Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Nov. 30, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NDSN | ||
Entity Registrant Name | NORDSON CORP | ||
Entity Central Index Key | 72,331 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 57,085,557 | ||
Entity Public Float | $ 4,822,925,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Income Statement [Abstract] | |||
Sales | $ 1,688,666 | $ 1,704,021 | $ 1,542,921 |
Operating costs and expenses: | |||
Cost of sales | 774,702 | 758,923 | 676,777 |
Selling and administrative expenses | 584,823 | 575,442 | 541,169 |
Severance and restructuring costs | 11,411 | 2,551 | 1,126 |
Total operating costs and expenses | 1,370,936 | 1,336,916 | 1,219,072 |
Operating profit | 317,730 | 367,105 | 323,849 |
Other income (expense): | |||
Interest expense | (18,104) | (15,035) | (14,841) |
Interest and investment income | 558 | 581 | 421 |
Other - net | 678 | (138) | 1,694 |
Total other income (expense) | (16,868) | (14,592) | (12,726) |
Income before income taxes | 300,862 | 352,513 | 311,123 |
Income tax provision: | |||
Current | 87,651 | 102,251 | 84,184 |
Deferred | 2,100 | 3,489 | 5,122 |
Income taxes | 89,751 | 105,740 | 89,306 |
Net income | $ 211,111 | $ 246,773 | $ 221,817 |
Average common shares | 60,652 | 63,656 | 64,214 |
Incremental common shares attributable to outstanding stock options, restricted stock and deferred stock-based compensation | 499 | 625 | 694 |
Average common shares and common share equivalents | 61,151 | 64,281 | 64,908 |
Basic earnings per share | $ 3.48 | $ 3.88 | $ 3.45 |
Diluted earnings per share | 3.45 | 3.84 | 3.42 |
Dividends declared per common share | $ 0.90 | $ 0.76 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 211,111 | $ 246,773 | $ 221,817 |
Components of other comprehensive income (loss), net of tax: | |||
Translation adjustments | (45,154) | (23,972) | 465 |
Pension and postretirement benefit plans: | |||
Prior service (cost) credit arising during the year | 175 | (1,050) | |
Net actuarial gain (loss) arising during the year | (7,588) | (29,158) | 38,149 |
Amortization of prior service cost | (303) | (251) | (375) |
Amortization of actuarial loss | 10,146 | 6,989 | 9,657 |
Settlement loss recognized | 1,369 | 398 | |
Curtailment loss recognized | 43 | ||
Total pension and postretirement benefit plans | 3,667 | (21,847) | 46,381 |
Total other comprehensive income (loss) | (41,487) | (45,819) | 46,846 |
Total comprehensive income | $ 169,624 | $ 200,954 | $ 268,663 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 50,268 | $ 42,314 |
Receivables - net | 389,550 | 365,844 |
Inventories - net | 225,672 | 210,871 |
Deferred income taxes | 24,865 | 29,926 |
Prepaid expenses | 21,236 | 23,728 |
Total current assets | 711,591 | 672,683 |
Property, plant and equipment - net | 249,940 | 224,439 |
Goodwill | 1,082,375 | 1,052,537 |
Intangible assets - net | 277,426 | 291,310 |
Deferred income taxes | 5,705 | 6,559 |
Other assets | 33,407 | 32,602 |
Total assets | 2,360,444 | 2,280,130 |
Current liabilities: | ||
Notes payable | 1,108 | 106,181 |
Accounts payable | 68,229 | 68,500 |
Income taxes payable | 28,642 | 16,586 |
Accrued liabilities | 140,931 | 137,001 |
Customer advance payments | 22,884 | 25,578 |
Current maturities of long-term debt | 22,842 | 10,751 |
Deferred income taxes | 1,256 | 1,163 |
Current obligations under capital leases | 4,884 | 5,108 |
Total current liabilities | 290,776 | 370,868 |
Long-term debt | 1,092,643 | 682,868 |
Obligations under capital leases | 9,698 | 11,018 |
Pension obligations | 118,071 | 124,082 |
Postretirement obligations | 66,690 | 68,300 |
Deferred income taxes | 89,770 | 87,092 |
Other liabilities | $ 32,780 | $ 31,105 |
Shareholders' equity: | ||
Preferred shares, no par value; 10,000 shares authorized; none issued | ||
Common shares, no par value; 160,000 shares authorized; 98,023 shares issued at October 31, 2015 and 2014 | $ 12,253 | $ 12,253 |
Capital in excess of stated value | 348,986 | 328,605 |
Retained earnings | 1,717,228 | 1,560,966 |
Accumulated other comprehensive loss | (144,686) | (103,199) |
Common shares in treasury, at cost | (1,273,765) | (893,828) |
Total shareholders' equity | 660,016 | 904,797 |
Total liabilities and shareholders' equity | $ 2,360,444 | $ 2,280,130 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2015 | Oct. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred shares, par value | ||
Preferred shares, authorized | 10,000,000 | 10,000,000 |
Preferred shares, issued | 0 | 0 |
Common shares, par value | ||
Common shares, authorized | 160,000,000 | 160,000,000 |
Common shares, issued | 98,023,000 | 98,023,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares [Member] | Capital in Excess of Stated Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Shares in Treasury, At Cost [Member] |
Balance at beginning of year at Oct. 31, 2012 | $ 12,253 | $ 287,581 | $ 1,181,245 | $ (104,226) | $ (707,083) | |
Balance at beginning of year at Oct. 31, 2012 | 33,766 | |||||
Shares issued under company stock and employee benefit plans | (468) | |||||
Purchase of treasury shares | 507 | |||||
Balance at end of year at Oct. 31, 2013 | 33,805 | |||||
Balance at end of year at Oct. 31, 2013 | $ 887,863 | $ 12,253 | 304,549 | 1,362,584 | (57,380) | (734,143) |
Shares issued under company stock and employee benefit plans | (325) | 6,490 | ||||
Tax benefit from stock option and restricted stock transactions | 5,531 | |||||
Stock-based compensation | 11,762 | |||||
Net income | 221,817 | 221,817 | ||||
Dividends paid ($.90 per share in 2015, $.76 per share in 2014, and $.63 per share in 2013) | (40,478) | |||||
Translation adjustments | 465 | 465 | ||||
Defined benefit and OPEB activity - prior service cost, net of tax of $191 in 2015, $125 in 2014 and $840 in 2013 | (1,425) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(1,242) in 2015, $11,457 in 2014 and $(28,644) in 2013 | 47,806 | |||||
Purchase of treasury shares | (33,550) | |||||
Shares issued under company stock and employee benefit plans | (480) | |||||
Purchase of treasury shares | 2,263 | |||||
Balance at end of year at Oct. 31, 2014 | 35,588 | |||||
Balance at end of year at Oct. 31, 2014 | 904,797 | $ 12,253 | 328,605 | 1,560,966 | (103,199) | (893,828) |
Shares issued under company stock and employee benefit plans | 264 | 6,749 | ||||
Tax benefit from stock option and restricted stock transactions | 6,385 | |||||
Stock-based compensation | 17,407 | |||||
Net income | 246,773 | 246,773 | ||||
Dividends paid ($.90 per share in 2015, $.76 per share in 2014, and $.63 per share in 2013) | (48,391) | |||||
Translation adjustments | (23,972) | (23,972) | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $491 in 2015 and $(234) in 2014 | 398 | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $191 in 2015, $125 in 2014 and $840 in 2013 | (76) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(1,242) in 2015, $11,457 in 2014 and $(28,644) in 2013 | (22,169) | |||||
Purchase of treasury shares | (166,434) | |||||
Shares issued under company stock and employee benefit plans | (318) | |||||
Purchase of treasury shares | 5,395 | |||||
Balance at end of year at Oct. 31, 2015 | 40,665 | |||||
Balance at end of year at Oct. 31, 2015 | 660,016 | $ 12,253 | 348,986 | 1,717,228 | (144,686) | (1,273,765) |
Shares issued under company stock and employee benefit plans | 1,458 | 4,359 | ||||
Tax benefit from stock option and restricted stock transactions | 3,661 | |||||
Stock-based compensation | $ 15,262 | |||||
Net income | 211,111 | 211,111 | ||||
Dividends paid ($.90 per share in 2015, $.76 per share in 2014, and $.63 per share in 2013) | $ (54,849) | |||||
Translation adjustments | (45,154) | $ (45,154) | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $491 in 2015 and $(234) in 2014 | 1,412 | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $191 in 2015, $125 in 2014 and $840 in 2013 | (303) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(1,242) in 2015, $11,457 in 2014 and $(28,644) in 2013 | $ 2,558 | |||||
Purchase of treasury shares | $ (384,296) |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Dividends paid per share | $ 0.90 | $ 0.76 | $ 0.63 |
Retained Earnings [Member] | |||
Dividends paid per share | $ 0.90 | $ 0.76 | $ 0.63 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Tax on settlement loss (gain) recognized | $ 491 | $ (234) | |
Tax on net prior service cost (credit) occurring during the year | 191 | 125 | $ 840 |
Tax on net actuarial gain (loss) occurring during the year | $ (1,242) | $ 11,457 | $ (28,644) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 211,111 | $ 246,773 | $ 221,817 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 37,707 | 34,446 | 31,766 |
Amortization | 27,487 | 25,308 | 22,672 |
Provision for losses on receivables | 1,014 | 867 | 889 |
Deferred income taxes | 2,100 | 3,489 | 5,122 |
Tax benefit from the exercise of stock options | (3,661) | (6,385) | (5,531) |
Non-cash stock compensation | 15,262 | 17,407 | 11,762 |
(Gain)/loss on sale of property, plant and equipment | 376 | 218 | (1,879) |
Other non-cash | 56 | 406 | 760 |
Changes in operating assets and liabilities: | |||
Receivables | (37,179) | (65,692) | 19,971 |
Inventories | (14,208) | (8,699) | (10,741) |
Prepaid expenses | 1,799 | (1,852) | (75) |
Other noncurrent assets | 1,733 | (232) | (5,898) |
Accounts payable | (1,261) | 6,906 | (2,549) |
Income taxes payable | 15,616 | 9,524 | (8,552) |
Accrued liabilities | 5,817 | 27,932 | (19,130) |
Customer advance payments | (1,062) | (2,103) | (839) |
Other noncurrent liabilities | 2,830 | 59 | 7,195 |
Other | (3,586) | (217) | 1,616 |
Net cash provided by operating activities | 261,951 | 288,155 | 268,376 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (62,087) | (43,574) | (47,219) |
Proceeds from sale of property, plant and equipment | 597 | 323 | 3,847 |
Acquisition of businesses, net of cash acquired | (75,565) | (186,420) | (176,333) |
Equity investments | (1,480) | (854) | (1,116) |
Proceeds from sale of marketable securities | 276 | ||
Net cash used in investing activities | (138,535) | (230,525) | (220,545) |
Cash flows from financing activities: | |||
Proceeds from short-term borrowings | 59,870 | 108,679 | 5,036 |
Repayment of short-term borrowings | (164,716) | (6,093) | (51,505) |
Proceeds from long-term debt | 719,534 | 158,828 | 270,283 |
Repayment of long-term debt | (289,202) | (107,591) | (208,067) |
Repayment of capital lease obligations | (5,240) | (5,854) | (5,842) |
Payment of debt issuance costs | (1,557) | ||
Issuance of common shares | 5,372 | 7,013 | 6,018 |
Purchase of treasury shares | (383,851) | (166,434) | (33,402) |
Tax benefit from the exercise of stock options | 3,661 | 6,385 | 5,531 |
Dividends paid | (54,849) | (48,391) | (40,478) |
Net cash used in financing activities | (110,978) | (53,458) | (52,426) |
Effect of exchange rate changes on cash | (4,484) | (4,233) | 5,731 |
Increase (decrease) in cash and cash equivalents | 7,954 | (61) | 1,136 |
Cash and cash equivalents at beginning of year | 42,314 | 42,375 | 41,239 |
Cash and cash equivalents at end of year | $ 50,268 | $ 42,314 | $ 42,375 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 — Significant accounting policies 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 percent or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual amounts could differ from these estimates. Fiscal year — Our fiscal year is November 1 through October 31. Revenue recognition — 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 (BESP) 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, 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, 2014 and 2013 were not material. Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales. Advertising costs — Advertising costs are expensed as incurred and were $11,943, $10,823 and $12,480 in 2015, 2014 and 2013, respectively. Research and development — Research and development costs are expensed as incurred and were $46,689, $47,536 and $47,973 in 2015, 2014 and 2013, respectively. Earnings per share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted stock and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options for 373 common shares were excluded from the diluted earnings per share calculation in 2015 because their effect would have been anti-dilutive. Options for 69 common shares were excluded from the diluted earnings per share calculation in 2014. No options for common shares were excluded from the 2013 diluted earnings per share calculation. Under the 2012 Stock Incentive and Award Plan, executive officers and selected other key employees receive common share awards based on corporate performance measures over three-year performance periods. Awards for which performance measures have not been met were excluded from the calculation of diluted earnings per share. Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur. Inventories — Inventories are valued at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for 20 percent of consolidated inventories at October 31, 2015, and October 31, 2014. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $7,638 and $7,496 higher than reported at October 31, 2015 and October 31, 2014, respectively, had the FIFO method, which approximates current cost, been used for valuation of all inventories. Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under capital leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows: Land improvements 15-25 years Buildings 20-40 years Machinery and equipment 3-18 years Enterprise management systems 5-13 years Depreciation expense is included in cost of sales and selling and administrative expenses. Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2015, 2014 or 2013. Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets. Other amortizable intangible assets, which consist primarily of patent/technology costs, customer relationships, noncompete agreements, and trade names, are amortized over their useful lives on a straight-line basis. At October 31, 2015, the weighted-average useful lives for each major category of amortizable intangible assets were: Patent/technology costs 13 years Customer relationships 14 years Noncompete agreements 3 years Trade names 16 years Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss). Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2015 and 2014 consisted of: 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 tax of $(1,541) — 3,667 3,667 Currency translation losses (45,154 ) — (45,154 ) Balance at October 31, 2015 $ (42,427 ) $ (102,259 ) $ (144,686 ) Warranties — We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) measured from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual historical return rates. Based on analysis of return rates and other factors, the adequacy of our warranty provisions 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 2015 and 2014: 2015 2014 Balance at beginning of year $ 9,918 $ 9,409 Accruals for warranties 12,531 10,813 Warranty assumed from acquisitions 11 — Warranty payments (11,487 ) (10,012 ) Currency adjustments (436 ) (292 ) Balance at end of year $ 10,537 $ 9,918 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 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. In August 2015 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. In August 2015, the FASB issued an amendment to this standard to address line-of-credit arrangements, which would allow an entity to present debt issuance costs as an asset and subsequently amortize the debt issuance costs ratably over the term of the line-of-credit arrangement. It In July 2015, the FASB issued a new standard regarding the measurement of inventory. Under this standard, inventory that is measured using the first-in, first-out (“FIFO”) or average cost methods is required to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This standard does not impact inventory measured on a last-in, last-out (“LIFO”) method. It will be effective for us beginning in 2017. We are currently assessing the impact this standard will have on our consolidated financial statements. In September 2015, the FASB issued a new standard intended to simplify the accounting for measurement period adjustments in a business combination. Measurement period adjustments are changes to provisional amounts recorded when the accounting for a business combination is incomplete as of the end of a reporting period. The measurement period can extend for up to a year following the transaction date. During the measurement period, companies may make adjustments to provisional amounts when information necessary to complete the measurement is received. The new guidance requires companies to recognize these adjustments, including any related impacts to net income, in the reporting period in which the adjustments are determined. Companies are no longer required to retroactively apply measurement period adjustments to all periods presented. It will be effective for us beginning in 2017. The new guidance will be applied prospectively and the impact of adoption will be dependent on the nature of measurement period adjustments that may be necessary. |
Severance and Restructuring Cos
Severance and Restructuring Costs | 12 Months Ended |
Oct. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Severance and Restructuring Costs | Note 3 – Severance and restructuring costs Severance and restructuring costs of $11,411 were recognized in 2015. Within the Adhesives Dispensing Systems segment, restructuring initiatives to optimize operations in the U.S. and Belgium resulted in severance costs of $7,064, fixed asset impairment charges of $554 relating to one facility and other one-time restructuring costs of $354. $938 of severance payments related to these actions was paid during 2015. Within the Advanced Technology Systems segment, certain restructuring programs to enhance operational efficiency and customer service in the U.S. and Germany resulted in severance costs of $1,586, one-time lease termination costs of $1,322 and other one-time restructuring costs of $152. Payments of $135 related to these actions were paid during 2015. Within the Industrial Coatings Systems segment, a restructuring program to enhance operational efficiency and customer service resulted in severance costs of $379. $111 of severance payments related to these actions were paid during 2015. Severance and restructuring costs of $2,551 were recorded during 2014. Within the Adhesives Dispensing Systems segment, certain restructuring programs within our U.S. and European operations resulted in costs of $1,731. Within the Advanced Technology Systems segment, restructuring initiatives in the U.S. resulted in severance costs of $579. Within the Industrial Coatings Systems segment, restructuring activities in China resulted in severance costs of $241. Severance and restructuring costs of $1,126 were recorded during 2013. Within the Adhesives Dispensing Systems segment, a restructuring program to optimize certain European operations resulted in costs of $315. Within the Advanced Technology Systems segment, restructuring initiatives that involved plant and facility consolidations and other programs resulted in severance costs of $811. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4 — Acquisitions Business acquisitions have been accounted for using the acquisition method, with the acquired assets and liabilities recorded at estimated fair value on the dates of acquisition. The cost in excess of the net assets of the business acquired is included in goodwill. Operating results since the respective dates of acquisitions are included in the Consolidated Statement of Income. Pro-forma results of operations would not have been materially different from reported results and, therefore, are not presented. 2015 acquisitions On June 15, 2015, we purchased 100 percent of the outstanding shares of Liquidyn , a German based manufacturer of micro dispensing systems, including micro dispensing pneumatic valves, controllers, and process equipment used in the electronics, automobile, medical, packaging, furniture and aerospace markets. We acquired Liquidyn for an aggregate purchase price of $14,565, net of cash acquired of $657. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $10,487 and identifiable intangible assets of $3,991 were recorded. The identifiable intangible assets consist primarily of $1,285 of customer relationships (amortized over 6 years), $1,049 of tradenames (amortized over 11 years), $1,421 of technology (amortized over 5 years) and $236 of non-compete agreements (amortized over 2 years). Goodwill associated with this acquisition is not tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. As of October 31, 2015, the purchase price allocations remain preliminary as we complete our assessments of deferred taxes and certain reserves. On August 3, 2015, we purchased 100 percent of the outstanding shares of WAFO , a German based manufacturer and refurbisher of screws and barrels for the synthetic material and rubber industries. We acquired WAFO for an aggregate purchase price of $7,429, net of cash acquired of $236. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $3,463 and identifiable intangible assets of $1,708 were recorded. The identifiable intangible assets consist of $635 of customer relationships (amortized over 5 years), $679 of tradenames (amortized over 10 years), $142 of technology (amortized over 3 years) and $252 of non-compete agreements (amortized over 3 years). Goodwill associated with this acquisition is not tax deductible. This acquisition is being reported in our Adhesive Dispensing Systems segment. As of October 31, 2015, the purchase price allocations remain preliminary as we complete our assessments of deferred taxes and certain reserves. On September 1, 2015, we purchased 100 percent of the outstanding shares of MatriX , a German based developer of automated in-line and off-line x-ray tools and solutions used for inspection applications. We acquired MatriX for an aggregate purchase price of $53,759, net of cash acquired of $966 and debt assumed of $481. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $32,439 and identifiable intangible assets of $16,382 were recorded. The identifiable intangible assets consist of $6,485 of customer relationships (amortized over 8 years), $4,046 of tradenames (amortized over 11 years), $5,328 of technology (amortized over 6 years) and $523 of non-compete agreements (amortized over 3 years). Goodwill associated with this acquisition is not tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. As of October 31, 2015, the purchase price allocations remain preliminary as we complete our assessments of deferred taxes and certain reserves. 2014 acquisitions On August 8, 2014, we purchased 100 percent of the outstanding shares of Avalon Laboratories Holding Corp. (Avalon). Avalon, a leading designer and manufacturer of highly specialized catheters and medical tubing products for cardiology, pulmonology and related applications, complements our existing lines of highly engineered, single-use plastic components for fluid management in medical applications. We acquired Avalon for an aggregate purchase price of $179,966, net of cash acquired of $1,324. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $122,011 and identifiable intangible assets of $52,000 were recorded. The identifiable intangible assets consist of $32,200 of customer relationships (amortized over 10 years), $9,800 of technology (amortized over 10 years) and $10,000 of tradenames (amortized over 15 years). Goodwill associated with this acquisition is not tax deductible; however there is $15,800 from a previous acquisition that is tax deductible. On August 29, 2014, we purchased 100 percent of the outstanding shares of Dima Group B.V. (Dima), a Netherlands based manufacturer of conformal coating, dispensing and surface mount technology equipment for the global electronics assembly market. We acquired Dima for an aggregate purchase price of $6,454, net of cash acquired of $149. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $2,380 and identifiable intangible assets of $1,281 were recorded. The identifiable intangible assets consist of $1,017 of customer relationships (amortized over 7 years), and $264 of tradenames (amortized over 15 years). Goodwill associated with this acquisition is not tax deductible. Both of these acquisitions are being reported in our Advanced Technology Systems segment. 2013 acquisitions On November 8, 2012, we purchased certain assets of Kodama Chemical Industry Co., Ltd., a Japanese licensed distributor of EDI Holdings, Inc, (EDI), that we had previously acquired in 2012. This operation provides die sales to extrusion processors, web converters, and OEMs in Japan and Taiwan and carries out final manufacturing steps on new equipment to enhance die performance and accommodate local requirements. The acquisition date fair value was $1,335, which consisted of cash transferred of $1,231 and a holdback liability of $104. Based on the fair value of the assets acquired and the liabilities assumed, identifiable intangible assets of $912 were recorded. The identifiable intangible assets consist of $847 of customer relationships that are being amortized over nine years and $65 of technology being amortized over nine years. This operation is being reported in our Adhesive Dispensing Systems segment. On August 30, 2013, we purchased 100 percent of the outstanding shares of Münster, Germany based Kreyenborg Group’s Kreyenborg GmbH and BKG Bruckmann & Kreyenborg Granuliertechnik GmbH (the Kreyenborg Group). The Kreyenborg Group broadens our existing offering of screen changers, pumps and valves, critical components in the polymer processing melt stream for extrusion processes, and expands the product portfolio to include pelletizers, the key component in polymer compounding, recycling and related processes. The acquired companies have additional operations in Shanghai, China, Kuala Lumpur and Malaysia, and are reported in our Adhesive Dispensing Systems segment. We acquired the Kreyenborg Group for an aggregate purchase price of $169,994, net of cash acquired of $22,913 and debt assumed of $391. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $115,103 and identifiable intangible assets of $60,021 were recorded. The identifiable intangible assets consist primarily of $42,306 of customer relationships (amortized over 15 years), $15,336 of technology (amortized over 15 years) and $1,851 of tradenames related to BKG (amortized over 10 years). Goodwill associated with this acquisition is not tax deductible. On September 27, 2013 we purchased certain assets of Nellcor Puritan Bennett Mexico, S.A. de C.V., a subsidiary of Covidien LP (Nellcor) to be used by our Value Plastics operation. The fair value on the date of acquisition was $5,500, consisting solely of cash. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $2,301, property, plant and equipment of $1,149, technology of $740 (amortized over 10 years) and customer relationships of $1,310 (amortized over 25 years) were recorded. Goodwill associated with this acquisition is not tax deductible. Value Plastics is reported in our Advanced Technology Systems segment. |
Details of Balance Sheet
Details of Balance Sheet | 12 Months Ended |
