Cover Page
Cover Page - shares | 9 Months Ended | |
Jul. 31, 2024 | Aug. 20, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-7977 | |
Entity Registrant Name | NORDSON CORPORATION | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-0590250 | |
Entity Address, Address Line One | 28601 Clemens Road | |
Entity Address, City or Town | Westlake | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44145 | |
City Area Code | 440 | |
Local Phone Number | 892-1580 | |
Title of 12(b) Security | Common Shares, without par value | |
Trading Symbol | NDSN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 57,181,533 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000072331 | |
Current Fiscal Year End Date | --10-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Income Statement [Abstract] | ||||
Sales | $ 661,604 | $ 648,677 | $ 1,945,439 | $ 1,909,319 |
Operating costs and expenses: | ||||
Cost of sales | 292,603 | 288,357 | 862,134 | 868,007 |
Selling and administrative expenses | 201,943 | 189,324 | 588,196 | 553,590 |
Total operating costs and expenses | 494,546 | 477,681 | 1,450,330 | 1,421,597 |
Operating profit | 167,058 | 170,996 | 495,109 | 487,722 |
Other income (expense): | ||||
Interest expense | (18,803) | (12,089) | (60,354) | (32,532) |
Interest and investment income | 1,027 | 603 | 3,625 | 1,628 |
Other income (expense) - net | 152 | 2,542 | (971) | (2,059) |
Total other income (expense) | (17,624) | (8,944) | (57,700) | (32,963) |
Income before income taxes | 149,434 | 162,052 | 437,409 | 454,759 |
Income taxes | 32,107 | 34,161 | 92,293 | 95,044 |
Net income | $ 117,327 | $ 127,891 | $ 345,116 | $ 359,715 |
Average common shares (in shares) | 57,229 | 56,989 | 57,171 | 57,114 |
Incremental common shares attributable to equity compensation (in shares) | 395 | 541 | 449 | 543 |
Average common shares attributable and common share equivalents (in shares) | 57,624 | 57,530 | 57,620 | 57,657 |
Basic earnings per share (in dollars per share) | $ 2.05 | $ 2.24 | $ 6.04 | $ 6.30 |
Diluted earnings per share (in dollars per share) | $ 2.04 | $ 2.22 | $ 5.99 | $ 6.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 117,327 | $ 127,891 | $ 345,116 | $ 359,715 |
Components of other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 8,096 | 3,455 | 19,419 | 79,986 |
Pension and other postretirement plan adjustments, net of tax | (1,198) | (159) | (1,638) | (908) |
Total other comprehensive income | 6,898 | 3,296 | 17,781 | 79,078 |
Total comprehensive income | $ 124,225 | $ 131,187 | $ 362,897 | $ 438,793 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2024 | Oct. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 165,324 | $ 115,679 |
Receivables - net | 538,541 | 590,886 |
Inventories - net | 438,167 | 454,775 |
Prepaid expenses and other current assets | 82,106 | 67,970 |
Total current assets | 1,224,138 | 1,229,310 |
Goodwill | 2,785,773 | 2,784,201 |
Intangible assets - net | 628,764 | 672,744 |
Property, plant and equipment - net | 401,415 | 392,846 |
Operating right of use lease assets | 96,631 | 106,176 |
Deferred income taxes | 20,408 | 16,022 |
Other assets | 47,241 | 50,471 |
Total assets | 5,204,370 | 5,251,770 |
Current liabilities: | ||
Current maturities of long-term debt and notes payable | 96,288 | 115,662 |
Accrued liabilities | 204,796 | 199,588 |
Accounts payable | 98,305 | 106,320 |
Customer advanced payments | 62,339 | 93,389 |
Income taxes payable | 34,085 | 45,359 |
Operating lease liability - current | 17,136 | 16,853 |
Finance lease liability - current | 5,318 | 4,918 |
Total current liabilities | 518,267 | 582,089 |
Long-term debt | 1,398,155 | 1,621,394 |
Operating lease liability - noncurrent | 83,775 | 92,412 |
Deferred income taxes | 205,309 | 210,637 |
Postretirement obligations | 51,120 | 50,862 |
Pension obligations | 42,520 | 40,425 |
Finance lease liability - noncurrent | 12,454 | 11,670 |
Other long-term liabilities | 39,012 | 44,221 |
Shareholders' equity: | ||
Common shares | 12,253 | 12,253 |
Capital in excess of stated value | 708,070 | 668,097 |
Retained earnings | 4,217,680 | 3,989,353 |
Accumulated other comprehensive loss | (178,660) | (196,441) |
Common shares in treasury, at cost | (1,905,586) | (1,875,202) |
Total shareholders' equity | 2,853,757 | 2,598,060 |
Total liabilities and shareholders' equity | $ 5,204,370 | $ 5,251,770 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Shares in Treasury, at cost |
Beginning balance at Oct. 31, 2022 | $ 2,294,375 | $ 12,253 | $ 626,697 | $ 3,652,216 | $ (207,782) | $ (1,789,009) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under company stock and employee benefit plans | 8,807 | 7,032 | 1,775 | |||
Stock-based compensation | 7,071 | 7,071 | ||||
Purchase of treasury shares | (6,875) | (6,875) | ||||
Dividends declared | (37,199) | (37,199) | ||||
Net income | 104,261 | 104,261 | ||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | 76,821 | 76,821 | ||||
Defined benefit pension and post-retirement plan adjustments | (576) | (576) | ||||
Ending balance at Jan. 31, 2023 | 2,446,685 | 12,253 | 640,800 | 3,719,278 | (131,537) | (1,794,109) |
Beginning balance at Oct. 31, 2022 | 2,294,375 | 12,253 | 626,697 | 3,652,216 | (207,782) | (1,789,009) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 359,715 | |||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | 79,986 | |||||
Ending balance at Jul. 31, 2023 | 2,579,806 | 12,253 | 660,218 | 3,900,384 | (128,704) | (1,864,345) |
Beginning balance at Jan. 31, 2023 | 2,446,685 | 12,253 | 640,800 | 3,719,278 | (131,537) | (1,794,109) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under company stock and employee benefit plans | 3,001 | 2,632 | 369 | |||
Stock-based compensation | 4,970 | 4,970 | ||||
Purchase of treasury shares | (47,490) | (47,490) | ||||
Dividends declared | (37,264) | (37,264) | ||||
Net income | 127,563 | 127,563 | ||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | (290) | (290) | ||||
Defined benefit pension and post-retirement plan adjustments | (173) | (173) | ||||
Ending balance at Apr. 30, 2023 | 2,497,002 | 12,253 | 648,402 | 3,809,577 | (132,000) | (1,841,230) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under company stock and employee benefit plans | 6,641 | 5,958 | 683 | |||
Stock-based compensation | 5,858 | 5,858 | ||||
Purchase of treasury shares | (23,798) | (23,798) | ||||
Dividends declared | (37,084) | (37,084) | ||||
Net income | 127,891 | 127,891 | ||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | 3,455 | 3,455 | ||||
Defined benefit pension and post-retirement plan adjustments | (159) | (159) | ||||
Ending balance at Jul. 31, 2023 | 2,579,806 | 12,253 | 660,218 | 3,900,384 | (128,704) | (1,864,345) |
Beginning balance at Oct. 31, 2023 | 2,598,060 | 12,253 | 668,097 | 3,989,353 | (196,441) | (1,875,202) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under company stock and employee benefit plans | 14,418 | 12,519 | 1,899 | |||
Stock-based compensation | 4,659 | 4,659 | ||||
Purchase of treasury shares | (7,371) | (7,371) | ||||
Dividends declared | (38,855) | (38,855) | ||||
Net income | 109,572 | 109,572 | ||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | 43,943 | 43,943 | ||||
Defined benefit pension and post-retirement plan adjustments | (459) | (459) | ||||
Ending balance at Jan. 31, 2024 | 2,723,967 | 12,253 | 685,275 | 4,060,070 | (152,957) | (1,880,674) |
Beginning balance at Oct. 31, 2023 | 2,598,060 | 12,253 | 668,097 | 3,989,353 | (196,441) | (1,875,202) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 345,116 | |||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | 19,419 | |||||
Ending balance at Jul. 31, 2024 | 2,853,757 | 12,253 | 708,070 | 4,217,680 | (178,660) | (1,905,586) |
Beginning balance at Jan. 31, 2024 | 2,723,967 | 12,253 | 685,275 | 4,060,070 | (152,957) | (1,880,674) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under company stock and employee benefit plans | 12,801 | 11,412 | 1,389 | |||
Stock-based compensation | 5,384 | 5,384 | ||||
Purchase of treasury shares | (556) | (556) | ||||
Dividends declared | (38,941) | (38,941) | ||||
Net income | 118,217 | 118,217 | ||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | (32,620) | (32,620) | ||||
Defined benefit pension and post-retirement plan adjustments | 19 | 19 | ||||
Ending balance at Apr. 30, 2024 | 2,788,271 | 12,253 | 702,071 | 4,139,346 | (185,558) | (1,879,841) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under company stock and employee benefit plans | 1,923 | 1,490 | 433 | |||
Stock-based compensation | 4,509 | 4,509 | ||||
Purchase of treasury shares | (26,178) | (26,178) | ||||
Dividends declared | (38,993) | (38,993) | ||||
Net income | 117,327 | 117,327 | ||||
Components of other comprehensive income (loss): | ||||||
Foreign currency translation adjustments | 8,096 | 8,096 | ||||
Defined benefit pension and post-retirement plan adjustments | (1,198) | (1,198) | ||||
Ending balance at Jul. 31, 2024 | $ 2,853,757 | $ 12,253 | $ 708,070 | $ 4,217,680 | $ (178,660) | $ (1,905,586) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Jul. 31, 2024 | Apr. 30, 2024 | Jan. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared (in dollars per share) | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.65 | $ 0.65 | $ 0.65 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 345,116 | $ 359,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 99,646 | 80,637 |
Non-cash stock compensation | 14,552 | 17,067 |
Deferred income taxes | (3,830) | (930) |
Other non-cash expense | 3,698 | 762 |
Loss on sale of property, plant and equipment | 1,015 | 1,624 |
Changes in operating assets and liabilities and other | (385) | 19,197 |
Net cash provided by operating activities | 459,812 | 478,072 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (43,786) | (24,244) |
Proceeds from sale of property, plant and equipment | 63 | 91 |
Other | 8,833 | 0 |
Acquisition of business, net of cash acquired | 0 | (377,843) |
Net cash used in investing activities | (34,890) | (401,996) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 4,334 | 1,279,151 |
Repayment of debt | (248,689) | (1,205,195) |
Repayment of finance lease obligations | (4,505) | (4,769) |
Issuance of common shares in treasury | 29,142 | 18,449 |
Purchase of treasury shares | (34,105) | (78,163) |
Dividends paid | (116,789) | (111,547) |
Net cash used in financing activities | (370,612) | (102,074) |
Effect of exchange rate changes on cash | (4,665) | 5,679 |
Increase (decrease) in cash and cash equivalents | 49,645 | (20,319) |
Cash and cash equivalents at beginning of period | 115,679 | 163,457 |
