of capital lease obligations | (6,624) | (7,605) | |
Issuance of common shares | 12,124 | 31,780 | 50,853 |
Purchase of treasury shares | (262,869) | (60,970) | (52,614) |
Dividends paid | (125,914) | (97,683) | (88,347) |
Net cash used in financing activities | (416,006) | (422,913) | (251,529) |
Effect of exchange rate changes on cash | (10,879) | 1,834 | 346 |
Increase (decrease) in cash and cash equivalents | (136,515) | 91,679 | 57,129 |
Cash and cash equivalents at beginning of year | 299,972 | 208,293 | 151,164 |
Cash and cash equivalents at end of year | $ 163,457 | $ 299,972 | $ 208,293 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Consolidation — The 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 percent 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 Consolidated Financial Statements and notes. Actual amounts could differ from these estimates. Fiscal year — Our fiscal year is November 1 through October 31. 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 October 31, 2022 and 2021 were not material. However, for certain contracts related to the sale of customer-specific products within our Medical and Fluid Solutions segment, revenue is recognized for these contracts 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 for these products or services, 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 October 31, 2022 or 2021. Revenue recognized over time represented approximately less than ten percent of our overall consolidated revenues at October 31, 2022 or 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, general and administrative expenses in our 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 is 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; therefore, these items 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 Note 16 for details on our operating segments. Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales. Advertising costs — Advertising costs are expensed as incurred and were $7,028, $5,986 and $7,174 in 2022, 2021 and 2020, respectively. Research and development — Investments in research and development are important to our long-term growth, enabling us to keep pace with changing customer and marketplace needs through the development of new products and new applications for existing products. We place strong emphasis on technology developments and improvements through internal engineering and research teams. Research and development costs are expensed as incurred and were $63,031, $59,422 and $63,591 in 2022, 2021 and 2020, respectively. 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 stock 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 anti-dilutive. Options for 78 common shares were excluded from the diluted earnings per share calculation in 2022 and 46 and 95 options were excluded from the calculation of diluted earnings per share in 2021 and 2020, respectively because their effect would have been anti-dilutive. Under the 2021 Stock Incentive and Award Plan, executive officers and selected other key employees receive common share awards based on corporate performance measures over three Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur. Credit is extended to customers satisfying pre-defined credit criteria. We believe we have limited concentration of credit risk due to the diversity of our customer base. Our primary allowance for credit losses is the allowance for doubtful accounts, which 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 $8,218 and $7,522 at October 31, 2022 and October 31, 2021, respectively. The provision for losses on receivables was $1,259 for the twelve months ended October 31, 2022 compared to $32 for the same period a year ago. The remaining change in the allowance for credit losses is principally related to the write-off of uncollectible accounts. Inventories — Inventories are valued at the lower of cost or net realizable value. Effective in the third quarter of 2022, we changed our accounting method for certain U.S. inventories from a last-in, first-out basis (LIFO) to a first-in, first-out basis (FIFO). Previously, the LIFO method was used to determine the cost of a portion of our inventories in the U.S. We believe this change in accounting method is preferable as it is consistent with how we manage our business, results in a uniform method to value our inventory across all regions of our business, improves comparability with our peers and is expected to better reflect the current value of inventory on the consolidated balance sheets. We applied this accounting change as a cumulative effect adjustment to cost of sales in the third quarter of 2022 and did not restate prior period financial statements because the impact was not material. Cost was determined using the LIFO method for 16 percent of consolidated inventories at October 31, 2021. Consolidated inventories would have been $4,216 higher than reported at October 31, 2021 had the FIFO method, which approximates current cost, been used for valuation of all inventories. Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under finance leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows: Land improvements 15-25 years Buildings 20-40 years Machinery and equipment 3-18 years Enterprise management systems 5-13 years Depreciation expense is included in cost of sales and selling and administrative expenses. Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2022, 2021 or 2020. Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets. Other amortizable intangible assets, which consist primarily of patent/technology costs, customer relationships, noncompete agreements and trade names, are amortized over their useful lives on a straight-line basis. At October 31, 2022, the weighted-average useful lives for each major category of amortizable intangible assets were: Patent/technology costs 12 years Customer relationships 14 years Noncompete agreements 4 years Trade names 15 years Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss). Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2022 and 2021 consisted of: Cumulative Pension and Accumulated Balance at October 31, 2021 $ (33,389) $ (142,446) $ (175,835) Pension and postretirement plan changes, net of tax of ($31,007) — 94,710 94,710 Currency translation losses (126,657) — (126,657) Balance at October 31, 2022 $ (160,046) $ (47,736) $ (207,782) 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) measured 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 is adjusted as necessary. The liability for warranty costs is included in Accrued liabilities in the Consolidated Balance Sheet. Following is a reconciliation of the product warranty liability as of October 31, 2022 and 2021: 2022 2021 Balance at beginning of year $ 11,113 $ 10,550 Accruals for warranties 17,188 16,011 Warranty payments (14,609) (15,475) Currency adjustments (1,969) 27 Balance at end of year $ 11,723 $ 11,113 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently issued accounting standards There have been no new accounting standards issued that would require either disclosure or adoption for 2022 by the Company. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2022 | |
Business Combinations [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 Statement of Income. 2022 acquisition On November 1, 2021, we acquired 100 percent 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 $131,129 and identifiable intangible assets of $31,130 were recorded. The identifiable intangible assets consist primarily of $10,800 of tradenames (amortized over 13 years), $10,000 of technology (amortized over 7 years), $9,500 of customer relationships (amortized over 4 years) and $830 of non-compete agreements (amortized over 3 years). Goodwill associated with this acquisition of $72,018 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. 2020 acquisitions On September 1, 2020, we acquired 100 percent of the outstanding shares of vivaMOS Ltd. ("vivaMOS"), a developer and fabricator of high-end large-area complementary metal–oxide–semiconductor ("CMOS") image sensors for a wide range of X-ray applications. We acquired vivaMOS for an aggregate purchase price of $17,154 net of cash and other closing adjustments of approximately $158, utilizing cash on hand. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $14,394 and identifiable intangible assets of $4,040 were recorded. The identifiable intangible assets consist primarily of $3,900 of technology (amortized over 10 years) and $140 of non-compete agreements (amortized over 3 years). Goodwill associated with this acquisition was not tax deductible. This acquisition is being reported in our Advanced Technology Solutions segment and the results of vivaMOS were not material to our Consolidated Financial Statements. On June 1, 2020, we acquired 100 percent of the outstanding shares of Fluortek, Inc. ("Fluortek"), a precision plastic extrusion manufacturer that provides custom dimensioned tubing to the medical device industry. We acquired Fluortek for an aggregate purchase price of |
Divestiture
Divestiture | 12 Months Ended |
Oct. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture | DivestitureIn the fourth quarter of 2020, we committed to a plan to sell our screws and barrels product line within our Industrial Precision Solutions operating segment and determined the criteria to be classified as held for sale were met. We entered into a letter of intent to sell the screws and barrels product line in October 2020, and in December 2020, we entered into a definitive agreement with the buyer. The assets and liabilities were presented as held for sale in the Condensed Consolidated Balance Sheets and measured at the lower of carrying value or fair value less cost to sell from October 31, 2020 until the transaction was completed on February 1, 2021. Before measuring the fair value less costs to sell of the disposal group as a whole, we first reviewed individual assets and liabilities to determine if any fair value adjustments were required and concluded no individual asset impairments were required. Then, based on the definitive agreement entered into by us and the buyer, we determined the fair value of the disposal group to be equal to the selling price, less costs to sell. Based on this review, we recorded a non-cash, assets held for sale impairment charge of $87,371 in 2020. Excluding the non-cash, assets held for sale impairment charge recorded in the fourth quarter of 2020, the operating results of the screws and barrels product line were not material to our Consolidated Financial Statements for any period presented. There were no significant adjustments in 2021 to the loss recognized in 2020. |
Details of Consolidated Balance
Details of Consolidated Balance Sheet | 12 Months Ended |
Oct. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Consolidated Balance Sheet | Note 5 — Details of Consolidated Balance Sheet 2022 2021 Receivables: Accounts $ 510,300 $ 479,594 Notes 417 2,504 Other 34,814 14,843 545,531 496,941 Allowance for doubtful accounts (8,218) (7,552) $ 537,313 $ 489,389 Inventories: Finished goods $ 218,491 $ 211,628 Raw materials and component parts 157,447 111,089 Work-in-process 53,195 54,557 429,133 377,274 Obsolescence and other reserves (45,735) (50,079) $ 383,398 $ 327,195 Property, plant and equipment: Land $ 9,278 $ 9,238 Land improvements 4,979 4,786 Buildings 271,450 263,399 Machinery and equipment 505,343 491,180 Enterprise management system 52,513 50,532 Construction-in-progress 31,466 32,719 Leased property under finance leases 27,512 37,506 902,541 889,360 Accumulated depreciation and amortization (549,099) (533,795) $ 353,442 $ 355,565 Accrued liabilities: Salaries and other compensation $ 81,181 $ 87,066 Taxes other than income taxes 14,869 13,095 Warranty 11,723 11,113 Interest 6,018 6,262 Pension and retirement 4,456 5,622 Customer commissions 3,526 10,460 Other 85,055 68,374 $ 206,828 $ 201,992 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and intangible assets We account for goodwill and other intangible assets in accordance with the provisions of ASC 350 and account for business combinations using the acquisition method of accounting and accordingly, the assets and liabilities of the entities acquired are recorded at their estimated fair values at the acquisition date. Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets. We assess the fair value of reporting units on a non-recurring basis using a quantitative analysis that uses a combination of the discounted cash flow method of the Income Approach and the guideline public company method of the Market Approach, and compare the result against the reporting unit’s carrying value of net assets. The implied fair value of our reporting units is determined based on significant unobservable inputs, as discussed below; accordingly, these inputs fall within Level 3 of the fair value hierarchy. The discounted cash flow method (Income Approach) uses assumptions for revenue growth, operating margin and working capital turnover that are based on management’s strategic plans tempered by performance trends and reasonable expectations about those trends. Terminal value calculations employ a published formula known as the Gordon Growth Model Method that essentially captures the present value of perpetual cash flows beyond the last projected period assuming a constant Weighted Average Cost of Capital (WACC) methodology and growth rate. For each reporting unit, a sensitivity analysis is performed to vary the discount and terminal growth rates in order to provide a range of reasonableness for detecting impairment. Discount rates are developed using a WACC methodology. The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and company specific risk factors. In the application of the guideline public company method (Market Approach), fair value is determined using transactional evidence for similar publicly traded equity. The comparable company guideline group is determined based on relative similarities to each reporting unit since exact correlations are not available. An indication of fair value for each reporting unit is based on the placement of each reporting unit within a range of multiples determined for its comparable guideline company group. Valuation multiples are derived by dividing latest twelve-month performance for revenues and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) into total invested capital, which is the sum of traded equity plus interest bearing debt less cash. These multiples are applied against the revenue and EBITDA of each reporting unit. While the implied indications of fair value using the guideline public company method yield meaningful results, the discounted cash flow method of the income approach includes management’s thoughtful projections and insights as to what the reporting units will accomplish in the near future. Accordingly, the reasonable, implied fair value of each reporting unit is a blend based on the consideration of both the Income and Market approaches. An impairment charge is recorded for the amount by which the carrying value of the reporting unit exceeds the fair value of the reporting unit, as calculated in the quantitative analysis described above. Based on our annual impairment tests in 2022, 2021 and 2020, the fair value of each reporting unit exceeded its carrying value, and accordingly, we did not record any goodwill impairment charges in 2022, 2021 or 2020. Effective in the fourth quarter of 2022, we realigned our former two operating segments into three: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. Previously, Advanced Technology Solutions was comprised of Medical and Fluid Solutions and the former Advanced Technology Solutions. Our segment change did not have any impact on our reporting units. Our reporting units include components of the Industrial Precision Solutions, Medical and Fluid Solutions, and the Advanced Technology Solutions segments. Changes in the carrying amount of goodwill during 2022 by operating segment: Industrial Precision Solutions Medical Fluid Systems Advanced Technology Systems Total Balance at October 31, 2021 $ 415,020 $ 1,176,149 $ 121,979 $ 1,713,148 Acquisitions 131,129 — — 131,129 Currency effect (25,913) (4,080) (9,591) (39,584) Balance at October 31, 2022 $ 520,236 $ 1,172,069 $ 112,388 $ 1,804,693 The increase in goodwill for 2022 was due to the acquisition of NDC. See Note 3 for additional details. Changes in the carrying amount of goodwill during 2021 by operating segment: Industrial Precision Solutions Medical Fluid Systems Advanced Technology Systems Total Balance at October 31, 2020 $ 415,862 $ 1,175,972 $ 121,520 $ 1,713,354 Currency effect (842) 177 459 (206) Balance at October 31, 2021 $ 415,020 $ 1,176,149 $ 121,979 $ 1,713,148 Accumulated impairment losses, which were recorded in 2009, were $232,789 of which $229,173 related to the Advanced Technology Solutions segment and $3,616 related to the Industrial Precision Solutions segment. Information regarding intangible assets subject to amortization: October 31, 2022 Carrying Accumulated Net Book Customer relationships $ 480,058 $ 250,798 $ 229,260 Patent/technology costs 157,549 96,426 61,123 Trade names 82,759 44,707 38,052 Noncompete agreements 10,253 9,290 963 Other 446 442 4 Total $ 731,065 $ 401,663 $ 329,402 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 names 74,301 39,858 34,443 Noncompete agreements 9,896 9,099 797 Other 1,385 1,383 2 Total $ 723,664 $ 366,297 $ 357,367 Amortization expense for 2022, 2021 and 2020 was $50,825, $50,551 and $56,979, respectively. See Note 3 for details regarding intangibles recorded due to the acquisition of NDC. Estimated amortization expense for each of the five succeeding years: Year Amounts 2023 $ 49,169 2024 46,532 2025 42,685 2026 38,625 2027 34,878 |
Retirement, Pension and Other P
Retirement, Pension and Other Postretirement Plans | 12 Months Ended |