Oct. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Balance Sheet | Note 5 — Details of balance sheet 2015 2014 Receivables: Accounts $ 372,705 $ 347,259 Notes 7,303 6,339 Other 14,044 16,733 394,052 370,331 Allowance for doubtful accounts (4,502 ) (4,487 ) $ 389,550 $ 365,844 Inventories: Raw materials and component parts $ 97,215 $ 86,573 Work-in-process 35,509 27,994 Finished goods 128,816 130,544 261,540 245,111 Obsolescence and other reserves (28,230 ) (26,744 ) LIFO reserve (7,638 ) (7,496 ) $ 225,672 $ 210,871 Property, plant and equipment: Land $ 9,947 $ 10,216 Land improvements 3,926 3,827 Buildings 161,924 141,880 Machinery and equipment 355,066 319,110 Enterprise management system 46,382 44,682 Construction-in-progress 17,326 27,419 Leased property under capitalized leases 25,684 27,715 620,255 574,849 Accumulated depreciation and amortization (370,315 ) (350,410 ) $ 249,940 $ 224,439 Accrued liabilities: Salaries and other compensation $ 54,801 $ 57,722 Pension and retirement 1,973 1,738 Taxes other than income taxes 6,178 6,367 Other 77,979 71,174 $ 140,931 $ 137,001 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6 — Goodwill and intangible assets We account for goodwill and other intangible assets in accordance with the provisions of ASC 350 and account for business combinations using the acquisition method of accounting and accordingly, the assets and liabilities of the entities acquired are recorded at their estimated fair values at the acquisition date. Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested for impairment annually at the reporting unit level, or more often if indications of impairment exist. We assess the fair value of reporting units on a non-recurring basis using a combination of two valuation methods, a market approach and an income approach, to estimate the fair value of our reporting units. The implied fair value of our reporting units is determined based on significant unobservable inputs; accordingly, these inputs fall within Level 3 of the fair value hierarchy. Our reporting units are the Adhesive Dispensing Systems segment, the Industrial Coating Systems segment and one level below the Advanced Technology Systems segment. The goodwill impairment test is a two-step process. In the first step, performed in the fourth quarter of each year, we estimate a reporting unit’s fair value using a combination of the discounted cash flow method of the Income Approach and the guideline public company method of the Market Approach and compare the result against the reporting unit’s carrying value of net assets. If the carrying value of a reporting unit exceeds its fair value, then a second step is performed to determine if goodwill is impaired. In the second step, a hypothetical purchase price allocation of the reporting unit’s assets and liabilities is performed using the fair value calculated in step one. The difference between the fair value of the reporting unit and the hypothetical fair value of assets and liabilities is the implied goodwill amount. Impairment is recorded if the carrying value of the reporting unit’s goodwill is higher than its implied goodwill. Based upon results of step one in 2015, 2014 and 2013, the second step of the goodwill impairment test was not necessary. We acquired WAFO on August 3, 2015 and Matrix on September 1, 2015. Determination of the preliminary goodwill associated with these acquisitions was completed with the assistance of an independent valuation specialist in the fourth quarter of 2015. Since the dates of the valuations, no events or changes in circumstances have occurred that would more likely than not reduce the fair value of these acquisitions below their carrying values. Changes in the carrying amount of goodwill during 2015 by operating segment follow: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2014 $ 397,046 $ 631,433 $ 24,058 $ 1,052,537 Acquisitions 3,463 42,926 — 46,389 Currency effect (14,534 ) (2,017 ) — (16,551 ) Balance at October 31, 2015 $ 385,975 $ 672,342 $ 24,058 $ 1,082,375 Accumulated impairment losses, which were recorded in 2009, were $232,789 at October 31, 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 intangible assets subject to amortization follows: October 31, 2015 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 201,282 $ 56,315 $ 144,967 Patent/technology costs 98,063 32,764 65,299 Trade name 83,022 17,003 66,019 Noncompete agreements 8,952 7,819 1,133 Other 1,365 1,357 8 Total $ 392,684 $ 115,258 $ 277,426 October 31, 2014 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 Noncompete agreements 8,220 7,600 620 Other 1,369 1,239 130 Total $ 381,262 $ 89,952 $ 291,310 Amortization expense for 2015, 2014 and 2013 was $27,487, $25,308 and $22,672 respectively. Estimated amortization expense for each of the five succeeding years follows: Year Amounts 2016 $ 29,574 2017 $ 29,148 2018 $ 28,752 2019 $ 28,504 2020 $ 27,980 |
Retirement, Pension and Other P
Retirement, Pension and Other Postretirement Plans | 12 Months Ended |
Oct. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement, Pension and Other Postretirement Plans | Note 7 — Retirement, pension and other postretirement plans Retirement plans — We have funded contributory retirement plans covering certain employees. Our contributions are primarily determined by the terms of the plans, subject to the limitation that they shall not exceed the amounts deductible for income tax purposes. We also sponsor unfunded contributory supplemental retirement plans for certain employees. Generally, benefits under these plans vest gradually over a period of approximately three years from date of employment, and are based on the employee’s contribution. The expense applicable to retirement plans for 2015, 2014 and 2013 was approximately $15,747, $14,423 and $12,955, respectively. Pension plans — We have various pension plans covering a portion of our United States and international employees. Pension plan benefits are generally based on years of employment and, for salaried employees, the level of compensation. Actuarially determined amounts are contributed to United States plans to provide sufficient assets to meet future benefit payment requirements. We also sponsor an unfunded supplemental pension plan for certain employees. International subsidiaries fund their pension plans according to local requirements. A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows: United States International 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 345,479 $ 299,716 $ 96,831 $ 85,543 Service cost 10,851 8,071 2,816 2,597 Interest cost 15,037 13,921 2,561 3,185 Participant contributions — — 127 137 Plan amendments — 186 — (419 ) Settlements — — (3,260 ) — Other — — 475 — Foreign currency exchange rate change — — (7,906 ) (5,343 ) Actuarial (gain) loss 1,371 34,610 2,751 13,293 Benefits paid (11,699 ) (11,025 ) (3,780 ) (2,162 ) Benefit obligation at end of year $ 361,039 $ 345,479 $ 90,615 $ 96,831 Change in plan assets: Beginning fair value of plan assets $ 277,912 $ 243,506 $ 39,618 $ 37,078 Actual return on plan assets 5,868 25,535 1,960 1,627 Company contributions 23,239 19,896 4,888 4,009 Participant contributions — — 127 137 Settlements — — (3,277 ) — Foreign currency exchange rate change — — (2,063 ) (1,071 ) Benefits paid (11,699 ) (11,025 ) (3,780 ) (2,162 ) Ending fair value of plan assets $ 295,320 $ 277,912 $ 37,473 $ 39,618 Funded status at end of year $ (65,719 ) $ (67,567 ) $ (53,142 ) $ (57,213 ) Amounts recognized in financial statements: Noncurrent asset $ — $ — $ — $ 17 Accrued benefit liability (784 ) (709 ) (7 ) (6 ) Long-term pension and retirement obligations (64,935 ) (66,858 ) (53,135 ) (57,224 ) Total amount recognized in financial statements $ (65,719 ) $ (67,567 ) $ (53,142 ) $ (57,213 ) United States International 2015 2014 2015 2014 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial loss $ 114,898 $ 111,337 $ 30,544 $ 34,683 Prior service cost (credit) (235 ) (47 ) (818 ) (995 ) Accumulated other comprehensive loss $ 114,663 $ 111,290 $ 29,726 $ 33,688 Amounts expected to be recognized during next fiscal year: Amortization of net actuarial loss $ 7,691 $ 8,694 $ 1,902 $ 2,459 Amortization of prior service cost (credit) 77 121 (89 ) (97 ) Total $ 7,768 $ 8,815 $ 1,813 $ 2,362 The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2015 2014 2015 2014 Balance at beginning of year $ 111,290 $ 93,541 $ 33,688 $ 23,594 Net (gain) loss arising during the year 13,820 26,372 2,380 13,438 Prior service cost (credit) arising during the year — 186 — (419 ) Net gain (loss) recognized during the year (9,742 ) (7,940 ) (2,268 ) (1,233 ) Prior service (cost) credit recognized during the year (121 ) (237 ) 90 101 Settlement loss (516 ) (632 ) (1,319 ) — Curtailment loss (68 ) — — — Exchange rate effect during the year — — (2,845 ) (1,793 ) Balance at end of year $ 114,663 $ 111,290 $ 29,726 $ 33,688 Information regarding the accumulated benefit obligation is as follows: United States International 2015 2014 2015 2014 For all plans: Accumulated benefit obligation $ 354,567 $ 336,464 $ 69,489 $ 75,305 For plans with benefit obligations in excess of plan assets: Projected benefit obligation 361,040 345,479 82,521 87,128 Accumulated benefit obligation 354,567 336,464 69,444 73,135 Fair value of plan assets 295,320 277,912 37,424 37,415 Net pension benefit costs include the following components: United States International 2015 2014 2013 2015 2014 2013 Service cost $ 10,851 $ 8,071 $ 8,896 $ 2,816 $ 2,597 $ 2,098 Interest cost 15,037 13,921 12,314 2,561 3,185 2,872 Expected return on plan assets (18,316 ) (17,297 ) (15,241 ) (1,589 ) (1,772 ) (1,512 ) Amortization of prior service cost (credit) 121 237 157 (90 ) (101 ) (81 ) Amortization of net actuarial (gain) loss 9,742 7,940 13,995 2,285 1,233 1,406 Settlement loss 516 632 — 1,319 — — Curtailment loss 68 — — Total benefit cost $ 18,019 $ 13,504 $ 20,121 $ 7,302 $ 5,142 $ 4,783 Net periodic pension cost for 2015 included a settlement loss of $593 due to lump sum retirement payments and $1,242 due to a plan termination. Net periodic pension cost for 2014 included a settlement loss of $632, due to a lump sum retirement payment. The weighted average assumptions used in the valuation of pension benefits were as follows: United States International 2015 2014 2013 2015 2014 2013 Assumptions used to determine benefit obligations at October 31: Discount rate 4.39 % 4.29 % 4.75 % 2.81 % 2.94 % 3.72 % Rate of compensation increase 3.50 3.49 3.30 3.22 3.19 3.18 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate 4.29 4.75 3.85 2.94 3.72 3.52 Expected return on plan assets 6.76 7.24 7.24 4.39 4.60 4.43 Rate of compensation increase 3.49 3.30 3.30 3.19 3.18 3.13 The amortization of prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plans. The discount rate reflects the current rate at which pension liabilities could be effectively settled at the end of the year. The discount rate used considers a yield derived from matching projected pension payments with maturities of a portfolio of available bonds that receive the highest rating given from a recognized investments ratings agency. The increase in the discount rate in 2015 and decrease in 2014 are due to changes in yields for these types of investments as a result of the economic environment. In determining the expected return on plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and other professionals in developing appropriate return assumptions. The rate of compensation increase is based on managements’ estimates using historical experience and expected increases in rates. Economic assumptions have a significant effect on the amounts reported. The effect of a one percent change in the discount rate, expected return on assets and compensation increase is shown in the table below. Bracketed numbers represent decreases in expense and obligation amounts. United States International 1% Point Increase 1% Point Decrease 1% Point Increase 1% Point Decrease Discount rate: Effect on total service and interest cost components in 2015 $ (5,156 ) $ 6,335 $ (1,605 ) $ 2,206 Effect on pension obligation as of October 31, 2015 $ (45,247 ) $ 56,766 $ (15,901 ) $ 19,273 Expected return on assets: Effect on total service and interest cost components in 2015 $ (2,582 ) $ 2,582 $ (362 ) $ 362 Compensation increase: Effect on total service and interest cost components in 2015 $ 3,891 $ (2,228 ) $ 1,274 $ (1,041 ) Effect on pension obligation as of October 31, 2015 $ 19,507 $ (11,101 ) $ 7,652 $ (6,922 ) The allocation of pension plan assets as of October 31, 2015 and 2014 is as follows: United States International 2015 2014 2015 2014 Asset Category Equity securities 19 % 23 % — % — % Debt securities 29 29 — — Insurance contracts — — 54 58 Pooled investment funds 51 47 46 42 Other 1 1 — — Total 100 % 100 % 100 % 100 % Our investment objective for defined benefit plan assets is to meet the plans’ benefit obligations, while minimizing the potential for future required plan contributions. Our United States plans comprise 89 percent of the worldwide pension assets. In general, the investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by dynamically matching the actuarial projections of the plans’ future liabilities and benefit payments with expected long-term rates of return on the assets, taking into account investment return volatility and correlations across asset classes. For 2015, the target in “return-seeking assets” is 45 percent and 55 percent in fixed income. Plan assets are diversified across several investment managers and are invested in liquid funds that are selected to track broad market indices. Investment risk is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and continual monitoring of investment managers’ performance relative to the investment guidelines established with each investment manager. Our international plans comprise 11 percent of the worldwide pension assets. Asset allocations are developed on a country-specific basis. Our investment strategy is to cover pension obligations with insurance contracts or to employ independent managers to invest the assets. The fair values of our pension plan assets at October 31, 2015 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,781 $ 1,781 $ — $ — $ 8 $ 8 $ — $ — Money market funds 4,286 4,286 — — — — — — Equity securities: — Basic materials 2,705 2,705 — — — — — — Consumer goods 4,173 4,173 — — — — — — Financial 6,989 6,989 — — — — — — Healthcare 3,436 3,436 — — — — — — Industrial goods 3,105 3,105 — — — — — — Technology 4,080 4,080 — — — — — — Utilities 822 822 — — — — — — Mutual funds 28,112 28,112 — — — — — — Fixed income securities: U.S. Government 29,219 7,276 21,943 — — — — — Corporate 54,224 — 54,224 — — — — — Other 1,546 — 1,546 — — — — — Other types of investments: — Insurance contracts — — — — 20,432 — — 20,432 Real estate collective funds 18,827 — — 18,827 — — — — Pooled investment funds 131,347 — 131,347 — 17,033 — 17,033 — Other 668 668 — — — — — — $ 295,320 $ 67,433 $ 209,060 $ 18,827 $ 37,473 $ 8 $ 17,033 $ 20,432 The fair values of our pension plan assets at October 31, 2014 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,617 $ 1,617 $ — $ — $ 8 $ 8 $ — $ — Money market funds 2,820 2,820 — — — — — — Equity securities: Basic materials 3,224 3,224 — — — — — — Consumer goods 5,114 5,114 — — — — — — Financial 8,036 8,036 — — — — — — Healthcare 4,372 4,372 — — — — — — Industrial goods 3,527 3,527 — — — — — — Technology 4,226 4,226 — — — — — — Utilities 1,084 1,084 — — — — — — Mutual funds 31,255 31,255 — — — — — — Fixed income securities: U.S. Government 26,447 7,877 18,570 — — — — — Corporate 50,720 — 50,720 — — — — — Other 2,486 — 2,486 — — — — — Other types of investments: Insurance contracts — — — — 23,174 — — 23,174 Real estate collective funds 16,495 — — 16,495 — — — — Pooled investment funds 115,877 — 115,877 — 16,436 — 16,436 — Other 612 612 — — — — — — $ 277,912 $ 73,764 $ 187,653 $ 16,495 $ 39,618 $ 8 $ 16,436 $ 23,174 These investment funds did not own a significant number of shares of Nordson Corporation common stock for any year presented. The inputs and methodology used to measure fair value of plan assets are consistent with those described in Note 12. Following are the valuation methodologies used to measure these assets: · Money market funds - Money market funds are public investment vehicles that are valued with a net asset value of one dollar. This is a quoted price in an active market and is classified as Level 1. · Equity securities - Common stocks are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. Mutual funds are valued at the net asset values of the shares at year-end, as determined by the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. · Fixed income securities - U.S. Treasury bills reflect the closing price on the active market in which the securities are traded and are classified as Level 1. Securities of