Cash and cash equivalents at end of period | $ 165,324 | $ 143,138 |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Jul. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Basis of presentation . The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended July 31, 2024 are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the Consolidated Financial Statements and notes included in our Annual Report on Form 10-K for the year ended October 31, 2023. Consolidation . The Condensed Consolidated Financial Statements include the accounts of Nordson Corporation and its 100%-owned and controlled subsidiaries. Investments in affiliates and joint ventures in which our ownership is 50% or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates . The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. Actual amounts could differ from these estimates. Revenue recognition . A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Revenue for undelivered items is deferred and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of July 31, 2024 and 2023 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 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 on July 31, 2024 and October 31, 2023. Revenue recognized over time represented approximately less than ten percent of our overall consolidated revenues at July 31, 2024 and October 31, 2023. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or services. Taxes, including sales and value add, that we collect concurrently with revenue-producing activities are excluded from revenue. As a practical expedient, we may exclude the assessment of whether goods or services are performance obligations, if they are immaterial in the context of the contract, and combine these with other performance obligations. While payment terms and conditions vary by contract type, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs as a significant portion of these costs are incurred prior to transfer of control to the customer. We have also elected to apply the practical expedient to expense sales commissions as they are incurred as the amortization period resulting from capitalizing the costs is one year or less. These costs are recorded within Selling and administrative expenses in our Condensed Consolidated Statements of Income. We offer assurance-type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term and are not material. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, 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 our Operating segments Note for details. Earnings per share . Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted shares and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options excluded from the calculation of diluted earnings per share for the three months ended July 31, 2024 and 2023 were 74 and 138, respectively. Options excluded from the calculation of diluted earnings per share for the nine months ended July 31, 2024 and 2023 were 74 and 141, re spectively. |
Recently issued accounting stan
Recently issued accounting standards | 9 Months Ended |
Jul. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently issued accounting standards | Recently issued accounting standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 will have on its consolidated financial statements and disclosures and anticipates adoption in 2025. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 is intended to improve income tax disclosure requirements by requiring specific disclosure in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 |
Acquisitions
Acquisitions | 9 Months Ended |
Jul. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [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 Condensed Consolidated Statements of Income. 2024 Acquisition On August 21, 2024, the Company completed the acquisition of Atrion Corporation, a Delaware corporation (“Atrion”), pursuant to the terms of the Agreement and Plan of Merger (the “Merger Agreement”), dated May 28, 2024, with Alpha Medical Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Nordson (“Merger Sub”), and Atrion. Pursuant to the Merger Agreement, Merger Sub merged with and into Atrion (the “Merger”), with Atrion surviving the Merger as a wholly owned subsidiary of Nordson. Atrion is a leader in proprietary medical infusion fluid delivery and niche cardiovascular solutions and will operate within our Medical and Fluid Solutions segment. The all-cash acquisition of Atrion of approximately $800,000, net of cash acquired, was funded using borrowings under our revolving credit facility and Term Loan Agreement (refer to Long-term debt Note) and cash on hand. Atrion sales for the year ended December 31, 2023 were approximately $169,000. 2023 Acquisitions On August 24, 2023, the Company completed the acquisition of the ARAG Group and its subsidiaries ("ARAG Group" or "ARAG") pursuant to the terms of the Sale and Purchase Agreement, dated as of June 25, 2023, by and among the Company, its Italian subsidiary, Capvis Equity V LP, DRIP Co-Investment, and certain individuals. ARAG is a global market and innovation leader in the development, production and supply of precision control systems and smart fluid components for agricultural spraying. ARAG operates as a division of our Industrial Precision Solutions segment. In anticipation of the acquisition, the Company entered into a €760,000 senior unsecured term loan facility with a group of banks in August 2023 (the "364-Day Term Loan F acility" ). The all-cash ARAG acquisition of approximately €957,000, net of the repayment of approximately €30,300 of debt of the acquired companies, was funded using borrowings under the 364-Day Term Loan Facility and the Company's revolving credit facility. The 364-Day Term Loan Facility was subsequently paid off in September 2023 with the net proceeds of a senior notes offering. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $687,357 and identifiable intangible assets of $353,500 were recorded. The identifiable intangible assets consist primarily of $27,500 of tradenames (amortized over nine years), $31,000 of technology (amortized over five years), and $295,000 of customer relationships (amortized over twenty-two years). Goodwill associated with the acquisition was not tax deductible. As of July 31, 2024, the purchase price allocation remains preliminary as we complete our assessment principally of income taxes. The financial results of the ARAG Group acquisition are not expected to have a material impact on our Consolidated Financial Statements. The assets and liabilities acquired were as follows: August 24, 2023 Cash $ 32,966 Receivables - net 31,081 Inventories - net 51,952 Goodwill 687,357 Intangibles 353,500 Other assets 55,993 Total Assets $ 1,212,849 Accounts payable $ 18,915 Deferred income taxes 100,097 Other liabilities 15,934 Total Liabilities $ 134,946 On November 3, 2022, we acquired 100% of CyberOptics Corporation ("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 is reported in our Advanced Technology Solutions segment. We acquired CyberOptics for an aggregate purchase price of $377,843, net of cash of approximately $40,890, funded using borrowings under our revolving credit facility and cash on hand. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $285,330 and identifiable intangible assets of $58,600 were recorded. The identifiable intangible assets consist primarily of $15,200 of tradenames (amortized over fifteen years), $14,600 of technology (amortized over seven years), and $28,800 of customer contracts (amortized over twelve years). Goodwill associated with the acquisition was not tax deductible . As of July 31, 2024, the purchase price allocation was final. The results of CyberOptics are not material to our Consolidated Financial Statements. The assets and liabilities acquired were as follows: November 3, 2022 Cash $ 40,890 Receivables - net 21,364 Inventories - net 33,639 Goodwill 285,330 Intangibles 58,600 Other assets 13,768 Total Assets $ 453,591 Accounts payable $ 8,109 Deferred income taxes 14,826 Other liabilities 11,923 Total Liabilities $ 34,858 |
Receivables
Receivables | 9 Months Ended |
Jul. 31, 2024 | |
Credit Loss [Abstract] | |
Receivables | Receivables Our allowance for credit losses is principally determined based on aging of receivables. Receivables are exposed to credit risk based on the customers' ability to pay which is influenced by, among other factors, their financial liquidity. We perform ongoing customer credit evaluation to maintain sufficient allowances for potential credit losses. Our segments perform credit evaluation and monitoring to estimate and manage credit risk through the review of customer information, credit ratings, approval and monitoring of customer credit limits, and assessment of market conditions. We may also require prepayments or bank guarantees from customers to mitigate credit risk. Our receivables are generally short-term in nature with a majority of receivables outstanding less than 90 days. Accounts receivable balances are written-off against the allowance if deemed uncollectible. Accounts receivable are net of an allowance for credit losses of $11,839 a nd $10,015 o n July 31, 2024 and October 31, 2023, respectively. The provision for losses on receivables was $1,678 and $2,156 for the three and nine months ended July 31, 2024, respectively , co |
Inventories
Inventories | 9 Months Ended |
Jul. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Components of inventories were as follows: July 31, 2024 October 31, 2023 Finished goods $ 255,565 $ 233,552 Raw materials and component parts 200,961 211,874 Work-in-process 65,462 86,474 521,988 531,900 Obsolescence and other reserves (83,821) (77,125) $ 438,167 $ 454,775 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Jul. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Components of property, plant and equipment were as follows: July 31, 2024 October 31, 2023 Land $ 15,280 $ 15,792 Land improvements 5,099 5,019 Buildings 289,691 294,267 Machinery and equipment 577,723 549,291 Enterprise management system 53,385 52,939 Construction-in-progress 40,054 24,916 Leased property under finance leases 30,086 28,406 1,011,318 970,630 Accumulated depreciation and amortization (609,903) (577,784) $ 401,415 $ 392,846 Depreciation expense was $14,180 and $13,180 for the three months ended July 31, 2024 and 2023, respectively. Depreciation expense was $42,234 and $38,798 for the nine months ended July 31, 2024 and 2023, respectively. |
Goodwill and other intangible a
Goodwill and other intangible assets | 9 Months Ended |
Jul. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets Changes in the carrying amount of goodwill for th e nine months ended July 31, 2024 by operating segment were as follows: Industrial Medical Fluid Systems Advanced Total Balance at October 31, 2023 $ 1,208,996 $ 1,173,858 $ 401,347 $ 2,784,201 Acquisitions (7,543) — — (7,543) Currency effect 5,972 1,341 1,802 9,115 Balance at July 31, 2024 $ 1,207,425 $ 1,175,199 $ 403,149 $ 2,785,773 See Acquisitions Note for additional details. Information regarding our intangible assets subject to amortization was as follows: July 31, 2024 Carrying Accumulated Net Book Customer relationships $ 811,392 $ 327,906 $ 483,486 Patent/technology costs 207,113 128,990 78,123 Trade name 126,820 59,861 66,959 Non-compete agreements 8,486 8,290 196 Other 421 421 — Total $ 1,154,232 $ 525,468 $ 628,764 October 31, 2023 Carrying Accumulated Net Book Customer relationships $ 794,706 $ 287,585 $ 507,121 Patent/technology costs 204,905 112,994 91,911 Trade name 125,692 52,488 73,204 Non-compete agreements 10,028 9,521 507 Other 182 181 1 Total $ 1,135,513 $ 462,769 $ 672,744 Amortization expense for the three months ended July 31, 2024 and 2023 was $19,202 and $13,922, respectively. Amortization expense for the nine months ended July 31, 2024 and 2023 was $57,412 and $41,839, respectively. See Acquisitions Note for details regarding intangibles recorded due to the acquisition of ARAG and CyberOptics. |
Pension and other postretiremen
Pension and other postretirement plans | 9 Months Ended |
Jul. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension and other postretirement plans | Pension and other postretirement plans The components of net periodic pension and other postretirement cost for the three and nine months ended July 31, 2024 and 2023 were: U.S. International Three Months Ended 2024 2023 2024 2023 Service cost $ 2,507 $ 2,744 $ 231 $ 281 Interest cost 4,752 4,176 688 642 Expected return on plan assets (6,652) (6,529) (417) (392) Amortization of prior service credit — — (2) (13) Amortization of net actuarial loss — — 7 20 Settlement loss 56 — — — Total benefit cost $ 663 $ 391 $ 507 $ 538 U.S. International Nine Months Ended 2024 2023 2024 2023 Service cost $ 7,522 $ 8,233 $ 702 $ 838 Interest cost 14,257 12,526 2,062 1,887 Expected return on plan assets (19,958) (19,587) (1,250) (1,151) Amortization of prior service credit — — (6) (38) Amortization of net actuarial loss — — 24 61 Settlement loss 56 — — — Total benefit cost $ 1,877 $ 1,172 $ 1,532 $ 1,597 The components of other postretirement benefit costs for the three and nine months ended July 31, 2024 and 2023 were: U.S. International Three Months Ended 2024 2023 2024 2023 Service cost $ 70 $ 100 $ 1 $ 1 Interest cost 754 766 3 3 Amortization of net actuarial gain (147) — (14) (16) Total benefit cost (income) $ 677 $ 866 $ (10) $ (12) U.S. International Nine Months Ended 2024 2023 2024 2023 Service cost $ 211 $ 299 $ 4 $ 4 Interest cost 2,262 2,297 10 8 Amortization of net actuarial gain (443) — (43) (47) Total benefit cost (income) $ 2,030 $ 2,596 $ (29) $ (35) The components of net periodic pension and other postretirement cost, other than service cost, are included in Other – net in our Condensed Consolidated Statements of Income. |
