Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Apr. 30, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 30-Apr-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | NDSN |
Entity Registrant Name | NORDSON CORP |
Entity Central Index Key | 72331 |
Current Fiscal Year End Date | -21 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 60,832,553 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Income Statement [Abstract] | ||||
Sales | $400,727 | $417,461 | $779,735 | $776,881 |
Operating costs and expenses: | ||||
Cost of sales | 178,837 | 181,909 | 349,124 | 346,547 |
Selling and administrative expenses | 145,476 | 142,718 | 291,379 | 283,641 |
Total operating costs and expenses | 324,313 | 324,627 | 640,503 | 630,188 |
Operating profit | 76,414 | 92,834 | 139,232 | 146,693 |
Other income (expense): | ||||
Interest expense | -4,313 | -3,532 | -8,402 | -7,107 |
Interest and investment income | 151 | 217 | 237 | 329 |
Other - net | -687 | -406 | -789 | -615 |
Total other income (expense) | -4,849 | -3,721 | -8,954 | -7,393 |
Income before income taxes | 71,565 | 89,113 | 130,278 | 139,300 |
Income taxes | 22,351 | 27,179 | 38,179 | 42,486 |
Net income | $49,214 | $61,934 | $92,099 | $96,814 |
Average common shares | 61,116 | 63,964 | 61,569 | 64,095 |
Incremental common shares attributable to outstanding stock options, restricted stock, and deferred stock-based compensation | 522 | 593 | 525 | 616 |
Average common shares and common share equivalents | 61,638 | 64,557 | 62,094 | 64,711 |
Basic earnings per share | $0.81 | $0.97 | $1.50 | $1.51 |
Diluted earnings per share | $0.80 | $0.96 | $1.48 | $1.50 |
Dividends declared per share | $0.22 | $0.18 | $0.44 | $0.36 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $49,214 | $61,934 | $92,099 | $96,814 |
Components of other comprehensive income (loss): | ||||
Translation adjustments | -306 | 6,862 | -30,561 | 1,252 |
Amortization of prior service cost and net actuarial losses, net of tax | 2,123 | 1,645 | 4,287 | 3,458 |
Total other comprehensive income (loss) | 1,817 | 8,507 | -26,274 | 4,710 |
Total comprehensive income | $51,031 | $70,441 | $65,825 | $101,524 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $51,454 | $42,314 |
Receivables - net | 316,091 | 365,844 |
Inventories - net | 239,406 | 210,871 |
Deferred income taxes | 29,297 | 29,926 |
Prepaid expenses | 25,895 | 23,728 |
Total current assets | 662,143 | 672,683 |
Property, plant and equipment - net | 241,667 | 224,439 |
Goodwill | 1,039,327 | 1,052,537 |
Intangible assets - net | 270,937 | 291,310 |
Deferred income taxes | 4,040 | 6,559 |
Other assets | 32,123 | 32,602 |
Total assets | 2,250,237 | 2,280,130 |
Current liabilities: | ||
Notes payable | 57,747 | 106,181 |
Accounts payable | 65,975 | 68,500 |
Income taxes payable | 19,326 | 16,586 |
Accrued liabilities | 104,775 | 137,001 |
Customer advanced payments | 33,524 | 25,578 |
Current maturities of long-term debt | 10,744 | 10,751 |
Deferred income taxes | 4,898 | 1,163 |
Current obligations under capital leases | 1,285 | 5,108 |
Total current liabilities | 298,274 | 370,868 |
Long-term debt | 819,203 | 682,868 |
Deferred income taxes | 87,669 | 87,092 |
Pension obligations | 115,314 | 124,082 |
Postretirement obligations | 69,585 | 68,300 |
Other long-term liabilities | 41,962 | 42,123 |
Shareholders' equity: | ||
Common shares | 12,253 | 12,253 |
Capital in excess of stated value | 339,473 | 328,605 |
Retained earnings | 1,625,950 | 1,560,966 |
Accumulated other comprehensive loss | -129,473 | -103,199 |
Common shares in treasury, at cost | -1,029,973 | -893,828 |
Total shareholders' equity | 818,230 | 904,797 |
Total liabilities and shareholders' equity | $2,250,237 | $2,280,130 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Cash flows from operating activities: | ||
Net income | $92,099 | $96,814 |
Depreciation and amortization | 32,222 | 29,231 |
Non-cash stock compensation | 8,590 | 9,714 |
Deferred income taxes | 2,425 | 356 |
Other non-cash expense | 231 | 72 |
Loss on sale of property, plant and equipment | 5 | 162 |
Tax benefit from the exercise of stock options | -1,814 | -1,795 |
Changes in operating assets and liabilities | -16,322 | -32,365 |
Net cash provided by operating activities | 117,436 | 102,189 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | -36,183 | -16,494 |
Proceeds from sale of property, plant and equipment | 421 | 99 |
Acquisition of businesses, net of cash acquired | -371 | |
Net cash used in investing activities | -36,133 | -16,395 |
Cash flows from financing activities: | ||
Proceeds from short-term borrowings | 57,961 | 6,675 |
Repayment of short-term borrowings | -106,291 | -1,675 |
Proceeds from long-term debt | 310,055 | 37,723 |
Repayment of long-term debt | -166,531 | -41,820 |
Repayment of capital lease obligations | -3,150 | -3,086 |
Issuance of common shares | 3,174 | 3,499 |
Purchase of treasury shares | -138,855 | -58,068 |
Tax benefit from the exercise of stock options | 1,814 | 1,795 |
Dividends paid | -27,116 | -23,104 |
Net cash used in financing activities | -68,939 | -78,061 |
Effect of exchange rate changes on cash | -3,224 | -376 |
Increase in cash and cash equivalents | 9,140 | 7,357 |
Cash and cash equivalents: | ||
Beginning of year | 42,314 | 42,375 |
End of quarter | $51,454 | $49,732 |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | |
Apr. 30, 2015 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies | 1 | 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 footnotes required by generally accepted accounting principles 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 three and six months ended April 30, 2015 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 footnotes included in our Annual Report on Form 10-K for the year ended October 31, 2014. | ||
Basis of consolidation. The consolidated financial statements include the accounts of Nordson Corporation and its majority-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 accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual amounts could differ from these estimates. | ||
Revenue recognition. Most of our revenues are recognized upon shipment, provided that persuasive evidence of an arrangement exists, the sales price is fixed or determinable, collectibility is reasonably assured, and title and risk of loss have passed to the customer. | ||
A relative selling price hierarchy exists for determining the selling price of deliverables in multiple deliverable arrangements. Vendor specific objective evidence (VSOE) is used, if available. Third-party evidence (TPE) is used if VSOE is not available, and best estimated selling price is used if neither VSOE nor TPE is available. Our multiple deliverable arrangements include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, are typically regarded as inconsequential or perfunctory. Revenue for undelivered items is deferred and included within accrued liabilities in the accompanying balance sheet. Revenues deferred in 2015 and 2014 were not material. | ||
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 and six months ending April 30, 2015 were 312 and 313, respectively. Options excluded from the calculation of diluted earnings per share for the three and six months ending April 30, 2014 were 276 and 138, respectively. | ||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended | |
Apr. 30, 2015 | ||
Accounting Changes And Error Corrections [Abstract] | ||
Recently Issued Accounting Standards | 2 | Recently issued accounting standards |
In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard regarding revenue recognition. Under this standard, a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard implements a five-step process for customer contract revenue recognition that focuses on transfer of control. It will be effective for us beginning in 2018, with a possible one-year deferral as a result of a current proposal by the FASB. We are currently assessing the impact this standard will have on our consolidated financial statements as well as the method by which we will adopt the new standard. | ||
In April 2015, the FASB issued a new standard regarding the presentation of debt issuance costs. Under this standard, a company is required to present unamortized debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of that debt liability, rather than as a separate asset. The recognition and measurement guidance for debt issuance costs are not affected by this new standard. It will be effective for us beginning in 2017. We do not expect this standard to have a material impact on our consolidated financial statements. |
Inventories
Inventories | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 3 | Inventories | |||||||
At April 30, 2015 and October 31, 2014, inventories consisted of the following: | |||||||||
30-Apr-15 | 31-Oct-14 | ||||||||
Raw materials and component parts | $ | 96,901 | $ | 86,573 | |||||
Work-in-process | 37,638 | 27,994 | |||||||
Finished goods | 140,058 | 130,544 | |||||||
274,597 | 245,111 | ||||||||
Obsolescence and other reserves | (27,639 | ) | (26,744 | ) | |||||
LIFO reserve | (7,552 | ) | (7,496 | ) | |||||
$ | 239,406 | $ | 210,871 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangible Assets | 4 | Goodwill and other intangible assets | |||||||||||||||