Oct. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement, Pension and Other Postretirement Plans | Retirement, pension and other postretirement plans Retirement plans — We have funded contributory retirement plans covering certain employees. Our contributions are primarily determined by the terms of the plans, subject to the limitation that they shall not exceed the amounts deductible for income tax purposes. We also sponsor unfunded contributory supplemental retirement plans for certain employees. Generally, benefits under these plans vest gradually over a period of approximately three years from date of employment, and are based on the employee’s contribution. The expense applicable to retirement plans for 2022, 2021 and 2020 was approximately $26,635, $22,983 and $20,265, respectively. Pension plans — We have various pension plans covering a portion of our United States and international employees. Pension plan benefits are generally based on years of employment and, for salaried employees, the level of compensation. Actuarially determined amounts are contributed to United States plans to provide sufficient assets to meet future benefit payment requirements. We also sponsor an unfunded supplemental pension plan for certain employees. International subsidiaries fund their pension plans according to local requirements. 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 Pension settlement charge for U.S. Plans on the 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. A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows: United States International 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 627,271 $ 615,768 $ 106,049 $ 104,849 Service cost 16,820 22,555 1,693 2,120 Interest cost 14,486 13,652 1,105 887 Participant contributions — — 72 80 Amendments — — — 15 Settlements (171,181) (9,016) (1,446) (714) Curtailments (2,715) (2,436) (705) — Foreign currency exchange rate change — — (14,291) 1,024 Actuarial (gain) loss (165,697) 4,561 (29,414) (121) Benefits paid (15,464) (17,813) (2,183) (2,091) Benefit obligation at end of year $ 303,520 $ 627,271 $ 60,880 $ 106,049 Change in plan assets: Beginning fair value of plan assets $ 639,589 $ 510,250 $ 47,274 $ 45,476 Actual return on plan assets (121,912) 62,063 301 243 Company contributions 2,819 94,105 2,381 3,318 Participant contributions — — 72 80 Settlements (171,181) (9,016) (1,446) (714) Foreign currency exchange rate change — — (8,083) 962 Benefits paid (15,464) (17,813) (2,183) (2,091) Ending fair value of plan assets $ 333,851 $ 639,589 $ 38,316 $ 47,274 Funded status at end of year $ 30,331 $ 12,318 $ (22,564) $ (58,775) Amounts recognized in financial statements: Noncurrent asset $ 41,548 $ 30,840 $ 7,588 $ 4,086 Accrued benefit liability (813) (799) (5) — Long-term pension obligations (10,404) (17,723) (30,147) (62,861) Total amount recognized in financial statements $ 30,331 $ 12,318 $ (22,564) $ (58,775) The net actuarial gain included in the projected benefit obligation for the United States pension plans for 2022 was primarily due to higher discount rates partially offset by an increase in the compensation increase assumption. The net actuarial loss included in the projected benefit obligation for the United States pension plans for 2021 was primarily due to updated census data partially offset by gains due to changes in the discount rates. Amounts recognized in accumulated other comprehensive (gain) loss: United States International 2022 2021 2022 2021 Net actuarial loss (gain) $ 74,293 $ 142,070 $ (2,280) $ 30,544 Prior service cost (credit) — 48 (133) (1,808) Accumulated other comprehensive loss (income) $ 74,293 $ 142,118 $ (2,413) $ 28,736 The following table summarizes the changes in accumulated other comprehensive loss (income): United States International 2022 2021 2022 2021 Balance at beginning of year $ 142,118 $ 192,577 $ 28,736 $ 29,960 Net (gain) loss arising during the year (16,010) (29,091) (28,234) 1,220 Prior service cost arising during the year — — — 15 Net gain recognized during the year (7,504) (14,885) (2,278) (3,144) Prior service adjustment recognized during the year (48) 64 104 303 Settlement (gain) loss (41,548) (4,111) 29 (32) Curtailment (gain) loss (2,715) (2,436) 1,406 — Exchange rate effect during the year — — (2,176) 414 Balance at end of year $ 74,293 $ 142,118 $ (2,413) $ 28,736 Information regarding the funded status of the Company's plans is as follows: United States International 2022 2021 2022 2021 For plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 10,555 $ 16,182 $ 32,514 $ 85,559 Fair value of plan assets — — 4,724 32,306 For plans with projected benefit obligation in excess of plan assets: Projected benefit obligation 11,217 18,522 34,931 95,221 Fair value of plan assets — — 4,778 32,360 Net periodic pension costs include the following components: United States International 2022 2021 2020 2022 2021 2020 Service cost $ 16,820 $ 22,555 $ 20,635 $ 1,693 $ 2,120 $ 2,099 Interest cost 14,486 13,652 15,824 1,105 887 1,025 Expected return on plan assets (27,776) (28,410) (24,667) (1,430) (1,585) (1,273) Amortization of prior service credit 48 (64) (84) (104) (303) (290) Amortization of net actuarial loss 7,504 14,885 14,032 2,278 3,144 2,972 Settlement loss (gain) 41,548 4,111 2,508 (29) 32 — Curtailment gain — — — (2,112) — — Total benefit cost $ 52,630 $ 26,729 $ 28,248 $ 1,401 $ 4,295 $ 4,533 Net periodic pension cost for 2022, 2021 and 2020 also included settlement losses of $298, $4,143 and $2,508, respectively, due to lump sum retirement payments. Net periodic pension cost for 2022 included a curtailment gain of $2,112 due to the freeze of an international defined benefit plan. The components of net periodic pension cost other than service cost are included in Pension settlement charge for U.S. Plans and Other – net in our Consolidated Statements of Income The weighted average assumptions used in the valuation of pension benefits were as follows: United States International 2022 2021 2020 2022 2021 2020 Assumptions used to determine benefit obligations at October 31: Discount rate 5.70 % 3.02 % 2.85 % 3.78 % 1.30 % 1.01 % Rate of compensation increase 4.30 4.00 4.00 3.44 2.90 2.69 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.02 2.85 3.25 1.30 1.01 1.26 Discount rate - service cost 3.42 3.30 3.56 1.14 0.93 1.12 Discount rate - interest cost 2.35 2.10 2.78 1.37 0.80 1.05 Expected return on plan assets 5.75 5.75 5.75 3.29 3.31 3.22 Rate of compensation increase 4.00 4.00 4.00 2.90 2.69 3.12 The amortization of prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plans. The discount rate reflects the current rate at which pension liabilities could be effectively settled at the end of the year. The discount rate used considers a yield derived from matching projected pension payments with maturities of a portfolio of available bonds that receive the highest rating given from a recognized investments ratings agency. The changes in the discount rates in 2022, 2021 and 2020 are due to changes in yields for these types of investments as a result of the economic environment. In determining the expected return on plan assets using the calculated value of plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and other professionals in developing appropriate return assumptions. The rate of compensation increase is based on management’s estimates using historical experience and expected increases in rates. The international plans include a cash balance plan with promised interest crediting rates. The weighted average crediting rates were 0.60%, 0.50% and 0.40% for 2022, 2021 and 2020, respectively. Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when exceeding the accounting corridor, which is set at 10 percent of the greater of the plan assets or benefit obligations. Gains or losses within the corridor remain in other comprehensive income and are retested in subsequent measurements. Gains or losses outside of the corridor are subject to amortization over an average employee future service period that differs by plan. If substantially all of the plan’s participants are no longer actively accruing benefits, the average life expectancy is used. The allocation of pension plan assets as of October 31, 2022 and 2021 is as follows: United States International 2022 2021 2022 2021 Asset Category Equity securities 3 % 13 % — % — % Debt securities 42 46 — — Insurance contracts — — 47 51 Pooled investment funds 54 41 51 48 Other 1 — 2 1 Total 100 % 100 % 100 % 100 % Our investment objective for defined benefit plan assets is to meet the plans’ benefit obligations, while minimizing the potential for future required plan contributions. Our United States plans comprise 90 percent of the Company's worldwide pension assets. In general, the investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by dynamically matching the actuarial projections of the plans’ future liabilities and benefit payments with expected long-term rates of return on the assets, taking into account investment return volatility and correlations across asset classes. For 2022, the target in “return-seeking assets” is 30 percent and 70 percent in longer duration fixed income assets. Plan assets are diversified across multiple investment managers and are invested in liquid funds that are selected to track broad market indices. Investment risk is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and continual monitoring of investment managers’ performance relative to the guidelines established with each investment manager. Our international plans comprise 10 percent of the Company's worldwide pension assets. Asset allocations are developed on a country-specific basis. Our investment strategy is to cover pension obligations with insurance contracts or to employ independent managers to invest the assets. The fair values of our pension plan assets at October 31, 2022 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 381 $ 381 $ — $ — $ 775 $ 775 $ — $ — Money market funds 155 155 — — — — — — Equity securities: Basic materials 719 719 — — — — — — Consumer goods 1,802 1,802 — — — — — — Financial 1,489 1,489 — — — — — — Healthcare 1,801 1,801 — — — — — — Industrial goods 1,713 1,713 — — — — — — Technology 1,569 1,569 — — — — — — Fixed income securities: U.S. Government 29,252 328 28,924 — — — — — Corporate 109,433 — 109,433 — — — — — Other 2,964 — 2,964 — — — — — Other types of investments: Insurance contracts — — — — 18,066 — — 18,066 Other 1,474 1,474 — — — — — — Total investments in the fair value hierarchy $ 152,752 $ 11,431 $ 141,321 $ — $ 18,841 $ 775 $ — $ 18,066 Investments measured at Net Asset Value: Real estate collective funds 51,961 — Pooled investment funds 129,138 19,475 Total Investments at Fair Value $ 333,851 $ 38,316 The fair values of our pension plan assets at October 31, 2021 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,467 $ 1,467 $ — $ — $ 519 $ 519 $ — $ — Money market funds 4,495 4,495 — — — — — — Equity securities: Basic materials 2,038 2,038 — — — — — — Consumer goods 4,360 4,360 — — — — — — Financial 3,753 3,753 — — — — — — Healthcare 4,864 4,864 — — — — — — Industrial goods 3,640 3,640 — — — — — — Technology 5,080 5,080 — — — — — — Mutual funds 52,319 52,319 — — — — — — Fixed income securities: U.S. Government 89,614 4,024 85,590 — — — — — Corporate 194,793 — 194,793 — — — — — Other 9,619 — 9,619 — — — — — Other types of investments: Insurance contracts — — — — 23,993 — — 23,993 Other 1,494 1,494 — — — — — — Total investments in the fair value hierarchy $ 377,536 $ 87,534 $ 290,002 $ — $ 24,512 $ 519 $ — $ 23,993 Investments measured at Net Asset Value: Real estate collective funds 44,056 — Pooled investment funds 217,997 22,762 Total Investments at Fair Value $ 639,589 $ 47,274 These investment funds did not own a significant number of Nordson Corporation common shares for any year presented. The inputs and methodology used to measure fair value of plan assets are consistent with those described in Note 12. Following are the valuation methodologies used to measure these assets: • Money market funds - Money market funds are public investment vehicles that are valued with a net asset value of one dollar. This is a quoted price in an active market and is classified as Level 1. • Equity securities - Common stocks and mutual funds are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. • Fixed income securities - U.S. Treasury bills reflect the closing price on the active market in which the securities are traded and are classified as Level 1. Securities of U.S. agencies are valued using bid evaluations and are classified as Level 2. Corporate fixed income securities are valued using evaluated prices, such as dealer quotes, bids and offers and are therefore classified as Level 2. • Insurance contracts - Insurance contracts are investments with various insurance companies. The contract value represents the best estimate of fair value. These contracts do not hold any specific assets. These investments are classified as Level 3. • Real estate collective funds – These funds are valued using the net asset value of the underlying properties. Net asset value is calculated using a combination of key inputs, such as revenue and expense growth rates, terminal capitalization rates and discount rates. • Pooled investment funds - These are public investment vehicles valued using the net asset value. The net asset value is based on the value of the assets owned by the plan, less liabilities. These investments are not quoted on an active exchange. The following tables present an analysis of changes during the years ended October 31, 2022 and 2021 in Level 3 plan assets, by plan asset class, for U.S. and international pension plans using significant unobservable inputs to measure fair value: Fair Value Measurements Insurance Beginning balance at October 31, 2021 $ 23,993 Actual return on plan assets: Purchases 1,525 Sales (1,519) Settlements (1,446) Unrealized losses (254) Foreign currency translation (4,233) Ending balance at October 31, 2022 $ 18,066 Fair Value Measurements Insurance Beginning balance at October 31, 2020 $ 24,496 Actual return on plan assets: Purchases 1,441 Sales (541) Settlements (714) Unrealized losses (440) Foreign currency translation (249) Ending balance at October 31, 2021 $ 23,993 Contributions to pension plans in 2022 are estimated to be approximately $3,105. Retiree pension benefit payments, which include expected future service, are anticipated to be paid as follows: Year United States International 2023 $ 6,925 $ 2,425 2024 8,728 2,790 2025 10,834 3,466 2026 12,863 4,060 2027 14,835 2,783 2026-2030 103,524 17,257 Other postretirement plans - We sponsor an unfunded postretirement health care benefit plan covering certain of our United States employees. Employees hired after January 1, 2002, are not eligible to participate in this plan. For eligible retirees under the age of 65 who enroll in the plan, the plan is contributory in nature, with retiree contributions in the form of premiums that are adjusted annually. For eligible retirees age 65 and older who enroll in the plan, the plan delivers a benefit in the form of a Health Reimbursement Account (HRA), which retirees use for eligible reimbursable expenses, including premiums paid for purchase of a Medicare supplement plan or other out-of-pocket medical expenses such as deductibles or co-pays. A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows: United States International 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 85,290 $ 87,645 $ 416 $ 445 Service cost 687 778 12 15 Interest cost 1,923 1,805 12 12 Participant contributions 687 722 — — Foreign currency exchange rate change — — (37) 33 Actuarial gain (25,513) (2,799) (215) (83) Benefits paid (3,223) (2,861) (5) (6) Benefit obligation at end of year $ 59,851 $ 85,290 $ 183 $ 416 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 2,536 2,139 5 6 Participant contributions 687 722 — — Benefits paid (3,223) (2,861) (5) (6) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (59,851) $ (85,290) $ (183) $ (416) Amounts recognized in financial statements: Accrued benefit liability $ (3,224) $ (3,048) $ (6) $ (6) Long-term postretirement obligations (56,627) (82,242) (177) (410) Total amount recognized in financial statements $ (59,851) $ (85,290) $ (183) $ (416) United States International 2022 2021 2022 2021 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ (5,035) $ 21,456 $ (661) $ (543) Accumulated other comprehensive (gain) loss $ (5,035) $ 21,456 $ (661) $ (543) The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2022 2021 2022 2021 Balance at beginning of year $ 21,456 $ 25,614 $ (543) $ (466) Net gain arising during the year (25,513) (2,799) (217) (83) Net gain (loss) recognized during the year (978) (1,359) 51 41 Exchange rate effect during the year — — 48 (35) Balance at end of year $ (5,035) $ 21,456 $ (661) $ (543) Net postretirement benefit costs include the following components: United States International 2022 2021 2020 2022 2021 2020 Service cost $ 687 $ 778 $ 666 $ 12 $ 15 $ 15 Interest cost 1,923 1,805 2,345 12 12 13 Amortization of prior service credit — — (17) — — — Amortization of net actuarial (gain) loss 978 1,359 1,355 (48) (41) (36) Total benefit cost (credit) $ 3,588 $ 3,942 $ 4,349 $ (24) $ (14) $ (8) The components of net postretirement benefit cost other than service cost are included in Other – net in our Consolidated Statements of Income. The weighted average assumptions used in the valuation of postretirement benefits were as follows: United States International 2022 2021 2020 2022 2021 2020 Assumptions used to determine benefit obligations at October 31: Discount rate 5.59 % 2.98 % 2.84 % 5.41 % 3.43 % 2.94 % Health care cost trend rate 3.50 3.34 3.40 4.65 4.43 4.22 Rate to which health care cost trend rate is assumed to incline/decline (ultimate trend rate) 3.19 3.15 3.17 4.05 4.05 4.05 Year the rate reaches the ultimate trend rate 2032 2031 2026 2040 2040 2040 Assumption used to determine net benefit costs for the years ended October 31: Discount rate benefit obligation 2.98 % 2.84 % 3.27 % 3.43 % 2.94 % 3.03 % Discount rate service cost 3.55 3.44 3.61 3.48 3.00 3.05 Discount rate interest cost 2.30 2.08 2.79 3.13 2.60 2.88 The weighted average health care trend rates reflect expected increases in the Company’s portion of the obligation. Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when exceeding the accounting corridor, which is set at 10 percent of the greater of the plan assets or benefit obligations. Gains or losses outside of the corridor are subject to amortization over an average employee future service period that differs by plan. If substantially all of the plan’s participants are no longer actively accruing benefits, the average life expectancy is used. Contributions to postretirement plans in 2023 are estimated to be approximately $3,230. Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2023 $ 3,225 $ 5 2024 3,386 5 2025 3,552 5 2026 3,690 5 2027 3,832 5 2028-2030 20,438 34 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes Income tax expense includes the following: 2022 2021 2020 Current: U.S. federal $ 59,639 $ 40,879 $ 17,507 State and local 7,535 4,429 984 Foreign 79,734 70,429 47,415 Total current 146,908 115,737 65,906 Deferred: U.S. federal (9,408) 6,371 (9,919) State and local (596) 1,470 (1,023) Foreign (728) (3,770) (3,014) Total deferred (10,732) 4,071 (13,956) $ 136,176 $ 119,808 $ 51,950 Earnings before income taxes of domestic operations, which are calculated after intercompany profit eliminations, were $302,549, $279,701 and $111,704 in 2022, 2021 and 2020, respectively. Our income tax provision for 2022 included a tax benefit of $3,273 due to our share-based payment transactions. Our income tax provision for 2021 included a tax benefit of $5,982 due to our share-based payment transactions. Our income tax provision for 2020 included a tax benefit of $15,661 due to our share-based payment transactions. Income before taxes in 2020 included a non-cash, assets held for sale impairment charge of $87,371 related to our commitment to sell our screws and barrels product line within the Adhesives reporting unit under our Industrial Precision Solutions segment and the tax benefit of the impairment was $15,254. A portion of the impairment charge did not have related tax benefits. A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows: 2022 2021 2020 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Share-based and other compensation 0.26 (0.30) (4.15) Foreign tax rate variances 0.95 0.84 1.51 State and local taxes, net of federal income tax benefit 0.84 0.81 (0.01) Foreign-Derived Intangible Income Deduction (1.59) (1.19) (0.95) Global Intangible Low-Taxed Income net of foreign tax credits 0.23 0.44 0.97 Other – net (0.72) (0.73) (1.14) Effective tax rate 20.97 % 20.87 % 17.23 % Earnings before income taxes of international operations, which are calculated before intercompany profit elimination entries, were $346,730, $294,475 and $189,785 in 2022, 2021 and 2020, respectively. Deferred income taxes are not provided on undistributed earnings of international subsidiaries that are intended to be permanently invested in their operations. These undistributed earnings represent the post-income tax earnings under U.S. GAAP not adjusted for previously taxed income which aggregated approximately $1,485,360 and $1,255,112 at October 31, 2022 and 2021, respectively. Should these earnings be distributed, applicable foreign tax credits, distributions of previously taxed income and utilization of other attributes would substantially offset taxes due upon the distribution. It is not practical to estimate the amount of additional taxes that might be payable on these basis differences because of the multiple methods by which these differences could reverse and the impact of withholding, U.S. state and local taxes and currency translation considerations. At October 31, 2022 and 2021, total unrecognized tax benefits were $2,872 and $3,720, respectively. The amounts that, if recognized, would impact the effective tax rate were $2,769 and $3,567 at October 31, 2022 and 2021, respectively. During 2022, unrecognized tax benefits related primarily to domestic positions and, as recognized, a substantial portion of the gross unrecognized tax benefits were offset against assets recorded in the Consolidated Balance Sheet. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2022, 2021 and 2020 is as follows: 2022 2021 2020 Balance at beginning of year $ 3,720 $ 6,717 $ 2,909 Additions based on tax positions related to the current year 310 370 370 Additions for tax positions of prior years — — 4,068 Reductions for tax positions of prior years (70) (350) — Settlements — — (137) Lapse of statute of limitations (1,088) (3,017) (493) Balance at end of year $ 2,872 $ 3,720 $ 6,717 At October 31, 2022 and 2021, we had accrued interest and penalty expense related to unrecognized tax benefits of $541 and $859, respectively. We include interest accrued related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as other income (expense). We are subject to United States Federal income tax as well as income taxes in numerous state and foreign jurisdictions. We are subject to examination in the U.S. by the Internal Revenue Service (IRS) for the 2019 through 2022 tax years; tax years prior to the 2019 year are closed to further examination by the IRS. Generally, major state and foreign jurisdiction tax years remain open to examination for tax years after 2016. Within the next twelve months, it is reasonably possible that certain statute of limitations periods would expire, which could result in a minimal decrease in our unrecognized tax benefits. Significant components of deferred tax assets and liabilities are as follows: 2022 2021 Deferred tax assets: Lease Liabilities $ 28,413 $ 32,572 Employee benefits 22,079 39,798 Tax credit and loss carryforwards 15,616 19,269 Other accruals not currently deductible for taxes 11,336 16,542 Inventory adjustments 6,423 6,924 Total deferred tax assets 83,867 115,105 Valuation allowance (10,130) (14,141) Total deferred tax assets 73,737 100,964 Deferred tax liabilities: Depreciation and amortization 145,285 145,494 Lease right-of-use assets 27,548 31,615 Other - net 1,238 941 Total deferred tax liabilities 174,071 178,050 Net deferred tax liabilities $ (100,334) $ (77,086) At October 31, 2022, we had $12,648 of tax credit carryforwards, $5,053 of which expires in 2028-2032 and $7,595 of which has an indefinite carryforward period. We also had $34,352 of state operating loss carryforwards, $16,965 of foreign operating loss carryforwards, and a $3,570 capital loss carryforward, of which $41,269 will expire in 2023 through 2038, and $13,618 of which has an indefinite carryforward period. The net change in the valuation allowance was a decrease of $4,011 in 2022 and a decrease of $8,092 in 2021. The valuation allowance of $10,130 at October 31, 2022, related primarily to tax credits and loss carryforwards that may expire before being realized. We continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized. |