Income taxes
Income taxes | 9 Months Ended |
Jul. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We record our interim provision for income taxes based on our estimated annual effective tax rate, as well as certain items discrete to the current period. The effective tax rate for the three months ended July 31, 2024 and 2023 was 21.5% and 21.1%, respectively. The effective tax rate for the nine months ended July 31, 2024 and 2023 was 21.1% and 20.9%, respectively. Due to our share-based payment transactions, our income tax provision included a discrete tax benefit of $537 and $2,846 for the three and nine months ended July 31, 2024, respectively. Our income tax provision included a similar discrete tax benefit of $996 and $2,745 for the three and nine months ended July 31, 2023, respectively. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 9 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss), including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. Cumulative Pension and Accumulated Balance at October 31, 2023 $ (133,280) $ (63,161) $ (196,441) Pension and other postretirement plan adjustments, net of tax of $250 — (1,638) (1,638) Foreign currency translation adjustments (a) 19,419 — 19,419 Balance at July 31, 2024 $ (113,861) $ (64,799) $ (178,660) (a) Includes a net loss of $11,475, net of tax of $3,427, on net investment hedges. |
Stock-based compensation
Stock-based compensation | 9 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation During the 2021 Annual Meeting of Shareholders, our shareholders approved the Nordson Corporation 2021 Stock Incentive and Award Plan (the "2021 Plan") as the successor to the Amended and Restated 2012 Stock Incentive and Award Plan (the "2012 Plan"). The 2021 Plan provides for the granting of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, cash awards and other stock or performance-based incentives. A maximum of 900 common shares were authorized for grant under the 2021 Plan plus the number of shares that remained available to be granted under the 2012 Plan, as well as issuable under the CyberOptics equity plan. As of July 31, 2024, a total of 1,875 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 postretirement 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 dat e. 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 $1,426 and $3,960 for the three and nine months ended July 31, 2024, respectively, compared to $1,697 and $4,982 for the three and nine months ended July 31, 2023, respectively. The following table summarizes activity related to stock options for the nine months ended July 31, 2024: Number of Weighted- Aggregate Weighted Outstanding at October 31, 2023 1,062 $ 152.41 Granted 61 238.35 Exercised (243) 122.43 Forfeited or expired (7) 229.00 Outstanding at July 31, 2024 873 $ 166.21 $ 74,716 4.9 years Expected to vest 164 $ 239.41 $ 2,428 8.0 years Exercisable at July 31, 2024 707 $ 149.00 $ 72,263 4.2 years As of July 31, 2024, there was $5,668 of total unrecognized compensation cost related to unvested stock options. That cost is expected to be amortized over a weighted average period of approximately 2.9 years. The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended July 31, 2024 July 31, 2023 Expected volatility 30.3% - 31.7% 30.4% - 31.8% Expected dividend yield 1.15% - 1.20% 1.12% - 1.27% Risk-free interest rate 4.22% - 4.52% 3.79% - 4.21% Expected life of the option (in years) 5.0 - 6.2 5.0 - 6.2 The weighted-average expected volatility used to value the 2024 and 2023 options was 30.7% and 30.6%, respectively. Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. The weighted average grant date fair value of stock options granted during the nine months ended July 31, 2024 and 2023 was $79.84 and $77.99, respectively. The total intrinsic value of options exercised during the three months ended July 31, 2024 and 2023 was $3,115 and $7,741, respectively. The total intrinsic value of options exercised during the nine months ended July 31, 2024 and 2023 was $33,286 and $19,873, respectively. Cash received from the exercise of stock options for the nine months ended July 31, 2024 and 2023 was $29,142 and $18,449, respectively. Restricted Shares and Restricted Share Units We may grant restricted shares and/or restricted share units to our employees and directors. These shares or units may not be transferred for a designated period of time (generally one For employee recipients, in the event of termination of employment due to early retirement, with the consent of the Company, restricted shares and units granted within 12 months prior to termination are forfeited, and other restricted shares and units vest on a pro-rata basis, subject to the consent of the Compensation Committee. In the event of termination of employment due to normal retirement at age 65, restricted shares and units granted within 12 months prior to termination are forfeited, and, for other restricted shares and units, the restriction period applicable to restricted shares will lapse and the shares will vest and be transferable and all unvested units will become vested in full, subject to the consent of the Compensation Committee. In the event of a recipient's disability or death, all restricted shares and units granted within 12 months prior to termination fully vest. Termination for any other reason prior to the lapse of any restrictions or vesting of units results in forfeiture of the shares or units. For non-employee directors, all restrictions lapse in the event of disability or death of the non-employee director. Termination of service as a director for any other reason within one year of date of grant results in a pro-rata vesting of shares or units. As shares or units are issued, stock-based compensation equivalent to the fair value on the date of grant is expensed over the vesting period. As of July 31, 2024, there was no unrecogniz ed compensation cost related to restricted shares. The amount charged to expense related to restricted shares during the three months ended July 31, 2024 and 2023 was $0 and $73, respectively, which included common share dividends of $0 and $2, respectively. For the nine months ended July 31, 2024 and 2023, the amounts charged to expense related to restricted shares were $0 and $336, respectively, which included common share dividends of $0 and $5, respectively. The following table summarizes activity related to restricted share units during the nine months ended July 31, 2024: Number of Units Weighted-Average Restricted share units at October 31, 2023 69 $ 236.28 Granted 39 234.74 Forfeited (5) 241.30 Vested (31) 233.05 Restricted share units at July 31, 2024 72 $ 236.37 As of July 31, 2024, there was $10,876 of remaining expense to be recognized related to outstanding restricted share units, which is expected to be recognized over a weighted average period of 1.9 years. The amount charged to expense related to restricted share units during each of the three months ended July 31, 2024 and 2023 was $2,198 and $2,152, respectively, compared to charges of $6,658 and $6,658, respectively, for the nine months ended July 31, 2024 and 2023, respectively. Performance Share Incentive Awards Executive officers and selected other key employees are eligible to receive common share-based incentive awards. Payouts, in the form of unrestricted common shares, vary based on the degree to which corporate financial performance exceeds predetermined threshold, target and maximum performance goals over three-year performance periods. No payout will occur unless threshold performance is achieved. The amount of compensation expense is based upon current performance projections and the percentage of the requisite service that has been rendered. The calculations are based upon the grant date fair value, which is principally driven by the stock price on the date of grant. The per share values were $229.58 a nd $225.14 in 2024, and $231.34, $211.25 and $214.51 for 2023. The amount charged to expense related to performance awards for the three months ended July 31, 2024 and 2023 was $771 and $1,831, respectively. For the nine months ended July 31, 2024 and July 31, 2023, $3,637 and $4,785 were charged to expense, respectively. As of July 31, 2024, there was $8,224 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 payout each year. Additional share units are credited for quarterly dividends paid on our common shares. Expense related to dividends paid under this plan for the three months ended July 31, 2024 and 2023 was $23 and $30, respectively, compared to $71 and $77 for the nine months ended July 31, 2024 and 2023, respectively. Deferred Directors' Compensation Non-employee directors may defer all or part of their cash and equity-based compensation until retirement. Cash compensation may be deferred as cash or as share equivalent units. Deferred cash amounts are recorded as liabilities, and share equivalent units are recorded as equity. Additional share equivalent units are earned when common share dividends are declared. The following table summarizes activity related to director deferred compensation share equivalent units during the nine months ended July 31, 2024: Number of Shares Weighted-Average Outstanding at October 31, 2023 78 $ 93.11 Dividend equivalents 1 249.14 Distributions (14) 54.21 Outstanding at July 31, 2024 65 $ 103.73 T he amount charged to expense related to director deferred compensation for the three months ended July 31, 2024 and 2023 was $91 and $76, respectively, compared to $226 and $234 for the nine months ended July 31, 2024 and 2023, respectively. |
Warranties
Warranties | 9 Months Ended |
Jul. 31, 2024 | |
Guarantees [Abstract] | |
Warranties | Warranties We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) 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 Sheets. Following is a reconciliation of the product warranty liability for the nine months ended July 31, 2024 and 2023: July 31, 2024 July 31, 2023 Beginning balance at October 31 $ 14,401 $ 11,723 Accruals for warranties 10,841 14,938 Warranty payments (11,279) (12,939) Currency effect (209) 566 Ending balance $ 13,754 $ 14,288 |
Operating segments