U.S. agencies are valued using bid evaluations and a classified as Level 2. Corporate fixed income securities are valued using evaluated prices, such as dealer quotes, bids and offers and are therefore classified as Level 2. · Insurance contracts - Insurance contracts are investments with various insurance companies. The contract value represents the best estimate of fair value. These contracts do not hold any specific assets. These investments are classified as Level 3. · Real estate collective funds – These funds are valued at the estimated fair value of the underlying properties. Estimated fair value is calculated using a combination of key inputs, such as revenue and expense growth rates, terminal capitalization rates and discount rates. These investments are classified as Level 3. · Pooled investment funds - These are public investment vehicles valued using the net asset value. The net asset value is based on the value of the assets owned by the plan, less liabilities. These investments are not quoted on an active exchange and are classified as Level 2. The following tables present an analysis of changes during the years ended October 31, 2015 and 2014 in Level 3 plan assets, by plan asset class, for U.S. and International pension plans using significant unobservable inputs to measure fair value: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Real estate collective funds Insurance contracts Total Beginning balance at October 31, 2014 $ 16,495 $ 23,174 $ 39,669 Actual return on plan assets: Assets held, end of year 2,469 724 3,193 Assets sold during the period 36 7 43 Purchases — 3,769 3,769 Sales (173 ) (5,763 ) (5,936 ) Foreign currency translation — (1,479 ) (1,479 ) Ending balance at October 31, 2015 $ 18,827 $ 20,432 $ 39,259 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Real estate collective funds Insurance contracts Total Beginning balance at October 31, 2013 $ 14,958 $ 22,093 $ 37,051 Actual return on plan assets: Assets held, end of year 1,667 771 2,438 Assets sold during the period 25 — 25 Purchases — 2,816 2,816 Sales (155 ) (1,529 ) (1,684 ) Foreign currency translation — (977 ) (977 ) Ending balance at October 31, 2014 $ 16,495 $ 23,174 $ 39,669 Contributions to pension plans in 2016 are estimated to be approximately $25,400. Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year United States International 2016 $ 11,741 $ 3,010 2017 12,862 2,689 2018 13,878 3,383 2019 15,095 5,140 2020 16,389 3,723 2021-2025 101,531 19,573 Other postretirement plans - We have an unfunded postretirement benefit plan covering certain of our United States employees. Employees hired after January 1, 2002, are not eligible to participate in this plan. The plan provides medical and life insurance benefits. The plan is contributory, with retiree contributions in the form of premiums that are adjusted annually, and contains other cost-sharing features, such as deductibles and coinsurance. We also sponsor an unfunded, non-contributory postretirement benefit plan that provides medical and life insurance benefits for certain international employees. A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows: United States International 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 69,479 $ 61,004 $ 897 $ 768 Service cost 979 1,037 29 28 Interest cost 2,946 3,062 35 38 Participant contributions 412 431 — — Foreign currency exchange rate change — — (111 ) (63 ) Actuarial (gain) loss (3,677 ) 6,015 (321 ) 130 Benefits paid (1,824 ) (2,070 ) (5 ) (4 ) Benefit obligation at end of year $ 68,315 $ 69,479 $ 524 $ 897 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 1,412 1,639 5 4 Participant contributions 412 431 — — Benefits paid (1,824 ) (2,070 ) (5 ) (4 ) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (68,315 ) $ (69,479 ) $ (524 ) $ (897 ) Amounts recognized in financial statements: Accrued benefit liability $ (2,142 ) $ (2,069 ) $ (7 ) $ (7 ) Long-term postretirement obligations (66,173 ) (67,410 ) (517 ) (890 ) Total amount recognized in financial statements $ (68,315 ) $ (69,479 ) $ (524 ) $ (897 ) United States International 2015 2014 2015 2014 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 17,652 $ 22,434 $ (379 ) $ (86 ) Prior service credit (573 ) (1,012 ) — — Accumulated other comprehensive (gain) loss $ 17,079 $ 21,422 $ (379 ) $ (86 ) Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 847 $ 1,187 $ (25 ) $ — Amortization of prior service cost (credit) (267 ) (438 ) — — Total $ 580 $ 749 $ (25 ) $ — The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2015 2014 2015 2014 Balance at beginning of year $ 21,422 $ 16,393 $ (86 ) $ (243 ) Net (gain) loss arising during the year (3,677 ) 6,015 (321 ) 130 Net gain (loss) recognized during the year (1,104 ) (1,435 ) — 13 Prior service credit recognized during the year 438 449 — — Exchange rate effect during the year — — 28 14 Balance at end of year $ 17,079 $ 21,422 $ (379 ) $ (86 ) Net postretirement benefit costs include the following components: United States International 2015 2014 2013 2015 2014 2013 Service cost $ 979 $ 1,037 $ 1,145 $ 29 $ 28 $ 35 Interest cost 2,946 3,062 2,598 35 38 38 Amortization of prior service credit (438 ) (449 ) (473 ) — — — Amortization of net actuarial (gain) loss 1,104 1,435 2,112 — (13 ) (4 ) Total benefit cost $ 4,591 $ 5,085 $ 5,382 $ 64 $ 53 $ 69 The weighted average assumptions used in the valuation of postretirement benefits were as follows: United States International 2015 2014 2013 2015 2014 2013 Assumptions used to determine benefit obligations at October 31: Discount rate 4.50 % 4.40 % 4.80 % 4.35 % 4.25 % 4.95 % Health care cost trend rate 3.72 3.93 4.12 6.31 6.48 6.65 Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) 3.27 3.41 3.47 3.50 3.50 3.50 Year the rate reaches the ultimate trend rate 2025 2024 2021 2031 2031 2031 Assumption used to determine net benefit costs for the years ended October 31: Discount rate 4.40 % 4.80 % 3.85 % 4.25 % 4.95 % 4.40 % The discount rate and the health care cost trend rate assumptions have a significant effect on the amounts reported. For example, a one-percentage point change in the discount rate and the assumed health care cost trend rate would have the following effects. Bracketed numbers represent decreases in expense and obligation amounts. United States International 1% Point Increase 1% Point Decrease 1% Point Increase 1% Point Decrease Discount rate: Effect on total service and interest cost components in 2015 $ (777 ) $ 946 $ (6 ) $ 7 Effect on postretirement obligation as of October 31, 2015 $ (9,474 ) $ 12,040 $ (96 ) $ 126 Health care trend rate: Effect on total service and interest cost components in 2015 $ 663 $ (524 ) $ 17 $ (13 ) Effect on postretirement obligation as of October 31, 2015 $ 10,492 $ (8,419 ) $ 120 $ (93 ) Contributions to postretirement plans in 2016 are estimated to be approximately $2,100. Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2016 $ 2,142 $ 7 2017 2,304 8 2018 2,466 11 2019 2,583 12 2020 2,773 12 2021-2025 17,097 78 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income taxes Income tax expense includes the following: 2015 2014 2013 Current: U.S. federal $ 36,875 $ 52,985 $ 45,004 State and local 1,623 1,900 2,351 Foreign 49,153 47,366 36,829 Total current 87,651 102,251 84,184 Deferred: U.S. federal 4,950 8,695 8,361 State and local 1,031 (1,635 ) (991 ) Foreign (3,881 ) (3,571 ) (2,248 ) Total deferred 2,100 3,489 5,122 $ 89,751 $ 105,740 $ 89,306 Earnings before income taxes of domestic operations, which are calculated after intercompany profit eliminations, were $140,044, $184,894 and $164,702 in 2015, 2014 and 2013, respectively. 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 2015 included discrete tax benefits of $2,486 primarily related to 2014. Income tax expense in 2013 included a benefit of $900 for the reduction of unrecognized tax benefits primarily related to expiration of certain foreign statutes of limitations. On January 2, 2013, the American Taxpayer Relief Act of 2012 was enacted which retroactively reinstated and extended the Federal Research and Development Tax Credit (Federal R&D Tax Credit) from January 1, 2012 to December 31, 2013 and extended certain other tax provisions. As a result, our income tax provision for 2013 included a discrete tax benefit of $1,700 related to 2012. A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows: 2015 2014 2013 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Domestic Production Deduction (1.47 ) (1.74 ) (1.71 ) Foreign tax rate variances, net of foreign tax credits (3.25 ) (3.42 ) (3.39 ) State and local taxes, net of federal income tax benefit 0.43 0.05 0.28 Amounts related to prior years (1.04 ) (0.24 ) (1.00 ) Other – net 0.16 0.35 (0.48 ) Effective tax rate 29.83 % 30.00 % 28.70 % The Domestic Production Deduction, enacted by the American Jobs Creation Act of 2004, allows a deduction with respect to income from certain United States manufacturing activities. Earnings before income taxes of international operations, which are calculated before intercompany profit elimination entries, were $160,818, $167,619 and $146,421 in 2015, 2014 and 2013, respectively. Deferred income taxes are not provided on undistributed earnings of international subsidiaries that are intended to be permanently invested in their operations. These undistributed earnings represent the post-income tax earnings under U.S. GAAP not adjusted for previously taxed income which aggregated approximately $712,913 and $622,914 at October 31, 2015 and 2014, respectively. Should these earnings be distributed, applicable foreign tax credits, distributions of previously taxed income, and utilization of other attributes would substantially offset taxes due upon the distribution. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings. At October 31, 2015 and 2014, total unrecognized tax benefits were $6,258 and $5,812, respectively. The amounts that, if recognized, would impact the effective tax rate were $5,650 and $5,175 at October 31, 2015 and 2014, respectively. The unrecognized tax benefits relate primarily to foreign positions and, if recognized, a substantial portion of the gross unrecognized tax benefits would be offset against assets currently recorded in the Consolidated Balance Sheet. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2015, 2014 and 2013 is as follows: 2015 2014 2013 Balance at beginning of year $ 5,812 $ 5,717 $ 3,140 Additions based on tax positions related to the current year 288 196 703 Additions for tax positions of prior years 331 319 3,261 Reductions for tax positions of prior years (28 ) — (317 ) Settlements — (110 ) — Lapse of statute of limitations (145 ) (310 ) (1,070 ) Balance at end of year $ 6,258 $ 5,812 $ 5,717 At October 31, 2015 and 2014, we had accrued interest and penalty expense related to unrecognized tax benefits of $2,664 and $2,025, respectively. We include interest accrued related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as other income (expense). We are subject to United States Federal income tax as well as income taxes in numerous state and foreign jurisdictions. We are subject to examination in the U.S. by the Internal Revenue Service (IRS) for the 2012 through 2015 tax years; tax years prior to the 2012 year are closed to further examination by the IRS. Generally, major state and foreign jurisdiction tax years remain open to examination for tax years after 2009. Within the next twelve months, it is reasonably possible that certain statute of limitations periods would expire, which could result in a minimal decrease in our unrecognized tax benefits. Significant components of deferred tax assets and liabilities are as follows: 2015 2014 Deferred tax assets: Employee benefits $ 84,651 $ 79,669 Other accruals not currently deductible for taxes 17,259 17,379 Tax credit and loss carryforwards 9,242 16,531 Inventory adjustments 6,591 5,276 Translation of foreign currency accounts — 154 Total deferred tax assets 117,743 119,009 Valuation allowance (6,768 ) (7,672 ) Total deferred tax assets 110,975 111,337 Deferred tax liabilities: Depreciation and amortization 171,234 163,107 Other - net 196 - Total deferred tax liabilities 171,430 163,107 Net deferred tax liabilities $ (60,455 ) $ (51,770 ) At October 31, 2015, we had $2,881 of tax credit carryforwards of which $135 will expire in 2016 through 2017, and $2,746 of which has an indefinite carryforward period. We also had $3,629 Federal, $70,298 state and $14,323 foreign operating loss carryforwards, of which $73,927 will expire in 2016 through 2035, and $14,323 of which has an indefinite carryforward period. The net change in the valuation allowance was a decrease of $904 in 2015 and an increase of $2,009 in 2014. The valuation allowance of $6,768 at October 31, 2015, related primarily to tax credits and loss carryforwards that may expire before being realized. We continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized. |
Notes Payable