Changes in the carrying amount of goodwill for the three months ended April 30, 2015 by operating segment are as follows: | |||||||||||||||||
Adhesive Dispensing | Advanced Technology | Industrial Coating | Total | ||||||||||||||
Systems | Systems | Systems | |||||||||||||||
Balance at October 31, 2014 | $ | 397,046 | $ | 631,433 | $ | 24,058 | $ | 1,052,537 | |||||||||
Adjustment | 371 | 371 | |||||||||||||||
Currency effect | (12,437 | ) | (1,144 | ) | — | (13,581 | ) | ||||||||||
Balance at April 30, 2015 | $ | 384,609 | $ | 630,660 | $ | 24,058 | $ | 1,039,327 | |||||||||
Accumulated impairment losses, which were recorded in 2009, were $232,789 at April 30, 2015 and October 31, 2014. Of these losses, $229,173 related to the Advanced Technology Systems segment, and $3,616 related to the Industrial Coating Systems segment. | |||||||||||||||||
Information regarding our intangible assets subject to amortization is as follows: | |||||||||||||||||
30-Apr-15 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||
Customer relationships | $ | 194,102 | $ | 48,552 | $ | 145,550 | |||||||||||
Patent/technology costs | 91,520 | 29,485 | 62,035 | ||||||||||||||
Trade name | 77,392 | 14,471 | 62,921 | ||||||||||||||
Non-compete agreements | 7,993 | 7,614 | 379 | ||||||||||||||
Other | 1,366 | 1,314 | 52 | ||||||||||||||
Total | $ | 372,373 | $ | 101,436 | $ | 270,937 | |||||||||||
31-Oct-14 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||
Customer relationships | $ | 200,028 | $ | 41,910 | $ | 158,118 | |||||||||||
Patent/technology costs | 93,799 | 27,030 | 66,769 | ||||||||||||||
Trade name | 77,846 | 12,173 | 65,673 | ||||||||||||||
Non-compete agreements | 8,220 | 7,600 | 620 | ||||||||||||||
Other | 1,369 | 1,239 | 130 | ||||||||||||||
Total | $ | 381,262 | $ | 89,952 | $ | 291,310 | |||||||||||
Amortization expense for the three months ended April 30, 2015 and 2014 was $6,976 and $6,310, respectively. Amortization expense for the six months ended April 30, 2015 and 2014 was $13,867 and $12,640, respectively. | |||||||||||||||||
Pension_and_Other_Postretireme
Pension and Other Postretirement Plans | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Plans | 5 | Pension and other postretirement plans | |||||||||||||||
The components of net periodic pension cost for the three and six months ended April 30, 2015 and April 30, 2014 were: | |||||||||||||||||
U.S. | International | ||||||||||||||||
Three Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 3,031 | $ | 1,874 | $ | 692 | $ | 714 | |||||||||
Interest cost | 3,841 | 3,545 | 627 | 817 | |||||||||||||
Expected return on plan assets | (4,578 | ) | (4,487 | ) | (395 | ) | (448 | ) | |||||||||
Amortization of prior service cost (credit) | 30 | 59 | (22 | ) | (20 | ) | |||||||||||
Amortization of net actuarial loss | 2,633 | 1,784 | 485 | 399 | |||||||||||||
Total benefit cost | $ | 4,957 | $ | 2,775 | $ | 1,387 | $ | 1,462 | |||||||||
U.S. | International | ||||||||||||||||
Six Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 5,431 | $ | 4,036 | $ | 1,433 | $ | 1,412 | |||||||||
Interest cost | 7,523 | 6,960 | 1,299 | 1,608 | |||||||||||||
Expected return on plan assets | (9,158 | ) | (8,648 | ) | (812 | ) | (880 | ) | |||||||||
Amortization of prior service cost (credit) | 60 | 118 | (46 | ) | (39 | ) | |||||||||||
Amortization of net actuarial loss | 4,886 | 3,970 | 1,309 | 787 | |||||||||||||
Settlement loss | — | — | 1,275 | — | |||||||||||||
Total benefit cost | $ | 8,742 | $ | 6,436 | $ | 4,458 | $ | 2,888 | |||||||||
The components of other postretirement benefit cost for the three and six months ended April 30, 2015 and April 30, 2014 were: | |||||||||||||||||
U.S. | International | ||||||||||||||||
Three Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 175 | $ | 265 | $ | 7 | $ | 7 | |||||||||
Interest cost | 735 | 802 | 9 | 9 | |||||||||||||
Amortization of prior service credit | (109 | ) | (112 | ) | — | — | |||||||||||
Amortization of net actuarial loss | 280 | 419 | — | (3 | ) | ||||||||||||
Total benefit cost | $ | 1,081 | $ | 1,374 | $ | 16 | $ | 13 | |||||||||
U.S. | International | ||||||||||||||||
Six Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 450 | $ | 518 | $ | 15 | $ | 14 | |||||||||
Interest cost | 1,488 | 1,531 | 18 | 19 | |||||||||||||
Amortization of prior service credit | (219 | ) | (224 | ) | — | — | |||||||||||
Amortization of net actuarial loss | 577 | 717 | — | (7 | ) | ||||||||||||
Total benefit cost | $ | 2,296 | $ | 2,542 | $ | 33 | $ | 26 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended | |
Apr. 30, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | 6 | 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 rates for the three and six month periods ended April 30, 2015 were 31.2% and 29.3%, respectively. The effective tax rate for both the three and six month periods ended April 30, 2014 was 30.5%. | ||
On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted which retroactively reinstated the Federal Research and Development Tax Credit (Federal R&D Tax Credit) from January 1, 2014 to December 31, 2014 and extended certain other tax provisions. As a result, our income tax provision for the six months ended April 30, 2015 included a discrete tax benefit of $1,686 primarily related to 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss | 7 | Accumulated other comprehensive loss | |||||||||||
The components of accumulated other comprehensive loss, including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. | |||||||||||||
Cumulative | Pension and | Accumulated | |||||||||||
translation | postretirement benefit | other comprehensive | |||||||||||
adjustments | plan adjustments | loss | |||||||||||
Balance at October 31, 2014 | $ | 2,727 | $ | (105,926 | ) | $ | (103,199 | ) | |||||
Pension and postretirement plan changes, net of | — | 4,287 | 4,287 | ||||||||||
tax of $(2,280) | |||||||||||||
Current period charge | (30,561 | ) | — | (30,561 | ) | ||||||||
Balance at April 30, 2015 | $ | (27,834 | ) | $ | (101,639 | ) | $ | (129,473 | ) | ||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||
Apr. 30, 2015 | |||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||
Stock-Based Compensation | 8 | Stock-based compensation | |||||||||||||
During the 2013 Annual Meeting of Shareholders, our shareholders approved the 2012 Stock Incentive and Award Plan (the “2012 Plan”). The 2012 Plan provides for the granting of stock options, stock appreciation rights, restricted shares, performance shares, stock purchase rights, stock equivalent units, cash awards and other stock or performance-based incentives. A maximum of 2,900 common shares is available for grant under the 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 the occurrence of events that involve or may result in a change of control. For grants made prior to November 2012, vesting ceases upon retirement, death and disability, and unvested shares are forfeited. For grants made during and after November 2012, in the event of termination of employment due to early retirement or normal retirement at age 65, options granted within 12 months prior to termination are forfeited, and vesting continues post retirement for all other unvested options granted. In the event of disability or death, all unvested stock options fully vest. Termination for any other reason results in forfeiture of unvested options and vested options in certain circumstances. The amortized cost of options is accelerated if the retirement eligibility date occurs before the normal vesting date. Option exercises are satisfied through the issuance of treasury shares on a first-in, first-out basis. We recognized compensation expense related to stock options of $2,103 and $2,178 in the three months ended April 30, 2015 and 2014, respectively. Corresponding amounts for the six months ended April 30, 2015 and April 30, 2014 were $4,571 and $5,844, respectively. | |||||||||||||||
The following table summarizes activity related to stock options for the six months ended April 30, 2015: | |||||||||||||||
Number of | Weighted-Average | Aggregate | Weighted | ||||||||||||
Options | Exercise Price Per | Intrinsic Value | Average | ||||||||||||
Share | Remaining | ||||||||||||||
Term | |||||||||||||||
Outstanding at October 31, 2014 | 1,686 | $ | 42.77 | ||||||||||||
Granted | 315 | $ | 79.66 | ||||||||||||
Exercised | (125 | ) | $ | 28.21 | |||||||||||
Forfeited or expired | (12 | ) | $ | 63.77 | |||||||||||
Outstanding at April 30, 2015 | 1,864 | $ | 49.85 | $ | 55,540 | 6.4 years | |||||||||
Vested or expected to vest at April 30, 2015 | 1,842 | $ | 49.54 | $ | 55,467 | 6.3 years | |||||||||
Exercisable at April 30, 2015 | 1,125 | $ | 36.8 | $ | 48,216 | 5.0 years | |||||||||
As of April 30, 2015, there was $9,556 of total unrecognized compensation cost related to nonvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.4 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: | |||||||||||||||
Three months ended | 30-Apr-15 | 30-Apr-14 | |||||||||||||
Expected volatility | 31.6%-39.5% | 40.1%-44.7% | |||||||||||||
Expected dividend yield | 1.10% | 0.98%-1.03% | |||||||||||||
Risk-free interest rate | 1.70%-1.85% | 1.51%-1.79% | |||||||||||||
Expected life of the option (in years) | 5.4-6.1 | 5.4-6.1 | |||||||||||||