Operating segments | 9 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Operating segments | Operating segments We conduct business in three p rimary 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 us ed by the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing performance is operating profit, which equals sales less cost of sales and certain operating expenses. Items below the operating profit line of the Condensed Consolidated Statements of Income (interest and investment income, interest expense and other income/expense ) are excluded from the measure of segment profitability reviewed by our chief operating decision maker and are not presented by operating segment. The accounting policies of the segments are the same as those described in the Significant accounting policies Note. Industrial Precision Solutions: This segment focuses 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, agricultural, 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 focuses 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. The following table presents information about our segments: Three Months Ended Industrial Medical and Fluid Solutions Advanced Corporate Total July 31, 2024 Net external sales $ 370,561 $ 166,737 $ 124,306 $ — $ 661,604 Operating profit (loss) 118,110 48,374 22,945 (22,371) 167,058 July 31, 2023 Net external sales $ 338,257 $ 170,871 $ 139,549 $ — $ 648,677 Operating profit (loss) 115,346 54,019 27,083 (25,452) 170,996 Nine Months Ended July 31, 2024 Net external sales $ 1,092,099 $ 495,229 $ 358,111 $ — $ 1,945,439 Operating profit (loss) 344,305 143,467 60,767 (53,430) 495,109 July 31, 2023 Net external sales $ 985,610 $ 491,683 $ 432,026 $ — $ 1,909,319 Operating profit (loss) 329,439 141,326 70,136 (53,179) 487,722 We had significant sales in the following geographic regions: Three Months Ended Nine Months Ended July 31, 2024 July 31, 2023 July 31, 2024 July 31, 2023 Americas $ 287,016 $ 290,515 $ 855,456 $ 834,125 Europe 179,370 167,536 540,750 498,379 Asia Pacific 195,218 190,626 549,233 576,815 Total net external sales $ 661,604 $ 648,677 $ 1,945,439 $ 1,909,319 |
Fair value measurements
Fair value measurements | 9 Months Ended |
Jul. 31, 2024 | |
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: July 31, 2024 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 4,308 $ — $ 4,308 $ — Net investment contracts (b) 5,834 — 5,834 — Total assets at fair value $ 10,142 $ — $ 10,142 $ — Liabilities: Deferred compensation plans (c) $ 9,513 $ — $ 9,513 $ — Foreign currency forward contracts (a) 5,414 — 5,414 — Net investment contracts (b) 17,100 — 17,100 — Total liabilities at fair value $ 32,027 $ — $ 32,027 $ — October 31, 2023 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 696 $ — $ 696 $ — Net investment contracts (b) 13,713 — 13,713 — Total assets at fair value $ 14,409 $ — $ 14,409 $ — Liabilities: Deferred compensation plans (c) $ 9,637 $ — $ 9,637 $ — Net investment contracts (b) 9,985 — 9,985 — Foreign currency forward contracts (a) 10,425 — 10,425 — Total liabilities at fair value $ 30,047 $ — $ 30,047 $ — (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) Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. The fair value of these hedges is primarily based on the exchange rate between the currency pair of the hedge upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk. The notional amount of our net investment hedge contracts as of July 31, 2024 was $840,271. (c) Executive officers and other highly compensated employees may defer up to 100% of their salary and annual cash incentive compensation and for executive officers, up to 90% of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, receivables, accounts payable and notes payable, are shown in the table below. The carrying values of cash and cash equivalents, receivables, accounts payable and notes payable approximate fair value due to the short-term nature of these instruments. July 31, 2024 Carrying Amount Fair Value Long-term debt (including current portion) $ 1,483,798 $ 1,530,217 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 disclosed in the Long-term debt Note. |
Derivative financial instrument
Derivative financial instruments | 9 Months Ended |
Jul. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments Foreign Currency Forward Contracts We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other – net” on the Condensed Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. The settlement of these contracts is recorded in operating activities on the Consolidated Statement of Cash Flows. For the three months ended July 31, 2024, we recognized a net gain of $2,954 on foreign currency forward contracts and a net loss of $3,418 from the change in fair value of balance sheet positions. For the three months ended July 31, 2023, we recognized a net loss of $93 on foreign currency forward contracts and a net loss of $855 from the change in fair value of balance sheet positions. For the nine months ended July 31, 2024, we recognized a net gain of $8,624 on foreign currency forward contracts and a realized net loss of $11,035 from the change in fair value of balance sheet positions. For the nine months ended July 31, 2023, we recognized a net gain of $12,086 on foreign currency forward contracts and a net loss of $19,710 from the change in fair value of balance sheet positions. The fair values of our foreign currency f orward contract assets and liabilities are included in Receivable-net and Accrued liabilities, respectively, in our Consolidated Balance Sheets. The following table summarizes, by currency, the foreign currency forward contracts outstanding at July 31, 2024 and 2023: July 31, 2024 contract amounts: Notional Sell Amounts Notional Buy Amounts Euro $ 124,144 $ 144,557 British pound 17,187 138,240 Japanese yen 18,113 26,580 Mexican Peso 50 32,714 Hong Kong dollar — 1,942 Singapore dollar 2,391 22,735 Australian dollar — 9,630 Taiwan Dollar — 8,000 Others 3,425 71,755 Total $ 165,310 $ 456,153 July 31, 2023 contract amounts: Notional Sell Amounts Notional Buy Amounts Euro $ 95,064 $ 194,850 British pound 20,489 132,956 Mexican Peso 3,227 28,158 Japanese yen 23,195 17,908 Hong Kong dollar 2,080 7,265 Singapore dollar 60 19,817 Australian dollar — 9,236 Taiwan Dollar — 8,000 Others 2,602 71,830 Total $ 146,717 $ 490,020 We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. For the three and nine months ended July 31, 2024 and 2023, there were no significant concentrations of credit risk. Net Investment Hedges Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. As of July 31, 2024, the Company was party to various cross currency swaps between the U.S. Dollar and Euro, Japanese Yen, Taiwan Dollar, Singapore Dollar and Chinese Yuan, which were designated as hedges of our net investments in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. Any increases or decreases related to the remeasurement of the hedges are recorded in the currency translation component of Accumulated other comprehensive income (loss) within Shareholders' Equity in the Consolidated Balance Sheet until the sale or substantial liquidation of the underlying investments. A loss of $6,968 and a loss of $11,475, net of tax, was recorded for the three and nine months ended July 31, 2024, respectively, compared to a $1,205 loss, net of tax, for both the three and nine months ended July 31, 2023, respectively. The following table summarizes the fair values of our net investment contracts designated as net investment hedges in the Company's Consolidated Balance Sheets as of July 31, 2024: Prepaid expenses and other current assets Other assets Accrued liabilities Other long-term liabilities Net investment contracts $ 5,579 $ 255 $ 7,827 $ 9,273 |
Long-term debt
Long-term debt | 9 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt A summary of long-term debt is as follows: July 31, 2024 October 31, 2023 Notes Payable $ 10,644 $ 5,019 Revolving credit agreement, due 2028 130,000 248,000 Term loan due 2026 280,000 300,000 Senior notes, due 2025 8,500 32,000 Senior notes, due 2025-2027 37,143 54,286 Senior notes, due 2025-2030 190,000 260,000 5.600% Notes due 2028 350,000 350,000 5.800% Notes due 2033 500,000 500,000 1,506,287 1,749,305 Less current maturities 96,288 115,662 Less unamortized debt issuance costs 10,487 10,773 Less bond discounts 1,357 1,476 Long-term maturities $ 1,398,155 $ 1,621,394 Revolving credit agreement — In June 2023, we entered into a $1,150,000 unsecured multi-currency credit facility with a group of banks, which provides for a term loan facility in the aggregate principal amount of $300,000 (the "Term Loan Facility"), maturing in June 2026, and a multicurrency revolving credit facility in the aggregate principal amount of $850,000 (the "Revolving Facility"), maturing in June 2028 (the "New Credit Agreement"). In June 2024, the Revolving Facility was amended to increase the aggregate principal amount to $922,500. The Company borrowed and had outstanding $280,000 on the Term Loan Facility and $130,000 on the Revolving Facility as of July 31, 2024. The Revolving Facility permits borrowing in U.S. Dollars, Euros, Sterling, Swiss Francs, Singapore Dollars, Yen, and each other currency approved by a Revolving Facility lender. The New Credit Agreement provides that the applicable margin for (i) RFR, as defined in the New Credit Agreement, and Eurodollar Loans will range from 0.85% to 1.20% and (ii) Base Rate Loans will range from 0.00% to 0.20%, in each case, based on the Company’s Leverage Ratio (as defined in the New Credit Agreement and calculated on a consolidated net debt basis). Borrowings under the New Credit Agreement bear interest at (i) either a base rate or a SOFR rate, with respect to borrowings in U.S. dollars, (ii) a eurocurrency rate, with respect to borrowings in Euros and Yen, or (iii) Daily Simple RFR, with respect to borrowings in Sterling, Swiss Francs or Singapore Dollars, plus, in each case, an applicable margin (and, solely in the case of Singapore Dollars, a spread adjustment). The applicable margin is based on the Company’s Leverage Ratio. The weighted-average interest rate at July 31, 2024 was 6.39%. 364-day term loan agreement — In June 2024, we entered into a 364-day term loan agreement (the "Term Loan Agreement") with a group of banks. The Term Loan Agreement provides for a delayed draw term loan facility in the aggregate principal amount of $500,000 and was entered into to fund, in part, the acquisition of Atrion. Senior notes, due 2025 — These unsecured fixed-rate notes entered into in 2012 with a group of insurance companies have a remaining weighted-average life of 0.99 years. The weighted-average interest rate at July 31, 2024 was 3.07%. Senior notes, due 2025-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies have a remaining weighted-average life of 1.80 years. The weighted-average interest rate at July 31, 2024 was 3.13%. Senior notes, due 2025-2030 — These unsecured fixed-rate notes entered into in 2018 with a group of insurance companies have a remaining weighted-average life of 2.95 years. The weighted-average interest rate at July 31, 2024 was 4.03%. 5.60% Notes due 2028 and 5.80% Notes due 2033 — In September 2023, we completed an underwritten public offering (the "Offering") of $350,000 aggregate principal amount of 5.60% Notes due 2028 and $500,000 aggregate principal amount of 5.80% Notes due 2033. |
Contingencies
Contingencies | 9 Months Ended |
Jul. 31, 2024 | |
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 matters discussed below, after consultation with legal counsel, we do not believe that losses in excess of the amounts we have accrued would have a material adverse effect on our financial condition, quarterly or annual operating results or cash flows. Environmental We have voluntarily agreed with the City of New Richmond, Wisconsin and other potentially responsible parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the "Site") and the construction of a potable water delivery system serving the impacted area down gradient of the Site. As of July 31, 2024 and October 31, 2023, our accrual for the ongoing operation, maintenance and monitoring obligation at th e Site was $181 and $231 , 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 | 9 Months Ended |