Notes Payable | 12 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 9 — Notes payable Bank lines of credit and notes payable are summarized as follows: 2015 2014 Maximum borrowings under bank lines of credit: Domestic banks $ — $ 100,000 Foreign banks 45,102 48,619 Total $ 45,102 $ 148,619 Outstanding notes payable: Domestic bank debt $ — $ 100,000 Foreign bank debt 1,108 6,181 Total $ 1,108 $ 106,181 Weighted-average interest rate on notes payable 2.75 % 1.00 % Unused bank lines of credit $ 43,994 $ 42,438 In 2014, we entered into a 364-day unsecured credit facility with PNC Bank National Association. In August 2014, we borrowed $100,000 under this facility to partially fund the Avalon acquisition. In January 2015, we amended the agreement and borrowed an additional $50,000 to fund daily operations. In April 2015, we paid down $100,000 of the $150,000 outstanding. In May 2015, we paid down the remaining $50,000 outstanding. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10 — Long-term debt A summary of long-term debt is as follows: 2015 2014 Revolving credit agreement, due 2020 $ 457,025 $ 375,242 Senior notes, due 2017-2025 200,000 200,000 Senior notes, due 2019-2027 100,000 — Term loan, due 2018-2020 200,000 — Euro loan, due 2018 77,042 — Euro loan, due 2016 11,501 63,244 Private shelf facility, due 2012-2020 67,778 53,333 Development loans, due 2011-2026 1,467 1,586 Other 672 214 1,115,485 693,619 Less current maturities 22,842 10,751 Long-term maturities $ 1,092,643 $ 682,868 Revolving credit agreement — This $600,000 unsecured multi-currency revolving credit agreement is with a group of banks and expires in February 2020. Payment of quarterly fees is required. The interest rate is variable based upon the LIBOR rate. The weighted average interest rate for borrowings under this agreement was 1.20 percent at October 31, 2015. Senior notes, due 2017-2025 — These fixed-rate notes entered into in 2012 with a group of insurance companies had a remaining weighted-average life of 8.78 years. The weighted-average interest rate at October 31, 2015 was 2.93 percent. Senior notes, due 2019-2027 — These fixed-rate notes entered into in 2015 with a group of insurance companies had a remaining weighted-average life of 8.5 years. The weighted-average interest rate at October 31, 2015 was 3.04 percent. Term loan, due 2018-2020 — In 2015, we entered into a $200,000 term loan facility with a group of banks. The interest rate is variable based upon the LIBOR rate. $100,000 is due in three years with a weighted-average interest rate of 1.20 percent and $100,000 is due in five years with a weighted-average interest rate of 1.30 percent. Euro loan, due 2018 — This Euro denominated loan was entered into in 2015 with Bank of America Merrill Lynch International Limited. It can be extended by one year at the end of the third and fourth anniversaries. The interest rate is variable based upon the EUR LIBOR rate. The weighted average interest rate at October 31, 2015 was 0.88 percent. Euro loan, due 2016 — This Euro denominated loan was entered into in 2013 with The Bank of Tokyo-Mitsubishi UFJ, Ltd. It can be extended by one year at the end of the third and fourth anniversaries. The interest rate is variable based upon the EUR LIBOR rate. The weighted average interest rate at October 31, 2015 was 0.79 percent. Private shelf facility — In 2011, we entered into a $150,000 three-year Private Shelf Note agreement with New York Life Investment Management LLC (NYLIM). The amount of the facility was increased to $180,000 in 2015. Borrowings under the agreement may be up to 12 years, with a remaining average life of 3.13 years, and are unsecured. The interest rate on each borrowing is fixed based upon the market rate at the borrowing date. At October 31, 2015, the amount outstanding under this facility was at fixed rates of 2.21 percent and 2.56 percent. Development loans, due 2011-2026 — These fixed-rate loans with the State of Ohio and Cuyahoga County, Ohio were issued in 2011 in connection with the construction of our corporate headquarters building and are payable in monthly installments over 15 years beginning in 2011. The interest rate on the State of Ohio loan is 3.00 percent, and the interest rate on the Cuyahoga County loan is 3.50 percent. Annual maturities — The annual maturities of long-term debt for the five years subsequent to October 31, 2015, are as follows: $22,842 in 2016; $495,118 in 2017; and $203,628 in 2018; $28,734 in 2019 and $168,738 in 2020. |
Leases
Leases | 12 Months Ended |
Oct. 31, 2015 | |
Leases [Abstract] | |
Leases | Note 11 — Leases We have lease commitments expiring at various dates, principally for manufacturing, warehouse and office space, automobiles and office equipment. Many leases contain renewal options and some contain purchase options and residual guarantees. Rent expense for all operating leases was approximately $15,721, $15,135 and $14,835 in 2015, 2014 and 2013, respectively. Amortization of assets recorded under capital leases is recorded in depreciation expense. Assets held under capitalized leases and included in property, plant and equipment are as follows: 2015 2014 Transportation equipment $ 15,614 $ 15,524 Other 10,070 12,191 Total capitalized leases 25,684 27,715 Accumulated amortization (10,743 ) (11,139 ) Net capitalized leases $ 14,941 $ 16,576 At October 31, 2015, future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2016 $ 6,417 $ 12,611 2017 3,981 8,490 2018 2,025 6,746 2019 866 5,944 2020 609 4,143 Later years 5,746 11,886 Total minimum lease payments 19,644 $ 49,820 Less amount representing executory costs 1,550 Net minimum lease payments 18,094 Less amount representing interest 3,512 Present value of net minimum lease payments 14,582 Less current portion 4,884 Long-term obligations at October 31, 2015 $ 9,698 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12 — 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 October 31, 2015: Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 2,299 $ — $ 2,299 $ — Total assets at fair value $ 2,299 $ — $ 2,299 $ — Liabilities: Deferred compensation plans (b) $ 9,984 $ — $ 9,984 $ — Foreign currency forward contracts (a) 4,655 — 4,655 — Total liabilities at fair value $ 14,639 $ — $ 14,639 $ — (a) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges. (b) Executive officers and other highly compensated employees may defer up to 100 percent of their salary and annual cash incentive compensation and for executive officers, up to 90 percent of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. Fair value disclosures related to goodwill and indefinite-lived intangible assets are disclosed in Note 6. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Oct. 31, 2015 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | Note 13 — Financial instruments We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “other – net” on the Consolidated Statement of Income together with the transaction gain or loss from the related balance sheet position. In 2015, we recognized net losses of $3,866 on foreign currency forward contracts and net gains of $3,862 from the change in fair value of balance sheet positions. In 2014, we recognized net losses of $826 on foreign currency forward contracts and net gains of $348 from the change in fair value of balance sheet positions. In 2013, we recognized net gains of $1,437 on foreign currency forward contracts and net losses of $3,651 from the change in fair value of balance sheet positions. The following table summarizes, by currency, the contracts outstanding at October 31, 2015 and 2014: Sell Buy Notional Amounts Fair Market Value Notional Amounts Fair Market Value October 31, 2015 contract amounts: Euro $ 182,503 $ 180,406 $ 188,021 $ 184,174 Pound sterling 55,234 55,543 37,714 37,513 Japanese yen 17,046 17,067 13,646 13,706 Australian dollar — — 7,120 6,981 Hong Kong dollar — — 59,734 59,739 Singapore dollar 858 857 11,519 11,561 Others 3,018 2,993 29,744 29,674 Total $ 258,659 $ 256,866 $ 347,498 $ 343,348 October 31, 2014 contract amounts: Euro $ 424,624 $ 407,422 $ 344,461 $ 330,957 Pound sterling 86,654 85,632 141,638 140,065 Japanese yen 21,057 19,780 17,477 16,498 Australian dollar 216 220 9,012 8,618 Hong Kong dollar 52,278 52,247 117,040 116,978 Singapore dollar — — 10,984 10,693 Others 2,627 2,573 28,409 27,236 Total $ 587,456 $ 567,874 $ 669,021 $ 651,045 We also use intercompany foreign currency transactions of a long-term investment nature to hedge the value of investment in wholly-owned subsidiaries. For hedges of the net investment in foreign operations, realized and unrealized gains and losses are shown in the cumulative translation adjustment account included in total comprehensive income. For 2015 and 2014, net gains of $427 and $318, respectively, were included in the cumulative translation adjustment account related to foreign denominated fixed-rate debt designated as a hedge of net investment in foreign operations. We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. As of October 31, 2015, there were no significant concentrations of credit risk. The carrying amounts and fair values of financial instruments, 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. 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 50,268 $ 50,268 $ 42,314 $ 42,314 Notes payable 1,108 1,108 106,181 106,181 Long-term debt (including current portion) 1,115,485 1,113,140 693,619 696,140 Foreign currency forward contracts (net) (2,356 ) (2,356 ) 1,510 1,510 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 estimated using quoted exchange rates, which are considered to be Level 2 inputs under the fair value hierarchy. |
Capital Shares
Capital Shares | 12 Months Ended |
Oct. 31, 2015 | |
Equity [Abstract] | |
Capital Shares | Note 14 — Capital shares Preferred — We have authorized 10,000 Series A convertible preferred shares without par value. No preferred shares were outstanding in 2015, 2014 or 2013. Common — We have 160,000 authorized common shares without par value. At October 31, 2015 and 2014, there were 98,023 common shares issued. At October 31, 2015 and 2014, the number of outstanding common shares, net of treasury shares, was 57,358 and 62,435, respectively. Common shares repurchased as part of publicly announced programs during 2015, 2014 and 2013 were as follows: Number Total Average Year of Shares Amount per Share 2015 5,360 $ 381,598 $ 71.19 2014 2,224 $ 163,584 $ 73.55 2013 459 $ 30,443 $ 66.29 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Oct. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 15 — 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 stock, 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. For grants made prior to November 2012, vesting ceases upon retirement, death and disability, and unvested shares are forfeited. For grants made in or 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 $8,772, $10,251 and $4,906 for 2015, 2014 and 2013, respectively. The increase in the 2014 expense was primarily related to accelerated amortization of the cost of options. The following table summarizes activity related to stock options during 2015: Number of Options Weighted˗Average Exercise Price Per Share Aggregate Intrinsic Value Weighted˗Average Remaining Term Outstanding at October 31, 2014 1,686 $ 42.77 Granted 316 $ 79.66 Exercised (211 ) $ 27.60 Forfeited or expired (32 ) $ 68.38 Outstanding at October 31, 2015 1,759 $ 50.74 $ 38,727 6.0 years Vested at October 31, 2015 or expected to vest 1,745 $ 50.54 $ 38,721 6.0 years Exercisable at October 31, 2015 1,039 $ 37.62 $ 34,975 4.6 years Summarized information on currently outstanding options follows: Range of Exercise Price $14 - $28 $29 - $44 $45 - $81 Number outstanding 442 506 811 Weighted-average remaining contractual life, in years 2.9 5.4 8.1 Weighted-average exercise price $ 22.82 $ 41.78 $ 71.57 Number exercisable 442 416 181 Weighted-average exercise price $ 22.82 $ 41.38 $ 65.14 As of October 31, 2015, there was $5,052 of total unrecognized compensation cost related to nonvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.5 years. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. 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: 2015 2014 2013 Expected volatility 30.3-39.5% 40.1%˗44.7% 45.3%˗46.9% Expected dividend yield 1.06-1.10% 0.98%˗1.03% 0.97%˗1.01% Risk-free interest rate 1.57%˗1.85% 1.51%˗1.79% 0.75%˗0.90% Expected life of the option (in years) 5.4˗6.1 5.4˗6.1 5.4˗6.1 The weighted-average expected volatility used to value options granted in 2015, 2014 and 2013 was 34.3 percent, 44.5 percent and 46.3 percent, respectively. Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of United States Treasury issues with terms equal to the expected life of the option being valued. The weighted average grant date fair value of stock options granted during 2015, 2014 and 2013 was $24.63, $27.92 and $24.12, respectively. The total intrinsic value of options exercised during 2015, 2014 and 2013 was $10,406, $17,223 and $12,892, respectively. Cash received from the exercise of stock options for 2015, 2014 and 2013 was $5,372, $7,013 and $6,018, respectively. The tax benefit realized from tax deductions from exercises for 2015, 2014 and 2013 was $3,661, $6,385 and $5,531, 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. 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 2015: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Restricted at October 31, 2014 71 $ 63.53 Granted 24 $ 78.64 Forfeited (5 ) $ 75.30 Vested (37 ) $ 58.04 Restricted at October 31, 2015 53 $ 73.23 As of October 31, 2015, there was $1,908 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 1.8 years. The amount charged to expense related to restricted shares was $1,840, $1,784 and $2,464 in 2015, 2014 and 2013, respectively. These amounts included common share dividends $51, $52, and $57 in 2015, 2014 and 2013, respectively. The following table summarizes activity related to restricted share units in 2015: Number of Units Weighted˗Average Grant Value Restricted share units at October 31, 2014 5 $ 61.59 Granted 13 $ 76.19 Vested (18 ) $ 71.83 Restricted share units at October 31, 2015 0 $ — As of October 31, 2015, there was no remaining expense to be recognized related to outstanding restricted share units. The amount charged to expense related to restricted share units during 2015, 2014 and 2013 was $972, $890 and $598, 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 2015: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Outstanding at October 31, 2014 110 $ 29.74 Restricted stock units vested 12 $ 69.51 Dividend equivalents 1 $ 73.46 Distributions (23 ) $ 21.97 Outstanding at October 31, 2015 100 $ 36.76 The amount charged to expense related to director deferred compensation was $91, $101 and $183 in 2015, 2014 and 2013, 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 measures 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. The amounts charged to expense for executive officers and selected other key employees in 2015, 2014 and 2013 were $3,459, $4,304 and $3,588, respectively. The cumulative amount recorded in shareholders’ equity at October 31, 2015, and 2014 was $7,561 and $7,570, respectively. Deferred compensation — Our executive officers and other highly compensated employees may elect to defer up to 100 percent of their base pay and cash incentive compensation and, for executive officers, up to 90 percent of their 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 was $179, $129 and $79 for 2015, 2014 and 2013, respectively. Shares reserved for future issuance — At October 31, 2015, there were 2,303 of common shares reserved for future issuance through the exercise of outstanding options or rights. |
Operating Segments and Geograph