The weighted-average expected volatility used to value the 2015 and 2014 options was 34.3%, and 44.5%, respectively. | |||||||||||||||
Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. | |||||||||||||||
The weighted average grant date fair value of stock options granted during the six months ended April 30, 2015 and 2014 was $24.63 and $27.92, respectively. | |||||||||||||||
The total intrinsic value of options exercised during the three months ended April 30, 2015 and 2014 was $5,082 and $2,307, respectively. The total intrinsic value of options exercised during the six months ended April 30, 2015 and 2014 was $6,179 and $5,961, respectively. | |||||||||||||||
Cash received from the exercise of stock options for the six months ended April 30, 2015 and 2014 was $3,174 and $3,499, respectively. The tax benefit realized from tax deductions from exercises for the six months ended April 30, 2015 and 2014 was $1,814 and $1,795, 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 to three years) defined at the date of grant. | |||||||||||||||
For employee recipients, in the event of termination of employment due to early retirement, restricted shares granted within 12 months prior to termination are forfeited, and other restricted shares vest on a pro-rata basis. In the event of termination of employment due to retirement at normal retirement age, restricted shares granted within 12 months prior to termination are forfeited, and, for other restricted shares, the restriction period will terminate and the shares will vest and be transferable. Restrictions lapse in the event of a recipient’s disability or death. Termination for any other reason prior to the lapse of any restrictions results in forfeiture of the shares. | |||||||||||||||
For non-employee directors, all restrictions lapse in the event of disability or death of the non-employee director. Termination of service as a director for any other reason within one year of date of grant results in a pro-rata vesting of shares or units. | |||||||||||||||
As shares or units are issued, deferred stock-based compensation equivalent to the fair market value on the date of grant is expensed over the vesting period. Tax benefits arising from the lapse of restrictions are recognized when realized and credited to capital in excess of stated value. | |||||||||||||||
The following table summarizes activity related to restricted shares during the six months ended April 30, 2015: | |||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||
Grant Date Fair | |||||||||||||||
Value | |||||||||||||||
Restricted shares at October 31, 2014 | 71 | $ | 63.53 | ||||||||||||
Granted | 21 | $ | 79.53 | ||||||||||||
Forfeited | (2 | ) | $ | 66.86 | |||||||||||
Vested | (34 | ) | $ | 57.23 | |||||||||||
Restricted shares at April 30, 2015 | 56 | $ | 73.35 | ||||||||||||
As of April 30, 2015, there was $2,857 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 2.0 years. The amount charged to expense related to restricted shares during the three months ended April 30, 2015 and 2014 was $464 and $424, respectively. These amounts included common share dividends for the three months ended April 30, 2015 and 2014 of $12. For the six months ended April 30, 2015 and 2014, the amounts charged to expense related to restricted shares were $936 and $895, respectively. These amounts included common share dividends for the six months ended April 30, 2015 and 2014 of $25. | |||||||||||||||
The following table summarizes activity related to restricted share units during the six months ended April 30, 2015: | |||||||||||||||
Number of Units | Weighted-Average | ||||||||||||||
Grant Date Fair | |||||||||||||||
Value | |||||||||||||||
Restricted share units at October 31, 2014 | 5 | $ | 61.59 | ||||||||||||
Granted | 13 | $ | 76.19 | ||||||||||||
Vested | (5 | ) | $ | 61.59 | |||||||||||
Restricted share units at April 30, 2015 | 13 | $ | 76.19 | ||||||||||||
As of April 30, 2015, there was $480 of remaining expense to be recognized related to outstanding restricted share units, which is expected to be recognized over a weighted average period of 0.5 years. The amount charged to expense related to restricted share units during the three months ended April 30, 2015 and 2014 was $243 and $223, respectively. For the six months ended April 30, 2015 and 2014, the amounts were $486 and $445, respectively. | |||||||||||||||
Deferred Directors’ Compensation | |||||||||||||||
Non-employee directors may defer all or part of their cash and equity-based compensation until retirement. Cash compensation may be deferred as cash or as share equivalent units. Deferred cash amounts are recorded as liabilities, and share equivalent units are recorded as equity. Additional share equivalent units are earned when common share dividends are declared. | |||||||||||||||
The following table summarizes activity related to director deferred compensation share equivalent units during the six months ended April 30, 2015: | |||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||
Grant Date Fair | |||||||||||||||
Value | |||||||||||||||
Outstanding at October 31, 2014 | 110 | $ | 29.74 | ||||||||||||
Restricted share units vested | 5 | $ | 61.59 | ||||||||||||
Dividend equivalents | 1 | $ | 74.21 | ||||||||||||
Distributions | (15 | ) | $ | 21.35 | |||||||||||
Outstanding at April 30, 2015 | 101 | $ | 32.91 | ||||||||||||
The amount charged to expense related to director deferred compensation for the three months ended April 30, 2015 and 2014 was $22 and $25, respectively. For the six months ended April 30, 2015 and 2014, the corresponding amounts were $47 and $52, 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 levels over three-year performance periods. No payout will occur unless certain threshold performance objectives are exceeded. | |||||||||||||||
The amount of compensation expense is based upon current performance projections for each three-year period and the percentage of the requisite service that has been rendered. The calculations are also based upon the grant date fair value determined using the closing market price of our common shares at the grant date, reduced by the implied value of dividends not to be paid. This value was $76.48 per share for 2015, $69.25 per share for 2014 and $59.59 per share for 2013. During the three months ended April 30, 2015 and 2014, $1,242 and $1,303, respectively, was charged to expense. For the six months ended April 30, 2015 and 2014, the corresponding amounts were $2,491 and $2,445, respectively. The cumulative amount recorded in shareholders’ equity at April 30, 2015 was $6,593. | |||||||||||||||
Deferred Compensation | |||||||||||||||
Our executive officers and other highly compensated employees may elect to defer up to 100% of their base pay and cash incentive compensation and for executive officers, up to 90% of their performance share-based incentive payout each year. Additional share units are credited for quarterly dividends paid on our common shares. Expense related to dividends paid under this plan for the three months ended April 30, 2015 and 2014 was $45 and $32, respectively. For the six months ended April 30, 2015 and 2014, the corresponding amounts were $84 and $58, respectively. |
Warranties
Warranties | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Warranties | 9 | Warranties | |||||||
We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual historical return rates. Based on analysis of return rates and other factors, the adequacy of our warranty provisions are adjusted as necessary. The liability for warranty costs is included in accrued liabilities in the Consolidated Balance Sheet. | |||||||||
Following is a reconciliation of the product warranty liability for the six months ended April 30, 2015 and 2014: | |||||||||
30-Apr-15 | 30-Apr-14 | ||||||||
Beginning balance | $ | 9,918 | $ | 9,409 | |||||
Accruals for warranties | 6,720 | 4,087 | |||||||
Warranty payments | (5,556 | ) | (3,993 | ) | |||||
Currency effect | (339 | ) | 63 | ||||||
Ending balance | $ | 10,743 | $ | 9,566 | |||||
Operating_Segments
Operating Segments | 6 Months Ended | ||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Operating Segments | 10 | Operating segments | |||||||||||||||||||
We conduct business across three primary business segments: Adhesive Dispensing Systems, Advanced Technology Systems, and Industrial Coating Systems. The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker. The primary measure used by the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing performance is operating profit, which equals sales less cost of sales and certain operating expenses. Items below the operating profit line of the Consolidated Statement of Income (interest and investment income, interest expense and other income/expense) are excluded from the measure of segment profitability reviewed by our chief operating decision maker and are not presented by operating segment. The accounting policies of the segments are generally the same as those described in Note 1, Significant Accounting Policies, of our annual report on Form 10-K for the year ended October 31, 2014. | |||||||||||||||||||||
The following table presents information about our reportable segments: | |||||||||||||||||||||
Adhesive Dispensing Systems | Advanced Technology Systems | Industrial Coating Systems | Corporate | Total | |||||||||||||||||