Jul. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On August 21, 2024, the Company completed the acquisition of Atrion pursuant to the terms of the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub merged with and into Atrion with Atrion surviving the Merger as a wholly owned subsidiary of Nordson. Atrion is a leader in proprietary medical infusion fluid delivery and niche cardiovascular solutions and will operate within our Medical and Fluid Solutions segment. The all-cash acquisition of Atrion of approximately $800,000, net of cash acquired, was funded using borrowings under our revolving credit facility and Term Loan Agreement (refer to Long-term debt Note) and cash on hand. Atrion sales for the year ended December 31, 2023 were approximately $169,000. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2024 | Apr. 30, 2024 | Jan. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 117,327 | $ 118,217 | $ 109,572 | $ 127,891 | $ 127,563 | $ 104,261 | $ 345,116 | $ 359,715 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Jul. 31, 2024 shares | Jul. 31, 2024 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Name (Title) Action Taken (Date of Action) Type of Trading Arrangement 1 Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities 2 Stephen P. Lovass Executive Vice President Adoption 7/8/2024 Rule 10b5-1 Trading Arrangement Sale Until 11/31/2025 Up to 2,229 3 Common Shares Jennifer L. McDonough Executive Vice President, General Counsel and Secretary Adoption 7/8/2024 Rule 10b5-1 Trading Arrangement Sale Until 12/31/2024 Up to 1,072 Common Shares James E. DeVries Executive Vice President, Continuous Improvement Adoption 7/10/2024 Rule 10b5-1 Trading Arrangement Sale Until 11/21/2025 Up to 9,100 Common Shares Joseph P. Kelley Executive Vice President Adoption 7/10/2024 Rule 10b5-1 Trading Arrangement Sale Until 7/3/2025 Up to 4,000 Common Shares 1 Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”). 2 The aggregate number of securities may include common shares subject to restricted stock units previously granted to the reporting director or officer may vest and be released to the reporting director or officer on or after July 31, 2024 upon the satisfaction of the applicable service-based vesting conditions. The actual number of shares that will be released to the reporting director or officer pursuant to the restricted stock units and sold under the Rule 10b5-1 trading arrangement will be net of the number of shares withheld by the Company to satisfy tax withholding obligations arising from the vesting of such shares and is not yet determinable. 3 This figure includes an estimate of the number of shares issuable under performance share units ("PSUs") awarded under the Company's 2021 Stock Incentive and Award Plan ("SIAP") that may be sold under the trading arrangement; however, the actual number of shares that will be acquired through the SIAP may vary. In addition, the number of shares that may be sold under the trading arrangement includes the target number of shares issuable under Mr. Lovass' PSU award vesting during the term of the trading arrangement. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Stephen P. Lovass [Member] | ||
Trading Arrangements, by Individual | ||
Name | Stephen P. Lovass | |
Title | Executive Vice President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 7/8/2024 | |
Expiration Date | 11/31/2025 | |
Arrangement Duration | 510 days | |
Aggregate Available | 2,229 | 2,229 |
Jennifer L. McDonough [Member] | ||
Trading Arrangements, by Individual | ||
Name | Jennifer L. McDonough | |
Title | Executive Vice President, General Counsel and Secretary | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 7/8/2024 | |
Expiration Date | 12/31/2024 | |
Arrangement Duration | 176 days | |
Aggregate Available | 1,072 | 1,072 |
James E. DeVries [Member] | ||
Trading Arrangements, by Individual | ||
Name | James E. DeVries | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 7/10/2024 | |
Expiration Date | 11/21/2025 | |
Arrangement Duration | 499 days | |
Aggregate Available | 9,100 | 9,100 |
Joseph P. Kelley [Member] | ||
Trading Arrangements, by Individual | ||
Name | Joseph P. Kelley | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 7/10/2024 | |
Expiration Date | 7/3/2025 | |
Arrangement Duration | 358 days | |
Aggregate Available | 4,000 | 4,000 |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Jul. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
Consolidation | Consolidation |
Use of estimates | Use of estimates . The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. Actual amounts could differ from these estimates. |
Revenue recognition | Revenue recognition . A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Revenue for undelivered items is deferred and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of July 31, 2024 and 2023 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 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 on July 31, 2024 and October 31, 2023. Revenue recognized over time represented approximately less than ten percent of our overall consolidated revenues at July 31, 2024 and October 31, 2023. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or services. Taxes, including sales and value add, that we collect concurrently with revenue-producing activities are excluded from revenue. As a practical expedient, we may exclude the assessment of whether goods or services are performance obligations, if they are immaterial in the context of the contract, and combine these with other performance obligations. While payment terms and conditions vary by contract type, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs as a significant portion of these costs are incurred prior to transfer of control to the customer. We have also elected to apply the practical expedient to expense sales commissions as they are incurred as the amortization period resulting from capitalizing the costs is one year or less. These costs are recorded within Selling and administrative expenses in our Condensed Consolidated Statements of Income. We offer assurance-type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term and are not material. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, 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 our Operating segments Note for details. |
Earnings per share | Earnings per share . Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted shares and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options excluded from the calculation of diluted earnings per share for the three months ended July 31, 2024 and 2023 were 74 and 138, respectively. Options excluded from the calculation of diluted earnings per share for the nine months ended July 31, 2024 and 2023 were 74 and 141, re spectively. |
Recently issued accounting standards | Recently issued accounting standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 will have on its consolidated financial statements and disclosures and anticipates adoption in 2025. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 is intended to improve income tax disclosure requirements by requiring specific disclosure in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Tables) | Aug. 24, 2023 | Nov. 03, 2022 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The assets and liabilities acquired were as follows: August 24, 2023 Cash $ 32,966 Receivables - net 31,081 Inventories - net 51,952 Goodwill 687,357 Intangibles 353,500 Other assets 55,993 Total Assets $ 1,212,849 Accounts payable $ 18,915 Deferred income taxes 100,097 Other liabilities 15,934 Total Liabilities $ 134,946 | The assets and liabilities acquired were as follows: November 3, 2022 Cash $ 40,890 Receivables - net 21,364 Inventories - net 33,639 Goodwill 285,330 Intangibles 58,600 Other assets 13,768 Total Assets $ 453,591 Accounts payable $ 8,109 Deferred income taxes 14,826 Other liabilities 11,923 Total Liabilities $ 34,858 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Components of inventories were as follows: July 31, 2024 October 31, 2023 Finished goods $ 255,565 $ 233,552 Raw materials and component parts 200,961 211,874 Work-in-process 65,462 86,474 521,988 531,900 Obsolescence and other reserves (83,821) (77,125) $ 438,167 $ 454,775 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Components of property, plant and equipment were as follows: July 31, 2024 October 31, 2023 Land $ 15,280 $ 15,792 Land improvements 5,099 5,019 Buildings 289,691 294,267 Machinery and equipment 577,723 549,291 Enterprise management system 53,385 52,939 Construction-in-progress 40,054 24,916 Leased property under finance leases 30,086 28,406 1,011,318 970,630 Accumulated depreciation and amortization (609,903) (577,784) $ 401,415 $ 392,846 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for th e nine months ended July 31, 2024 by operating segment were as follows: Industrial Medical Fluid Systems Advanced Total Balance at October 31, 2023 $ 1,208,996 $ 1,173,858 $ 401,347 $ 2,784,201 Acquisitions (7,543) — — (7,543) Currency effect 5,972 1,341 1,802 9,115 Balance at July 31, 2024 $ 1,207,425 $ 1,175,199 $ 403,149 $ 2,785,773 |
Summary of Intangible Assets Subject to Amortization | Information regarding our intangible assets subject to amortization was as follows: July 31, 2024 Carrying Accumulated Net Book Customer relationships $ 811,392 $ 327,906 $ 483,486 Patent/technology costs 207,113 128,990 78,123 Trade name 126,820 59,861 66,959 Non-compete agreements 8,486 8,290 196 Other 421 421 — Total $ 1,154,232 $ 525,468 $ 628,764 October 31, 2023 Carrying Accumulated Net Book Customer relationships $ 794,706 $ 287,585 $ 507,121 Patent/technology costs 204,905 112,994 91,911 Trade name 125,692 52,488 73,204 Non-compete agreements 10,028 9,521 507 Other 182 181 1 Total $ 1,135,513 $ 462,769 $ 672,744 |
Pension and other postretirem_2
Pension and other postretirement plans (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefits Cost | The components of net periodic pension and other postretirement cost for the three and nine months ended July 31, 2024 and 2023 were: U.S. International Three Months Ended 2024 2023 2024 2023 Service cost $ 2,507 $ 2,744 $ 231 $ 281 Interest cost 4,752 4,176 688 642 Expected return on plan assets (6,652) (6,529) (417) (392) Amortization of prior service credit — — (2) (13) Amortization of net actuarial loss — — 7 20 Settlement loss 56 — — — Total benefit cost $ 663 $ 391 $ 507 $ 538 U.S. International Nine Months Ended 2024 2023 2024 2023 Service cost $ 7,522 $ 8,233 $ 702 $ 838 Interest cost 14,257 12,526 2,062 1,887 Expected return on plan assets (19,958) (19,587) (1,250) (1,151) Amortization of prior service credit — — (6) (38) Amortization of net actuarial loss — — 24 61 Settlement loss 56 — — — Total benefit cost $ 1,877 $ 1,172 $ 1,532 $ 1,597 The components of other postretirement benefit costs for the three and nine months ended July 31, 2024 and 2023 were: U.S. International Three Months Ended 2024 2023 2024 2023 Service cost $ 70 $ 100 $ 1 $ 1 Interest cost 754 766 3 3 Amortization of net actuarial gain (147) — (14) (16) Total benefit cost (income) $ 677 $ 866 $ (10) $ (12) U.S. International Nine Months Ended 2024 2023 2024 2023 Service cost $ 211 $ 299 $ 4 $ 4 Interest cost 2,262 2,297 10 8 Amortization of net actuarial gain (443) — (43) (47) Total benefit cost (income) $ 2,030 $ 2,596 $ (29) $ (35) |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income (loss), including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. Cumulative Pension and Accumulated Balance at October 31, 2023 $ (133,280) $ (63,161) $ (196,441) Pension and other postretirement plan adjustments, net of tax of $250 — (1,638) (1,638) Foreign currency translation adjustments (a) 19,419 — 19,419 Balance at July 31, 2024 $ (113,861) $ (64,799) $ (178,660) (a) Includes a net loss of $11,475, net of tax of $3,427, on net investment hedges. |
Stock-based compensation (Table
Stock-based compensation (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options for the nine months ended July 31, 2024: Number of Weighted- Aggregate Weighted Outstanding at October 31, 2023 1,062 $ 152.41 Granted 61 238.35 Exercised (243) 122.43 Forfeited or expired (7) 229.00 Outstanding at July 31, 2024 873 $ 166.21 $ 74,716 4.9 years Expected to vest 164 $ 239.41 $ 2,428 8.0 years Exercisable at July 31, 2024 707 $ 149.00 $ 72,263 4.2 years |