Operating Segments and Geographic Area Data | 12 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Area Data | Note 16 — Operating segments and geographic area data We conduct business in three primary operating 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. No single customer accounted for 10 percent or more of sales in 2015, 2014 or 2013. The following table presents information about our reportable segments: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Corporate Total Year ended October 31, 2015 Net external sales $ 836,066 $ 593,858 $ 258,742 $ — $ 1,688,666 Depreciation 14,804 13,015 3,194 6,694 37,707 Operating profit (loss) 195,902 (a) 120,940 (b) 41,458 (c) (40,570 ) 317,730 Identifiable assets (e) 734,145 1,021,221 130,421 486,852 (d) 2,372,639 Expenditures for long-lived assets 12,880 36,182 5,112 7,913 62,087 Year ended October 31, 2014 Net external sales $ 899,696 $ 561,784 $ 242,541 $ — $ 1,704,021 Depreciation 15,467 10,433 3,368 5,178 34,446 Operating profit (loss) 229,556 (a) 140,240 (b) 38,117 (c) (40,808 ) 367,105 Identifiable assets (e) 747,063 919,052 130,624 495,676 (d) 2,292,415 Expenditures for long-lived assets 15,886 15,163 4,057 8,468 43,574 Year ended October 31, 2013 Net external sales $ 793,488 $ 516,266 $ 233,167 $ — $ 1,542,921 Depreciation 15,326 9,180 3,084 4,176 31,766 Operating profit (loss) 203,757 (a) 123,403 (b) 33,786 (37,097 ) 323,849 Identifiable assets (e) 750,616 721,524 113,835 467,809 (d) 2,053,784 Expenditures for long-lived assets 20,498 10,080 6,239 10,402 47,219 (a) Includes $7,972, $1,731 and $315 of severance and restructuring costs in 2015, 2014 and 2013, respectively. (b) Includes $3,060, $579 and $811 of severance and restructuring costs 2015, 2014 and 2013, respectively. (c) Includes $379 and $241 of severance and restructuring costs in 2015 and 2014, respectively. (d) Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets. (e) Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. We have significant sales and long-lived assets in the following geographic areas: 2015 2014 2013 Net external sales United States $ 529,893 $ 503,776 $ 465,789 Americas 129,325 120,993 123,654 Europe 462,565 494,538 416,725 Japan 107,797 127,057 127,945 Asia Pacific 459,086 457,657 408,808 Total net external sales $ 1,688,666 $ 1,704,021 $ 1,542,921 Long-lived assets United States $ 187,212 $ 159,946 $ 136,551 Americas 1,735 2,451 4,154 Europe 21,231 21,039 22,576 Japan 5,876 5,967 4,384 Asia Pacific 33,886 35,036 33,314 Total long-lived assets $ 249,940 $ 224,439 $ 200,979 A reconciliation of total segment operating income to total consolidated income before income taxes is as follows: 2015 2014 2013 Total profit for reportable segments $ 317,730 $ 367,105 $ 323,849 Interest expense (18,104 ) (15,035 ) (14,841 ) Interest and investment income 558 581 421 Other-net 678 (138 ) 1,694 Income before income taxes $ 300,862 $ 352,513 $ 311,123 A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2015 2014 2013 Total assets for reportable segments $ 2,372,639 $ 2,292,415 $ 2,053,784 Customer advance payments 22,884 25,578 28,341 Eliminations (35,079 ) (37,863 ) (28,946 ) Total consolidated assets $ 2,360,444 $ 2,280,130 $ 2,053,179 |
Supplemental Information for th
Supplemental Information for the Statement of Cash Flows | 12 Months Ended |
Oct. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information for the Statement of Cash Flows | Note 17 — Supplemental information for the statement of cash flows 2015 2014 2013 Cash operating activities: Interest paid $ 17,312 $ 14,115 $ 16,037 Income taxes paid 72,175 87,797 93,074 Non-cash investing and financing activities: Capitalized lease obligations incurred $ 5,562 $ 8,584 $ 6,441 Capitalized lease obligations terminated 672 864 468 Shares acquired and issued through exercise of stock options 445 — 148 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 18 — Quarterly financial data (unaudited) First Second Third Fourth 2015: Sales $ 379,008 $ 400,727 $ 462,731 $ 446,200 Gross margin 208,721 221,890 248,492 234,861 Net income 42,885 49,214 69,388 49,624 Earnings per share: Basic 0.69 0.81 1.15 0.84 Diluted 0.69 0.80 1.14 0.84 2014: Sales $ 359,420 $ 417,461 $ 458,550 $ 468,590 Gross margin 194,782 235,552 257,511 257,253 Net income 34,880 61,934 77,879 72,080 Earnings per share: Basic 0.54 0.97 1.23 1.14 Diluted 0.54 0.96 1.21 1.13 The sum of the per-share amounts for the four quarters may not always equal the annual per-share amounts due to differences in the average number of shares outstanding during the respective periods. During the fourth quarter of 2015, we recorded pre-tax severance and restructuring costs of $9,092. Additionally, we recorded other income of $1,608 related to a favorable litigation settlement. During the third quarter of 2015, we recorded pre-tax severance and restructuring costs of $2,319. During the first quarter of 2015, we recorded a pre-tax loss of $1,572 related to a pension settlement. 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 first quarter of 2015 included a discrete tax benefit of $1,786 primarily related to 2014. During the fourth quarter of 2014, we recorded pre-tax severance costs of $1,273. Additionally, we recorded a pre-tax gain of $1,005 related to a property insurance settlement. During the second quarter of 2014, we recorded pre-tax severance costs of $1,278. |
Contingencies
Contingencies | 12 Months Ended |
Oct. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | Note 19 — Contingencies We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. Including the environmental matter discussed below, after consultation with legal counsel, we believe that the probability is remote that losses in excess of the amounts we have accrued would have a material adverse effect on our financial condition, quarterly or annual operating results or cash flows. Environmental – We have voluntarily agreed with the City of New Richmond, Wisconsin and other Potentially Responsible Parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the “Site”) and constructing a potable water delivery system serving the impacted area down gradient of the Site. At October 31, 2015, and 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 different 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. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Oct. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | Schedule II – Valuation and Qualifying Accounts and Reserves Balance at Assumed Balance Beginning from Charged to Currency at End of Year Acquisitions Expense Deductions Effects of Year Allowance for Doubtful Accounts 2013 $ 3,776 256 889 698 42 $ 4,265 2014 $ 4,265 121 867 551 (215 ) $ 4,487 2015 $ 4,487 178 1,014 773 (404 ) $ 4,502 Inventory Obsolescence and Other Reserves 2013 $ 20,505 3,969 5,075 2,961 (9 ) $ 26,579 2014 $ 26,579 1,045 6,706 6,361 (1,225 ) $ 26,744 2015 $ 26,744 333 9,154 6,741 (1,260 ) $ 28,230 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | 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 percent or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual amounts could differ from these estimates. |
Fiscal Year | Fiscal year — Our fiscal year is November 1 through October 31. |
Revenue Recognition | Revenue recognition — 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 (BESP) 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, 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, 2014 and 2013 were not material. |
Shipping and Handling Costs | Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales. |
Advertising Costs | Advertising costs — Advertising costs are expensed as incurred and were $11,943, $10,823 and $12,480 in 2015, 2014 and 2013, respectively. |
Research and Development | Research and development — Research and development costs are expensed as incurred and were $46,689, $47,536 and $47,973 in 2015, 2014 and 2013, respectively. |
Earnings Per Share | Earnings per share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted stock and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options for 373 common shares were excluded from the diluted earnings per share calculation in 2015 because their effect would have been anti-dilutive. Options for 69 common shares were excluded from the diluted earnings per share calculation in 2014. No options for common shares were excluded from the 2013 diluted earnings per share calculation. Under the 2012 Stock Incentive and Award Plan, executive officers and selected other key employees receive common share awards based on corporate performance measures over three-year performance periods. Awards for which performance measures have not been met were excluded from the calculation of diluted earnings per share. |
Cash and Cash Equivalents | Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. |
Allowance for Doubtful Accounts | Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur. |
Inventories | Inventories — Inventories are valued at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for 20 percent of consolidated inventories at October 31, 2015, and October 31, 2014. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $7,638 and $7,496 higher than reported at October 31, 2015 and October 31, 2014, respectively, had the FIFO method, which approximates current cost, been used for valuation of all inventories. |
Property, Plant and Equipment and Depreciation | Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under capital leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows: Land improvements 15-25 years Buildings 20-40 years Machinery and equipment 3-18 years Enterprise management systems 5-13 years Depreciation expense is included in cost of sales and selling and administrative expenses. Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2015, 2014 or 2013. |
Goodwill and Intangible Assets | Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets. Other amortizable intangible assets, which consist primarily of patent/technology costs, customer relationships, noncompete agreements, and trade names, are amortized over their useful lives on a straight-line basis. At October 31, 2015, the weighted-average useful lives for each major category of amortizable intangible assets were: Patent/technology costs 13 years Customer relationships 14 years Noncompete agreements 3 years Trade names 16 years |
Foreign Currency Translation | Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss). |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2015 and 2014 consisted of: 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 tax of $(1,541) — 3,667 3,667 Currency translation losses (45,154 ) — (45,154 ) Balance at October 31, 2015 $ (42,427 ) $ (102,259 ) $ (144,686 ) |
Warranties | Warranties — We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) measured from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual historical return rates. Based on analysis of return rates and other factors, the adequacy of our warranty provisions 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 2015 and 2014: 2015 2014 Balance at beginning of year $ 9,918 $ 9,409 Accruals for warranties 12,531 10,813 Warranty assumed from acquisitions 11 — Warranty payments (11,487 ) (10,012 ) Currency adjustments (436 ) (292 ) Balance at end of year $ 10,537 $ 9,918 |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Useful Lives of Property, Plant and Equipment and Depreciation | Useful lives are as follows: Land improvements 15-25 years Buildings 20-40 years Machinery and equipment 3-18 years Enterprise management systems 5-13 years |
Weighted Average Useful Lives for Each Major Category of Amortizable Intangible Assets | At October 31, 2015, the weighted-average useful lives for each major category of amortizable intangible assets were: Patent/technology costs 13 years Customer relationships 14 years Noncompete agreements 3 years Trade names 16 years |
Summary of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss at October 31, 2015 and 2014 consisted of: 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 tax of $(1,541) — 3,667 3,667 Currency translation losses (45,154 ) — (45,154 ) Balance at October 31, 2015 $ (42,427 ) $ (102,259 ) $ (144,686 ) |
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability for 2015 and 2014: 2015 2014 Balance at beginning of year $ 9,918 $ 9,409 Accruals for warranties 12,531 10,813 Warranty assumed from acquisitions 11 — Warranty payments (11,487 ) (10,012 ) Currency adjustments (436 ) (292 ) Balance at end of year $ 10,537 $ 9,918 |
Details of Balance Sheet (Table
Details of Balance Sheet (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Balance Sheet | 2015 2014 Receivables: Accounts $ 372,705 $ 347,259 Notes 7,303 6,339 Other 14,044 16,733 394,052 370,331 Allowance for doubtful accounts (4,502 ) (4,487 ) $ 389,550 $ 365,844 Inventories: Raw materials and component parts $ 97,215 $ 86,573 Work-in-process 35,509 27,994 Finished goods 128,816 130,544 261,540 245,111 Obsolescence and other reserves (28,230 ) (26,744 ) LIFO reserve (7,638 ) (7,496 ) $ 225,672 $ 210,871 Property, plant and equipment: Land $ 9,947 $ 10,216 Land improvements 3,926 3,827 Buildings 161,924 141,880 Machinery and equipment 355,066 319,110 Enterprise management system 46,382 44,682 Construction-in-progress 17,326 27,419 Leased property under capitalized leases 25,684 27,715 620,255 574,849 Accumulated depreciation and amortization (370,315 ) (350,410 ) $ 249,940 $ 224,439 Accrued liabilities: Salaries and other compensation $ 54,801 $ 57,722 Pension and retirement 1,973 1,738 Taxes other than income taxes 6,178 6,367 Other 77,979 71,174 $ 140,931 $ 137,001 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during 2015 by operating segment follow: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2014 $ 397,046 $ 631,433 $ 24,058 $ 1,052,537 Acquisitions 3,463 42,926 — 46,389 Currency effect (14,534 ) (2,017 ) — (16,551 ) Balance at October 31, 2015 $ 385,975 $ 672,342 $ 24,058 $ 1,082,375 |
Summary of Intangible Assets Subject to Amortization | Information regarding intangible assets subject to amortization follows: October 31, 2015 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 201,282 $ 56,315 $ 144,967 Patent/technology costs 98,063 32,764 65,299 Trade name 83,022 17,003 66,019 Noncompete agreements 8,952 7,819 1,133 Other 1,365 1,357 8 Total $ 392,684 $ 115,258 $ 277,426 October 31, 2014 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 Noncompete agreements 8,220 7,600 620 Other 1,369 1,239 130 Total $ 381,262 $ 89,952 $ 291,310 |
Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding years follows: Year Amounts 2016 $ 29,574 2017 $ 29,148 2018 $ 28,752 2019 $ 28,504 2020 $ 27,980 |
Retirement, Pension and Other33
Retirement, Pension and Other Postretirement Plans (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Components of Net Periodic Pension Cost [Member] | |