Three months ended | |||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||
Net external sales | $ | 203,273 | $ | 129,482 | $ | 67,972 | $ | — | $ | 400,727 | |||||||||||
Operating profit (loss) | 50,780 | 24,770 | 11,514 | (10,650 | ) | 76,414 | |||||||||||||||
Three months ended | |||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||
Net external sales | $ | 231,954 | $ | 127,628 | $ | 57,879 | $ | — | $ | 417,461 | |||||||||||
Operating profit (loss) | 62,699 | (a) | 30,842 | (b) | 9,335 | (10,042 | ) | 92,834 | |||||||||||||
Six months ended | |||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||
Net external sales | $ | 397,486 | $ | 261,700 | $ | 120,549 | $ | — | $ | 779,735 | |||||||||||
Operating profit (loss) | 94,109 | 51,588 | 15,278 | (21,743 | ) | 139,232 | |||||||||||||||
Six months ended | |||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||
Net external sales | $ | 441,425 | $ | 225,169 | $ | 110,287 | $ | — | $ | 776,881 | |||||||||||
Operating profit (loss) | 110,619 | (a) | 41,220 | (b) | 14,291 | (19,437 | ) | 146,693 | |||||||||||||
(a) | Includes $699 of severance and restructuring costs in the three and six months ended April 30, 2014. | ||||||||||||||||||||
(b) | Includes $579 of severance and restructuring costs in the three and six months ended April 30, 2014. | ||||||||||||||||||||
A reconciliation of total segment operating income to total consolidated income before income taxes is as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Apr-15 | 30-Apr-14 | 30-Apr-15 | 30-Apr-14 | ||||||||||||||||||
Total profit for reportable segments | $ | 76,414 | $ | 92,834 | $ | 139,232 | $ | 146,693 | |||||||||||||
Interest expense | (4,313 | ) | (3,532 | ) | (8,402 | ) | (7,107 | ) | |||||||||||||
Interest and investment income | 151 | 217 | 237 | 329 | |||||||||||||||||
Other-net | (687 | ) | (406 | ) | (789 | ) | (615 | ) | |||||||||||||
Income before income taxes | $ | 71,565 | $ | 89,113 | $ | 130,278 | $ | 139,300 | |||||||||||||
We have significant sales in the following geographic regions: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Apr-15 | 30-Apr-14 | 30-Apr-15 | 30-Apr-14 | ||||||||||||||||||
United States | $ | 140,030 | $ | 125,693 | $ | 262,854 | $ | 241,199 | |||||||||||||
Americas | 31,028 | 31,144 | 59,296 | 58,409 | |||||||||||||||||
Europe | 105,097 | 122,058 | 213,663 | 238,533 | |||||||||||||||||
Japan | 28,499 | 28,889 | 50,032 | 55,134 | |||||||||||||||||
Asia Pacific | 96,073 | 109,677 | 193,890 | 183,606 | |||||||||||||||||
Total net external sales | $ | 400,727 | $ | 417,461 | $ | 779,735 | $ | 776,881 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 11 | 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 table presents the classification of our assets and liabilities measured at fair value on a recurring basis at April 30, 2015: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts (a) | 5,506 | — | 5,506 | — | |||||||||||||
Total assets at fair value | $ | 5,506 | $ | — | $ | 5,506 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Deferred compensation plans (b) | $ | 9,945 | $ | 9,945 | $ | — | $ | — | |||||||||
Foreign currency forward contracts (a) | 2,493 | — | 2,493 | — | |||||||||||||
Total liabilities at fair value | $ | 12,438 | $ | 9,945 | $ | 2,493 | $ | — | |||||||||
(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 currency forward contracts are valued using market exchange rates. Foreign currency forward contracts are not designated as hedges. | ||||||||||||||||
(b) | Executive officers and other highly compensated employees may defer up to 100 percent of their salary and annual cash incentive award and for executive officers, up to 90 percent of their long-term performance share incentive award, 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. | ||||||||||||||||
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||
Financial Instruments | 12 | Financial instruments | |||||||||||||||
We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currencies are recorded 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. We do not use financial instruments for trading or speculative purposes. | |||||||||||||||||
Gains and losses on foreign currency forward contracts are recorded in “Other – net” on the Consolidated Statement of Income together with the transaction gain or loss from the hedged balance sheet position. For the three months ended April 30, 2015, we recognized gains of $1,114 on foreign currency forward contracts and losses of $1,669 from the change in fair value of balance sheet positions. For the three months ended April 2014, we recognized gains of $1,100 on foreign currency forward contracts and losses of $1,332 from the change in fair value of balance sheet positions. For the six months ended April 30, 2015, we recognized gains of $1,503 on foreign currency forward contracts and losses of $2,065 from the change in fair value of balance sheet positions. For the six months ended April 30, 2014, we recognized losses of $2,329 on foreign currency forward contracts and gains of $2,181 from the change in fair value of balance sheet positions. | |||||||||||||||||
The following table summarizes, by currency, the foreign currency forward contracts outstanding at April 30, 2015: | |||||||||||||||||
Sell | Buy | ||||||||||||||||
Notional Amounts | Fair Market Value | Notional Amounts | Fair Market Value | ||||||||||||||
Euro | $ | 372,491 | $ | 378,572 | $ | 370,074 | $ | 378,887 | |||||||||
British pound | 124,115 | 127,047 | 106,410 | 108,506 | |||||||||||||
Japanese yen | 32,306 | 32,271 | 20,685 | 20,685 | |||||||||||||
Australian dollar | 463 | 475 | 7,487 | 7,658 | |||||||||||||
Hong Kong dollar | 56,255 | 56,296 | 116,757 | 116,852 | |||||||||||||
Singapore dollar | 365 | 378 | 10,493 | 10,761 | |||||||||||||
Others | 5,356 | 5,480 | 30,583 | 31,290 | |||||||||||||
Total | $ | 591,351 | $ | 600,519 | $ | 662,489 | $ | 674,639 | |||||||||
The carrying amounts and fair values of financial instruments at April 30, 2015, other than receivables and accounts payable, are shown in the table below. The carrying values of receivables and accounts payable approximate fair value due to the short-term nature of these instruments. | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
Amount | Value | ||||||||||||||||
Cash and cash equivalents | $ | 51,454 | $ | 51,454 | |||||||||||||
Notes payable | 57,747 | 57,747 | |||||||||||||||
Long-term debt, including current maturities | 829,947 | 826,304 | |||||||||||||||
Foreign currency forward contracts (net) | 3,013 | 3,013 | |||||||||||||||
We used the following methods and assumptions in estimating the fair value of financial instruments: | |||||||||||||||||
· | Cash, cash equivalents and notes payable are valued at their carrying amounts due to the relatively short period to maturity of the instruments. | ||||||||||||||||
· | Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. | ||||||||||||||||
· | Foreign currency forward contracts are valued using observable market based inputs, which are considered to be Level 2 inputs under the fair value hierarchy. | ||||||||||||||||
Contingencies
Contingencies | 6 Months Ended | |
Apr. 30, 2015 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Contingencies | 13 | Contingencies |
We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. Including the environmental matter discussed below, it is our opinion, after consultation with legal counsel, that resolutions of these matters are not expected to result in a material effect on our financial condition, quarterly or annual operating results or cash flows. | ||
We have voluntarily agreed with the City of New Richmond, Wisconsin and other Potentially Responsible Parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the “Site”) and the construction of a potable water delivery system serving the impacted area down gradient of the Site. At April 30, 2015 and October 31, 2014 our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $565 and $615, respectively. The liability for environmental remediation represents management’s best estimate of the probable and reasonably estimable undiscounted costs related to known remediation obligations. The accuracy of our estimate of environmental liability is affected by several uncertainties such as additional requirements that may be identified in connection with remedial activities, the complexity and evolution of environmental laws and regulations, and the identification of presently unknown remediation requirements. Consequently, our liability could be greater than our current estimate. However, we do not expect that the costs associated with remediation will have a material adverse effect on our financial condition or results of operations. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles 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 three and six months ended April 30, 2015 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 footnotes included in our Annual Report on Form 10-K for the year ended October 31, 2014. |
Basis of Consolidation | Basis of consolidation. The consolidated financial statements include the accounts of Nordson Corporation and its majority-owned and controlled subsidiaries. Investments in affiliates and joint ventures in which our ownership is 50% or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual amounts could differ from these estimates. |