Fair Value Assumptions of Stock Options | The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended July 31, 2024 July 31, 2023 Expected volatility 30.3% - 31.7% 30.4% - 31.8% Expected dividend yield 1.15% - 1.20% 1.12% - 1.27% Risk-free interest rate 4.22% - 4.52% 3.79% - 4.21% Expected life of the option (in years) 5.0 - 6.2 5.0 - 6.2 |
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units during the nine months ended July 31, 2024: Number of Units Weighted-Average Restricted share units at October 31, 2023 69 $ 236.28 Granted 39 234.74 Forfeited (5) 241.30 Vested (31) 233.05 Restricted share units at July 31, 2024 72 $ 236.37 |
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during the nine months ended July 31, 2024: Number of Shares Weighted-Average Outstanding at October 31, 2023 78 $ 93.11 Dividend equivalents 1 249.14 Distributions (14) 54.21 Outstanding at July 31, 2024 65 $ 103.73 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Guarantees [Abstract] | |
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability for the nine months ended July 31, 2024 and 2023: July 31, 2024 July 31, 2023 Beginning balance at October 31 $ 14,401 $ 11,723 Accruals for warranties 10,841 14,938 Warranty payments (11,279) (12,939) Currency effect (209) 566 Ending balance $ 13,754 $ 14,288 |
Operating segments (Tables)
Operating segments (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segments | The following table presents information about our segments: Three Months Ended Industrial Medical and Fluid Solutions Advanced Corporate Total July 31, 2024 Net external sales $ 370,561 $ 166,737 $ 124,306 $ — $ 661,604 Operating profit (loss) 118,110 48,374 22,945 (22,371) 167,058 July 31, 2023 Net external sales $ 338,257 $ 170,871 $ 139,549 $ — $ 648,677 Operating profit (loss) 115,346 54,019 27,083 (25,452) 170,996 Nine Months Ended July 31, 2024 Net external sales $ 1,092,099 $ 495,229 $ 358,111 $ — $ 1,945,439 Operating profit (loss) 344,305 143,467 60,767 (53,430) 495,109 July 31, 2023 Net external sales $ 985,610 $ 491,683 $ 432,026 $ — $ 1,909,319 Operating profit (loss) 329,439 141,326 70,136 (53,179) 487,722 |
Sales and Long-lived Asset Information by Geographic Regions | We had significant sales in the following geographic regions: Three Months Ended Nine Months Ended July 31, 2024 July 31, 2023 July 31, 2024 July 31, 2023 Americas $ 287,016 $ 290,515 $ 855,456 $ 834,125 Europe 179,370 167,536 540,750 498,379 Asia Pacific 195,218 190,626 549,233 576,815 Total net external sales $ 661,604 $ 648,677 $ 1,945,439 $ 1,909,319 |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
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: July 31, 2024 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 4,308 $ — $ 4,308 $ — Net investment contracts (b) 5,834 — 5,834 — Total assets at fair value $ 10,142 $ — $ 10,142 $ — Liabilities: Deferred compensation plans (c) $ 9,513 $ — $ 9,513 $ — Foreign currency forward contracts (a) 5,414 — 5,414 — Net investment contracts (b) 17,100 — 17,100 — Total liabilities at fair value $ 32,027 $ — $ 32,027 $ — October 31, 2023 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 696 $ — $ 696 $ — Net investment contracts (b) 13,713 — 13,713 — Total assets at fair value $ 14,409 $ — $ 14,409 $ — Liabilities: Deferred compensation plans (c) $ 9,637 $ — $ 9,637 $ — Net investment contracts (b) 9,985 — 9,985 — Foreign currency forward contracts (a) 10,425 — 10,425 — Total liabilities at fair value $ 30,047 $ — $ 30,047 $ — (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) Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. The fair value of these hedges is primarily based on the exchange rate between the currency pair of the hedge upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk. The notional amount of our net investment hedge contracts as of July 31, 2024 was $840,271. (c) Executive officers and other highly compensated employees may defer up to 100% of their salary and annual cash incentive compensation and for executive officers, up to 90% of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. |
Carrying Amounts and Fair Values of Financial Instruments, Other than Cash and Cash Equivalents, Receivables and Accounts Payable | The carrying values of cash and cash equivalents, receivables, accounts payable and notes payable approximate fair value due to the short-term nature of these instruments. July 31, 2024 Carrying Amount Fair Value Long-term debt (including current portion) $ 1,483,798 $ 1,530,217 |
Derivative financial instrume_2
Derivative financial instruments (Tables) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2024 | Jul. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the foreign currency forward contracts outstanding at July 31, 2024 and 2023: July 31, 2024 contract amounts: Notional Sell Amounts Notional Buy Amounts Euro $ 124,144 $ 144,557 British pound 17,187 138,240 Japanese yen 18,113 26,580 Mexican Peso 50 32,714 Hong Kong dollar — 1,942 Singapore dollar 2,391 22,735 Australian dollar — 9,630 Taiwan Dollar — 8,000 Others 3,425 71,755 Total $ 165,310 $ 456,153 July 31, 2023 contract amounts: Notional Sell Amounts Notional Buy Amounts Euro $ 95,064 $ 194,850 British pound 20,489 132,956 Mexican Peso 3,227 28,158 Japanese yen 23,195 17,908 Hong Kong dollar 2,080 7,265 Singapore dollar 60 19,817 Australian dollar — 9,236 Taiwan Dollar — 8,000 Others 2,602 71,830 Total $ 146,717 $ 490,020 | ||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the fair values of our net investment contracts designated as net investment hedges in the Company's Consolidated Balance Sheets as of July 31, 2024: Prepaid expenses and other current assets Other assets Accrued liabilities Other long-term liabilities Net investment contracts $ 5,579 $ 255 $ 7,827 $ 9,273 | ||
Net Investment Hedge Gain (Loss) | $ (6,968) | $ (11,475) | $ (1,205) |
Long-term debt (Tables)
Long-term debt (Tables) | 9 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | A summary of long-term debt is as follows: July 31, 2024 October 31, 2023 Notes Payable $ 10,644 $ 5,019 Revolving credit agreement, due 2028 130,000 248,000 Term loan due 2026 280,000 300,000 Senior notes, due 2025 8,500 32,000 Senior notes, due 2025-2027 37,143 54,286 Senior notes, due 2025-2030 190,000 260,000 5.600% Notes due 2028 350,000 350,000 5.800% Notes due 2033 500,000 500,000 1,506,287 1,749,305 Less current maturities 96,288 115,662 Less unamortized debt issuance costs 10,487 10,773 Less bond discounts 1,357 1,476 Long-term maturities $ 1,398,155 $ 1,621,394 |
Significant accounting polici_3
Significant accounting policies - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Significant Accounting Policies [Line Items] | ||||
Less than 50% Ownership Percentage, Accounted for under the Equity Method of Investment | 50% | 50% | ||
Stock Options | ||||
Significant Accounting Policies [Line Items] | ||||
Options for common shares excluded from computation of diluted earning per share (in shares) | 74 | 138 | 74 | 141 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Detail) $ in Thousands | 9 Months Ended | ||||||
Aug. 24, 2023 USD ($) | Aug. 24, 2023 EUR (€) | Nov. 03, 2022 USD ($) | Jul. 31, 2024 USD ($) | Jul. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) | Aug. 24, 2023 EUR (€) | |
Business Acquisition [Line Items] | |||||||
Acquisition of businesses, net of cash acquired | $ 0 | $ 377,843 | |||||
Goodwill | $ 2,785,773 | $ 2,784,201 | |||||
364-Day Term Loan Facility | |||||||
Business Acquisition [Line Items] | |||||||
Loans Payable, Current | € | € 760,000,000 | ||||||
CyberOptics Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Acquired percent of the outstanding shares | 100% | ||||||
Acquisition of businesses, net of cash acquired | $ 377,843 | ||||||
Cash | 40,890 | ||||||
Goodwill | 285,330 | ||||||
Intangibles | 58,600 | ||||||
CyberOptics Corporation | Trade name | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 15,200 | ||||||
Intangible assets amortization period | 15 years | ||||||
CyberOptics Corporation | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 14,600 | ||||||
Intangible assets amortization period | 7 years | ||||||
CyberOptics Corporation | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 28,800 | ||||||
Intangible assets amortization period | 12 years | ||||||
ARAG Group | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 32,966 | ||||||
Goodwill | 687,357 | ||||||
Intangibles | 353,500 | ||||||
Debt Repayment of Acquired Company | € | € 30,300,000 | ||||||
ARAG Group | Euro | |||||||
Business Acquisition [Line Items] | |||||||
All-cash transaction | € | € 957,000,000 | ||||||
ARAG Group | Trade name | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 27,500 | ||||||
ARAG Group | Trade name | Acquisitions In Two Thousand Twenty Three Member | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets amortization period | 9 years | 9 years | |||||
ARAG Group | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 31,000 | ||||||
ARAG Group | Technology-Based Intangible Assets | Acquisitions In Two Thousand Twenty Three Member | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets amortization period | 5 years | 5 years | |||||
ARAG Group | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 295,000 | ||||||
ARAG Group | Customer relationships | Acquisitions In Two Thousand Twenty Three Member | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets amortization period | 22 years | 22 years |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 24, 2023 | Nov. 03, 2022 | Jul. 31, 2024 | Oct. 31, 2023 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,785,773 | $ 2,784,201 | ||
CyberOptics Corporation | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 40,890 | |||
Receivables - net | 21,364 | |||
Inventories - net | 33,639 | |||
Goodwill | 285,330 | |||
Intangibles | 58,600 | |||
Other assets | 13,768 | |||
Total Assets | 453,591 | |||
Accounts payable | 8,109 | |||
Deferred income taxes | 14,826 | |||
Other liabilities | 11,923 | |||
Total Liabilities | $ 34,858 | |||
ARAG Group | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 32,966 | |||
Receivables - net | 31,081 | |||
Inventories - net | 51,952 | |||
Goodwill | 687,357 | |||
Intangibles | 353,500 | |||
Other assets | 55,993 | |||
Total Assets | 1,212,849 | |||
Accounts payable | 18,915 | |||
Deferred income taxes | 100,097 | |||
Other liabilities | 15,934 | |||
Total Liabilities | $ 134,946 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Oct. 31, 2023 | |
Credit Loss [Abstract] | |||||
Accounts receivable, after allowance for credit loss | $ 11,839 | $ 11,839 | $ 10,015 | ||
Provisions for losses on receivables | $ 1,678 | $ 410 | $ 2,156 | $ 239 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jul. 31, 2024 | Oct. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 255,565 | $ 233,552 |
Raw materials and component parts | 200,961 | 211,874 |
Work-in-process | 65,462 | 86,474 |
Inventories - gross | 521,988 | 531,900 |
Obsolescence and other reserves | (83,821) | (77,125) |
Inventories - net | $ 438,167 | $ 454,775 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Oct. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 1,011,318 | $ 1,011,318 | $ 970,630 | ||
Accumulated depreciation and amortization | (609,903) | (609,903) | (577,784) | ||
Property, plant and equipment - net | 401,415 | 401,415 | 392,846 | ||
Depreciation | 14,180 | $ 13,180 | 42,234 | $ 38,798 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 15,280 | 15,280 | 15,792 | ||
Land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 5,099 | 5,099 | 5,019 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 289,691 | 289,691 | 294,267 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 577,723 | 577,723 | 549,291 | ||
Enterprise management system | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 53,385 | 53,385 | 52,939 | ||