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans | A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows: United States International 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 345,479 $ 299,716 $ 96,831 $ 85,543 Service cost 10,851 8,071 2,816 2,597 Interest cost 15,037 13,921 2,561 3,185 Participant contributions — — 127 137 Plan amendments — 186 — (419 ) Settlements — — (3,260 ) — Other — — 475 — Foreign currency exchange rate change — — (7,906 ) (5,343 ) Actuarial (gain) loss 1,371 34,610 2,751 13,293 Benefits paid (11,699 ) (11,025 ) (3,780 ) (2,162 ) Benefit obligation at end of year $ 361,039 $ 345,479 $ 90,615 $ 96,831 Change in plan assets: Beginning fair value of plan assets $ 277,912 $ 243,506 $ 39,618 $ 37,078 Actual return on plan assets 5,868 25,535 1,960 1,627 Company contributions 23,239 19,896 4,888 4,009 Participant contributions — — 127 137 Settlements — — (3,277 ) — Foreign currency exchange rate change — — (2,063 ) (1,071 ) Benefits paid (11,699 ) (11,025 ) (3,780 ) (2,162 ) Ending fair value of plan assets $ 295,320 $ 277,912 $ 37,473 $ 39,618 Funded status at end of year $ (65,719 ) $ (67,567 ) $ (53,142 ) $ (57,213 ) Amounts recognized in financial statements: Noncurrent asset $ — $ — $ — $ 17 Accrued benefit liability (784 ) (709 ) (7 ) (6 ) Long-term pension and retirement obligations (64,935 ) (66,858 ) (53,135 ) (57,224 ) Total amount recognized in financial statements $ (65,719 ) $ (67,567 ) $ (53,142 ) $ (57,213 ) United States International 2015 2014 2015 2014 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial loss $ 114,898 $ 111,337 $ 30,544 $ 34,683 Prior service cost (credit) (235 ) (47 ) (818 ) (995 ) Accumulated other comprehensive loss $ 114,663 $ 111,290 $ 29,726 $ 33,688 Amounts expected to be recognized during next fiscal year: Amortization of net actuarial loss $ 7,691 $ 8,694 $ 1,902 $ 2,459 Amortization of prior service cost (credit) 77 121 (89 ) (97 ) Total $ 7,768 $ 8,815 $ 1,813 $ 2,362 |
Summary of Changes in Accumulated Other Comprehensive (Gain) Loss | The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2015 2014 2015 2014 Balance at beginning of year $ 111,290 $ 93,541 $ 33,688 $ 23,594 Net (gain) loss arising during the year 13,820 26,372 2,380 13,438 Prior service cost (credit) arising during the year — 186 — (419 ) Net gain (loss) recognized during the year (9,742 ) (7,940 ) (2,268 ) (1,233 ) Prior service (cost) credit recognized during the year (121 ) (237 ) 90 101 Settlement loss (516 ) (632 ) (1,319 ) — Curtailment loss (68 ) — — — Exchange rate effect during the year — — (2,845 ) (1,793 ) Balance at end of year $ 114,663 $ 111,290 $ 29,726 $ 33,688 |
Accumulated Benefit Obligation | Information regarding the accumulated benefit obligation is as follows: United States International 2015 2014 2015 2014 For all plans: Accumulated benefit obligation $ 354,567 $ 336,464 $ 69,489 $ 75,305 For plans with benefit obligations in excess of plan assets: Projected benefit obligation 361,040 345,479 82,521 87,128 Accumulated benefit obligation 354,567 336,464 69,444 73,135 Fair value of plan assets 295,320 277,912 37,424 37,415 |
Defined Benefit Plan Net Periodic Benefit Cost | Net pension benefit costs include the following components: United States International 2015 2014 2013 2015 2014 2013 Service cost $ 10,851 $ 8,071 $ 8,896 $ 2,816 $ 2,597 $ 2,098 Interest cost 15,037 13,921 12,314 2,561 3,185 2,872 Expected return on plan assets (18,316 ) (17,297 ) (15,241 ) (1,589 ) (1,772 ) (1,512 ) Amortization of prior service cost (credit) 121 237 157 (90 ) (101 ) (81 ) Amortization of net actuarial (gain) loss 9,742 7,940 13,995 2,285 1,233 1,406 Settlement loss 516 632 — 1,319 — — Curtailment loss 68 — — Total benefit cost $ 18,019 $ 13,504 $ 20,121 $ 7,302 $ 5,142 $ 4,783 |
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs | The weighted average assumptions used in the valuation of pension benefits were as follows: United States International 2015 2014 2013 2015 2014 2013 Assumptions used to determine benefit obligations at October 31: Discount rate 4.39 % 4.29 % 4.75 % 2.81 % 2.94 % 3.72 % Rate of compensation increase 3.50 3.49 3.30 3.22 3.19 3.18 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate 4.29 4.75 3.85 2.94 3.72 3.52 Expected return on plan assets 6.76 7.24 7.24 4.39 4.60 4.43 Rate of compensation increase 3.49 3.30 3.30 3.19 3.18 3.13 |
The Effect of a One Percent Change in the Discount Rate, Expected Return on Assets and Compensation Increase | The effect of a one percent change in the discount rate, expected return on assets and compensation increase is shown in the table below. Bracketed numbers represent decreases in expense and obligation amounts. United States International 1% Point Increase 1% Point Decrease 1% Point Increase 1% Point Decrease Discount rate: Effect on total service and interest cost components in 2015 $ (5,156 ) $ 6,335 $ (1,605 ) $ 2,206 Effect on pension obligation as of October 31, 2015 $ (45,247 ) $ 56,766 $ (15,901 ) $ 19,273 Expected return on assets: Effect on total service and interest cost components in 2015 $ (2,582 ) $ 2,582 $ (362 ) $ 362 Compensation increase: Effect on total service and interest cost components in 2015 $ 3,891 $ (2,228 ) $ 1,274 $ (1,041 ) Effect on pension obligation as of October 31, 2015 $ 19,507 $ (11,101 ) $ 7,652 $ (6,922 ) |
Allocation of Pension Plan Assets | The allocation of pension plan assets as of October 31, 2015 and 2014 is as follows: United States International 2015 2014 2015 2014 Asset Category Equity securities 19 % 23 % — % — % Debt securities 29 29 — — Insurance contracts — — 54 58 Pooled investment funds 51 47 46 42 Other 1 1 — — Total 100 % 100 % 100 % 100 % |
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at October 31, 2015 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,781 $ 1,781 $ — $ — $ 8 $ 8 $ — $ — Money market funds 4,286 4,286 — — — — — — Equity securities: — Basic materials 2,705 2,705 — — — — — — Consumer goods 4,173 4,173 — — — — — — Financial 6,989 6,989 — — — — — — Healthcare 3,436 3,436 — — — — — — Industrial goods 3,105 3,105 — — — — — — Technology 4,080 4,080 — — — — — — Utilities 822 822 — — — — — — Mutual funds 28,112 28,112 — — — — — — Fixed income securities: U.S. Government 29,219 7,276 21,943 — — — — — Corporate 54,224 — 54,224 — — — — — Other 1,546 — 1,546 — — — — — Other types of investments: — Insurance contracts — — — — 20,432 — — 20,432 Real estate collective funds 18,827 — — 18,827 — — — — Pooled investment funds 131,347 — 131,347 — 17,033 — 17,033 — Other 668 668 — — — — — — $ 295,320 $ 67,433 $ 209,060 $ 18,827 $ 37,473 $ 8 $ 17,033 $ 20,432 The fair values of our pension plan assets at October 31, 2014 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,617 $ 1,617 $ — $ — $ 8 $ 8 $ — $ — Money market funds 2,820 2,820 — — — — — — Equity securities: Basic materials 3,224 3,224 — — — — — — Consumer goods 5,114 5,114 — — — — — — Financial 8,036 8,036 — — — — — — Healthcare 4,372 4,372 — — — — — — Industrial goods 3,527 3,527 — — — — — — Technology 4,226 4,226 — — — — — — Utilities 1,084 1,084 — — — — — — Mutual funds 31,255 31,255 — — — — — — Fixed income securities: U.S. Government 26,447 7,877 18,570 — — — — — Corporate 50,720 — 50,720 — — — — — Other 2,486 — 2,486 — — — — — Other types of investments: Insurance contracts — — — — 23,174 — — 23,174 Real estate collective funds 16,495 — — 16,495 — — — — Pooled investment funds 115,877 — 115,877 — 16,436 — 16,436 — Other 612 612 — — — — — — $ 277,912 $ 73,764 $ 187,653 $ 16,495 $ 39,618 $ 8 $ 16,436 $ 23,174 |
Change in Level 3 Fair Value of Plan Assets | The following tables present an analysis of changes during the years ended October 31, 2015 and 2014 in Level 3 plan assets, by plan asset class, for U.S. and International pension plans using significant unobservable inputs to measure fair value: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Real estate collective funds Insurance contracts Total Beginning balance at October 31, 2014 $ 16,495 $ 23,174 $ 39,669 Actual return on plan assets: Assets held, end of year 2,469 724 3,193 Assets sold during the period 36 7 43 Purchases — 3,769 3,769 Sales (173 ) (5,763 ) (5,936 ) Foreign currency translation — (1,479 ) (1,479 ) Ending balance at October 31, 2015 $ 18,827 $ 20,432 $ 39,259 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Real estate collective funds Insurance contracts Total Beginning balance at October 31, 2013 $ 14,958 $ 22,093 $ 37,051 Actual return on plan assets: Assets held, end of year 1,667 771 2,438 Assets sold during the period 25 — 25 Purchases — 2,816 2,816 Sales (155 ) (1,529 ) (1,684 ) Foreign currency translation — (977 ) (977 ) Ending balance at October 31, 2014 $ 16,495 $ 23,174 $ 39,669 |
Retiree Pension Benefit Payments | Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year United States International 2016 $ 11,741 $ 3,010 2017 12,862 2,689 2018 13,878 3,383 2019 15,095 5,140 2020 16,389 3,723 2021-2025 101,531 19,573 |
Components of Net Postretirement Benefit Cost [Member] | |
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans | A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows: United States International 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 69,479 $ 61,004 $ 897 $ 768 Service cost 979 1,037 29 28 Interest cost 2,946 3,062 35 38 Participant contributions 412 431 — — Foreign currency exchange rate change — — (111 ) (63 ) Actuarial (gain) loss (3,677 ) 6,015 (321 ) 130 Benefits paid (1,824 ) (2,070 ) (5 ) (4 ) Benefit obligation at end of year $ 68,315 $ 69,479 $ 524 $ 897 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 1,412 1,639 5 4 Participant contributions 412 431 — — Benefits paid (1,824 ) (2,070 ) (5 ) (4 ) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (68,315 ) $ (69,479 ) $ (524 ) $ (897 ) Amounts recognized in financial statements: Accrued benefit liability $ (2,142 ) $ (2,069 ) $ (7 ) $ (7 ) Long-term postretirement obligations (66,173 ) (67,410 ) (517 ) (890 ) Total amount recognized in financial statements $ (68,315 ) $ (69,479 ) $ (524 ) $ (897 ) United States International 2015 2014 2015 2014 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 17,652 $ 22,434 $ (379 ) $ (86 ) Prior service credit (573 ) (1,012 ) — — Accumulated other comprehensive (gain) loss $ 17,079 $ 21,422 $ (379 ) $ (86 ) Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 847 $ 1,187 $ (25 ) $ — Amortization of prior service cost (credit) (267 ) (438 ) — — Total $ 580 $ 749 $ (25 ) $ — |
Summary of Changes in Accumulated Other Comprehensive (Gain) Loss | The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2015 2014 2015 2014 Balance at beginning of year $ 21,422 $ 16,393 $ (86 ) $ (243 ) Net (gain) loss arising during the year (3,677 ) 6,015 (321 ) 130 Net gain (loss) recognized during the year (1,104 ) (1,435 ) — 13 Prior service credit recognized during the year 438 449 — — Exchange rate effect during the year — — 28 14 Balance at end of year $ 17,079 $ 21,422 $ (379 ) $ (86 ) |
Defined Benefit Plan Net Periodic Benefit Cost | Net postretirement benefit costs include the following components: United States International 2015 2014 2013 2015 2014 2013 Service cost $ 979 $ 1,037 $ 1,145 $ 29 $ 28 $ 35 Interest cost 2,946 3,062 2,598 35 38 38 Amortization of prior service credit (438 ) (449 ) (473 ) — — — Amortization of net actuarial (gain) loss 1,104 1,435 2,112 — (13 ) (4 ) Total benefit cost $ 4,591 $ 5,085 $ 5,382 $ 64 $ 53 $ 69 |
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs | The weighted average assumptions used in the valuation of postretirement benefits were as follows: United States International 2015 2014 2013 2015 2014 2013 Assumptions used to determine benefit obligations at October 31: Discount rate 4.50 % 4.40 % 4.80 % 4.35 % 4.25 % 4.95 % Health care cost trend rate 3.72 3.93 4.12 6.31 6.48 6.65 Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) 3.27 3.41 3.47 3.50 3.50 3.50 Year the rate reaches the ultimate trend rate 2025 2024 2021 2031 2031 2031 Assumption used to determine net benefit costs for the years ended October 31: Discount rate 4.40 % 4.80 % 3.85 % 4.25 % 4.95 % 4.40 % |
Retiree Pension Benefit Payments | Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2016 $ 2,142 $ 7 2017 2,304 8 2018 2,466 11 2019 2,583 12 2020 2,773 12 2021-2025 17,097 78 |
Defined Benefit Plan Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates and Discount Rate | The discount rate and the health care cost trend rate assumptions have a significant effect on the amounts reported. For example, a one-percentage point change in the discount rate and the assumed health care cost trend rate would have the following effects. Bracketed numbers represent decreases in expense and obligation amounts. United States International 1% Point Increase 1% Point Decrease 1% Point Increase 1% Point Decrease Discount rate: Effect on total service and interest cost components in 2015 $ (777 ) $ 946 $ (6 ) $ 7 Effect on postretirement obligation as of October 31, 2015 $ (9,474 ) $ 12,040 $ (96 ) $ 126 Health care trend rate: Effect on total service and interest cost components in 2015 $ 663 $ (524 ) $ 17 $ (13 ) Effect on postretirement obligation as of October 31, 2015 $ 10,492 $ (8,419 ) $ 120 $ (93 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense includes the following: 2015 2014 2013 Current: U.S. federal $ 36,875 $ 52,985 $ 45,004 State and local 1,623 1,900 2,351 Foreign 49,153 47,366 36,829 Total current 87,651 102,251 84,184 Deferred: U.S. federal 4,950 8,695 8,361 State and local 1,031 (1,635 ) (991 ) Foreign (3,881 ) (3,571 ) (2,248 ) Total deferred 2,100 3,489 5,122 $ 89,751 $ 105,740 $ 89,306 |
Income Taxes Computed at the U.S. Statutory Rate and Income Tax | A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows: 2015 2014 2013 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Domestic Production Deduction (1.47 ) (1.74 ) (1.71 ) Foreign tax rate variances, net of foreign tax credits (3.25 ) (3.42 ) (3.39 ) State and local taxes, net of federal income tax benefit 0.43 0.05 0.28 Amounts related to prior years (1.04 ) (0.24 ) (1.00 ) Other – net 0.16 0.35 (0.48 ) Effective tax rate 29.83 % 30.00 % 28.70 % |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2015, 2014 and 2013 is as follows: 2015 2014 2013 Balance at beginning of year $ 5,812 $ 5,717 $ 3,140 Additions based on tax positions related to the current year 288 196 703 Additions for tax positions of prior years 331 319 3,261 Reductions for tax positions of prior years (28 ) — (317 ) Settlements — (110 ) — Lapse of statute of limitations (145 ) (310 ) (1,070 ) Balance at end of year $ 6,258 $ 5,812 $ 5,717 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: 2015 2014 Deferred tax assets: Employee benefits $ 84,651 $ 79,669 Other accruals not currently deductible for taxes 17,259 17,379 Tax credit and loss carryforwards 9,242 16,531 Inventory adjustments 6,591 5,276 Translation of foreign currency accounts — 154 Total deferred tax assets 117,743 119,009 Valuation allowance (6,768 ) (7,672 ) Total deferred tax assets 110,975 111,337 Deferred tax liabilities: Depreciation and amortization 171,234 163,107 Other - net 196 - Total deferred tax liabilities 171,430 163,107 Net deferred tax liabilities $ (60,455 ) $ (51,770 ) |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Bank Lines of Credit and Notes | Bank lines of credit and notes payable are summarized as follows: 2015 2014 Maximum borrowings under bank lines of credit: Domestic banks $ — $ 100,000 Foreign banks 45,102 48,619 Total $ 45,102 $ 148,619 Outstanding notes payable: Domestic bank debt $ — $ 100,000 Foreign bank debt 1,108 6,181 Total $ 1,108 $ 106,181 Weighted-average interest rate on notes payable 2.75 % 1.00 % Unused bank lines of credit $ 43,994 $ 42,438 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | A summary of long-term debt is as follows: 2015 2014 Revolving credit agreement, due 2020 $ 457,025 $ 375,242 Senior notes, due 2017-2025 200,000 200,000 Senior notes, due 2019-2027 100,000 — Term loan, due 2018-2020 200,000 — Euro loan, due 2018 77,042 — Euro loan, due 2016 11,501 63,244 Private shelf facility, due 2012-2020 67,778 53,333 Development loans, due 2011-2026 1,467 1,586 Other 672 214 1,115,485 693,619 Less current maturities 22,842 10,751 Long-term maturities $ 1,092,643 $ 682,868 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Leases [Abstract] | |