Bank Lines of Credit
Bank Lines of Credit | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Bank Lines of Credit | Bank lines of credit Bank lines of credit are summarized as follows: 2022 2021 Maximum borrowings available under bank lines of credit (all foreign banks) $ 61,213 $ 60,627 Unused bank lines of credit $ 61,213 $ 57,082 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt A summary of long-term debt is as follows: 2022 2021 Notes Payable $ — $ 3,545 Senior notes, due 2023-2025 55,500 79,000 Senior notes, due 2023-2027 71,429 78,572 Senior notes, due 2023-2030 350,000 350,000 Euro loan, due 2023 261,893 306,358 738,822 817,475 Less current maturities 392,537 34,188 Less unamortized debt issuance costs 965 1,578 Long-term maturities $ 345,320 $ 781,709 Revolving credit agreement — 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. At October 31, 2022 and October 31, 2021, we had no balances outstanding under this facility. Senior notes, due 2023-2025 — These unsecured fixed-rate notes entered into in 2012 with a group of insurance companies have a remaining weighted-average life of 1.47 years. The weighted-average interest rate at October 31, 2022 was 3.10 percent. Senior notes, due 2023-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies have a remaining weighted-average life of 2.44 years. The weighted-average interest rate at October 31, 2022 was 3.10 percent. Senior notes, due 2023-2030 — These unsecured fixed-rate notes entered in 2018 with a group of insurance companies have a remaining weighted-average life of 3.04 years. The weighted-average interest rate at October 31, 2022 was 3.90 percent. Euro loan, due 2023 — In March 2020 we amended, restated and extended the term of our existing term loan facility with Bank of America Merrill Lynch International Limited. The interest rate is variable based on the EURIBOR rate. The term loan facility 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 October 31, 2022 was 0.71 percent. We were in compliance with all covenants at October 31, 2022 and the amount we could borrow would not have been limited by any debt covenants. Annual maturities — The annual maturities of long-term debt for the five years subsequent to October 31, 2022, are as follows: $392,537 in 2023; $110,643 in 2024; $85,642 in 2025; $50,000 in 2026 and $10,000 in 2027. |
Leases
Leases | 12 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases We review new contracts to determine if the contracts include a lease. To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, we have recognized those amounts as part of the right-of-use assets and lease liabilities. We combine lease and non-lease components, such as common area maintenance, in the calculation of the lease assets and related liabilities. As most lease agreements do not provide an implicit rate, we use an incremental borrowing rate (IBR) based on information available at the lease commencement date in determining the present value of lease payments and to help classify the lease as operating or financing. We calculate the IBR based on a bond yield curve which considers secured borrowing rates based on our credit rating and current economic environment, as well as other publicly available data. We lease certain manufacturing facilities, warehouse space, machinery and equipment, and vehicles. We often have options to renew lease terms for buildings and other assets. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the Consolidated Balance Sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments occur. Variable payments for leases primarily relate to future rates or amounts, miles, or other quantifiable usage factors which are not determinable at the time the lease agreement commences. Finance lease assets are recorded in Property, plant and equipment – net on the Consolidated Balance Sheet with related amortization recorded in depreciation expense on the Consolidated Statement of Cash Flows. As of October 31, 2022, we had no material leases that had yet to commence. Additional lease information is summarized below for the twelve months ended October 31: October 31, 2022 October 31, 2021 Finance Leases Operating Leases Finance Leases Operating Leases Amortization of right of use assets $ 6,388 $ 6,929 Interest 374 373 Lease cost (1) 6,762 $ 20,354 7,302 $ 20,176 Short-term and variable lease cost (1) 1,876 1,611 1,445 2,938 Total lease cost $ 8,638 $ 21,965 $ 8,747 $ 23,114 (1) Lease costs are recorded in both Cost of sales and Selling and administrative expenses on the Consolidated Statements of Income. Supplemental cash flow information is summarized below for the twelve months ended October 31, 2022: Finance Leases Operating Leases Cash outflows for leases $ 5,439 $ 20,125 Weighted average remaining lease term (years) 8.03 9.52 Weighted average discount rate 2.20% 1.80% The following table reconciles the undiscounted cash flows for five years and thereafter to the operating and finance lease liabilities recognized on the Consolidated Balance Sheet as of October 31, 2022. The reconciliation excludes short-term leases that are not recognized on the Consolidated Balance Sheet. Year: Finance Leases Operating Leases 2023 $ 4,907 $ 15,738 2024 3,306 14,171 2025 2,133 12,299 2026 929 11,552 2027 438 9,775 Later years 6,113 53,876 Total minimum lease payments 17,826 117,411 Amounts representing interest 1,735 10,905 Present value of minimum lease payments $ 16,091 $ 106,506 Rental expense for operating leases during the fiscal years ended October 31, 2022, 2021 and 2020 was $20,479, $20,618 and $22,061, respectively. Capitalized net finance leases included in property, plant and equipment during the fiscal years ended October 31, 2022 and October 31, 2021 was $15,176 and $19,745, respectively. |
Leases | Leases We review new contracts to determine if the contracts include a lease. To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, we have recognized those amounts as part of the right-of-use assets and lease liabilities. We combine lease and non-lease components, such as common area maintenance, in the calculation of the lease assets and related liabilities. As most lease agreements do not provide an implicit rate, we use an incremental borrowing rate (IBR) based on information available at the lease commencement date in determining the present value of lease payments and to help classify the lease as operating or financing. We calculate the IBR based on a bond yield curve which considers secured borrowing rates based on our credit rating and current economic environment, as well as other publicly available data. We lease certain manufacturing facilities, warehouse space, machinery and equipment, and vehicles. We often have options to renew lease terms for buildings and other assets. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the Consolidated Balance Sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments occur. Variable payments for leases primarily relate to future rates or amounts, miles, or other quantifiable usage factors which are not determinable at the time the lease agreement commences. Finance lease assets are recorded in Property, plant and equipment – net on the Consolidated Balance Sheet with related amortization recorded in depreciation expense on the Consolidated Statement of Cash Flows. As of October 31, 2022, we had no material leases that had yet to commence. Additional lease information is summarized below for the twelve months ended October 31: October 31, 2022 October 31, 2021 Finance Leases Operating Leases Finance Leases Operating Leases Amortization of right of use assets $ 6,388 $ 6,929 Interest 374 373 Lease cost (1) 6,762 $ 20,354 7,302 $ 20,176 Short-term and variable lease cost (1) 1,876 1,611 1,445 2,938 Total lease cost $ 8,638 $ 21,965 $ 8,747 $ 23,114 (1) Lease costs are recorded in both Cost of sales and Selling and administrative expenses on the Consolidated Statements of Income. Supplemental cash flow information is summarized below for the twelve months ended October 31, 2022: Finance Leases Operating Leases Cash outflows for leases $ 5,439 $ 20,125 Weighted average remaining lease term (years) 8.03 9.52 Weighted average discount rate 2.20% 1.80% The following table reconciles the undiscounted cash flows for five years and thereafter to the operating and finance lease liabilities recognized on the Consolidated Balance Sheet as of October 31, 2022. The reconciliation excludes short-term leases that are not recognized on the Consolidated Balance Sheet. Year: Finance Leases Operating Leases 2023 $ 4,907 $ 15,738 2024 3,306 14,171 2025 2,133 12,299 2026 929 11,552 2027 438 9,775 Later years 6,113 53,876 Total minimum lease payments 17,826 117,411 Amounts representing interest 1,735 10,905 Present value of minimum lease payments $ 16,091 $ 106,506 Rental expense for operating leases during the fiscal years ended October 31, 2022, 2021 and 2020 was $20,479, $20,618 and $22,061, respectively. Capitalized net finance leases included in property, plant and equipment during the fiscal years ended October 31, 2022 and October 31, 2021 was $15,176 and $19,745, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 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: October 31, 2022 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 5,035 $ — $ 5,035 $ — Total assets at fair value $ 5,035 $ — $ 5,035 $ — Liabilities: Deferred compensation plans (b) $ 9,076 $ — $ 9,076 $ — Foreign currency forward contracts (a) 11,724 — 11,724 — Total liabilities at fair value $ 20,800 $ — $ 20,800 $ — 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 percent of their salary and annual cash incentive compensation and for executive officers, up to 90 percent 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. Fair value disclosures related to goodwill and indefinite-lived intangible assets are disclosed in Note 6. 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. 2022 2021 Carrying Fair Value Carrying Fair Value Long-term debt (including current portion) $ 737,857 $ 714,286 $ 812,352 $ 855,376 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 as described in Note 10. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Oct. 31, 2022 | |
Investments, All Other Investments [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 Consolidated Statement of Income together with the transaction gain or loss from the related balance sheet position. In 2022, we recognized net losses of $4,937 on foreign currency forward contracts and net gains of $11,207 from the change in fair value of balance sheet positions. In 2021, we recognized net gains of $1,485 on foreign currency forward contracts and net losses of $7,411 from the change in fair value of balance sheet positions. In 2020, we recognized net losses of $5,899 on foreign currency forward contracts and net gains of $4,367 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 Receivables-net and Accrued liabilities, respectively in the Consolidated Balance Sheets. The following table summarizes, by currency, the contracts outstanding at October 31, 2022 and 2021: Notional Amounts Sell Buy October 31, 2022 contract amounts: Euro $ 85,879 $ 337,530 Pound sterling 31,361 101,960 Japanese yen 12,849 33,210 Mexican peso 9,802 26,509 Hong Kong dollar 5,174 73,953 Singapore dollar 411 18,817 Australian dollar 327 9,163 Taiwan dollar — 24,047 Other 4,327 60,104 Total $ 150,130 $ 685,293 October 31, 2021 contract amounts: Euro $ 100,922 $ 325,581 Pound sterling 50,333 79,934 Japanese yen 14,338 45,436 Mexican peso 5,906 23,424 Hong Kong dollar 6,948 44,831 Australian dollar 709 10,088 Singapore dollar 200 18,029 Other 10,461 63,068 Total $ 189,817 $ 610,391 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. As of October 31, 2022 and 2021, there were no significant concentrations of credit risk. |
Capital Shares
Capital Shares | 12 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
Capital Shares | Capital shares Preferred — We have authorized 10,000 Series A convertible preferred shares without par value. No preferred shares were outstanding in 2022, 2021 or 2020. Common — We have 160,000 authorized common shares without par value. At October 31, 2022 and 2021, there were 98,023 common shares issued. At October 31, 2022 and 2021, the number of outstanding common shares, net of treasury shares, was 57,111 and 58,154, respectively. Common shares repurchased as part of publicly announced programs during 2022, 2021 and 2020 were as follows: Year Number Total Average 2022 1,190 $ 260,288 $ 218.69 2021 262 55,033 $ 209.97 2020 303 38,138 $ 125.70 These amounts exclude share repurchases associated with employee equity award exercises and vesting. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Oct. 31, 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 were available to be granted under the 2012 Plan. As of October 31, 2022, a total of 2,122 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 percent 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 $7,265, $6,946 and $10,087 for 2022, 2021 and 2020, respectively. The following table summarizes activity related to stock options during 2022: Number of Weighted˗Average Aggregate Weighted˗Average Outstanding at October 31, 2021 1,235 $ 130.93 Granted 85 $ 266.69 Exercised (115) $ 108.33 Forfeited or expired (18) $ 197.31 Outstanding at October 31, 2022 1,187 $ 141.82 $ 101,946 5.4 years Expected to vest 372 $ 185.15 $ 18,004 7.0 years Exercisable at October 31, 2022 813 $ 121.76 $ 83,887 4.6 years Summarized information on currently outstanding options follows: Range of Exercise Price $61 - $125 $126 - $190 $191 - $268 Number outstanding 518 506 163 Weighted-average remaining contractual life, in years 4.5 6.3 8.6 Weighted-average exercise price $ 104.76 $ 150.57 $ 232.62 Number exercisable 447 345 21 Weighted-average exercise price $ 101.55 $ 143.04 $ 201.42 As of October 31, 2022, there was $6,663 of total unrecognized compensation cost related to unvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.0 year. The fair value of each option grant was estimated at the date of the grant using the Black-Scholes option-pricing model with the following assumptions: 2022 2021 2020 Expected volatility 30.6%-30.8% 30.8%-32.6% 24.5%- 30.5% Expected dividend yield 0.76%-0.89% 0.83%-0.85% 0.87%- 1.16% Risk-free interest rate 1.36%-2.65% 0.43%-0.77% 0.44%- 1.69% Expected life of the option (in years) 5.3-6.2 5.3-6.2 5.3- 6.3 The weighted-average expected volatility used to value options granted in 2022, 2021 and 2020 was 30.6 percent, 31.0 percent and 25.4 percent, 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 United States Treasury issues with terms equal to the expected life of the option being valued. The weighted average grant date fair value of stock options granted during 2022, 2021 and 2020 was $78.88, $56.02 and $38.57, respectively. The total intrinsic value of options exercised during 2022, 2021 and 2020 was $15,376, $32,791 and $65,783, respectively. Cash received from the exercise of stock options for 2022, 2021 and 2020 was $12,124, $31,780 and $50,853, 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 . We may also grant continuation awards in the form of restricted share units with cliff vesting and a performance measure that must be achieved for the restricted share units to vest. For employee recipients, in the event of termination of employment due to early retirement, with 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, stock-based compensation equivalent to the fair market value on the date of grant is expensed over the vesting period. The following table summarizes activity related to restricted shares during 2022: Number of Weighted˗Average Restricted at October 31, 2021 19 $ 157.36 Vested (13) $ 153.28 Restricted at October 31, 2022 6 $ 167.99 As of October 31, 2022, there was $331 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 0.3 years. The amount charged to expense related to restricted shares was $1,096, $2,054 and $3,956 in 2022, 2021 and 2020, respectively. These amounts included common share dividends of $19, $43 and $87 in 2022, 2021 and 2020, respectively. The following table summarizes activity related to restricted share units in 2022: Number of Weighted˗Average Grant Date Fair Restricted share units at October 31, 2021 67 $ 202.81 Granted 43 $ 253.04 Forfeited (10) $ 224.84 Vested (19) $ 215.57 Restricted share units at October 31, 2022 81 $ 223.77 As of October 31, 2022, there was $8,790 of remaining expense to be recognized related to outstanding restricted share units, which is expected to be recognized over a weighted average period of 0.9 years. The amounts charged to expense related to restricted share units in 2022, 2021 and 2020 were $8,403, $6,264 and $1,181, respectively. Restricted share unit expense increased in 2021 compared to prior years as the granting of restricted share units has generally replaced the granting of stock options for key employees. 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, $273.50 and $221.94 for 2022; $202.05 for 2021; and $201.50 modified per share value compared to original per share values of $160.02, $133.01 and $184.04 for 2020. The amount charged to expense for executive officers and selected other key employees in 2022 was $13,626 and $7,178 in 2021 while the amount credited to expense in 2020 was $2,732. The cumulative amount recorded in shareholders’ equity at October 31, 2022 and 2021 was $20,641 and $7,015, respectively. As of October 31, 2022, there was $8,029 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 percent of their base pay and cash incentive compensation and, for executive officers, up to 90 percent of their share-based performance incentive award payout each year. Additional share units are credited for quarterly dividends paid on our common shares. Expense related to dividends paid under this plan was $72, $96 and $276 for 2022, 2021 and 2020, 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 2022: Number of Weighted˗Average Outstanding at October 31, 2021 106 $ 68.11 Restricted stock units vested 4 $ 255.04 Dividend equivalents 1 $ 227.65 Distributions (21) $ 68.12 Outstanding at October 31, 2022 90 $ 77.70 The amount charged to expense related to director deferred compensation was $305, $262 and $175 in 2022, 2021 and 2020, respectively. Shares reserved for future issuance — At October 31, 2022, there were 1,640 of common shares reserved for future issuance through the exercise of outstanding options or rights . |