Construction-in-progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 40,054 | 40,054 | 24,916 | ||
Leased property under finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 30,086 | $ 30,086 | $ 28,406 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Jul. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 2,784,201 |
Acquisitions | (7,543) |
Currency effect | 9,115 |
Ending balance | 2,785,773 |
Industrial Precision Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 1,208,996 |
Acquisitions | (7,543) |
Currency effect | 5,972 |
Ending balance | 1,207,425 |
Advanced Technology Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 401,347 |
Acquisitions | 0 |
Currency effect | 1,802 |
Ending balance | 403,149 |
Medical Fluid Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 1,173,858 |
Acquisitions | 0 |
Currency effect | 1,341 |
Ending balance | $ 1,175,199 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Jul. 31, 2024 | Oct. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 1,154,232 | $ 1,135,513 |
Accumulated Amortization | 525,468 | 462,769 |
Net Book Value | 628,764 | 672,744 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 811,392 | 794,706 |
Accumulated Amortization | 327,906 | 287,585 |
Net Book Value | 483,486 | 507,121 |
Patent/technology costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 207,113 | 204,905 |
Accumulated Amortization | 128,990 | 112,994 |
Net Book Value | 78,123 | 91,911 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 126,820 | 125,692 |
Accumulated Amortization | 59,861 | 52,488 |
Net Book Value | 66,959 | 73,204 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 8,486 | 10,028 |
Accumulated Amortization | 8,290 | 9,521 |
Net Book Value | 196 | 507 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 421 | 182 |
Accumulated Amortization | 421 | 181 |
Net Book Value | $ 0 | $ 1 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible assets, amortization expense | $ 19,202 | $ 13,922 | $ 57,412 | $ 41,839 |
Pension and other postretirem_3
Pension and other postretirement plans - Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Pension Plans | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 231 | $ 281 | $ 702 | $ 838 |
Interest cost | 688 | 642 | 2,062 | 1,887 |
Expected return on plan assets | (417) | (392) | (1,250) | (1,151) |
Amortization of prior service credit | (2) | (13) | (6) | (38) |
Amortization of net actuarial gain | 7 | 20 | 24 | 61 |
Total benefit cost | 507 | 538 | 1,532 | 1,597 |
Settlement loss | 0 | 0 | 0 | 0 |
Pension Plans | United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,507 | 2,744 | 7,522 | 8,233 |
Interest cost | 4,752 | 4,176 | 14,257 | 12,526 |
Expected return on plan assets | (6,652) | (6,529) | (19,958) | (19,587) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of net actuarial gain | 0 | 0 | 0 | 0 |
Total benefit cost | 663 | 391 | 1,877 | 1,172 |
Settlement loss | (56) | 0 | (56) | 0 |
Postretirement Benefit Costs | International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 4 | ||
Interest cost | 3 | 8 | ||
Amortization of net actuarial gain | (16) | (47) | ||
Total benefit cost | (12) | (35) | ||
Postretirement Benefit Costs | United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 70 | 100 | 211 | 299 |
Interest cost | 754 | 766 | 2,262 | 2,297 |
Amortization of net actuarial gain | (147) | 0 | (443) | 0 |
Total benefit cost | $ 677 | $ 866 | $ 2,030 | $ 2,596 |
Income taxes (Detail)
Income taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates | 21.50% | 21.10% | 21.10% | 20.90% |
Income tax provision included discrete tax benefit due to share-based payment transactions | $ 537 | $ 996 | $ 2,846 | $ 2,745 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2024 | Apr. 30, 2024 | Jan. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 2,788,271 | $ 2,723,967 | $ 2,598,060 | $ 2,497,002 | $ 2,446,685 | $ 2,294,375 | $ 2,598,060 | $ 2,294,375 |
Pension and other postretirement plan adjustments, net of tax of $250 | 1,638 | |||||||
Foreign currency translation adjustments (a) | 8,096 | (32,620) | 43,943 | 3,455 | (290) | 76,821 | 19,419 | 79,986 |
Ending balance | 2,853,757 | 2,788,271 | 2,723,967 | 2,579,806 | 2,497,002 | 2,446,685 | 2,853,757 | 2,579,806 |
Amortization of prior service costs and net actuarial losses, tax | 250 | |||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Tax | 3,427 | |||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gross | (11,475) | |||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (185,558) | (152,957) | (196,441) | (132,000) | (131,537) | (207,782) | (196,441) | (207,782) |
Foreign currency translation adjustments (a) | 8,096 | (32,620) | 43,943 | 3,455 | (290) | 76,821 | ||
Ending balance | (178,660) | $ (185,558) | (152,957) | $ (128,704) | $ (132,000) | $ (131,537) | (178,660) | $ (128,704) |
Cumulative translation adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (133,280) | (133,280) | ||||||
Pension and other postretirement plan adjustments, net of tax of $250 | 0 | |||||||
Foreign currency translation adjustments (a) | 19,419 | |||||||
Ending balance | (113,861) | (113,861) | ||||||
Pension and postretirement benefit plan adjustments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ (63,161) | (63,161) | ||||||
Pension and other postretirement plan adjustments, net of tax of $250 | 1,638 | |||||||
Foreign currency translation adjustments (a) | 0 | |||||||
Ending balance | $ (64,799) | $ (64,799) |
Stock-based compensation - Addi
Stock-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Oct. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of common shares authorized for grant (in shares) | 900,000 | 900,000 | |||
Number of common shares available for grant (in shares) | 1,875,000 | 1,875,000 | |||
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 Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option expiring period | 10 years | ||||
Normal retirement age | 65 years | ||||
Period for options considered to be forfeited for retirees | 12 months | ||||
Termination period on death or disability of option holder | 12 months | ||||
Compensation expense recognized | $ 1,426 | $ 1,697 | $ 3,960 | $ 4,982 | |
Unrecognized compensation cost related to unvested stock option | 5,668 | $ 5,668 | |||
Weighted average period expected to be amortized, non vested shares | 2 years 10 months 24 days | ||||
Weighted-average expected volatility used | 30.70% | 30.60% | |||
Weighted average grant date fair value of stock options granted (in dollars per share) | $ 79.84 | $ 77.99 | |||
Total intrinsic value of options exercised | 3,115 | 7,741 | $ 33,286 | $ 19,873 | |
Cash received from the exercise of stock options | $ 29,142 | 18,449 | |||
Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum rate of stock option | 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 | ||||
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 | 0 | $ 0 | |||
Expense related to nonvested common shares | 0 | 73 | 0 | 336 | |
Common share dividends amount included in compensation cost | 0 | 2 | $ 0 | 5 | |
Restricted Stock Unit | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average period expected to be amortized, non vested shares | 1 year 10 months 24 days | ||||
Unrecognized compensation cost related to nonvested restricted stock | 10,876 | $ 10,876 | |||
Expense related to nonvested common shares | $ 2,198 | 2,152 | $ 6,658 | 6,658 | |
Weighted average grant date fair value (in dollars per share) | $ 236.37 | $ 236.37 | $ 236,280 | ||
Performance Share Incentive Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 3 years | ||||
Compensation expense | $ 771 | $ 1,831 | $ 3,637 | $ 4,785 | |
Unrecognized compensation cost | $ 8,224 | $ 8,224 | |||
Performance Share Incentive Awards | Grant Date One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in dollars per share) | $ 229.58 | $ 211.25 | $ 229.58 | $ 211.25 | |
Performance Share Incentive Awards | Grant Date Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in dollars per share) | $ 225.14 | 231.34 | $ 225.14 | 231.34 | |
Performance Share Incentive Awards | Grant Date Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in dollars per share) | $ 214.51 | $ 214.51 | |||
Deferred Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common share dividends amount included in compensation cost | $ 23 | $ 30 | $ 71 | $ 77 | |
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% | ||||
Deferred Compensation | Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expense related to director deferred compensation | $ 91 | $ 76 | $ 226 | $ 234 |
Stock-based compensation - Summ
Stock-based compensation - Summarized Activity Related to Stock Options (Detail) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Jul. 31, 2024 USD ($) $ / shares shares | |
Number of Options | |
Beginning balance (in shares) | shares | 1,062 |
Granted (in shares) | shares | 61 |
Exercised (in shares) | shares | (243) |
Forfeited or expired (in shares) | shares | (7) |
Ending balance (in shares) | shares | 873 |
Expected to vest (in shares) | shares | 164 |
Exercisable (in shares) | shares | 707 |
Weighted- Average Exercise Price Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 152.41 |
Granted (in dollars per share) | $ / shares | 238.35 |
Exercised (in dollars per share) | $ / shares | 122.43 |
Forfeited or expired (in dollars per share) | $ / shares | 229 |
Ending balance (in dollars per share) | $ / shares | 166.21 |
Expected to vest (in dollars per share) | $ / shares | 239.41 |
Exercisable (in dollars per share) | $ / shares | $ 149 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Aggregate intrinsic value, outstanding | $ | $ 74,716 |
Aggregate intrinsic value, expected to vest | $ | 2,428 |
Aggregate intrinsic value, exercisable | $ | $ 72,263 |
Weighted average remaining term, outstanding | 4 years 10 months 24 days |
Weighted average remaining term, expected to vest | 8 years |
Weighted average remaining term, exercisable | 4 years 2 months 12 days |
Stock-based compensation - Fair
Stock-based compensation - Fair Value Assumptions of Stock Options (Detail) - Stock Options | 9 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 30.30% | 30.40% |
Expected volatility, maximum | 31.70% | 31.80% |
Risk-free interest rate, minimum | 4.22% | 3.79% |
Risk-free interest rate, maximum | 4.52% | 4.21% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 1.15% | 1.12% |
Expected life of the option (in years) | 5 years | 5 years |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 1.20% | 1.27% |
Expected life of the option (in years) | 6 years 2 months 12 days | 6 years 2 months 12 days |
Stock-based compensation - Su_2
Stock-based compensation - Summarized Activity Related to Restricted Stock Units (Detail) - Restricted Stock Unit - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning balance (in shares) | 69 | |||
Granted (in shares) | 39 | |||
Forfeited (in shares) | (5) | |||
Vested (in shares) | (31) | |||
Ending balance (in shares) | 72 | 72 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Beginning balance (in dollars per share) | $ 236,280 | |||
Granted (in dollars per share) | 234.74 | |||
Forfeited (in dollars per share) | 241.30 | |||
Vested (in dollars per share) | 233.05 | |||
Ending balance (in dollars per share) | $ 236.37 | $ 236.37 | ||
Expense related to nonvested common shares | $ 2,198 | $ 2,152 | $ 6,658 | $ 6,658 |
Stock-based compensation - Su_3
Stock-based compensation - Summarized Activity Related to Director Deferred Compensation Shares (Detail) - Directors - Deferred Compensation Share Equivalent Units shares in Thousands | 9 Months Ended |
Jul. 31, 2024 $ / shares shares | |
Number of Shares | |
Outstanding, Beginning balance (in shares) | shares | 78 |
Distributions (in shares) | shares | (14) |
Outstanding, Ending balance (in shares) | shares | 65 |
Dividend equivalents (in shares) | shares | 1 |