Revenue Recognition | Revenue recognition. Most of our revenues are recognized upon shipment, provided that persuasive evidence of an arrangement exists, the sales price is fixed or determinable, collectibility is reasonably assured, and title and risk of loss have passed to the customer. |
A relative selling price hierarchy exists for determining the selling price of deliverables in multiple deliverable arrangements. Vendor specific objective evidence (VSOE) is used, if available. Third-party evidence (TPE) is used if VSOE is not available, and best estimated selling price is used if neither VSOE nor TPE is available. Our multiple deliverable arrangements include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, are typically regarded as inconsequential or perfunctory. Revenue for undelivered items is deferred and included within accrued liabilities in the accompanying balance sheet. Revenues deferred in 2015 and 2014 were not material. | |
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 and six months ending April 30, 2015 were 312 and 313, respectively. Options excluded from the calculation of diluted earnings per share for the three and six months ending April 30, 2014 were 276 and 138, respectively. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | At April 30, 2015 and October 31, 2014, inventories consisted of the following: | ||||||||
30-Apr-15 | 31-Oct-14 | ||||||||
Raw materials and component parts | $ | 96,901 | $ | 86,573 | |||||
Work-in-process | 37,638 | 27,994 | |||||||
Finished goods | 140,058 | 130,544 | |||||||
274,597 | 245,111 | ||||||||
Obsolescence and other reserves | (27,639 | ) | (26,744 | ) | |||||
LIFO reserve | (7,552 | ) | (7,496 | ) | |||||
$ | 239,406 | $ | 210,871 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the three months ended April 30, 2015 by operating segment are as follows: | ||||||||||||||||
Adhesive Dispensing | Advanced Technology | Industrial Coating | Total | ||||||||||||||
Systems | Systems | Systems | |||||||||||||||
Balance at October 31, 2014 | $ | 397,046 | $ | 631,433 | $ | 24,058 | $ | 1,052,537 | |||||||||
Adjustment | 371 | 371 | |||||||||||||||
Currency effect | (12,437 | ) | (1,144 | ) | — | (13,581 | ) | ||||||||||
Balance at April 30, 2015 | $ | 384,609 | $ | 630,660 | $ | 24,058 | $ | 1,039,327 | |||||||||
Summary of Intangible Assets Subject to Amortization | Information regarding our intangible assets subject to amortization is as follows: | ||||||||||||||||
30-Apr-15 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||
Customer relationships | $ | 194,102 | $ | 48,552 | $ | 145,550 | |||||||||||
Patent/technology costs | 91,520 | 29,485 | 62,035 | ||||||||||||||
Trade name | 77,392 | 14,471 | 62,921 | ||||||||||||||
Non-compete agreements | 7,993 | 7,614 | 379 | ||||||||||||||
Other | 1,366 | 1,314 | 52 | ||||||||||||||
Total | $ | 372,373 | $ | 101,436 | $ | 270,937 | |||||||||||
31-Oct-14 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||
Customer relationships | $ | 200,028 | $ | 41,910 | $ | 158,118 | |||||||||||
Patent/technology costs | 93,799 | 27,030 | 66,769 | ||||||||||||||
Trade name | 77,846 | 12,173 | 65,673 | ||||||||||||||
Non-compete agreements | 8,220 | 7,600 | 620 | ||||||||||||||
Other | 1,369 | 1,239 | 130 | ||||||||||||||
Total | $ | 381,262 | $ | 89,952 | $ | 291,310 | |||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Plans (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Pension Cost [Member] | |||||||||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Components of Net Periodic Benefits Cost | The components of net periodic pension cost for the three and six months ended April 30, 2015 and April 30, 2014 were: | ||||||||||||||||
U.S. | International | ||||||||||||||||
Three Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 3,031 | $ | 1,874 | $ | 692 | $ | 714 | |||||||||
Interest cost | 3,841 | 3,545 | 627 | 817 | |||||||||||||
Expected return on plan assets | (4,578 | ) | (4,487 | ) | (395 | ) | (448 | ) | |||||||||
Amortization of prior service cost (credit) | 30 | 59 | (22 | ) | (20 | ) | |||||||||||
Amortization of net actuarial loss | 2,633 | 1,784 | 485 | 399 | |||||||||||||
Total benefit cost | $ | 4,957 | $ | 2,775 | $ | 1,387 | $ | 1,462 | |||||||||
U.S. | International | ||||||||||||||||
Six Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 5,431 | $ | 4,036 | $ | 1,433 | $ | 1,412 | |||||||||
Interest cost | 7,523 | 6,960 | 1,299 | 1,608 | |||||||||||||
Expected return on plan assets | (9,158 | ) | (8,648 | ) | (812 | ) | (880 | ) | |||||||||
Amortization of prior service cost (credit) | 60 | 118 | (46 | ) | (39 | ) | |||||||||||
Amortization of net actuarial loss | 4,886 | 3,970 | 1,309 | 787 | |||||||||||||
Settlement loss | — | — | 1,275 | — | |||||||||||||
Total benefit cost | $ | 8,742 | $ | 6,436 | $ | 4,458 | $ | 2,888 | |||||||||
Postretirement Benefit Costs [Member] | |||||||||||||||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||
Components of Net Periodic Benefits Cost | The components of other postretirement benefit cost for the three and six months ended April 30, 2015 and April 30, 2014 were: | ||||||||||||||||
U.S. | International | ||||||||||||||||
Three Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 175 | $ | 265 | $ | 7 | $ | 7 | |||||||||
Interest cost | 735 | 802 | 9 | 9 | |||||||||||||
Amortization of prior service credit | (109 | ) | (112 | ) | — | — | |||||||||||
Amortization of net actuarial loss | 280 | 419 | — | (3 | ) | ||||||||||||
Total benefit cost | $ | 1,081 | $ | 1,374 | $ | 16 | $ | 13 | |||||||||
U.S. | International | ||||||||||||||||
Six Months Ended | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 450 | $ | 518 | $ | 15 | $ | 14 | |||||||||
Interest cost | 1,488 | 1,531 | 18 | 19 | |||||||||||||
Amortization of prior service credit | (219 | ) | (224 | ) | — | — | |||||||||||
Amortization of net actuarial loss | 577 | 717 | — | (7 | ) | ||||||||||||
Total benefit cost | $ | 2,296 | $ | 2,542 | $ | 33 | $ | 26 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. | ||||||||||||
Cumulative | Pension and | Accumulated | |||||||||||
translation | postretirement benefit | other comprehensive | |||||||||||
adjustments | plan adjustments | loss | |||||||||||
Balance at October 31, 2014 | $ | 2,727 | $ | (105,926 | ) | $ | (103,199 | ) | |||||
Pension and postretirement plan changes, net of | — | 4,287 | 4,287 | ||||||||||
tax of $(2,280) | |||||||||||||
Current period charge | (30,561 | ) | — | (30,561 | ) | ||||||||
Balance at April 30, 2015 | $ | (27,834 | ) | $ | (101,639 | ) | $ | (129,473 | ) | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||
Apr. 30, 2015 | |||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options for the six months ended April 30, 2015: | ||||||||||||||
Number of | Weighted-Average | Aggregate | Weighted | ||||||||||||
Options | Exercise Price Per | Intrinsic Value | Average | ||||||||||||
Share | Remaining | ||||||||||||||
Term | |||||||||||||||
Outstanding at October 31, 2014 | 1,686 | $ | 42.77 | ||||||||||||
Granted | 315 | $ | 79.66 | ||||||||||||
Exercised | (125 | ) | $ | 28.21 | |||||||||||
Forfeited or expired | (12 | ) | $ | 63.77 | |||||||||||
Outstanding at April 30, 2015 | 1,864 | $ | 49.85 | $ | 55,540 | 6.4 years | |||||||||
Vested or expected to vest at April 30, 2015 | 1,842 | $ | 49.54 | $ | 55,467 | 6.3 years | |||||||||
Exercisable at April 30, 2015 | 1,125 | $ | 36.8 | $ | 48,216 | 5.0 years | |||||||||
Fair Value Assumptions of Stock Options | The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||
Three months ended | 30-Apr-15 | 30-Apr-14 | |||||||||||||
Expected volatility | 31.6%-39.5% | 40.1%-44.7% | |||||||||||||
Expected dividend yield | 1.10% | 0.98%-1.03% | |||||||||||||
Risk-free interest rate | 1.70%-1.85% | 1.51%-1.79% | |||||||||||||
Expected life of the option (in years) | 5.4-6.1 | 5.4-6.1 | |||||||||||||
Summarized Activity Related to Restricted Stock | The following table summarizes activity related to restricted shares during the six months ended April 30, 2015: | ||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||
Grant Date Fair | |||||||||||||||
Value | |||||||||||||||
Restricted shares at October 31, 2014 | 71 | $ | 63.53 | ||||||||||||
Granted | 21 | $ | 79.53 | ||||||||||||
Forfeited | (2 | ) | $ | 66.86 | |||||||||||
Vested | (34 | ) | $ | 57.23 | |||||||||||
Restricted shares at April 30, 2015 | 56 | $ | 73.35 | ||||||||||||
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units during the six months ended April 30, 2015: | ||||||||||||||
Number of Units | Weighted-Average | ||||||||||||||
Grant Date Fair | |||||||||||||||
Value | |||||||||||||||
Restricted share units at October 31, 2014 | 5 | $ | 61.59 | ||||||||||||
Granted | 13 | $ | 76.19 | ||||||||||||
Vested | (5 | ) | $ | 61.59 | |||||||||||
Restricted share units at April 30, 2015 | 13 | $ | 76.19 | ||||||||||||
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during the six months ended April 30, 2015: | ||||||||||||||
Number of Shares | Weighted-Average | ||||||||||||||
Grant Date Fair | |||||||||||||||
Value | |||||||||||||||
Outstanding at October 31, 2014 | 110 | $ | 29.74 | ||||||||||||