Operating Segments and Geograph
Operating Segments and Geographic Area Data | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Area Data | Operating segments and geographic area data We conduct business in three primary operating segments: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. 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 Consolidated Statement 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 the same as those described in Note 1, Significant Accounting Policies. Effective in the fourth quarter of 2022, we realigned our former two operating segments into three: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. Existing product lines were unchanged as part of this new structure. We made changes to realign our management team and our operating segments. This realignment gives us better visibility into our medical and electronics platforms, which have grown significantly through both organic and acquisitive opportunities. The revised operating segments better reflect how we now manage the Company, allocate resources and assess performance of the businesses. Certain reclassifications have been made to our segment disclosures, principally related to this segment change. We also revised our geographic regions, such that the United States and Japan are now included in the Americas and Asia Pacific, respectively. As such, our geographical regions as used throughout this report include the Americas (United States, Canada, Mexico and Central and South America), Asia Pacific (including Japan) and Europe. Industrial Precision Solutions: This segment is focused on delivering proprietary dispensing and processing technology, both standard and highly customized equipment, to diverse end markets. Product lines commonly reduce material consumption, increase line efficiency through precision dispense and measurement and control, 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. Medical and Fluid Solutions: This segment includes the Company’s fluid management solutions for medical, high-tech industrial and other diverse end markets. Related plastic tubing, balloons, catheters, syringes, cartridges, tips and fluid connection components are used to dispense or control fluids within customers’ medical devices or products, as well as production processes. Advanced Technology Solutions: This segment is focused on products serving electronics end markets. Advanced Technology Solutions products integrate our proprietary product technologies found in progressive stages of an electronics customer’s production processes, such as surface treatment, precisely controlled dispensing of material and test and inspection to ensure quality and reliability. Applications include, but are not limited to, semiconductors, printed circuit boards, electronic components and automotive electronics. No single customer accounted for 10 percent or more of sales in 2022, 2021 or 2020. The following table presents information about our reportable segments: Industrial Precision Solutions Medical and Fluid Solutions Advanced Technology Solutions Corporate Total Year ended October 31, 2022 Net external sales $ 1,337,242 $ 690,177 $ 562,859 $ — $ 2,590,278 Depreciation and amortization 27,891 54,674 8,780 8,578 99,923 Operating profit (loss) 434,476 217,199 133,253 (82,568) 702,360 Identifiable assets (b) 1,112,825 1,558,861 397,250 812,964 (a) 3,881,900 Property, plant and equipment expenditures 9,490 31,009 2,383 8,546 51,428 Year ended October 31, 2021 Net external sales $ 1,246,947 $ 641,654 $ 473,608 $ — $ 2,362,209 Depreciation and amortization 25,673 56,600 11,826 9,784 103,883 Operating profit (loss) 414,192 198,194 73,466 (70,725) 615,127 Identifiable assets (b) 964,840 1,519,144 394,572 967,796 (a) 3,846,352 Property, plant and equipment expenditures 9,009 21,115 1,949 6,230 38,303 Year ended October 31, 2020 Net external sales $ 1,143,423 $ 564,899 $ 412,778 $ — $ 2,121,100 Depreciation and amortization 38,939 53,588 10,955 9,820 113,302 Operating profit (loss) 208,028 150,296 41,306 (50,085) 349,545 Identifiable assets (b) 915,148 1,482,585 396,617 928,358 (a) 3,722,708 Property, plant and equipment expenditures 18,545 27,892 3,628 470 50,535 (a) Corporate assets are principally cash and cash equivalents, deferred income taxes, leases, headquarter facilities, the major portion of our enterprise management system and intangible assets. Includes assets held for sale in 2020, see Note 4. (b) Operating segment identifiable assets include notes and accounts receivable net of allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. We have significant sales and long-lived assets in the following geographic areas: 2022 2021 2020 Net external sales Americas $ 1,096,596 $ 969,110 $ 897,115 Europe 645,603 617,492 536,636 Asia Pacific 848,079 775,607 687,349 Total net external sales $ 2,590,278 $ 2,362,209 $ 2,121,100 Long-lived assets Americas $ 332,709 $ 322,878 $ 331,697 Europe 62,039 67,776 69,854 Asia Pacific 60,973 75,762 79,192 Total long-lived assets $ 455,721 $ 466,416 $ 480,743 Long-lived assets includes property, plant and equipment - net and operating right of use lease assets, which were recorded as a result of the new lease standard as codified in ASC 842 and excludes amounts held for sale in 2020, see Note 4. A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2022 2021 2020 Total identifiable assets for reportable segments $ 3,881,900 $ 3,846,352 $ 3,722,708 Eliminations (61,525) (55,391) (48,052) Total consolidated assets $ 3,820,375 $ 3,790,961 $ 3,674,656 |
Supplemental Information for th
Supplemental Information for the Statement of Cash Flows | 12 Months Ended |
Oct. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Information for the Statement of Cash Flows | Supplemental information for the statement of cash flows 2022 2021 2020 Cash operating activities: Interest paid $ 22,975 $ 27,122 $ 31,095 Income taxes paid 141,212 106,942 80,849 |
Contingencies
Contingencies | 12 Months Ended |
Oct. 31, 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 environmental matter 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. 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 October 31, 2022 and October 31, 2021, our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $266 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn November 3, 2022, the Company completed the acquisition of CyberOptics Corporation (“CyberOptics”) pursuant to the terms of the Agreement and Plan of Merger, dated as of August 7, 2022, by and among the Company, Meta Merger Company and CyberOptics. CyberOptics is a leading global developer and manufacturer of high-precision 3D optical sensing technology solutions. The CyberOptics acquisition expanded our test and inspection platform, providing differentiated technology that expands our product offering in the semiconductor and electronics industries and will be reported in our Advanced Technology Solutions segment. The all-cash transaction of approximately $380,000, net of cash acquired, was funded using our revolving credit facility and is not expected to have a material impact on our Consolidated Financial Statements. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Oct. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | Schedule II – Valuation and Qualifying Accounts and Reserves Balance at Charged to Deductions Currency Balance Allowance for Doubtful Accounts 2020 $ 9,801 2,165 3,074 153 $ 9,045 2021 $ 9,045 32 1,572 47 $ 7,552 2022 $ 7,552 1,259 1,336 743 $ 8,218 Inventory Obsolescence and Other Reserves 2020 $ 39,377 24,767 23,255 426 $ 41,315 2021 $ 41,315 11,718 7,436 266 $ 45,863 2022 $ 45,863 18,694 18,372 (450) $ 45,735 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2022 | |
Consolidation | Consolidation — The 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 percent 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 Consolidated Financial Statements and notes. Actual amounts could differ from these estimates. |
Fiscal Year | Fiscal year — Our fiscal year is November 1 through October 31. |
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 October 31, 2022 and 2021 were not material. However, for certain contracts related to the sale of customer-specific products within our Medical and Fluid Solutions segment, revenue is recognized for these contracts 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 for these products or services, 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 October 31, 2022 or 2021. Revenue recognized over time represented approximately less than ten percent of our overall consolidated revenues at October 31, 2022 or 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, general and administrative expenses in our 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 is 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; therefore, these items are typically regarded as inconsequential or not material. |
Advertising Costs | Advertising costs — Advertising costs are expensed as incurred and were $7,028, $5,986 and $7,174 in 2022, 2021 and 2020, respectively. |
Research and Development | Research and development — Investments in research and development are important to our long-term growth, enabling us to keep pace with changing customer and marketplace needs through the development of new products and new applications for existing products. We place strong emphasis on technology developments and improvements through internal engineering and research teams. Research and development costs are expensed as incurred and were $63,031, $59,422 and $63,591 in 2022, 2021 and 2020, respectively. |
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 stock 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 anti-dilutive. Options for 78 common shares were excluded from the diluted earnings per share calculation in 2022 and 46 and 95 options were excluded from the calculation of diluted earnings per share in 2021 and 2020, respectively because their effect would have been anti-dilutive. Under the 2021 Stock Incentive and Award Plan, executive officers and selected other key employees receive common share awards based on corporate performance measures over three |
Cash and cash equivalents | Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. |
Allowance for Doubtful Accounts | Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur. Credit is extended to customers satisfying pre-defined credit criteria. We believe we have limited concentration of credit risk due to the diversity of our customer base. Our primary allowance for credit losses is the allowance for doubtful accounts, which 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. |
Inventories | Inventories — Inventories are valued at the lower of cost or net realizable value. Effective in the third quarter of 2022, we changed our accounting method for certain U.S. inventories from a last-in, first-out basis (LIFO) to a first-in, first-out basis (FIFO). Previously, the LIFO method was used to determine the cost of a portion of our inventories in the U.S. We believe this change in accounting method is preferable as it is consistent with how we manage our business, results in a uniform method to value our inventory across all regions of our business, improves comparability with our peers and is expected to better reflect the current value of inventory on the consolidated balance sheets. We applied this accounting change as a cumulative effect adjustment to cost of sales in the third quarter of 2022 and did not restate prior period financial statements because the impact was not material. Cost was determined using the LIFO method for 16 percent of consolidated inventories at October 31, 2021. Consolidated inventories would have been $4,216 higher than reported at October 31, 2021 had the FIFO method, which approximates current cost, been used for valuation of all inventories. |
Property, Plant and Equipment and Depreciation | Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under finance leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows: Land improvements 15-25 years Buildings 20-40 years Machinery and equipment 3-18 years Enterprise management systems 5-13 years Depreciation expense is included in cost of sales and selling and administrative expenses. Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2022, 2021 or 2020. |
Goodwill and Intangible Assets | Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets. |
Foreign Currency Translation | Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss). |
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) measured 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 is adjusted as necessary. The liability for warranty costs is included in Accrued liabilities in the Consolidated Balance Sheet. |
Shipping and Handling Costs | |
Shipping and Handling Costs | Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Useful Lives of Property, Plant and Equipment and Depreciation | Useful lives are as follows: Land improvements 15-25 years Buildings 20-40 years Machinery and equipment 3-18 years Enterprise management systems 5-13 years |
Weighted Average Useful Lives for Each Major Category of Amortizable Intangible Assets | At October 31, 2022, the weighted-average useful lives for each major category of amortizable intangible assets were: Patent/technology costs 12 years Customer relationships 14 years Noncompete agreements 4 years Trade names 15 years |
Summary of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss at October 31, 2022 and 2021 consisted of: Cumulative Pension and Accumulated Balance at October 31, 2021 $ (33,389) $ (142,446) $ (175,835) Pension and postretirement plan changes, net of tax of ($31,007) — 94,710 94,710 Currency translation losses (126,657) — (126,657) Balance at October 31, 2022 $ (160,046) $ (47,736) $ (207,782) |
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability as of October 31, 2022 and 2021: 2022 2021 Balance at beginning of year $ 11,113 $ 10,550 Accruals for warranties 17,188 16,011 Warranty payments (14,609) (15,475) Currency adjustments (1,969) 27 Balance at end of year $ 11,723 $ 11,113 |
Details of Consolidated Balan_2
Details of Consolidated Balance Sheet (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Consolidated Balance Sheet | Note 5 — Details of Consolidated Balance Sheet 2022 2021 Receivables: Accounts $ 510,300 $ 479,594 Notes 417 2,504 Other 34,814 14,843 545,531 496,941 Allowance for doubtful accounts (8,218) (7,552) $ 537,313 $ 489,389 Inventories: Finished goods $ 218,491 $ 211,628 Raw materials and component parts 157,447 111,089 Work-in-process 53,195 54,557 429,133 377,274 Obsolescence and other reserves (45,735) (50,079) $ 383,398 $ 327,195 Property, plant and equipment: Land $ 9,278 $ 9,238 Land improvements 4,979 4,786 Buildings 271,450 263,399 Machinery and equipment 505,343 491,180 Enterprise management system 52,513 50,532 Construction-in-progress 31,466 32,719 Leased property under finance leases 27,512 37,506 902,541 889,360 Accumulated depreciation and amortization (549,099) (533,795) $ 353,442 $ 355,565 Accrued liabilities: Salaries and other compensation $ 81,181 $ 87,066 Taxes other than income taxes 14,869 13,095 Warranty 11,723 11,113 Interest 6,018 6,262 Pension and retirement 4,456 5,622 Customer commissions 3,526 10,460 Other 85,055 68,374 $ 206,828 $ 201,992 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during 2022 by operating segment: Industrial Precision Solutions Medical Fluid Systems Advanced Technology Systems Total Balance at October 31, 2021 $ 415,020 $ 1,176,149 $ 121,979 $ 1,713,148 Acquisitions 131,129 — — 131,129 Currency effect (25,913) (4,080) (9,591) (39,584) Balance at October 31, 2022 $ 520,236 $ 1,172,069 $ 112,388 $ 1,804,693 The increase in goodwill for 2022 was due to the acquisition of NDC. See Note 3 for additional details. Changes in the carrying amount of goodwill during 2021 by operating segment: Industrial Precision Solutions Medical Fluid Systems Advanced Technology Systems Total Balance at October 31, 2020 $ 415,862 $ 1,175,972 $ 121,520 $ 1,713,354 Currency effect (842) 177 459 (206) Balance at October 31, 2021 $ 415,020 $ 1,176,149 $ 121,979 $ 1,713,148 |
Summary of Intangible Assets Subject to Amortization | Information regarding intangible assets subject to amortization: October 31, 2022 Carrying Accumulated Net Book Customer relationships $ 480,058 $ 250,798 $ 229,260 Patent/technology costs 157,549 96,426 61,123 Trade names 82,759 44,707 38,052 Noncompete agreements 10,253 9,290 963 Other 446 442 4 Total $ 731,065 $ 401,663 $ 329,402 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 names 74,301 39,858 34,443 Noncompete agreements 9,896 9,099 797 Other 1,385 1,383 2 Total $ 723,664 $ 366,297 $ 357,367 |
Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding years: Year Amounts 2023 $ 49,169 2024 46,532 2025 42,685 2026 38,625 2027 34,878 |
Retirement, Pension and Other_2
Retirement, Pension and Other Postretirement Plans (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Summary of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss at October 31, 2022 and 2021 consisted of: Cumulative Pension and Accumulated Balance at October 31, 2021 $ (33,389) $ (142,446) $ (175,835) Pension and postretirement plan changes, net of tax of ($31,007) — 94,710 94,710 Currency translation losses (126,657) — (126,657) Balance at October 31, 2022 $ (160,046) $ (47,736) $ (207,782) |
Pension Plans | |
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans | A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows: United States International 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 627,271 $ 615,768 $ 106,049 $ 104,849 Service cost 16,820 22,555 1,693 2,120 Interest cost 14,486 13,652 1,105 887 Participant contributions — — 72 80 Amendments — — — 15 Settlements (171,181) (9,016) (1,446) (714) Curtailments (2,715) (2,436) (705) — Foreign currency exchange rate change — — (14,291) 1,024 Actuarial (gain) loss (165,697) 4,561 (29,414) (121) Benefits paid (15,464) (17,813) (2,183) (2,091) Benefit obligation at end of year $ 303,520 $ 627,271 $ 60,880 $ 106,049 Change in plan assets: Beginning fair value of plan assets $ 639,589 $ 510,250 $ 47,274 $ 45,476 Actual return on plan assets (121,912) 62,063 301 243 Company contributions 2,819 94,105 2,381 3,318 Participant contributions — — 72 80 Settlements (171,181) (9,016) (1,446) (714) Foreign currency exchange rate change — — (8,083) 962 Benefits paid (15,464) (17,813) (2,183) (2,091) Ending fair value of plan assets $ 333,851 $ 639,589 $ 38,316 $ 47,274 Funded status at end of year $ 30,331 $ 12,318 $ (22,564) $ (58,775) Amounts recognized in financial statements: Noncurrent asset $ 41,548 $ 30,840 $ 7,588 $ 4,086 Accrued benefit liability (813) (799) (5) — Long-term pension obligations (10,404) (17,723) (30,147) (62,861) Total amount recognized in financial statements $ 30,331 $ 12,318 $ (22,564) $ (58,775) The net actuarial gain included in the projected benefit obligation for the United States pension plans for 2022 was primarily due to higher discount rates partially offset by an increase in the compensation increase assumption. The net actuarial loss included in the projected benefit obligation for the United States pension plans for 2021 was primarily due to updated census data partially offset by gains due to changes in the discount rates. Amounts recognized in accumulated other comprehensive (gain) loss: United States International 2022 2021 2022 2021 Net actuarial loss (gain) $ 74,293 $ 142,070 $ (2,280) $ 30,544 Prior service cost (credit) — 48 (133) (1,808) Accumulated other comprehensive loss (income) $ 74,293 $ 142,118 $ (2,413) $ 28,736 |