Dividend equivalents (in dollars per share) | $ / shares | $ 249.14 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | 93.11 |
Distributions (in dollars per share) | $ / shares | 54.21 |
Ending balance (in dollars per share) | $ / shares | $ 103.73 |
Warranties - Additional Informa
Warranties - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2024 | |
Guarantees [Abstract] | |
Product warranty period | 1 year |
Warranties - Reconciliation of
Warranties - Reconciliation of Product Warranty Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 14,401 | $ 11,723 |
Accruals for warranties | 10,841 | 14,938 |
Warranty payments | (11,279) | (12,939) |
Currency effect | (209) | 566 |
Ending balance | $ 13,754 | $ 14,288 |
Operating segments - Additional
Operating segments - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Operating segments - Segments (
Operating segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net external sales | $ 661,604 | $ 648,677 | $ 1,945,439 | $ 1,909,319 |
Operating profit (loss) | 167,058 | 170,996 | 495,109 | 487,722 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 661,604 | 648,677 | 1,945,439 | 1,909,319 |
Operating profit (loss) | 167,058 | 170,996 | 495,109 | 487,722 |
Operating Segments | Industrial Precision Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 370,561 | 338,257 | 1,092,099 | 985,610 |
Operating profit (loss) | 118,110 | 115,346 | 344,305 | 329,439 |
Operating Segments | Advanced Technology Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 124,306 | 139,549 | 358,111 | 432,026 |
Operating profit (loss) | 22,945 | 27,083 | 60,767 | 70,136 |
Operating Segments | Medical and Fluid Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 166,737 | 170,871 | 495,229 | 491,683 |
Operating profit (loss) | 48,374 | 54,019 | 143,467 | 141,326 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net external sales | 0 | 0 | 0 | 0 |
Operating profit (loss) | $ (22,371) | $ (25,452) | $ (53,430) | $ (53,179) |
Operating segments - Sales Info
Operating segments - Sales Information by Geographic Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | $ 661,604 | $ 648,677 | $ 1,945,439 | $ 1,909,319 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | 287,016 | 290,515 | 855,456 | 834,125 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | 179,370 | 167,536 | 540,750 | 498,379 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net external sales | $ 195,218 | $ 190,626 | $ 549,233 | $ 576,815 |
Fair value measurements - Sched
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Jul. 31, 2024 | Oct. 31, 2023 |
Assets: | ||
Foreign currency forward contracts | $ 4,308 | $ 696 |
Net investment contracts | 5,834 | 13,713 |
Total assets at fair value | 10,142 | 14,409 |
Liabilities: | ||
Deferred compensation plans | 9,513 | 9,637 |
Foreign currency forward contracts | 5,414 | 10,425 |
Net investment contracts | 17,100 | 9,985 |
Total liabilities at fair value | 32,027 | 30,047 |
Level 1 | ||
Assets: | ||
Foreign currency forward contracts | 0 | 0 |
Net investment contracts | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Deferred compensation plans | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Net investment contracts | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 | ||
Assets: | ||
Foreign currency forward contracts | 4,308 | 696 |
Net investment contracts | 5,834 | 13,713 |
Total assets at fair value | 10,142 | 14,409 |
Liabilities: | ||
Deferred compensation plans | 9,513 | 9,637 |
Foreign currency forward contracts | 5,414 | 10,425 |
Net investment contracts | 17,100 | 9,985 |
Total liabilities at fair value | 32,027 | 30,047 |
Level 3 | ||
Assets: | ||
Foreign currency forward contracts | 0 | 0 |
Net investment contracts | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Deferred compensation plans | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Net investment 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) $ in Thousands | 9 Months Ended |
Jul. 31, 2024 USD ($) | |
Fair Value Disclosures [Abstract] | |
Notional Amounts of foreign currency derivative contracts | $ 840,271 |
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) $ in Thousands | Jul. 31, 2024 USD ($) |
Fair Value Disclosures [Abstract] | |
Long-term debt, carrying amount | $ 1,483,798 |
Long-term debt, fair value | $ 1,530,217 |
Derivative financial instrume_3
Derivative financial instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Maturity of foreign currency forward contracts | 90 days | |||
Gains (losses) on foreign currency forward contracts | $ 2,954 | $ (93) | $ 8,624 | $ 12,086 |
Change in unrealized gain (loss) on foreign currency derivative instruments | $ (3,418) | $ (855) | $ (11,035) | $ (19,710) |
Derivative financial instrume_4
Derivative financial instruments - Outstanding Currency, Forward Exchange Contracts (Detail) - USD ($) $ in Thousands | Jul. 31, 2024 | Jul. 31, 2023 |
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 840,271 | |
Foreign Currency Forward Contracts | Notional Sell Amounts | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 165,310 | $ 146,717 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Euro | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 124,144 | 95,064 |
Foreign Currency Forward Contracts | Notional Sell Amounts | British pound | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 17,187 | 20,489 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Mexican Peso | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 50 | 3,227 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Japanese yen | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 18,113 | 23,195 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Hong Kong dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 0 | 2,080 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Australian dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 0 | 0 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Singapore dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 2,391 | 60 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Taiwan Dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 0 | 0 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Others | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 3,425 | 2,602 |
Foreign Currency Forward Contracts | Notional Sell Amounts | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 456,153 | 490,020 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Euro | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 144,557 | 194,850 |
Foreign Currency Forward Contracts | Notional Sell Amounts | British pound | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 138,240 | 132,956 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Mexican Peso | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 32,714 | 28,158 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Japanese yen | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 26,580 | 17,908 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Hong Kong dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 1,942 | 7,265 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Australian dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 9,630 | 9,236 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Singapore dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 22,735 | 19,817 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Taiwan Dollar | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 8,000 | 8,000 |
Foreign Currency Forward Contracts | Notional Sell Amounts | Others | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 71,755 | $ 71,830 |
Derivative financial instrume_5
Derivative financial instruments - Summary of Fair Values Of Net Investment Contracts (Details) | Jul. 31, 2024 USD ($) |
Prepaid expenses and other current assets | |
Investments, All Other Investments [Abstract] | |
Net investment contracts | $ 5,579,000 |
Derivative [Line Items] | |
Net investment contracts | 5,579,000 |
Other assets | |
Investments, All Other Investments [Abstract] | |
Net investment contracts | 255,000 |
Derivative [Line Items] | |
Net investment contracts | 255,000 |
Accrued liabilities | |
Investments, All Other Investments [Abstract] | |
Net investment contracts | 7,827,000 |
Derivative [Line Items] | |
Net investment contracts | 7,827,000 |
Other long-term liabilities | |
Investments, All Other Investments [Abstract] | |
Net investment contracts | 9,273,000 |
Derivative [Line Items] | |
Net investment contracts | $ 9,273,000 |
Long-term debt - Long-Term Debt
Long-term debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jul. 31, 2024 | Oct. 31, 2023 | Jun. 06, 2023 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,506,287 | $ 1,749,305 | |
Less current maturities | 96,288 | 115,662 | |
Less unamortized debt issuance costs | 10,487 | 10,773 | |
Long-term maturities | 1,398,155 | 1,621,394 | |
Revolving credit facility | $ 1,150,000 | ||
Debt Instrument, Unamortized Discount | 1,357 | 1,476 | |
Short-Term Bank Loans and Notes Payable | 10,644 | 5,019 | |
Senior notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 8,500 | 32,000 | |
Weighted average interest rate for borrowings | 3.07% | ||
Senior notes, due 2025-2027 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 37,143 | 54,286 | |
Weighted average interest rate for borrowings | 3.13% | ||
Senior notes, due 2025-2030 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 190,000 | 260,000 | |
Weighted average interest rate for borrowings | 4.03% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 6.39% | ||
Revolving credit agreement, due 2028 | Maximum | |||
Debt Instrument [Line Items] | |||
Revolver Base Rate Range | 0.20% | ||
EuroDollar Base Rate Range | 1.20% | ||
Revolving credit agreement, due 2028 | Minimum | |||
Debt Instrument [Line Items] | |||
Revolver Base Rate Range | 0% | ||
EuroDollar Base Rate Range | 0.85% | ||
Due 2028 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 5.60% | ||
Public Bond Offering | $ 350,000 | 350,000 | |
Due 2033 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate for borrowings | 5.80% | ||
Public Bond Offering | $ 500,000 | 500,000 | |
Revolving credit agreement, due 2028 | |||
Debt Instrument [Line Items] | |||
Revolving credit agreement, due 2028 | 130,000 | 248,000 | |
Revolving Facility Maximum Borrowing Capacity | $ 850,000 | ||
Term Loan Due 2026 | |||
Debt Instrument [Line Items] | |||
Term loan due 2026 | $ 280,000 | $ 300,000 | $ 300,000 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2024 | Jun. 06, 2023 | |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 1,150,000 | |
Senior notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate for borrowings | 3.07% | |
Remaining weighted average life of notes | 11 months 26 days | |
Senior notes, due 2025-2027 | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate for borrowings | 3.13% | |
Remaining weighted average life of notes | 1 year 9 months 18 days | |
Senior notes, due 2025-2030 | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate for borrowings | 4.03% | |
Remaining weighted average life of notes | 2 years 11 months 12 days | |
Revolving credit agreement, due 2028 | ||
Debt Instrument [Line Items] | ||
Revolving Facility Maximum Borrowing Capacity | 850,000 | |
Revolving Facility Increased Maximum Borrowing Capacity | 922,500 | |
364-Day Term Loan Facility | ||
Debt Instrument [Line Items] | ||
364-Day Term Loan Facility | $ 500,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for environmental liability | $ 181 | $ 231 |
Subsequent Events (Details)
Subsequent Events (Details) - Atrion Corporation - Subsequent Event $ in Thousands | Aug. 21, 2024 USD ($) |
Subsequent Events [Abstract] | |
All-cash transaction | $ 800,000 |
Subsequent Event [Line Items] | |
All-cash transaction | 800,000 |
Sales of Acquired Business | $ 169,000 |