Restricted share units vested | 5 | $ | 61.59 | ||||||||||||
Dividend equivalents | 1 | $ | 74.21 | ||||||||||||
Distributions | (15 | ) | $ | 21.35 | |||||||||||
Outstanding at April 30, 2015 | 101 | $ | 32.91 | ||||||||||||
Warranties_Tables
Warranties (Tables) | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability for the six months ended April 30, 2015 and 2014: | ||||||||
30-Apr-15 | 30-Apr-14 | ||||||||
Beginning balance | $ | 9,918 | $ | 9,409 | |||||
Accruals for warranties | 6,720 | 4,087 | |||||||
Warranty payments | (5,556 | ) | (3,993 | ) | |||||
Currency effect | (339 | ) | 63 | ||||||
Ending balance | $ | 10,743 | $ | 9,566 | |||||
Operating_Segments_Tables
Operating Segments (Tables) | 6 Months Ended | ||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Reportable Segments | The following table presents information about our reportable segments: | ||||||||||||||||||||
Adhesive Dispensing Systems | Advanced Technology Systems | Industrial Coating Systems | Corporate | Total | |||||||||||||||||
Three months ended | |||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||
Net external sales | $ | 203,273 | $ | 129,482 | $ | 67,972 | $ | — | $ | 400,727 | |||||||||||
Operating profit (loss) | 50,780 | 24,770 | 11,514 | (10,650 | ) | 76,414 | |||||||||||||||
Three months ended | |||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||
Net external sales | $ | 231,954 | $ | 127,628 | $ | 57,879 | $ | — | $ | 417,461 | |||||||||||
Operating profit (loss) | 62,699 | (a) | 30,842 | (b) | 9,335 | (10,042 | ) | 92,834 | |||||||||||||
Six months ended | |||||||||||||||||||||
30-Apr-15 | |||||||||||||||||||||
Net external sales | $ | 397,486 | $ | 261,700 | $ | 120,549 | $ | — | $ | 779,735 | |||||||||||
Operating profit (loss) | 94,109 | 51,588 | 15,278 | (21,743 | ) | 139,232 | |||||||||||||||
Six months ended | |||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||
Net external sales | $ | 441,425 | $ | 225,169 | $ | 110,287 | $ | — | $ | 776,881 | |||||||||||
Operating profit (loss) | 110,619 | (a) | 41,220 | (b) | 14,291 | (19,437 | ) | 146,693 | |||||||||||||
(a) | Includes $699 of severance and restructuring costs in the three and six months ended April 30, 2014. | ||||||||||||||||||||
(b) | Includes $579 of severance and restructuring costs in the three and six months ended April 30, 2014. | ||||||||||||||||||||
Reconciliation of Segment Operating Income to Consolidated Income Before Income Taxes | A reconciliation of total segment operating income to total consolidated income before income taxes is as follows: | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Apr-15 | 30-Apr-14 | 30-Apr-15 | 30-Apr-14 | ||||||||||||||||||
Total profit for reportable segments | $ | 76,414 | $ | 92,834 | $ | 139,232 | $ | 146,693 | |||||||||||||
Interest expense | (4,313 | ) | (3,532 | ) | (8,402 | ) | (7,107 | ) | |||||||||||||
Interest and investment income | 151 | 217 | 237 | 329 | |||||||||||||||||
Other-net | (687 | ) | (406 | ) | (789 | ) | (615 | ) | |||||||||||||
Income before income taxes | $ | 71,565 | $ | 89,113 | $ | 130,278 | $ | 139,300 | |||||||||||||
Sales and Long-lived Asset Information by Geographic Regions | |||||||||||||||||||||
We have significant sales in the following geographic regions: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Apr-15 | 30-Apr-14 | 30-Apr-15 | 30-Apr-14 | ||||||||||||||||||
United States | $ | 140,030 | $ | 125,693 | $ | 262,854 | $ | 241,199 | |||||||||||||
Americas | 31,028 | 31,144 | 59,296 | 58,409 | |||||||||||||||||
Europe | 105,097 | 122,058 | 213,663 | 238,533 | |||||||||||||||||
Japan | 28,499 | 28,889 | 50,032 | 55,134 | |||||||||||||||||
Asia Pacific | 96,073 | 109,677 | 193,890 | 183,606 | |||||||||||||||||
Total net external sales | $ | 400,727 | $ | 417,461 | $ | 779,735 | $ | 776,881 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the classification of our assets and liabilities measured at fair value on a recurring basis at April 30, 2015: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts (a) | 5,506 | — | 5,506 | — | |||||||||||||
Total assets at fair value | $ | 5,506 | $ | — | $ | 5,506 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Deferred compensation plans (b) | $ | 9,945 | $ | 9,945 | $ | — | $ | — | |||||||||
Foreign currency forward contracts (a) | 2,493 | — | 2,493 | — | |||||||||||||
Total liabilities at fair value | $ | 12,438 | $ | 9,945 | $ | 2,493 | $ | — | |||||||||
(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 currency forward contracts are valued using market exchange rates. Foreign currency forward contracts are not designated as hedges. | ||||||||||||||||
(b) | Executive officers and other highly compensated employees may defer up to 100 percent of their salary and annual cash incentive award and for executive officers, up to 90 percent of their long-term performance share incentive award, 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. |
Financial_instruments_Tables
Financial instruments (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the foreign currency forward contracts outstanding at April 30, 2015: | ||||||||||||||||
Sell | Buy | ||||||||||||||||
Notional Amounts | Fair Market Value | Notional Amounts | Fair Market Value | ||||||||||||||
Euro | $ | 372,491 | $ | 378,572 | $ | 370,074 | $ | 378,887 | |||||||||
British pound | 124,115 | 127,047 | 106,410 | 108,506 | |||||||||||||
Japanese yen | 32,306 | 32,271 | 20,685 | 20,685 | |||||||||||||
Australian dollar | 463 | 475 | 7,487 | 7,658 | |||||||||||||
Hong Kong dollar | 56,255 | 56,296 | 116,757 | 116,852 | |||||||||||||
Singapore dollar | 365 | 378 | 10,493 | 10,761 | |||||||||||||
Others | 5,356 | 5,480 | 30,583 | 31,290 | |||||||||||||
Total | $ | 591,351 | $ | 600,519 | $ | 662,489 | $ | 674,639 | |||||||||
Carrying Amounts and Fair Values of Financial Instruments, Other than Receivables and Accounts Payable | The carrying values of receivables and accounts payable approximate fair value due to the short-term nature of these instruments. | ||||||||||||||||
Carrying | Fair | ||||||||||||||||
Amount | Value | ||||||||||||||||
Cash and cash equivalents | $ | 51,454 | $ | 51,454 | |||||||||||||
Notes payable | 57,747 | 57,747 | |||||||||||||||
Long-term debt, including current maturities | 829,947 | 826,304 | |||||||||||||||
Foreign currency forward contracts (net) | 3,013 | 3,013 | |||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Stock Options [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Options for common shares excluded from computation of diluted earning per share | 312 | 276 | 313 | 138 |
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Ownership percentage in affiliates and joint ventures | 50.00% | 50.00% |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and component parts | $96,901 | $86,573 |
Work-in-process | 37,638 | 27,994 |
Finished goods | 140,058 | 130,544 |
Inventories - gross | 274,597 | 245,111 |
Obsolescence and other reserves | -27,639 | -26,744 |
LIFO reserve | -7,552 | -7,496 |
Inventories - net | $239,406 | $210,871 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 |
Goodwill [Line Items] | |
Balance at October 31, 2014 | $1,052,537 |
Adjustment | 371 |
Currency effect | -13,581 |
Balance at April 30, 2015 | 1,039,327 |
Adhesive Dispensing Systems [Member] | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | 397,046 |
Currency effect | -12,437 |
Balance at April 30, 2015 | 384,609 |
Advanced Technology Systems [Member] | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | 631,433 |
Adjustment | 371 |
Currency effect | -1,144 |
Balance at April 30, 2015 | 630,660 |
Industrial Coating Systems [Member] | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | 24,058 |
Currency effect | 0 |
Balance at April 30, 2015 | $24,058 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Oct. 31, 2014 |
Goodwill [Line Items] | |||||
Goodwill accumulated impairment loss | $232,789 | $232,789 | $232,789 | ||
Intangible assets, amortization expense | 6,976 | 6,310 | 13,867 | 12,640 | |
Advanced Technology Systems [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill accumulated impairment loss | 229,173 | 229,173 | 229,173 | ||
Industrial Coating Systems [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill accumulated impairment loss | $3,616 | $3,616 | $3,616 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $372,373 | $381,262 |
Accumulated Amortization | 101,436 | 89,952 |
Net Book Value | 270,937 | 291,310 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 194,102 | 200,028 |
Accumulated Amortization | 48,552 | 41,910 |
Net Book Value | 145,550 | 158,118 |
Patent/Technology Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 91,520 | 93,799 |
Accumulated Amortization | 29,485 | 27,030 |
Net Book Value | 62,035 | 66,769 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 77,392 | 77,846 |
Accumulated Amortization | 14,471 | 12,173 |
Net Book Value | 62,921 | 65,673 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 7,993 | 8,220 |
Accumulated Amortization | 7,614 | 7,600 |
Net Book Value | 379 | 620 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 1,366 | 1,369 |
Accumulated Amortization | 1,314 | 1,239 |