Summary of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss (income): United States International 2022 2021 2022 2021 Balance at beginning of year $ 142,118 $ 192,577 $ 28,736 $ 29,960 Net (gain) loss arising during the year (16,010) (29,091) (28,234) 1,220 Prior service cost arising during the year — — — 15 Net gain recognized during the year (7,504) (14,885) (2,278) (3,144) Prior service adjustment recognized during the year (48) 64 104 303 Settlement (gain) loss (41,548) (4,111) 29 (32) Curtailment (gain) loss (2,715) (2,436) 1,406 — Exchange rate effect during the year — — (2,176) 414 Balance at end of year $ 74,293 $ 142,118 $ (2,413) $ 28,736 |
Accumulated Benefit Obligation | Information regarding the funded status of the Company's plans is as follows: United States International 2022 2021 2022 2021 For plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 10,555 $ 16,182 $ 32,514 $ 85,559 Fair value of plan assets — — 4,724 32,306 For plans with projected benefit obligation in excess of plan assets: Projected benefit obligation 11,217 18,522 34,931 95,221 Fair value of plan assets — — 4,778 32,360 |
Components of Net Periodic Benefits Cost | Net periodic pension costs include the following components: United States International 2022 2021 2020 2022 2021 2020 Service cost $ 16,820 $ 22,555 $ 20,635 $ 1,693 $ 2,120 $ 2,099 Interest cost 14,486 13,652 15,824 1,105 887 1,025 Expected return on plan assets (27,776) (28,410) (24,667) (1,430) (1,585) (1,273) Amortization of prior service credit 48 (64) (84) (104) (303) (290) Amortization of net actuarial loss 7,504 14,885 14,032 2,278 3,144 2,972 Settlement loss (gain) 41,548 4,111 2,508 (29) 32 — Curtailment gain — — — (2,112) — — Total benefit cost $ 52,630 $ 26,729 $ 28,248 $ 1,401 $ 4,295 $ 4,533 |
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs | The weighted average assumptions used in the valuation of pension benefits were as follows: United States International 2022 2021 2020 2022 2021 2020 Assumptions used to determine benefit obligations at October 31: Discount rate 5.70 % 3.02 % 2.85 % 3.78 % 1.30 % 1.01 % Rate of compensation increase 4.30 4.00 4.00 3.44 2.90 2.69 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.02 2.85 3.25 1.30 1.01 1.26 Discount rate - service cost 3.42 3.30 3.56 1.14 0.93 1.12 Discount rate - interest cost 2.35 2.10 2.78 1.37 0.80 1.05 Expected return on plan assets 5.75 5.75 5.75 3.29 3.31 3.22 Rate of compensation increase 4.00 4.00 4.00 2.90 2.69 3.12 |
Allocation of Pension Plan Assets | The allocation of pension plan assets as of October 31, 2022 and 2021 is as follows: United States International 2022 2021 2022 2021 Asset Category Equity securities 3 % 13 % — % — % Debt securities 42 46 — — Insurance contracts — — 47 51 Pooled investment funds 54 41 51 48 Other 1 — 2 1 Total 100 % 100 % 100 % 100 % |
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at October 31, 2022 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 381 $ 381 $ — $ — $ 775 $ 775 $ — $ — Money market funds 155 155 — — — — — — Equity securities: Basic materials 719 719 — — — — — — Consumer goods 1,802 1,802 — — — — — — Financial 1,489 1,489 — — — — — — Healthcare 1,801 1,801 — — — — — — Industrial goods 1,713 1,713 — — — — — — Technology 1,569 1,569 — — — — — — Fixed income securities: U.S. Government 29,252 328 28,924 — — — — — Corporate 109,433 — 109,433 — — — — — Other 2,964 — 2,964 — — — — — Other types of investments: Insurance contracts — — — — 18,066 — — 18,066 Other 1,474 1,474 — — — — — — Total investments in the fair value hierarchy $ 152,752 $ 11,431 $ 141,321 $ — $ 18,841 $ 775 $ — $ 18,066 Investments measured at Net Asset Value: Real estate collective funds 51,961 — Pooled investment funds 129,138 19,475 Total Investments at Fair Value $ 333,851 $ 38,316 The fair values of our pension plan assets at October 31, 2021 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,467 $ 1,467 $ — $ — $ 519 $ 519 $ — $ — Money market funds 4,495 4,495 — — — — — — Equity securities: Basic materials 2,038 2,038 — — — — — — Consumer goods 4,360 4,360 — — — — — — Financial 3,753 3,753 — — — — — — Healthcare 4,864 4,864 — — — — — — Industrial goods 3,640 3,640 — — — — — — Technology 5,080 5,080 — — — — — — Mutual funds 52,319 52,319 — — — — — — Fixed income securities: U.S. Government 89,614 4,024 85,590 — — — — — Corporate 194,793 — 194,793 — — — — — Other 9,619 — 9,619 — — — — — Other types of investments: Insurance contracts — — — — 23,993 — — 23,993 Other 1,494 1,494 — — — — — — Total investments in the fair value hierarchy $ 377,536 $ 87,534 $ 290,002 $ — $ 24,512 $ 519 $ — $ 23,993 Investments measured at Net Asset Value: Real estate collective funds 44,056 — Pooled investment funds 217,997 22,762 Total Investments at Fair Value $ 639,589 $ 47,274 |
Change in Level 3 Fair Value of Plan Assets | The following tables present an analysis of changes during the years ended October 31, 2022 and 2021 in Level 3 plan assets, by plan asset class, for U.S. and international pension plans using significant unobservable inputs to measure fair value: Fair Value Measurements Insurance Beginning balance at October 31, 2021 $ 23,993 Actual return on plan assets: Purchases 1,525 Sales (1,519) Settlements (1,446) Unrealized losses (254) Foreign currency translation (4,233) Ending balance at October 31, 2022 $ 18,066 Fair Value Measurements Insurance Beginning balance at October 31, 2020 $ 24,496 Actual return on plan assets: Purchases 1,441 Sales (541) Settlements (714) Unrealized losses (440) Foreign currency translation (249) Ending balance at October 31, 2021 $ 23,993 |
Retiree Pension Benefit Payments | Retiree pension benefit payments, which include expected future service, are anticipated to be paid as follows: Year United States International 2023 $ 6,925 $ 2,425 2024 8,728 2,790 2025 10,834 3,466 2026 12,863 4,060 2027 14,835 2,783 2026-2030 103,524 17,257 |
Retirement Plans | |
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans | A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows: United States International 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 85,290 $ 87,645 $ 416 $ 445 Service cost 687 778 12 15 Interest cost 1,923 1,805 12 12 Participant contributions 687 722 — — Foreign currency exchange rate change — — (37) 33 Actuarial gain (25,513) (2,799) (215) (83) Benefits paid (3,223) (2,861) (5) (6) Benefit obligation at end of year $ 59,851 $ 85,290 $ 183 $ 416 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 2,536 2,139 5 6 Participant contributions 687 722 — — Benefits paid (3,223) (2,861) (5) (6) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (59,851) $ (85,290) $ (183) $ (416) Amounts recognized in financial statements: Accrued benefit liability $ (3,224) $ (3,048) $ (6) $ (6) Long-term postretirement obligations (56,627) (82,242) (177) (410) Total amount recognized in financial statements $ (59,851) $ (85,290) $ (183) $ (416) United States International 2022 2021 2022 2021 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ (5,035) $ 21,456 $ (661) $ (543) Accumulated other comprehensive (gain) loss $ (5,035) $ 21,456 $ (661) $ (543) |
Summary of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2022 2021 2022 2021 Balance at beginning of year $ 21,456 $ 25,614 $ (543) $ (466) Net gain arising during the year (25,513) (2,799) (217) (83) Net gain (loss) recognized during the year (978) (1,359) 51 41 Exchange rate effect during the year — — 48 (35) Balance at end of year $ (5,035) $ 21,456 $ (661) $ (543) |
Components of Net Periodic Benefits Cost | Net postretirement benefit costs include the following components: United States International 2022 2021 2020 2022 2021 2020 Service cost $ 687 $ 778 $ 666 $ 12 $ 15 $ 15 Interest cost 1,923 1,805 2,345 12 12 13 Amortization of prior service credit — — (17) — — — Amortization of net actuarial (gain) loss 978 1,359 1,355 (48) (41) (36) Total benefit cost (credit) $ 3,588 $ 3,942 $ 4,349 $ (24) $ (14) $ (8) |
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs | The weighted average assumptions used in the valuation of postretirement benefits were as follows: United States International 2022 2021 2020 2022 2021 2020 Assumptions used to determine benefit obligations at October 31: Discount rate 5.59 % 2.98 % 2.84 % 5.41 % 3.43 % 2.94 % Health care cost trend rate 3.50 3.34 3.40 4.65 4.43 4.22 Rate to which health care cost trend rate is assumed to incline/decline (ultimate trend rate) 3.19 3.15 3.17 4.05 4.05 4.05 Year the rate reaches the ultimate trend rate 2032 2031 2026 2040 2040 2040 Assumption used to determine net benefit costs for the years ended October 31: Discount rate benefit obligation 2.98 % 2.84 % 3.27 % 3.43 % 2.94 % 3.03 % Discount rate service cost 3.55 3.44 3.61 3.48 3.00 3.05 Discount rate interest cost 2.30 2.08 2.79 3.13 2.60 2.88 |
Retiree Pension Benefit Payments | Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2023 $ 3,225 $ 5 2024 3,386 5 2025 3,552 5 2026 3,690 5 2027 3,832 5 2028-2030 20,438 34 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense includes the following: 2022 2021 2020 Current: U.S. federal $ 59,639 $ 40,879 $ 17,507 State and local 7,535 4,429 984 Foreign 79,734 70,429 47,415 Total current 146,908 115,737 65,906 Deferred: U.S. federal (9,408) 6,371 (9,919) State and local (596) 1,470 (1,023) Foreign (728) (3,770) (3,014) Total deferred (10,732) 4,071 (13,956) $ 136,176 $ 119,808 $ 51,950 |
Income Taxes Computed at the U.S. Statutory Rate and Income Tax | A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows: 2022 2021 2020 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Share-based and other compensation 0.26 (0.30) (4.15) Foreign tax rate variances 0.95 0.84 1.51 State and local taxes, net of federal income tax benefit 0.84 0.81 (0.01) Foreign-Derived Intangible Income Deduction (1.59) (1.19) (0.95) Global Intangible Low-Taxed Income net of foreign tax credits 0.23 0.44 0.97 Other – net (0.72) (0.73) (1.14) Effective tax rate 20.97 % 20.87 % 17.23 % |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2022, 2021 and 2020 is as follows: 2022 2021 2020 Balance at beginning of year $ 3,720 $ 6,717 $ 2,909 Additions based on tax positions related to the current year 310 370 370 Additions for tax positions of prior years — — 4,068 Reductions for tax positions of prior years (70) (350) — Settlements — — (137) Lapse of statute of limitations (1,088) (3,017) (493) Balance at end of year $ 2,872 $ 3,720 $ 6,717 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: 2022 2021 Deferred tax assets: Lease Liabilities $ 28,413 $ 32,572 Employee benefits 22,079 39,798 Tax credit and loss carryforwards 15,616 19,269 Other accruals not currently deductible for taxes 11,336 16,542 Inventory adjustments 6,423 6,924 Total deferred tax assets 83,867 115,105 Valuation allowance (10,130) (14,141) Total deferred tax assets 73,737 100,964 Deferred tax liabilities: Depreciation and amortization 145,285 145,494 Lease right-of-use assets 27,548 31,615 Other - net 1,238 941 Total deferred tax liabilities 174,071 178,050 Net deferred tax liabilities $ (100,334) $ (77,086) |
Bank Lines of Credit (Tables)
Bank Lines of Credit (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Bank Lines of Credit and Notes | Bank lines of credit are summarized as follows: 2022 2021 Maximum borrowings available under bank lines of credit (all foreign banks) $ 61,213 $ 60,627 Unused bank lines of credit $ 61,213 $ 57,082 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | A summary of long-term debt is as follows: 2022 2021 Notes Payable $ — $ 3,545 Senior notes, due 2023-2025 55,500 79,000 Senior notes, due 2023-2027 71,429 78,572 Senior notes, due 2023-2030 350,000 350,000 Euro loan, due 2023 261,893 306,358 738,822 817,475 Less current maturities 392,537 34,188 Less unamortized debt issuance costs 965 1,578 Long-term maturities $ 345,320 $ 781,709 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Lease Cost and Additional Lease Information | Additional lease information is summarized below for the twelve months ended October 31: October 31, 2022 October 31, 2021 Finance Leases Operating Leases Finance Leases Operating Leases Amortization of right of use assets $ 6,388 $ 6,929 Interest 374 373 Lease cost (1) 6,762 $ 20,354 7,302 $ 20,176 Short-term and variable lease cost (1) 1,876 1,611 1,445 2,938 Total lease cost $ 8,638 $ 21,965 $ 8,747 $ 23,114 (1) Lease costs are recorded in both Cost of sales and Selling and administrative expenses on the Consolidated Statements of Income. Supplemental cash flow information is summarized below for the twelve months ended October 31, 2022: Finance Leases Operating Leases Cash outflows for leases $ 5,439 $ 20,125 Weighted average remaining lease term (years) 8.03 9.52 Weighted average discount rate 2.20% 1.80% |
Finance Lease, Liability, Fiscal Year Maturity | The following table reconciles the undiscounted cash flows for five years and thereafter to the operating and finance lease liabilities recognized on the Consolidated Balance Sheet as of October 31, 2022. The reconciliation excludes short-term leases that are not recognized on the Consolidated Balance Sheet. Year: Finance Leases Operating Leases 2023 $ 4,907 $ 15,738 2024 3,306 14,171 2025 2,133 12,299 2026 929 11,552 2027 438 9,775 Later years 6,113 53,876 Total minimum lease payments 17,826 117,411 Amounts representing interest 1,735 10,905 Present value of minimum lease payments $ 16,091 $ 106,506 |
Lessee, Operating Lease, Liability, Maturity | The following table reconciles the undiscounted cash flows for five years and thereafter to the operating and finance lease liabilities recognized on the Consolidated Balance Sheet as of October 31, 2022. The reconciliation excludes short-term leases that are not recognized on the Consolidated Balance Sheet. Year: Finance Leases Operating Leases 2023 $ 4,907 $ 15,738 2024 3,306 14,171 2025 2,133 12,299 2026 929 11,552 2027 438 9,775 Later years 6,113 53,876 Total minimum lease payments 17,826 117,411 Amounts representing interest 1,735 10,905 Present value of minimum lease payments $ 16,091 $ 106,506 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 31, 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: October 31, 2022 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 5,035 $ — $ 5,035 $ — Total assets at fair value $ 5,035 $ — $ 5,035 $ — Liabilities: Deferred compensation plans (b) $ 9,076 $ — $ 9,076 $ — Foreign currency forward contracts (a) 11,724 — 11,724 — Total liabilities at fair value $ 20,800 $ — $ 20,800 $ — 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 percent of their salary and annual cash incentive compensation and for executive officers, up to 90 percent 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. 2022 2021 Carrying Fair Value Carrying Fair Value Long-term debt (including current portion) $ 737,857 $ 714,286 $ 812,352 $ 855,376 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the contracts outstanding at October 31, 2022 and 2021: Notional Amounts Sell Buy October 31, 2022 contract amounts: Euro $ 85,879 $ 337,530 Pound sterling 31,361 101,960 Japanese yen 12,849 33,210 Mexican peso 9,802 26,509 Hong Kong dollar 5,174 73,953 Singapore dollar 411 18,817 Australian dollar 327 9,163 Taiwan dollar — 24,047 Other 4,327 60,104 Total $ 150,130 $ 685,293 October 31, 2021 contract amounts: Euro $ 100,922 $ 325,581 Pound sterling 50,333 79,934 Japanese yen 14,338 45,436 Mexican peso 5,906 23,424 Hong Kong dollar 6,948 44,831 Australian dollar 709 10,088 Singapore dollar 200 18,029 Other 10,461 63,068 Total $ 189,817 $ 610,391 |
Capital Shares (Tables)
Capital Shares (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
Capital Shares | Common shares repurchased as part of publicly announced programs during 2022, 2021 and 2020 were as follows: Year Number Total Average 2022 1,190 $ 260,288 $ 218.69 2021 262 55,033 $ 209.97 2020 303 38,138 $ 125.70 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options during 2022: Number of Weighted˗Average Aggregate Weighted˗Average Outstanding at October 31, 2021 1,235 $ 130.93 Granted 85 $ 266.69 Exercised (115) $ 108.33 Forfeited or expired (18) $ 197.31 Outstanding at October 31, 2022 1,187 $ 141.82 $ 101,946 5.4 years Expected to vest 372 $ 185.15 $ 18,004 7.0 years Exercisable at October 31, 2022 813 $ 121.76 $ 83,887 4.6 years |
Summarized Information on Currently Outstanding Options | Summarized information on currently outstanding options follows: Range of Exercise Price $61 - $125 $126 - $190 $191 - $268 Number outstanding 518 506 163 Weighted-average remaining contractual life, in years 4.5 6.3 8.6 Weighted-average exercise price $ 104.76 $ 150.57 $ 232.62 Number exercisable 447 345 21 Weighted-average exercise price $ 101.55 $ 143.04 $ 201.42 |
Fair Value Assumptions of Stock Options | The fair value of each option grant was estimated at the date of the grant using the Black-Scholes option-pricing model with the following assumptions: 2022 2021 2020 Expected volatility 30.6%-30.8% 30.8%-32.6% 24.5%- 30.5% Expected dividend yield 0.76%-0.89% 0.83%-0.85% 0.87%- 1.16% Risk-free interest rate 1.36%-2.65% 0.43%-0.77% 0.44%- 1.69% Expected life of the option (in years) 5.3-6.2 5.3-6.2 5.3- 6.3 |
Summarized Activity Related to Restricted Stock | The following table summarizes activity related to restricted shares during 2022: Number of Weighted˗Average Restricted at October 31, 2021 19 $ 157.36 Vested (13) $ 153.28 Restricted at October 31, 2022 6 $ 167.99 |
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units in 2022: Number of Weighted˗Average Grant Date Fair Restricted share units at October 31, 2021 67 $ 202.81 Granted 43 $ 253.04 Forfeited (10) $ 224.84 Vested (19) $ 215.57 Restricted share units at October 31, 2022 81 $ 223.77 |
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during 2022: Number of Weighted˗Average Outstanding at October 31, 2021 106 $ 68.11 Restricted stock units vested 4 $ 255.04 Dividend equivalents 1 $ 227.65 Distributions (21) $ 68.12 Outstanding at October 31, 2022 90 $ 77.70 |
Operating Segments and Geogra_2
Operating Segments and Geographic Area Data (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments | The following table presents information about our reportable segments: Industrial Precision Solutions Medical and Fluid Solutions Advanced Technology Solutions Corporate Total Year ended October 31, 2022 Net external sales $ 1,337,242 $ 690,177 $ 562,859 $ — $ 2,590,278 Depreciation and amortization 27,891 54,674 8,780 8,578 99,923 Operating profit (loss) 434,476 217,199 133,253 (82,568) 702,360 Identifiable assets (b) 1,112,825 1,558,861 397,250 812,964 (a) 3,881,900 Property, plant and equipment expenditures 9,490 31,009 2,383 8,546 51,428 Year ended October 31, 2021 Net external sales $ 1,246,947 $ 641,654 $ 473,608 $ — $ 2,362,209 Depreciation and amortization 25,673 56,600 11,826 9,784 103,883 Operating profit (loss) 414,192 198,194 73,466 (70,725) 615,127 Identifiable assets (b) 964,840 1,519,144 394,572 967,796 (a) 3,846,352 Property, plant and equipment expenditures 9,009 21,115 1,949 6,230 38,303 Year ended October 31, 2020 Net external sales $ 1,143,423 $ 564,899 $ 412,778 $ — $ 2,121,100 Depreciation and amortization 38,939 53,588 10,955 9,820 113,302 Operating profit (loss) 208,028 150,296 41,306 (50,085) 349,545 Identifiable assets (b) 915,148 1,482,585 396,617 928,358 (a) 3,722,708 Property, plant and equipment expenditures 18,545 27,892 3,628 470 50,535 (a) Corporate assets are principally cash and cash equivalents, deferred income taxes, leases, headquarter facilities, the major portion of our enterprise management system and intangible assets. Includes assets held for sale in 2020, see Note 4. (b) Operating segment identifiable assets include notes and accounts receivable net of allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. |
Sales and Long-lived Asset Information by Geographic Regions | We have significant sales and long-lived assets in the following geographic areas: 2022 2021 2020 Net external sales Americas $ 1,096,596 $ 969,110 $ 897,115 Europe 645,603 617,492 536,636 Asia Pacific 848,079 775,607 687,349 Total net external sales $ 2,590,278 $ 2,362,209 $ 2,121,100 Long-lived assets Americas $ 332,709 $ 322,878 $ 331,697 Europe 62,039 67,776 69,854 Asia Pacific 60,973 75,762 79,192 Total long-lived assets $ 455,721 $ 466,416 $ 480,743 |
Summary of Reconciliation of Consolidated Assets | A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2022 2021 2020 Total identifiable assets for reportable segments $ 3,881,900 $ 3,846,352 $ 3,722,708 Eliminations (61,525) (55,391) (48,052) Total consolidated assets $ 3,820,375 $ 3,790,961 $ 3,674,656 |
Supplemental Information for _2
Supplemental Information for the Statement of Cash Flows (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Information for the Statement of Cash Flows | 2022 2021 2020 Cash operating activities: Interest paid $ 22,975 $ 27,122 $ 31,095 Income taxes paid 141,212 106,942 80,849 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Percent of revenue recognized over time | 10% | 10% | |
Advertising costs incurred | $ 7,028,000 | $ 5,986,000 | $ 7,174,000 |
Research and development costs incurred | $ 63,031,000 | 59,422,000 | 63,591,000 |
Periods of performance considered for calculating compensation expense | 3 years | ||
Accounts receivable, after allowance for credit loss | $ 8,218,000 | 7,522,000 | |
Provision for losses on receivables | 1,259,000 | $ 32,000 | 2,165,000 |
Cost percentage of inventory under LIFO method | 16% | ||
Consolidated inventories under FIFO method | $ 4,216,000 | ||
Interest charges capitalized | $ 0 | $ 0 | $ 0 |
Product warranty period | 1 year | ||
Less than 50% Ownership Percentage, Accounted for under the Equity Method of Investment | 50% | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Liquid instruments with maturity period | 90 days | ||
Stock Options | |||
Significant Accounting Policies [Line Items] | |||
Options for common shares excluded from computation of diluted earning per share (in shares) | 78,000 | 46,000 | 95,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Useful Lives of Property, Plant and Equipment and Depreciation (Detail) | 12 Months Ended |
Oct. 31, 2022 | |
Minimum | Land improvements | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 15 years |
Minimum | Buildings | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 20 years |
Minimum | Machinery and equipment | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 3 years |
Minimum | Enterprise management system | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 5 years |
Maximum | Land improvements | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 25 years |
Maximum | Buildings | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 40 years |
Maximum | Machinery and equipment | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 18 years |
Maximum | Enterprise management system | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 13 years |
Significant Accounting Polici_6
Significant Accounting Policies - Weighted Average Useful Lives for Each Major Category of Amortizable Intangible Assets (Detail) | 12 Months Ended |
Oct. 31, 2022 | |
Patent/Technology Costs | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 12 years |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 14 years |
Noncompete Agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 4 years |
Trade Names | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 15 years |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | $ (175,835) | ||
Pension and postretirement plan changes, net of tax | 94,710 | ||
Currency translation losses | (126,657) | $ 7,033 | $ 12,910 |
Accumulated other comprehensive loss, Ending balance | (207,782) | (175,835) | |
Pension and postretirement plan changes, tax | 31,007 | ||
Cumulative Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (33,389) | ||
Currency translation losses | (126,657) | ||
Accumulated other comprehensive loss, Ending balance | (160,046) | (33,389) | |
Pension And Postretirement Benefit Plan Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (142,446) | ||
Pension and postretirement plan changes, net of tax | 94,710 | ||
Accumulated other comprehensive loss, Ending balance | $ (47,736) | $ (142,446) |
Significant Accounting Polici_8
Significant Accounting Policies - Reconciliation of Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Accounting Policies [Abstract] | ||
Balance at beginning of year | $ 11,113 | $ 10,550 |
Accruals for warranties | 17,188 | 16,011 |
Warranty payments | (14,609) | (15,475) |
Currency adjustments | (1,969) | 27 |
Balance at end of year | $ 11,723 | $ 11,113 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Nov. 01, 2021 | Sep. 01, 2020 | Jun. 01, 2020 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Business Acquisition [Line Items] | ||||||
Acquisition of businesses, net of cash acquired | $ 171,613 | $ 0 | $ 142,414 | |||
Goodwill | 1,804,693 | 1,713,148 | 1,713,354 | |||
Advanced Technology Solutions | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 112,388 | $ 121,979 | $ 121,520 | |||
Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets amortization period | 14 years | |||||
Trade Names | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets amortization period | 15 years | |||||
Non-compete Agreements | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets amortization period | 4 years | |||||
vivaMOS Ltd. | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Acquired percent of the outstanding shares | 100% | |||||
Acquisition of businesses, net of cash acquired | $ 17,154 | |||||
Cash acquired from business acquisition | 158 | |||||
Goodwill | 14,394 | |||||
Identifiable intangible assets | 4,040 | |||||
vivaMOS Ltd. | Technology-Based Intangible Assets | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 3,900 | |||||
Intangible assets amortization period | 10 years | |||||
vivaMOS Ltd. | Non-compete Agreements | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 140 | |||||
Intangible assets amortization period | 3 years | |||||
Fluortek Inc | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Acquired percent of the outstanding shares | 100% | |||||
Acquisition of businesses, net of cash acquired | $ 125,260 | |||||
Cash acquired from business acquisition | 515 | |||||
Acquisition of business, earn-out liability | 19,843 | |||||
Goodwill | 76,047 | |||||
Identifiable intangible assets | 29,370 | |||||
Fluortek Inc | Customer Relationships | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 19,700 | |||||
Intangible assets amortization period | 12 years | |||||
Fluortek Inc | Trade Names | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 1,500 | |||||
Intangible assets amortization period | 10 years | |||||
Fluortek Inc | Technology-Based Intangible Assets | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 7,400 | |||||
Intangible assets amortization period | 10 years | |||||
Fluortek Inc | Non-compete Agreements | 2020 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 770 | |||||
Intangible assets amortization period | 5 years | |||||
NDC Technologies | Acquisitions In Two Thousand Twenty One Member | ||||||
Business Acquisition [Line Items] | ||||||
Acquired percent of the outstanding shares | 100% | |||||
Acquisition of businesses, net of cash acquired | $ 171,613 | |||||
Cash acquired from business acquisition | 7,533 | |||||
Goodwill | 131,129 | |||||
Identifiable intangible assets | 31,130 | |||||
Business combination, goodwill, tax deductible amount | 72,018 | |||||
Business Combination, Consideration Transferred, Other | 2,763 | |||||
NDC Technologies | Customer Relationships | Acquisitions In Two Thousand Twenty One Member | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 9,500 | |||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||
NDC Technologies | Trade Names | Acquisitions In Two Thousand Twenty One Member | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 10,800 | |||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years | |||||
NDC Technologies | Technology-Based Intangible Assets | Acquisitions In Two Thousand Twenty One Member | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 10,000 | |||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||
NDC Technologies | Non-compete Agreements | Acquisitions In Two Thousand Twenty One Member | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 830 | |||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 3 years |
Divestiture - Additional Inform
Divestiture - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Impairment loss on assets held for sale | $ 0 | $ 0 | $ 87,371 |
Details of Consolidated Balan_3
Details of Consolidated Balance Sheet - Details of Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Receivables: | |||
Accounts | $ 510,300 | $ 479,594 | |
Notes | 417 | 2,504 | |
Other | 34,814 | 14,843 | |
Receivables, total | 545,531 | 496,941 | |
Allowance for doubtful accounts | (8,218) | (7,552) | |
Receivables-net | 537,313 | 489,389 | |
Inventories: | |||
Finished goods | 218,491 | 211,628 | |
Raw materials and component parts | 157,447 | 111,089 | |
Work-in-process | 53,195 | 54,557 | |
Inventories gross | 429,133 | 377,274 | |
Obsolescence and other reserves | (45,735) | (50,079) | |
Inventories net | 383,398 | 327,195 | |
Property, plant and equipment: | |||
Property, plant and equipment gross | 902,541 | 889,360 | |
Accumulated depreciation and amortization | (549,099) | (533,795) | |
Property, plant and equipment - net | 353,442 | 355,565 | |
Accrued liabilities: | |||
Salaries and other compensation | 81,181 | 87,066 | |
Taxes other than income taxes | 14,869 | 13,095 | |
Warranty | 11,723 | 11,113 | $ 10,550 |
Interest | 6,018 | 6,262 | |
Pension and retirement | 4,456 | 5,622 | |
Customer commissions | 3,526 | 10,460 | |
Other | 85,055 | 68,374 | |
Accrued liabilities total | 206,828 | 201,992 | |
Land | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 9,278 | 9,238 | |
Land improvements | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 4,979 | 4,786 | |
Buildings | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 271,450 | 263,399 | |
Machinery and equipment | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 505,343 | 491,180 | |
Enterprise management system | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 52,513 | 50,532 | |
Construction-in-progress | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 31,466 | 32,719 | |
Leased property under finance leases | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | $ 27,512 | $ 37,506 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Goodwill [Line Items] | ||
Beginning balance | $ 1,713,148 | $ 1,713,354 |
Acquisitions | 131,129 | |
Currency effect | (39,584) | (206) |
Ending balance | 1,804,693 | 1,713,148 |
Industrial Precision Solutions | ||
Goodwill [Line Items] | ||
Beginning balance | 415,020 | 415,862 |
Acquisitions | 131,129 | |
Currency effect | (25,913) | (842) |
Ending balance | 520,236 | 415,020 |
Medical Fluid Systems | ||
Goodwill [Line Items] | ||
Beginning balance | 1,176,149 | 1,175,972 |
Acquisitions | 0 | |
Currency effect | (4,080) | 177 |
Ending balance | 1,172,069 | 1,176,149 |
Advanced Technology Solutions | ||
Goodwill [Line Items] | ||
Beginning balance | 121,979 | 121,520 |
Acquisitions | 0 | |
Currency effect | (9,591) | 459 |
Ending balance | $ 112,388 | $ 121,979 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | $ 232,789 | $ 232,789 | |
Intangible assets, amortization expense | 50,825 | 50,551 | $ 56,979 |
Advanced Technology Solutions | |||
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | 229,173 | 229,173 | |
Industrial Coating Systems | |||
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | $ 3,616 | $ 3,616 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 731,065 | $ 723,664 |
Accumulated Amortization | 401,663 | 366,297 |
Net Book Value | 329,402 | 357,367 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 480,058 | 483,815 |
Accumulated Amortization | 250,798 | 226,658 |
Net Book Value | 229,260 | 257,157 |
Patent/Technology Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 157,549 | 154,267 |
Accumulated Amortization | 96,426 | 89,299 |
Net Book Value | 61,123 | 64,968 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 82,759 | 74,301 |
Accumulated Amortization | 44,707 | 39,858 |
Net Book Value | 38,052 | 34,443 |
Non-compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 10,253 | 9,896 |
Accumulated Amortization | 9,290 | 9,099 |
Net Book Value | 963 | 797 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 446 | 1,385 |
Accumulated Amortization | 442 | 1,383 |
Net Book Value | $ 4 | $ 2 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Oct. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, 2023 | $ 49,169 |
Estimated Amortization Expense, 2024 | 46,532 |
Estimated Amortization Expense, 2025 | 42,685 |
Estimated Amortization Expense, 2026 | 38,625 |
Estimated Amortization Expense, 2027 | $ 34,878 |
Retirement, Pension and Other_3
Retirement, Pension and Other Postretirement Plans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Oct. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan vesting period | 3 years | |||
Expenses on retirement plan | $ 26,635,000 | $ 22,983,000 | $ 20,265,000 | |
Retiree eligible age | 65 years | |||
Pension settlement charge for U.S. Plans | $ (41,221,000) | $ 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension settlement charge for U.S. Plans | |||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Method used to amortize net gains and losses, description | Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when exceeding the accounting corridor, which is set at 10 percent of the greater of the plan assets or benefit obligations. | |||
Employer contribution in next fiscal year | $ 3,105,000 | |||
Retirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Method used to amortize net gains and losses, description | Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when exceeding the accounting corridor, which is set at 10 percent of the greater of the plan assets or benefit obligations. | |||
Employer contribution in next fiscal year | $ 3,230,000 | |||
UNITED STATES | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge for U.S. Plans | $ (41,548,000) | $ (4,111,000) | (2,508,000) | |
Percentage of World wide pension assets | 90% | |||
Defined Benefit Plan, Number of Pension Plans | 2 | |||
Fair value of plan assets | $ 171,181 | $ 333,851,000 | 639,589,000 | 510,250,000 |
Number of retirees and Beneficiaries | 1,500 | |||
UNITED STATES | Retirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | |
International | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge for U.S. Plans | $ 29,000 | $ (32,000) | $ 0 | |
Weighted average crediting rates | 0.60% | 0.50% | 0.40% | |
Percentage of World wide pension assets | 10% | |||
Fair value of plan assets | $ 38,316,000 | $ 47,274,000 | $ 45,476,000 | |
International | Retirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | 0 | 0 | |
Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of target rate in return seeking assets | 30% | |||
Debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of target rate in return seeking assets | 70% | |||
Due to Lump Sum Retirement Payments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge for U.S. Plans | $ (298,000) | $ 4,143,000 | $ (2,508,000) |
Retirement, Pension and Other_4
Retirement, Pension and Other Postretirement Plans - Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Accumulated other comprehensive loss (income) | $ (661) | $ (543) | |
Pension Plans | UNITED STATES | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 627,271 | 615,768 | |
Service cost | 16,820 | 22,555 | $ 20,635 |
Interest cost | 14,486 | 13,652 | 15,824 |
Participant contributions | 0 | 0 | |
Amendments | 0 | 0 | |
Settlements | (171,181) | (9,016) | |
Curtailments | (2,715) | (2,436) | |
Foreign currency exchange rate change | 0 | 0 | |
Actuarial (gain) loss | (165,697) | 4,561 | |
Benefits paid | (15,464) | (17,813) | |
Benefit obligation at end of year | 303,520 | 627,271 | 615,768 |
Change in plan assets: | |||
Beginning balance | 639,589 | 510,250 | |
Actual return on plan assets | (121,912) | 62,063 | |
Company contributions | 2,819 | 94,105 | |
Participant contributions | 0 | 0 | |
Settlements | (171,181) | (9,016) | |
Foreign currency exchange rate change | 0 | 0 | |
Benefits paid | (15,464) | (17,813) | |
Ending balance | 333,851 | 639,589 | 510,250 |
Funded status at end of year | 30,331 | 12,318 | |
Amounts recognized in financial statements: | |||
Noncurrent asset | 41,548 | 30,840 | |
Accrued benefit liability | (813) | (799) | |
Long-term pension obligations | (10,404) | (17,723) | |
Total amount recognized in financial statements | 30,331 | 12,318 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss (gain) | 74,293 | 142,070 | |
Prior service cost (credit) | 0 | 48 | |
Accumulated other comprehensive loss (income) | 74,293 | 142,118 | 192,577 |
Pension Plans | International | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 106,049 | 104,849 | |
Service cost | 1,693 | 2,120 | 2,099 |
Interest cost | 1,105 | 887 | 1,025 |
Participant contributions | 72 | 80 | |
Amendments | 0 | 15 | |
Settlements | (1,446) | (714) | |
Curtailments | (705) | 0 | |
Foreign currency exchange rate change | (14,291) | 1,024 | |
Actuarial (gain) loss | (29,414) | (121) | |
Benefits paid | (2,183) | (2,091) | |
Benefit obligation at end of year | 60,880 | 106,049 | 104,849 |
Change in plan assets: | |||
Beginning balance | 47,274 | 45,476 | |
Actual return on plan assets | 301 | 243 | |
Company contributions | 2,381 | 3,318 | |
Participant contributions | 72 | 80 | |
Settlements | (1,446) | (714) | |
Foreign currency exchange rate change | (8,083) | 962 | |
Benefits paid | (2,183) | (2,091) | |
Ending balance | 38,316 | 47,274 | 45,476 |
Funded status at end of year | (22,564) | (58,775) | |
Amounts recognized in financial statements: | |||
Noncurrent asset | 7,588 | 4,086 | |
Accrued benefit liability | (5) | 0 | |
Long-term pension obligations | (30,147) | (62,861) | |
Total amount recognized in financial statements | (22,564) | (58,775) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss (gain) | (2,280) | 30,544 | |
Prior service cost (credit) | (133) | (1,808) | |
Accumulated other comprehensive loss (income) | (2,413) | 28,736 | 29,960 |
Retirement Plans | UNITED STATES | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 85,290 | 87,645 | |
Service cost | 687 | 778 | 666 |
Interest cost | 1,923 | 1,805 | 2,345 |
Participant contributions | 687 | 722 | |
Foreign currency exchange rate change | 0 | 0 | |
Actuarial (gain) loss | (25,513) | (2,799) | |
Benefits paid | (3,223) | (2,861) | |
Benefit obligation at end of year | 59,851 | 85,290 | 87,645 |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Company contributions | 2,536 | 2,139 | |
Participant contributions | 687 | 722 | |
Benefits paid | (3,223) | (2,861) | |
Ending balance | 0 | 0 | 0 |
Funded status at end of year | (59,851) | (85,290) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (3,224) | (3,048) | |
Long-term pension obligations | (56,627) | (82,242) | |
Total amount recognized in financial statements | (59,851) | (85,290) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss (gain) | (5,035) | 21,456 | |
Accumulated other comprehensive loss (income) | (5,035) | 21,456 | 25,614 |
Retirement Plans | International | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 416 | 445 | |
Service cost | 12 | 15 | 15 |
Interest cost | 12 | 12 | 13 |
Participant contributions | 0 | 0 | |
Foreign currency exchange rate change | (37) | 33 | |
Actuarial (gain) loss | (215) | (83) | |
Benefits paid | (5) | (6) | |
Benefit obligation at end of year | 183 | 416 | 445 |
Change in plan assets: | |||
Beginning balance | 0 | 0 | |
Company contributions | 5 | 6 | |
Participant contributions | 0 | 0 | |
Benefits paid | (5) | (6) | |
Ending balance | 0 | 0 | 0 |
Funded status at end of year | (183) | (416) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (6) | (6) | |
Long-term pension obligations | (177) | (410) | |