Net Book Value | $52 | $130 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Plans - Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Pension Plan, United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $3,031 | $1,874 | $5,431 | $4,036 |
Interest cost | 3,841 | 3,545 | 7,523 | 6,960 |
Expected return on plan assets | -4,578 | -4,487 | -9,158 | -8,648 |
Amortization of prior service cost (credit) | 30 | 59 | 60 | 118 |
Amortization of net actuarial loss | 2,633 | 1,784 | 4,886 | 3,970 |
Total benefit cost | 4,957 | 2,775 | 8,742 | 6,436 |
Pension Plan, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 692 | 714 | 1,433 | 1,412 |
Interest cost | 627 | 817 | 1,299 | 1,608 |
Expected return on plan assets | -395 | -448 | -812 | -880 |
Amortization of prior service cost (credit) | -22 | -20 | -46 | -39 |
Amortization of net actuarial loss | 485 | 399 | 1,309 | 787 |
Settlement loss | 1,275 | |||
Total benefit cost | $1,387 | $1,462 | $4,458 | $2,888 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Plans - Other Postretirement Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Postretirement Benefit Plans, United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $175 | $265 | $450 | $518 |
Interest cost | 735 | 802 | 1,488 | 1,531 |
Amortization of prior service credit | -109 | -112 | -219 | -224 |
Amortization of net actuarial loss | 280 | 419 | 577 | 717 |
Total benefit cost | 1,081 | 1,374 | 2,296 | 2,542 |
Postretirement Benefit Plans, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 7 | 15 | 14 |
Interest cost | 9 | 9 | 18 | 19 |
Amortization of net actuarial loss | -3 | -7 | ||
Total benefit cost | $16 | $13 | $33 | $26 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Income Tax Disclosure [Abstract] | ||||
Effective tax rates | 31.20% | 30.50% | 29.30% | 30.50% |
Additional tax benefit relating to retroactive reinstatement of research and development credit | $1,686 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), Beginning balance | ($103,199) | |||
Amortization of prior service cost and net actuarial losses, net of tax | 2,123 | 1,645 | 4,287 | 3,458 |
Current period charge | -306 | 6,862 | -30,561 | 1,252 |
Accumulated other comprehensive income (loss), Ending balance | -129,473 | -129,473 | ||
Cumulative Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), Beginning balance | 2,727 | |||
Current period charge | -30,561 | |||
Accumulated other comprehensive income (loss), Ending balance | -27,834 | -27,834 | ||
Pension And Postretirement Benefit Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), Beginning balance | -105,926 | |||
Amortization of prior service cost and net actuarial losses, net of tax | 4,287 | |||
Accumulated other comprehensive income (loss), Ending balance | ($101,639) | ($101,639) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Pension and postretirement plan changes, tax | $2,280 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum number of common shares available for grant | 2,900 | 2,900 | |||
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% | ||||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% | ||||
Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expense related to director deferred compensation | $22 | $25 | $47 | $52 | |
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum rate of stock option, description | Not exceeding 25 percent per year | ||||
Option expiring period | 10 years | ||||
Compensation expense recognized | 2,103 | 2,178 | 4,571 | 5,844 | |
Options exercisable beginning period | 1 year | ||||
Unrecognized compensation cost related to nonvested stock option | 9,556 | 9,556 | |||
Weighted average period expected to be amortized, non vested shares | 1 year 4 months 24 days | ||||
Weighted-average expected volatility used | 34.30% | 44.50% | |||
Weighted average grant date fair value of stock options granted | $24.63 | $27.92 | |||
Total intrinsic value of options exercised | 5,082 | 2,307 | 6,179 | 5,961 | |
Cash received from the exercise of stock options | 3,174 | 3,499 | |||
Tax benefit realized from tax deductions from exercises of stock options | 1,814 | 1,795 | |||
Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum rate of stock option | 25.00% | ||||
Stock Options [Member] | Post November 2012 Option Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Normal retirement age | 65 years | ||||
Period for options considered to be forfeited for retirees | 12 months | ||||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average period expected to be amortized, non vested shares | 2 years | ||||
Period for restricted shares and share units considered to be forfeited for retirees | 12 months | ||||
Period for pro-rata vesting of shares or units for non-employee directors | 1 year | ||||
Unrecognized compensation cost related to nonvested restricted stock | 2,857 | 2,857 | |||
Expense related to nonvested common shares | 464 | 424 | 936 | 895 | |
Common share dividends amount included in compensation cost | 12 | 12 | 25 | 25 | |
Restricted Stock Unit [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average period expected to be amortized, non vested shares | 6 months | ||||
Unrecognized compensation cost related to nonvested restricted stock | 480 | 480 | |||
Expense related to nonvested common shares | 243 | 223 | 486 | 445 | |
Performance Share Incentive Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant date fair value | $76.48 | $69.25 | $59.59 | ||
Compensation expense charged | 1,242 | 1,303 | 2,491 | 2,445 | |
Cumulative amount recorded in shareholders' equity related to Long-Term Incentive Plan | 6,593 | 6,593 | |||
Periods of performance considered for calculating compensation expense | 3 years | ||||
Deferred Compensation [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common share dividends amount included in compensation cost | $45 | $32 | $84 | $58 | |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% | ||||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% |
StockBased_Compensation_Summar
Stock-Based Compensation - Summarized Activity Related to Stock Options (Detail) (Stock Options [Member], USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | 1,686 |
Number of Options, Granted | 315 |
Number of Options, Exercised | -125 |
Number of Options, Forfeited or expired | -12 |
Number of Options, Outstanding, Ending balance | 1,864 |
Number of Options, Vested or expected to vest | 1,842 |
Number of Options, Exercisable | 1,125 |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $42.77 |
Weighted-Average Exercise Price Per Share, Granted | $79.66 |
Weighted-Average Exercise Price Per Share, Exercised | $28.21 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $63.77 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | $49.85 |
Weighted-Average Exercise Price Per Share, Vested or expected to vest | $49.54 |
Weighted-Average Exercise Price Per Share, Exercisable | $36.80 |
Aggregate Intrinsic Value, Outstanding | $55,540 |
Aggregate Intrinsic Value, Vested or expected to vest | 55,467 |
Aggregate Intrinsic Value, Exercisable | $48,216 |
Weighted Average Remaining Term, Outstanding | 6 years 4 months 24 days |
Weighted Average Remaining Term, Vested or expected to vest | 6 years 3 months 18 days |
Weighted Average Remaining Term, Exercisable | 5 years |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value Assumptions of Stock Options (Detail) (Stock Options [Member]) | 6 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility, Minimum | 31.60% | 40.10% |
Expected volatility, Maximum | 39.50% | 44.70% |
Expected dividend yield | 1.10% | |
Risk-free interest rate, Minimum | 1.70% | 1.51% |
Risk-free interest rate, Maximum | 1.85% | 1.79% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 0.98% | |
Expected life of the option (in years) | 5 years 4 months 24 days | 5 years 4 months 24 days |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 1.03% | |
Expected life of the option (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summarized Activity Related to Restricted Stock (Detail) (Restricted Stock [Member], USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, Beginning balance | 71 |
Number of Restricted Shares, Granted | 21 |
Number of Restricted Shares, Forfeited | -2 |
Number of Restricted Shares, Vested | -34 |
Number of Restricted Shares, Ending balance | 56 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Beginning balance | $63.53 |
Weighted-Average Grant Date Fair Value, Granted | $79.53 |
Weighted-Average Grant Date Fair Value, Forfeited | $66.86 |
Weighted-Average Grant Date Fair Value, Vested | $57.23 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Ending balance | $73.35 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summarized Activity Related to Restricted Stock Units (Detail) (Restricted Stock Unit [Member], USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 |
Restricted Stock Unit [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, Beginning balance | 5 |
Number of Restricted Share Units, Granted | 13 |
Number of Restricted Share Units, Vested | -5 |
Number of Restricted Shares, Ending balance | 13 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Beginning balance | $61.59 |
Weighted-Average Grant Date Fair Value, Granted | $76.19 |