Total amount recognized in financial statements | (183) | (416) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss (gain) | (661) | (543) | |
Accumulated other comprehensive loss (income) | $ (661) | $ (543) | $ (466) |
Retirement, Pension and Other_5
Retirement, Pension and Other Postretirement Plans - Summary of Changes in Accumulated Other Comprehensive (Gain) Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ (543) | |
Balance at end of year | (661) | $ (543) |
Pension Plans | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 142,118 | 192,577 |
Net (gain) loss arising during the year | (16,010) | (29,091) |
Prior service cost arising during the year | 0 | 0 |
Net gain recognized during the year | (7,504) | (14,885) |
Prior service adjustment recognized during the year | (48) | 64 |
Settlement (gain) loss | (41,548) | (4,111) |
Curtailment (gain) loss | (2,715) | (2,436) |
Exchange rate effect during the year | 0 | 0 |
Balance at end of year | 74,293 | 142,118 |
Pension Plans | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 28,736 | 29,960 |
Net (gain) loss arising during the year | (28,234) | 1,220 |
Prior service cost arising during the year | 0 | 15 |
Net gain recognized during the year | (2,278) | (3,144) |
Prior service adjustment recognized during the year | 104 | 303 |
Settlement (gain) loss | 29 | (32) |
Curtailment (gain) loss | 1,406 | 0 |
Exchange rate effect during the year | (2,176) | 414 |
Balance at end of year | (2,413) | 28,736 |
Retirement Plans | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 21,456 | 25,614 |
Net (gain) loss arising during the year | (25,513) | (2,799) |
Net gain recognized during the year | (978) | (1,359) |
Exchange rate effect during the year | 0 | 0 |
Balance at end of year | (5,035) | 21,456 |
Retirement Plans | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | (543) | (466) |
Net (gain) loss arising during the year | (217) | (83) |
Net gain recognized during the year | 51 | 41 |
Exchange rate effect during the year | 48 | (35) |
Balance at end of year | $ (661) | $ (543) |
Retirement, Pension and Other_6
Retirement, Pension and Other Postretirement Plans - Accumulated Benefit Obligation (Detail) - Pension Plans - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
UNITED STATES | ||
For all plans: | ||
Accumulated benefit obligation | $ 10,555 | $ 16,182 |
Fair value of plan assets | 0 | 0 |
For plans with projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 11,217 | 18,522 |
Fair value of plan assets | 0 | 0 |
International | ||
For all plans: | ||
Accumulated benefit obligation | 32,514 | 85,559 |
Fair value of plan assets | 4,724 | 32,306 |
For plans with projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 34,931 | 95,221 |
Fair value of plan assets | $ 4,778 | $ 32,360 |
Retirement, Pension and Other_7
Retirement, Pension and Other Postretirement Plans - Net Periodic Benefit Cost (Detail) - Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 16,820 | $ 22,555 | $ 20,635 |
Interest cost | 14,486 | 13,652 | 15,824 |
Expected return on plan assets | (27,776) | (28,410) | (24,667) |
Amortization of prior service credit | 48 | (64) | (84) |
Amortization of net actuarial loss | 7,504 | 14,885 | 14,032 |
Settlement loss (gain) | 41,548 | 4,111 | 2,508 |
Curtailment (gain) loss | 0 | 0 | 0 |
Total benefit cost | 52,630 | 26,729 | 28,248 |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,693 | 2,120 | 2,099 |
Interest cost | 1,105 | 887 | 1,025 |
Expected return on plan assets | (1,430) | (1,585) | (1,273) |
Amortization of prior service credit | (104) | (303) | (290) |
Amortization of net actuarial loss | 2,278 | 3,144 | 2,972 |
Settlement loss (gain) | (29) | 32 | 0 |
Curtailment (gain) loss | 2,112 | 0 | 0 |
Total benefit cost | $ 1,401 | $ 4,295 | $ 4,533 |
Retirement, Pension and Other_8
Retirement, Pension and Other Postretirement Plans - Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Pension Plans | UNITED STATES | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 5.70% | 3.02% | 2.85% |
Rate of compensation increase | 4.30% | 4% | 4% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.02% | 2.85% | 3.25% |
Discount rate - service cost | 3.42% | 3.30% | 3.56% |
Discount rate - interest cost | 2.35% | 2.10% | 2.78% |
Expected return on plan assets | 5.75% | 5.75% | 5.75% |
Rate of compensation increase | 4% | 4% | 4% |
Pension Plans | International | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 3.78% | 1.30% | 1.01% |
Rate of compensation increase | 3.44% | 2.90% | 2.69% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 1.30% | 1.01% | 1.26% |
Discount rate - service cost | 1.14% | 0.93% | 1.12% |
Discount rate - interest cost | 1.37% | 0.80% | 1.05% |
Expected return on plan assets | 3.29% | 3.31% | 3.22% |
Rate of compensation increase | 2.90% | 2.69% | 3.12% |
Retirement Plans | UNITED STATES | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 5.59% | 2.98% | 2.84% |
Health care cost trend rate | 3.50% | 3.34% | 3.40% |
Rate to which health care cost trend rate is assumed to incline/decline (ultimate trend rate) | 3.19% | 3.15% | 3.17% |
Year the rate reaches the ultimate trend rate | 2032 | 2031 | 2026 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 2.98% | 2.84% | 3.27% |
Discount rate - service cost | 3.55% | 3.44% | 3.61% |
Discount rate - interest cost | 2.30% | 2.08% | 2.79% |
Retirement Plans | International | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 5.41% | 3.43% | 2.94% |
Health care cost trend rate | 4.65% | 4.43% | 4.22% |
Rate to which health care cost trend rate is assumed to incline/decline (ultimate trend rate) | 4.05% | 4.05% | 4.05% |
Year the rate reaches the ultimate trend rate | 2040 | 2040 | 2040 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.43% | 2.94% | 3.03% |
Discount rate - service cost | 3.48% | 3% | 3.05% |
Discount rate - interest cost | 3.13% | 2.60% | 2.88% |
Retirement, Pension and Other_9
Retirement, Pension and Other Postretirement Plans - Allocation of Pension Plan Assets (Detail) - Pension Plans | Oct. 31, 2022 | Oct. 31, 2021 |
UNITED STATES | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100% | 100% |
International | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100% | 100% |
Equity securities | UNITED STATES | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 3% | 13% |
Equity securities | International | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0% | 0% |
Debt securities | UNITED STATES | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 42% | 46% |
Debt securities | International | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0% | 0% |
Insurance contracts | UNITED STATES | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0% | 0% |
Insurance contracts | International | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 47% | 51% |
Pooled investment funds | UNITED STATES | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 54% | 41% |
Pooled investment funds | International | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 51% | 48% |
Other | UNITED STATES | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1% | 0% |
Other | International | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2% | 1% |
Retirement, Pension and Othe_10
Retirement, Pension and Other Postretirement Plans - Fair Values of Pension Plan Assets (Detail) - Pension Plans - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 333,851,000 | $ 171,181 | $ 639,589,000 | $ 510,250,000 |
UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 152,752,000 | 377,536,000 | ||
UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11,431,000 | 87,534,000 | ||
UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 141,321,000 | 290,002,000 | ||
International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 38,316,000 | 47,274,000 | 45,476,000 | |
International | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,841,000 | 24,512,000 | ||
International | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 775,000 | 519,000 | ||
International | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,066,000 | 23,993,000 | ||
Cash | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 381,000 | 1,467,000 | ||
Cash | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 381,000 | 1,467,000 | ||
Cash | International | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 775,000 | 519,000 | ||
Cash | International | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 775,000 | 519,000 | ||
Money market funds | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 155,000 | 4,495,000 | ||
Money market funds | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 155,000 | 4,495,000 | ||
Basic materials | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 719,000 | 2,038,000 | ||
Basic materials | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 719,000 | 2,038,000 | ||
Consumer goods | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,802,000 | 4,360,000 | ||
Consumer goods | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,802,000 | 4,360,000 | ||
Financial | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,489,000 | 3,753,000 | ||
Financial | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,489,000 | 3,753,000 | ||
Healthcare | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,801,000 | 4,864,000 | ||
Healthcare | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,801,000 | 4,864,000 | ||
Industrial goods | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,713,000 | 3,640,000 | ||
Industrial goods | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,713,000 | 3,640,000 | ||
Technology | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,569,000 | 5,080,000 | ||
Technology | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,569,000 | 5,080,000 | ||
Mutual funds | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 52,319,000 | |||
Mutual funds | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 52,319,000 | |||
U.S. Government | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 29,252,000 | 89,614,000 | ||
U.S. Government | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 328,000 | 4,024,000 | ||
U.S. Government | UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 28,924,000 | 85,590,000 | ||
Corporate | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 109,433,000 | 194,793,000 | ||
Corporate | UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 109,433,000 | 194,793,000 | ||
Other | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,964,000 | 9,619,000 | ||
Other | UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,964,000 | 9,619,000 | ||
Insurance contracts | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,066,000 | 23,993,000 | $ 24,496,000 | |
Insurance contracts | International | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,066,000 | 23,993,000 | ||
Insurance contracts | International | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 18,066,000 | 23,993,000 | ||
Other | UNITED STATES | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,474,000 | 1,494,000 | ||
Other | UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,474,000 | 1,494,000 | ||
Real estate collective funds | UNITED STATES | Investments Measured at Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 51,961,000 | 44,056,000 | ||
Pooled investment funds | UNITED STATES | Investments Measured at Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 129,138,000 | 217,997,000 | ||
Pooled investment funds | International | Investments Measured at Net Asset Value | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 19,475,000 | $ 22,762,000 |
Retirement, Pension and Othe_11
Retirement, Pension and Other Postretirement Plans - Changes in Level 3 plan assets (Detail) - Level 3 - Pension Plans - Insurance contracts - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | $ 23,993 | $ 24,496 |
Purchases | 1,525 | 1,441 |
Sales | (1,519) | (541) |
Defined Benefit Plan, Plan Assets, Settlements | 1,446 | 714 |
Defined Benefit Plan, Unrealized losses | (254) | (440) |
Foreign currency translation | (4,233) | (249) |
Ending balance | $ 18,066 | $ 23,993 |
Retirement, Pension and Othe_12
Retirement, Pension and Other Postretirement Plans - Retiree Pension Benefit Payments (Detail) $ in Thousands | Oct. 31, 2022 USD ($) |
Pension Plans | UNITED STATES | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2023 | $ 6,925 |
2024 | 8,728 |
2025 | 10,834 |
2026 | 12,863 |
2027 | 14,835 |
2026-2030 | 103,524 |
Pension Plans | International | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2023 | 2,425 |
2024 | 2,790 |
2025 | 3,466 |
2026 | 4,060 |
2027 | 2,783 |
2026-2030 | 17,257 |
Retirement Plans | UNITED STATES | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2023 | 3,225 |
2024 | 3,386 |
2025 | 3,552 |
2026 | 3,690 |
2027 | 3,832 |
2026-2030 | 20,438 |
Retirement Plans | International | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2023 | 5 |
2024 | 5 |
2025 | 5 |
2026 | 5 |
2027 | 5 |
2026-2030 | $ 34 |
Retirement, Pension and Othe_13
Retirement, Pension and Other Postretirement Plans - Net Postretirement Benefit Cost (Detail) - Retirement Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 687 | $ 778 | $ 666 |
Interest cost | 1,923 | 1,805 | 2,345 |
Amortization of prior service credit | 0 | 0 | (17) |
Amortization of net actuarial (gain) loss | 978 | 1,359 | 1,355 |
Total benefit cost | 3,588 | 3,942 | 4,349 |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 12 | 15 | 15 |
Interest cost | 12 | 12 | 13 |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of net actuarial (gain) loss | (48) | (41) | (36) |
Total benefit cost | $ (24) | $ (14) | $ (8) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Current: | |||
U.S. federal | $ 59,639 | $ 40,879 | $ 17,507 |
State and local | 7,535 | 4,429 | 984 |
Foreign | 79,734 | 70,429 | 47,415 |
Total current | 146,908 | 115,737 | 65,906 |
Deferred: | |||
U.S. federal | (9,408) | 6,371 | (9,919) |
State and local | (596) | 1,470 | (1,023) |
Foreign | (728) | (3,770) | (3,014) |
Total deferred | (10,732) | 4,071 | (13,956) |
Income taxes | $ 136,176 | $ 119,808 | $ 51,950 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Tax [Line Items] | ||||
Earnings before income taxes of domestic operations | $ 302,549 | $ 279,701 | $ 111,704 | |
U.S. federal corporate income tax rate | 21% | 21% | 21% | |
Income Tax Expense (Benefit) on impairment charge | $ 15,254 | |||
Earnings before income taxes of international operations | $ 346,730 | $ 294,475 | 189,785 | |
Undistributed earnings aggregated | 1,485,360 | 1,255,112 | ||
Total unrecognized tax benefits | 2,872 | 3,720 | 6,717 | $ 2,909 |
Total unrecognized tax benefits impact the effective tax rate | 2,769 | 3,567 | ||
Accrued interest expense related to unrecognized tax benefits | 541 | 859 | ||
Tax credit carryforwards | 12,648 | |||
Tax credit carryforwards amount indefinite carryforward period | 7,595 | |||
Capital loss carryforward | 3,570 | |||
Indefinite carryforward period | 13,618 | |||
Net change in the valuation allowance | 4,011 | 8,092 | ||
Valuation allowance relates to tax credits and loss carryforwards | 10,130 | |||
Share-Based Payment Arrangement, Expense, Tax Benefit | 3,273 | $ 5,982 | $ 15,661 | |
Expires in 2028 | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards amount to expires | 5,053 | |||
2022 through 2039 | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | 41,269 | |||
State | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | 34,352 | |||
Foreign | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | $ 16,965 |
Income Taxes - Income Taxes Com
Income Taxes - Income Taxes Computed at the U.S. Statutory Rate and Income Tax (Detail) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Share-based and other compensation | 0.26% | (0.30%) | (4.15%) |
Foreign tax rate variances | 0.95% | 0.84% | 1.51% |
State and local taxes, net of federal income tax benefit | 0.84% | 0.81% | (0.01%) |
Foreign-Derived Intangible Income Deduction | (1.59%) | (1.19%) | (0.95%) |
Global Intangible Low-Taxed Income net of foreign tax credits | 0.23% | 0.44% | 0.97% |
Other – net | (0.72%) | (0.73%) | (1.14%) |
Effective tax rate | 20.97% | 20.87% | 17.23% |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 3,720 | $ 6,717 | $ 2,909 |
Additions based on tax positions related to the current year | 310 | 370 | 370 |
Additions for tax positions of prior years | 0 | 0 | 4,068 |
Reductions for tax positions of prior years | (70) | (350) | 0 |
Settlements | 0 | 0 | 137 |
Lapse of statute of limitations | (1,088) | (3,017) | (493) |
Balance at end of year | $ 2,872 | $ 3,720 | $ 6,717 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Deferred tax assets: | ||
Lease Liabilities | $ 28,413 | $ 32,572 |
Employee benefits | 22,079 | 39,798 |
Tax credit and loss carryforwards | 15,616 | 19,269 |
Other accruals not currently deductible for taxes | 11,336 | 16,542 |
Inventory adjustments | 6,423 | 6,924 |
Total deferred tax assets | 83,867 | 115,105 |
Valuation allowance | (10,130) | (14,141) |
Total deferred tax assets | 73,737 | 100,964 |
Deferred tax liabilities: | ||
Depreciation and amortization | 145,285 | 145,494 |
Lease right-of-use assets | 27,548 | 31,615 |
Other - net | 1,238 | 941 |
Total deferred tax liabilities | 174,071 | 178,050 |
Net deferred tax liabilities | $ (100,334) | $ (77,086) |
Bank Lines of Credit (Details)
Bank Lines of Credit (Details) - Foreign Bank Debt - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Short-term Debt [Line Items] | ||
Maximum borrowings available under bank lines of credit (all foreign banks) | $ 61,213 | $ 60,627 |
Unused bank lines of credit | $ 61,213 | $ 57,082 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 0 | $ 3,545 |
Long-term Debt | 738,822 | 817,475 |
Less current maturities | 392,537 | 34,188 |
Less unamortized debt issuance costs | 965 | 1,578 |
Long-term maturities | 345,320 | 781,709 |
Senior notes, due 2023-2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 55,500 | 79,000 |
Senior notes, due 2023-2027 | ||
Debt Instrument [Line Items] | ||
Senior notes | 71,429 | 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 | $ 261,893 | $ 306,358 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Mar. 31, 2020 EUR (€) | |
Debt Instrument [Line Items] | ||||
Annual maturity of long term debt, 2022 | $ 392,537,000 | |||
Annual maturity of long term debt, 2023 | 110,643,000 | |||
Annual maturity of long term debt, 2024 | 85,642,000 | |||
Annual maturity of long term debt, 2025 | 50,000,000 | |||
Annual maturity of long term debt, 2026 | $ 10,000,000 | |||
Senior notes, due 2023-2025 | ||||
Debt Instrument [Line Items] | ||||
Remaining weighted average life of notes | 1 year 5 months 19 days | |||
Weighted average interest rate for borrowings | 3.10% | |||
Senior notes, due 2023-2027 | ||||
Debt Instrument [Line Items] | ||||
Remaining weighted average life of notes | 2 years 5 months 8 days | |||
Weighted average interest rate for borrowings | 3.10% | |||
Senior notes, due 2023-2030 | ||||
Debt Instrument [Line Items] | ||||
Remaining weighted average life of notes | 3 years 14 days | |||
Weighted average interest rate for borrowings | 3.90% | |||
Term Loan Due In March 2023 | Bank of America | Tranche One | ||||
Debt Instrument [Line Items] | ||||
Term loan | € | € 115,000 | |||
Term Loan Due In March 2023 | Bank of America | Tranche Two | ||||
Debt Instrument [Line Items] | ||||
Term loan | € | € 150,000 | |||
Euro loan, due 2023 | Bank of America | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate for borrowings | 0.71% | |||
Revolving Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings available under bank lines of credit (all foreign banks) | $ 850,000,000 | |||
Credit facility, term | 5 years | |||
Outstanding balance | $ 0 | $ 0 | ||
Revolving Credit Agreement | Swing Line Loans | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings available under bank lines of credit (all foreign banks) | $ 75,000,000 |
Leases - Lease Cost and Additio
Leases - Lease Cost and Additional Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Lease, Cost [Abstract] | ||
Amortization of right of use assets | $ 6,388 | $ 6,929 |
Interest | 374 | 373 |
Finance Lease, Cost | 6,762 | 7,302 |
Finance leases, Short-term and variable lease cost | 1,876 | 1,445 |
Finance Leases, Lease, Cost | 8,638 | 8,747 |
Operating lease cost | 20,354 | 20,176 |
Operating leases, Short-term and variable lease cost | 1,611 | 2,938 |
Total lease cost | 21,965 | 23,114 |
Property, plant and equipment - net | $ 353,442 | $ 355,565 |
Leases - Supplemental Informati
Leases - Supplemental Information for the Statement of Cash Flows (Details) $ in Thousands | 12 Months Ended |
Oct. 31, 2022 USD ($) | |
Lease, Cost [Abstract] | |
Finance Lease, Principal Payments | $ 5,439 |
Finance Lease, Weighted Average Remaining Lease Term | 8 years 10 days |
Finance Lease, Weighted Average Discount Rate, Percent | 2.20% |
Operating Lease, Payments | $ 20,125 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 6 months 7 days |
Operating Lease, Weighted Average Discount Rate, Percent | 1.80% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 15,176 | $ 19,745 | |
Property, plant and equipment - net | 353,442 | 355,565 | |
Operating Lease, Expense | $ 20,479 | $ 20,618 | $ 22,061 |
Leases - Finance and Operating
Leases - Finance and Operating Lease Maturity (Details) $ in Thousands | Oct. 31, 2022 USD ($) |
Finance Leases | |
2023 | $ 4,907 |
2024 | 3,306 |
2025 | 2,133 |
2026 | 929 |
2027 | 438 |
Later years | 6,113 |
Total minimum lease payments | 17,826 |
Amounts representing interest | 1,735 |
Present value of minimum lease payments | 16,091 |
Operating Leases | |
2023 | 15,738 |
2024 | 14,171 |
2025 | 12,299 |
2026 | 11,552 |
2027 | 9,775 |
Later years | 53,876 |
Total minimum lease payments | 117,411 |
Amounts representing interest | 10,905 |
Present value of minimum lease payments | $ 106,506 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Assets: | ||
Foreign currency forward contracts | $ 5,035 | $ 2,755 |
Total assets at fair value | 5,035 | 2,755 |
Liabilities: | ||
Deferred compensation plans | 9,076 | 9,115 |
Foreign currency forward contracts | 11,724 | 4,507 |
Total liabilities at fair value | 20,800 | 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 | 5,035 | 2,755 |
Total assets at fair value | 5,035 | 2,755 |
Liabilities: | ||
Deferred compensation plans | 9,076 | 9,115 |
Foreign currency forward contracts | 11,724 | 4,507 |
Total liabilities at fair value | 20,800 | 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) | 12 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100% |
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90% |
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) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Abstract] | ||
Long-term debt (including current portion), Carrying Amount | $ 737,857 | $ 812,352 |
Long-term debt (including current portion), Fair Value | $ 714,286 | $ 855,376 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Maturity of foreign currency forward contracts | 90 days | ||
Gain (loss) on foreign currency derivative instruments | $ (4,937) | $ 1,485 | $ (5,899) |
Change in unrealized gain loss on foreign currency derivative instruments | $ 11,207 | $ (7,411) | $ 4,367 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Outstanding Currency, Forward Exchange Contracts (Detail) - Foreign Currency Forward Contracts - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 150,130 | $ 189,817 |
Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 685,293 | 610,391 |
Euro | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 85,879 | 100,922 |
Euro | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 337,530 | 325,581 |
Pound sterling | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 31,361 | 50,333 |
Pound sterling | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 101,960 | 79,934 |
Japanese yen | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 12,849 | 14,338 |
Japanese yen | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 33,210 | 45,436 |
Mexican peso | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 9,802 | 5,906 |
Mexican peso | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 26,509 | 23,424 |
Hong Kong dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 5,174 | 6,948 |
Hong Kong dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 73,953 | 44,831 |
Singapore dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 411 | 200 |
Singapore dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 18,817 | 18,029 |
Australian dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 327 | 709 |
Australian dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 9,163 | 10,088 |
Taiwan dollar | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 0 | |
Taiwan dollar | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 24,047 | |
Other | Sell | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 4,327 | 10,461 |
Other | Buy | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 60,104 | $ 63,068 |
Capital Shares - Additional Inf
Capital Shares - Additional Information (Detail) - shares | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Equity [Line Items] | |||
Convertible preferred shares, authorized (in shares) | 10,000,000 | 10,000,000 | |
Common shares, authorized (in shares) | 160,000,000 | 160,000,000 | |
Common shares, issued (in shares) | 98,023,000 | 98,023,000 | |
Common Shares Outstanding (in shares) | 57,111,000 | 58,154,000 | |
Preferred Class A | |||
Equity [Line Items] | |||
Convertible preferred shares, authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Convertible preferred shares, outstanding (in shares) | 0 | 0 | 0 |
Capital Shares - Capital Shares
Capital Shares - Capital Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Equity [Abstract] | |||
Number of Shares (in shares) | 1,190 | 262 | 303 |
Total Amount | $ 260,288 | $ 55,033 | $ 38,138 |
Average per Share (in dollars per share) | $ 218.69 | $ 209.97 | $ 125.70 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 900,000 | ||
Maximum number of common shares available for gran (in shares) | 2,122,000 | ||
Periods of performance considered for calculating compensation expense | 3 years | ||
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100% | ||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90% | ||
Number of common shares reserved for future issuance (in shares) | 1,640,000 | ||
Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense related to director deferred compensation | $ 305,000 | $ 262,000 | $ 175,000 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable beginning period | 1 year | ||
Maximum rate of stock option, description | not exceeding 25 percent per year | ||
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 | $ 7,265,000 | $ 6,946,000 | $ 10,087,000 |
Unrecognized compensation cost related to nonvested stock option | $ 6,663,000 | ||
Weighted average period expected to be amortized, non vested shares | 1 year | ||
Weighted-average expected volatility used | 30.60% | 31% | 25.40% |
Weighted average grant date fair value of stock options granted (in dollars per share) | $ 78.88 | $ 56.02 | $ 38.57 |
Total intrinsic value of options exercised | $ 15,376,000 | $ 32,791,000 | $ 65,783,000 |
Cash received from the exercise of stock options | $ 12,124,000 | 31,780,000 | 50,853,000 |
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 25% | ||
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 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 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 | 3 months 18 days | ||
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 | $ 331,000 | ||
Expense related to nonvested common shares | 1,096,000 | 2,054,000 | 3,956,000 |
Common share dividends amount included in compensation cost | $ 19,000 | 43,000 | 87,000 |
Restricted Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period expected to be amortized, non vested shares | 10 months 24 days | ||
Period for pro-rata vesting of shares or units for non-employee directors | 12 months | ||
Unrecognized compensation cost related to nonvested restricted stock | $ 8,790,000 | ||
Expense related to nonvested common shares | $ 8,403,000 | $ 6,264,000 | $ 1,181,000 |
Performance Share Incentive Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 273.50 | $ 202.05 | $ 201.50 |
Compensation expense | $ 13,626,000 | $ 7,178,000 | $ (2,732,000) |
Cumulative amount recorded in shareholders' equity related to Long-Term Incentive Plan | $ 20,641,000 | $ 7,015,000 | |
Award requisite service period | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 8,029,000 | ||
Performance Share Incentive Awards | November 25, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 160.02 | ||
Performance Share Incentive Awards | March 30, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | 133.01 | ||
Performance Share Incentive Awards | July 6, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 184.04 | ||
Performance Share Incentive Awards | November Twenty One two Thousand Twenty One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 260.60 | ||
Performance Share Incentive Awards | August First Two Thousand Twenty Tow | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 221.94 | ||
Deferred Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common share dividends amount included in compensation cost | $ 72,000 | $ 96,000 | $ 276,000 |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100% | ||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summarized Activity Related to Stock Options (Detail) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Oct. 31, 2022 USD ($) $ / shares shares | |
Number of Options | |
Beginning balance (in shares) | shares | 1,235 |
Granted (in shares) | shares | 85 |
Exercised (in shares) | shares | (115) |
Forfeited or expired (in shares) | shares | (18) |
Ending balance (in shares) | shares | 1,187 |
Expected to vest (in shares) | shares | 372 |
Exercisable (in shares) | shares | 813 |
Weighted˗Average Exercise Price Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 130.93 |
Granted (in dollars per share) | $ / shares | 266.69 |
Exercised (in dollars per share) | $ / shares | 108.33 |
Forfeited or expired (in dollars per share) | $ / shares | 197.31 |
Ending balance (in dollars per share) | $ / shares | 141.82 |
Expected to vest (in dollars per share) | $ / shares | 185.15 |
Exercisable (in dollars per share) | $ / shares | $ 121.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Aggregate Intrinsic Value, Outstanding | $ | $ 101,946 |
Aggregate Intrinsic Value, Expected to vest | $ | 18,004 |
Aggregate Intrinsic Value, Exercisable | $ | $ 83,887 |
Weighted Average Remaining Term, Outstanding | 5 years 4 months 24 days |
Weighted Average Remaining Term, Expected to vest | 7 years |
Weighted Average Remaining Term, Exercisable | 4 years 7 months 6 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Detail) shares in Thousands | 12 Months Ended |
Oct. 31, 2022 $ / shares shares | |
$61 - $125 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit (in dollars per share) | $ 61 |
Exercise price range, Upper range limit (in dollars per share) | 125 |
$126 - $190 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit (in dollars per share) | 126 |
Exercise price range, Upper range limit (in dollars per share) | 190 |
$191 - $268 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit (in dollars per share) | 191 |
Exercise price range, Upper range limit (in dollars per share) | $ 268 |
Stock Options | $61 - $125 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number outstanding (in shares) | shares | 518 |
Weighted-average remaining contractual life, in years | 4 years 6 months |
Weighted-average exercise price (in dollars per share) | $ 104.76 |
Number exercisable (in shares) | shares | 447 |
Weighted-average exercise price (in dollars per share) | $ 101.55 |
Stock Options | $126 - $190 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number outstanding (in shares) | shares | 506 |
Weighted-average remaining contractual life, in years | 6 years 3 months 18 days |
Weighted-average exercise price (in dollars per share) | $ 150.57 |
Number exercisable (in shares) | shares | 345 |
Weighted-average exercise price (in dollars per share) | $ 143.04 |
Stock Options | $191 - $268 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number outstanding (in shares) | shares | 163 |
Weighted-average remaining contractual life, in years | 8 years 7 months 6 days |
Weighted-average exercise price (in dollars per share) | $ 232.62 |
Number exercisable (in shares) | shares | 21 |
Weighted-average exercise price (in dollars per share) | $ 201.42 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions of Stock Options (Detail) - Stock Options | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, Minimum | 30.60% | 30.80% | 24.50% |
Expected volatility, Maximum | 30.80% | 32.60% | 30.50% |
Risk-free interest rate, Minimum | 1.36% | 0.43% | 0.44% |
Risk-free interest rate, Maximum | 2.65% | 0.77% | 1.69% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.76% | 0.83% | 87% |
Expected life of the option (in years) | 5 years 3 months 18 days | 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 | 0.89% | 0.85% | 1.16% |
Expected life of the option (in years) | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 3 months 18 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summarized Activity Related to Restricted Stock (Detail) - Restricted Stock shares in Thousands | 12 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 19 |
Vested (in shares) | shares | (13) |
Ending balance (in shares) | shares | 6 |
Weighted˗Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 157.36 |
Vested (in dollars per share) | $ / shares | 153.28 |
Ending balance (in dollars per share) | $ / shares | $ 167.99 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summarized Activity Related to Restricted Stock Units (Detail) - Restricted Stock Unit shares in Thousands | 12 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 67 |
Granted (in shares) | shares | 43 |
Forfeited (in shares) | shares | (10) |
Vested (in shares) | shares | (19) |
Ending balance (in shares) | shares | 81 |
Weighted˗Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 202.81 |
Granted (in dollars per share) | $ / shares | 253.04 |
Forfeited (in dollars per share) | $ / shares | 224.84 |
Vested (in dollars per share) | $ / shares | 215.57 |
Ending balance (in dollars per share) | $ / shares | $ 223.77 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summarized Activity Related to Director Deferred Compensation Shares (Detail) - Directors - Deferred Compensation Share Equivalent Units shares in Thousands | 12 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 106 |
Restricted share units vested (in shares) | shares | 4 |
Dividend equivalents (in shares) | shares | 1 |
Distributions (in shares) | shares | (21) |
Ending balance (in shares) | shares | 90 |
Weighted˗Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 68.11 |
Restricted share units vested (in dollars per share) | $ / shares | 255.04 |
Dividend equivalents (in dollars per share) | $ / shares | 227.65 |
Distributions (in dollars per share) | $ / shares | 68.12 |
Ending balance (in dollars per share) | $ / shares | $ 77.70 |
Operating Segments and Geogra_3
Operating Segments and Geographic Area Data - Additional Information (Detail) - segment | 3 Months Ended | 12 Months Ended |
Jul. 31, 2022 | Oct. 31, 2022 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 2 | 3 |
Major customers | No single customer accounted for 10 percent or more of sales in 2022, 2021 or 2020. |
Operating Segments and Geogra_4
Operating Segments and Geographic Area Data - Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net external sales | $ 2,590,278 | $ 2,362,209 | $ 2,121,100 |
Operating profit (loss) | 702,360 | 615,127 | 349,545 |
Identifiable assets | 3,820,375 | 3,790,961 | 3,674,656 |
Property, plant and equipment expenditures | 51,428 | 38,303 | 50,535 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net external sales | 2,590,278 | 2,362,209 | 2,121,100 |
Depreciation and amortization | 99,923 | 103,883 | 113,302 |
Operating profit (loss) | 702,360 | 615,127 | 349,545 |
Identifiable assets | 3,881,900 | 3,846,352 | 3,722,708 |
Property, plant and equipment expenditures | 51,428 | 38,303 | 50,535 |
Operating Segments | Advanced Technology Solutions | |||
Segment Reporting Information [Line Items] | |||
Net external sales | 562,859 | 473,608 | 412,778 |
Depreciation and amortization | 8,780 | 11,826 | 10,955 |
Operating profit (loss) | 133,253 | 73,466 | 41,306 |
Identifiable assets | 397,250 | 394,572 | 396,617 |
Property, plant and equipment expenditures | 2,383 | 1,949 | 3,628 |
Operating Segments | Industrial Precision Solutions | |||
Segment Reporting Information [Line Items] | |||
Net external sales | 1,337,242 | 1,246,947 | 1,143,423 |
Depreciation and amortization | 27,891 | 25,673 | 38,939 |
Operating profit (loss) | 434,476 | 414,192 | 208,028 |
Identifiable assets | 1,112,825 | 964,840 | 915,148 |
Property, plant and equipment expenditures | 9,490 | 9,009 | 18,545 |
Operating Segments | Medical Fluid Systems | |||
Segment Reporting Information [Line Items] | |||
Net external sales | 690,177 | 641,654 | 564,899 |
Depreciation and amortization | 54,674 | 56,600 | 53,588 |
Operating profit (loss) | 217,199 | 198,194 | 150,296 |
Identifiable assets | 1,558,861 | 1,519,144 | 1,482,585 |
Property, plant and equipment expenditures | 31,009 | 21,115 | 27,892 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net external sales | 0 | 0 | 0 |
Depreciation and amortization | 8,578 | 9,784 | 9,820 |
Operating profit (loss) | (82,568) | (70,725) | (50,085) |
Identifiable assets | 812,964 | 967,796 | 928,358 |
Property, plant and equipment expenditures | $ 8,546 | $ 6,230 | $ 470 |
Operating Segments and Geogra_5
Operating Segments and Geographic Area Data - Sales and Long-lived Asset Information by Geographic Regions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Net external sales | |||
Net external sales | $ 2,590,278 | $ 2,362,209 | $ 2,121,100 |
Long-lived assets | |||
Total long-lived assets | 455,721 | 466,416 | 480,743 |
Americas | |||
Net external sales | |||
Net external sales | 1,096,596 | 969,110 | 897,115 |
Long-lived assets | |||
Total long-lived assets | 332,709 | 322,878 | 331,697 |
Europe | |||
Net external sales | |||
Net external sales | 645,603 | 617,492 | 536,636 |
Long-lived assets | |||
Total long-lived assets | 62,039 | 67,776 | 69,854 |
Asia Pacific | |||
Net external sales | |||
Net external sales | 848,079 | 775,607 | 687,349 |
Long-lived assets | |||
Total long-lived assets | $ 60,973 | $ 75,762 | $ 79,192 |
Operating Segments and Geogra_6
Operating Segments and Geographic Area Data - Summary of Reconciliation of Consolidated Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total consolidated assets | $ 3,820,375 | $ 3,790,961 | $ 3,674,656 |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total consolidated assets | 3,881,900 | 3,846,352 | 3,722,708 |
Eliminations | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total consolidated assets | $ (61,525) | $ (55,391) | $ (48,052) |
Supplemental Information for _3
Supplemental Information for the Statement of Cash Flows - Supplemental Information for the Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Cash operating activities: | |||
Interest paid | $ 22,975 | $ 27,122 | $ 31,095 |
Income taxes paid | $ 141,212 | $ 106,942 | $ 80,849 |
Contingencies -Additional (Deta
Contingencies -Additional (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Oct. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingencies Accrual | $ 266 | $ 319 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Nov. 03, 2022 USD ($) |
CyberOptics Corporation | Subsequent Event | |
Subsequent Event [Line Items] | |
Cash acquisition | $ 380 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 7,552 | $ 9,045 | $ 9,801 |
Charged to Expense | 1,259 | 32 | 2,165 |
Deductions | 1,336 | 1,572 | 3,074 |
Currency Effects | (743) | (47) | (153) |
Balance at End of Year | 8,218 | 7,552 | 9,045 |
Inventory Obsolescence and Other Reserves | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 45,863 | 41,315 | 39,377 |
Charged to Expense | 18,694 | 11,718 | 24,767 |
Deductions | 18,372 | 7,436 | 23,255 |
Currency Effects | (450) | (266) | (426) |
Balance at End of Year | $ 45,735 | $ 45,863 | $ 41,315 |