Weighted-Average Grant Date Fair Value, Vested | $61.59 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Ending balance | $76.19 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summarized Activity Related to Director Deferred Compensation Shares (Detail) (Directors [Member], Deferred Compensation Share Equivalent Units [Member], USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 |
Directors [Member] | Deferred Compensation Share Equivalent Units [Member] | |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |
Number of Shares, Outstanding, Beginning balance | 110 |
Number of Shares, Restricted share units vested | 5 |
Number of Shares, Dividend equivalents | 1 |
Number of Shares, Distributions | -15 |
Number of Shares, Outstanding, Ending balance | 101 |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $29.74 |
Weighted-Average Grant Date Fair Value Per Share, Restricted share units vested | $61.59 |
Weighted-Average Grant Date Fair Value Per Share, Dividend equivalents | $74.21 |
Weighted-Average Grant Date Fair Value Per Share, Distributions | $21.35 |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $32.91 |
Warranties_Additional_Informat
Warranties - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 2015 | |
Guarantees [Abstract] | |
Standard product warranty period | One year |
Warranties_Reconciliation_of_P
Warranties - Reconciliation of Product Warranty Liability (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Guarantees [Abstract] | ||
Beginning balance | $9,918 | $9,409 |
Accruals for warranties | 6,720 | 4,087 |
Warranty payments | -5,556 | -3,993 |
Currency effect | -339 | 63 |
Ending balance | $10,743 | $9,566 |
Operating_Segments_Additional_
Operating Segments - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Operating_Segments_Reportable_
Operating Segments - Reportable Segments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Net external sales | $400,727 | $417,461 | $779,735 | $776,881 | ||
Operating profit (loss) | 76,414 | 92,834 | 139,232 | 146,693 | ||
Operating Segments [Member] | Adhesive Dispensing Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net external sales | 203,273 | 231,954 | 397,486 | 441,425 | ||
Operating profit (loss) | 50,780 | 62,699 | [1] | 94,109 | 110,619 | [1] |
Operating Segments [Member] | Advanced Technology Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net external sales | 129,482 | 127,628 | 261,700 | 225,169 | ||
Operating profit (loss) | 24,770 | 30,842 | [2] | 51,588 | 41,220 | [2] |
Operating Segments [Member] | Industrial Coating Systems [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net external sales | 67,972 | 57,879 | 120,549 | 110,287 | ||
Operating profit (loss) | 11,514 | 9,335 | 15,278 | 14,291 | ||
Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating profit (loss) | ($10,650) | ($10,042) | ($21,743) | ($19,437) | ||
[1] | Includes $699 of severance and restructuring costs in the three and six months ended April 30, 2014. | |||||
[2] | Includes $579 of severance and restructuring costs in the three and six months ended April 30, 2014. |
Operating_Segments_Reportable_1
Operating Segments - Reportable Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2014 |
Adhesive Dispensing Systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance and restructuring costs | $699 | $699 |
Advanced Technology Systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance and restructuring costs | $579 | $579 |
Operating_Segments_Reconciliat
Operating Segments - Reconciliation of Segment Operating Income to Consolidated Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Segment Reporting [Abstract] | ||||
Total profit for reportable segments | $76,414 | $92,834 | $139,232 | $146,693 |
Interest expense | -4,313 | -3,532 | -8,402 | -7,107 |
Interest and investment income | 151 | 217 | 237 | 329 |
Other - net | -687 | -406 | -789 | -615 |
Income before income taxes | $71,565 | $89,113 | $130,278 | $139,300 |
Operating_Segments_Sales_Infor
Operating Segments - Sales Information by Geographic Regions (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Net external sales | ||||
Net external sales | $400,727 | $417,461 | $779,735 | $776,881 |
United States [Member] | ||||
Net external sales | ||||
Net external sales | 140,030 | 125,693 | 262,854 | 241,199 |
Americas Excluding United States [Member] | ||||
Net external sales | ||||
Net external sales | 31,028 | 31,144 | 59,296 | 58,409 |
Europe [Member] | ||||
Net external sales | ||||
Net external sales | 105,097 | 122,058 | 213,663 | 238,533 |
Japan [Member] | ||||
Net external sales | ||||
Net external sales | 28,499 | 28,889 | 50,032 | 55,134 |
Asia Pacific [Member] | ||||
Net external sales | ||||
Net external sales | $96,073 | $109,677 | $193,890 | $183,606 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Recurring [Member], USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Assets: | |
Foreign currency forward contracts | $5,506 |
Total assets at fair value | 5,506 |
Liabilities: | |
Deferred compensation plans | 9,945 |
Foreign currency forward contracts | 2,493 |
Total liabilities at fair value | 12,438 |
Level 1 [Member] | |
Liabilities: | |
Deferred compensation plans | 9,945 |
Total liabilities at fair value | 9,945 |
Level 2 [Member] | |
Assets: | |
Foreign currency forward contracts | 5,506 |
Total assets at fair value | 5,506 |
Liabilities: | |
Foreign currency forward contracts | 2,493 |
Total liabilities at fair value | $2,493 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) | 6 Months Ended |
Apr. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% |
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||
Maturity of foreign currency forward contracts | 90 days | |||
Gains (losses) on foreign currency forward contracts | $1,114 | $1,100 | $1,503 | ($2,329) |
Gains (losses) in fair value of balance sheet positions denominated in foreign currencies | ($1,669) | ($1,332) | ($2,065) | $2,181 |
Financial_Instruments_Outstand
Financial Instruments - Outstanding Currency, Forward Exchange Contracts (Detail) (USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Derivative [Line Items] | |
Fair Market Value of foreign currency derivative contracts | $3,013 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 591,351 |
Fair Market Value of foreign currency derivative contracts | 600,519 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 662,489 |
Fair Market Value of foreign currency derivative contracts | 674,639 |
Euro [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 372,491 |
Fair Market Value of foreign currency derivative contracts | 378,572 |
Euro [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 370,074 |
Fair Market Value of foreign currency derivative contracts | 378,887 |
British Pound [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 124,115 |
Fair Market Value of foreign currency derivative contracts | 127,047 |
British Pound [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 106,410 |
Fair Market Value of foreign currency derivative contracts | 108,506 |
Japanese Yen [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 32,306 |
Fair Market Value of foreign currency derivative contracts | 32,271 |
Japanese Yen [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 20,685 |
Fair Market Value of foreign currency derivative contracts | 20,685 |
Australian Dollar [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 463 |
Fair Market Value of foreign currency derivative contracts | 475 |
Australian Dollar [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 7,487 |
Fair Market Value of foreign currency derivative contracts | 7,658 |
Hong Kong Dollar [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 56,255 |
Fair Market Value of foreign currency derivative contracts | 56,296 |
Hong Kong Dollar [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 116,757 |
Fair Market Value of foreign currency derivative contracts | 116,852 |
Singapore Dollar [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 365 |
Fair Market Value of foreign currency derivative contracts | 378 |
Singapore Dollar [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 10,493 |
Fair Market Value of foreign currency derivative contracts | 10,761 |
Others [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 5,356 |
Fair Market Value of foreign currency derivative contracts | 5,480 |
Others [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | |
Derivative [Line Items] | |
Notional Amounts of foreign currency derivative contracts | 30,583 |
Fair Market Value of foreign currency derivative contracts | $31,290 |
Financial_Instruments_Carrying
Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments, Other than Receivables and Accounts Payable (Detail) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $51,454 | $42,314 | $49,732 | $42,375 |
Notes payable, Carrying Amount | 57,747 | 106,181 | ||
Long-term debt, including current maturities, Carrying Amount | 829,947 | |||
Foreign currency forward contracts (net), Carrying Amount | 3,013 | |||
Cash and cash equivalents, Fair Value | 51,454 | |||
Notes payable, Fair Value | 57,747 | |||
Long-term debt, including current maturities, Fair Value | 826,304 | |||
Foreign currency forward contracts (net), Fair Value | $3,013 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ||
Accrual for the ongoing operation, maintenance and monitoring obligation at the site | $565 | $615 |