Assets Held Under Capitalized Leases and Included in Property, Plant and Equipment | Assets held under capitalized leases and included in property, plant and equipment are as follows: 2015 2014 Transportation equipment $ 15,614 $ 15,524 Other 10,070 12,191 Total capitalized leases 25,684 27,715 Accumulated amortization (10,743 ) (11,139 ) Net capitalized leases $ 14,941 $ 16,576 |
Future Minimum Lease Payments Under Non-cancelable Capitalized and Operating Leases | At October 31, 2015, future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2016 $ 6,417 $ 12,611 2017 3,981 8,490 2018 2,025 6,746 2019 866 5,944 2020 609 4,143 Later years 5,746 11,886 Total minimum lease payments 19,644 $ 49,820 Less amount representing executory costs 1,550 Net minimum lease payments 18,094 Less amount representing interest 3,512 Present value of net minimum lease payments 14,582 Less current portion 4,884 Long-term obligations at October 31, 2015 $ 9,698 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 31, 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 October 31, 2015: Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 2,299 $ — $ 2,299 $ — Total assets at fair value $ 2,299 $ — $ 2,299 $ — Liabilities: Deferred compensation plans (b) $ 9,984 $ — $ 9,984 $ — Foreign currency forward contracts (a) 4,655 — 4,655 — Total liabilities at fair value $ 14,639 $ — $ 14,639 $ — (a) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges. (b) Executive officers and other highly compensated employees may defer up to 100 percent of their salary and annual cash incentive compensation and for executive officers, up to 90 percent of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Investments All Other Investments [Abstract] | |
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the contracts outstanding at October 31, 2015 and 2014: Sell Buy Notional Amounts Fair Market Value Notional Amounts Fair Market Value October 31, 2015 contract amounts: Euro $ 182,503 $ 180,406 $ 188,021 $ 184,174 Pound sterling 55,234 55,543 37,714 37,513 Japanese yen 17,046 17,067 13,646 13,706 Australian dollar — — 7,120 6,981 Hong Kong dollar — — 59,734 59,739 Singapore dollar 858 857 11,519 11,561 Others 3,018 2,993 29,744 29,674 Total $ 258,659 $ 256,866 $ 347,498 $ 343,348 October 31, 2014 contract amounts: Euro $ 424,624 $ 407,422 $ 344,461 $ 330,957 Pound sterling 86,654 85,632 141,638 140,065 Japanese yen 21,057 19,780 17,477 16,498 Australian dollar 216 220 9,012 8,618 Hong Kong dollar 52,278 52,247 117,040 116,978 Singapore dollar — — 10,984 10,693 Others 2,627 2,573 28,409 27,236 Total $ 587,456 $ 567,874 $ 669,021 $ 651,045 |
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. 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 50,268 $ 50,268 $ 42,314 $ 42,314 Notes payable 1,108 1,108 106,181 106,181 Long-term debt (including current portion) 1,115,485 1,113,140 693,619 696,140 Foreign currency forward contracts (net) (2,356 ) (2,356 ) 1,510 1,510 |
Capital Shares (Tables)
Capital Shares (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Equity [Abstract] | |
Capital Shares | Common shares repurchased as part of publicly announced programs during 2015, 2014 and 2013 were as follows: Number Total Average Year of Shares Amount per Share 2015 5,360 $ 381,598 $ 71.19 2014 2,224 $ 163,584 $ 73.55 2013 459 $ 30,443 $ 66.29 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options during 2015: Number of Options Weighted˗Average Exercise Price Per Share Aggregate Intrinsic Value Weighted˗Average Remaining Term Outstanding at October 31, 2014 1,686 $ 42.77 Granted 316 $ 79.66 Exercised (211 ) $ 27.60 Forfeited or expired (32 ) $ 68.38 Outstanding at October 31, 2015 1,759 $ 50.74 $ 38,727 6.0 years Vested at October 31, 2015 or expected to vest 1,745 $ 50.54 $ 38,721 6.0 years Exercisable at October 31, 2015 1,039 $ 37.62 $ 34,975 4.6 years |
Summarized Information on Currently Outstanding Options | Summarized information on currently outstanding options follows: Range of Exercise Price $14 - $28 $29 - $44 $45 - $81 Number outstanding 442 506 811 Weighted-average remaining contractual life, in years 2.9 5.4 8.1 Weighted-average exercise price $ 22.82 $ 41.78 $ 71.57 Number exercisable 442 416 181 Weighted-average exercise price $ 22.82 $ 41.38 $ 65.14 |
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: 2015 2014 2013 Expected volatility 30.3-39.5% 40.1%˗44.7% 45.3%˗46.9% Expected dividend yield 1.06-1.10% 0.98%˗1.03% 0.97%˗1.01% Risk-free interest rate 1.57%˗1.85% 1.51%˗1.79% 0.75%˗0.90% Expected life of the option (in years) 5.4˗6.1 5.4˗6.1 5.4˗6.1 |
Summarized Activity Related to Restricted Stock | The following table summarizes activity related to restricted shares during 2015: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Restricted at October 31, 2014 71 $ 63.53 Granted 24 $ 78.64 Forfeited (5 ) $ 75.30 Vested (37 ) $ 58.04 Restricted at October 31, 2015 53 $ 73.23 |
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units in 2015: Number of Units Weighted˗Average Grant Value Restricted share units at October 31, 2014 5 $ 61.59 Granted 13 $ 76.19 Vested (18 ) $ 71.83 Restricted share units at October 31, 2015 0 $ — |
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during 2015: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Outstanding at October 31, 2014 110 $ 29.74 Restricted stock units vested 12 $ 69.51 Dividend equivalents 1 $ 73.46 Distributions (23 ) $ 21.97 Outstanding at October 31, 2015 100 $ 36.76 |
Operating Segments and Geogra42
Operating Segments and Geographic Area Data (Tables) | 12 Months Ended |
Oct. 31, 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 Year ended October 31, 2015 Net external sales $ 836,066 $ 593,858 $ 258,742 $ — $ 1,688,666 Depreciation 14,804 13,015 3,194 6,694 37,707 Operating profit (loss) 195,902 (a) 120,940 (b) 41,458 (c) (40,570 ) 317,730 Identifiable assets (e) 734,145 1,021,221 130,421 486,852 (d) 2,372,639 Expenditures for long-lived assets 12,880 36,182 5,112 7,913 62,087 Year ended October 31, 2014 Net external sales $ 899,696 $ 561,784 $ 242,541 $ — $ 1,704,021 Depreciation 15,467 10,433 3,368 5,178 34,446 Operating profit (loss) 229,556 (a) 140,240 (b) 38,117 (c) (40,808 ) 367,105 Identifiable assets (e) 747,063 919,052 130,624 495,676 (d) 2,292,415 Expenditures for long-lived assets 15,886 15,163 4,057 8,468 43,574 Year ended October 31, 2013 Net external sales $ 793,488 $ 516,266 $ 233,167 $ — $ 1,542,921 Depreciation 15,326 9,180 3,084 4,176 31,766 Operating profit (loss) 203,757 (a) 123,403 (b) 33,786 (37,097 ) 323,849 Identifiable assets (e) 750,616 721,524 113,835 467,809 (d) 2,053,784 Expenditures for long-lived assets 20,498 10,080 6,239 10,402 47,219 (a) Includes $7,972, $1,731 and $315 of severance and restructuring costs in 2015, 2014 and 2013, respectively. (b) Includes $3,060, $579 and $811 of severance and restructuring costs 2015, 2014 and 2013, respectively. (c) Includes $379 and $241 of severance and restructuring costs in 2015 and 2014, respectively. (d) Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets. (e) Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. |
Sales and Long-lived Asset Information by Geographic Regions | We have significant sales and long-lived assets in the following geographic areas: 2015 2014 2013 Net external sales United States $ 529,893 $ 503,776 $ 465,789 Americas 129,325 120,993 123,654 Europe 462,565 494,538 416,725 Japan 107,797 127,057 127,945 Asia Pacific 459,086 457,657 408,808 Total net external sales $ 1,688,666 $ 1,704,021 $ 1,542,921 Long-lived assets United States $ 187,212 $ 159,946 $ 136,551 Americas 1,735 2,451 4,154 Europe 21,231 21,039 22,576 Japan 5,876 5,967 4,384 Asia Pacific 33,886 35,036 33,314 Total long-lived assets $ 249,940 $ 224,439 $ 200,979 |
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: 2015 2014 2013 Total profit for reportable segments $ 317,730 $ 367,105 $ 323,849 Interest expense (18,104 ) (15,035 ) (14,841 ) Interest and investment income 558 581 421 Other-net 678 (138 ) 1,694 Income before income taxes $ 300,862 $ 352,513 $ 311,123 |
Summary of Reconciliation of Consolidated Assets | A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2015 2014 2013 Total assets for reportable segments $ 2,372,639 $ 2,292,415 $ 2,053,784 Customer advance payments 22,884 25,578 28,341 Eliminations (35,079 ) (37,863 ) (28,946 ) Total consolidated assets $ 2,360,444 $ 2,280,130 $ 2,053,179 |
Supplemental Information for 43
Supplemental Information for the Statement of Cash Flows (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information for the Statement of Cash Flows | 2015 2014 2013 Cash operating activities: Interest paid $ 17,312 $ 14,115 $ 16,037 Income taxes paid 72,175 87,797 93,074 Non-cash investing and financing activities: Capitalized lease obligations incurred $ 5,562 $ 8,584 $ 6,441 Capitalized lease obligations terminated 672 864 468 Shares acquired and issued through exercise of stock options 445 — 148 |
Quarterly Financial Data (Una44
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | First Second Third Fourth 2015: Sales $ 379,008 $ 400,727 $ 462,731 $ 446,200 Gross margin 208,721 221,890 248,492 234,861 Net income 42,885 49,214 69,388 49,624 Earnings per share: Basic 0.69 0.81 1.15 0.84 Diluted 0.69 0.80 1.14 0.84 2014: Sales $ 359,420 $ 417,461 $ 458,550 $ 468,590 Gross margin 194,782 235,552 257,511 257,253 Net income 34,880 61,934 77,879 72,080 Earnings per share: Basic 0.54 0.97 1.23 1.14 Diluted 0.54 0.96 1.21 1.13 |
Significant Accounting Polici45
Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Ownership percentage in affiliates and joint ventures | 50.00% | ||
Advertising costs incurred | $ 11,943,000 | $ 10,823,000 | $ 12,480,000 |
Research and development costs incurred | $ 46,689,000 | $ 47,536,000 | 47,973,000 |
Periods of performance considered for calculating compensation expense | 3 years | ||
Cost percentage of inventory under LIFO method | 20.00% | 20.00% | |
Consolidated inventories under FIFO method | $ 7,638,000 | $ 7,496,000 | |
Interest charges capitalized | $ 0 | $ 0 | $ 0 |
Product warranty period | 1 year | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Liquid instruments with maturity period | 90 days | ||
Stock Options [Member] | |||
Significant Accounting Policies [Line Items] | |||
Options for common shares excluded from computation of diluted earning per share | 373 | 69 | 0 |
Significant Accounting Polici46
Significant Accounting Policies - Useful Lifes of Property, Plant and Equipment and Depreciation (Detail) | 12 Months Ended |
Oct. 31, 2015 | |
Minimum [Member] | Land Improvements [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 15 years |
Minimum [Member] | Buildings [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 3 years |
Minimum [Member] | Enterprise Management Systems [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 5 years |
Maximum [Member] | Land Improvements [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 25 years |
Maximum [Member] | Buildings [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 18 years |
Maximum [Member] | Enterprise Management Systems [Member] | |
Property Plant and Equipment [Line Items] | |
Useful lives of property, plant and equipment and depreciation | 13 years |
Significant Accounting Polici47
Significant Accounting Policies - Weighted Average Useful Lives for Each Major Category of Amortizable Intangible Assets (Detail) | 12 Months Ended |
Oct. 31, 2015 | |
Patent/Technology Costs [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 13 years |
Customer Relationships [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 14 years |
Noncompete Agreements [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 3 years |
Trade Names [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average useful lives for each major category of amortizable intangible assets | 16 years |
Significant Accounting Polici48
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | $ (103,199) | ||
Pension and postretirement plan changes, net of tax | 3,667 | $ (21,847) | $ 46,381 |
Currency translation losses | (45,154) | ||
Accumulated other comprehensive loss, Ending balance | (144,686) | (103,199) | |
Cumulative Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | 2,727 | ||
Currency translation losses | (45,154) | ||
Accumulated other comprehensive loss, Ending balance | (42,427) | 2,727 | |
Pension And Postretirement Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (105,926) | ||
Pension and postretirement plan changes, net of tax | 3,667 | ||
Accumulated other comprehensive loss, Ending balance | $ (102,259) | $ (105,926) |
Significant Accounting Polici49
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Oct. 31, 2015USD ($) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Pension and postretirement plan changes, tax | $ (1,541) |
Significant Accounting Polici50
Significant Accounting Policies - Reconciliation of Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Accounting Policies [Abstract] | ||
Balance at beginning of year | $ 9,918 | $ 9,409 |
Accruals for warranties | 12,531 | 10,813 |
Warranty assumed from acquisitions | 11 | |
Warranty payments | (11,487) | (10,012) |
Currency adjustments | (436) | (292) |
Balance at end of year | $ 10,537 | $ 9,918 |
Severance and Restructuring C51
Severance and Restructuring Costs - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015 | Jul. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||||||
Severance and restructuring costs | $ 9,092 | $ 2,319 | $ 1,273 | $ 1,278 | $ 11,411 | $ 2,551 | $ 1,126 |
Adhesive Dispensing Systems [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Severance and restructuring costs | 7,972 | 1,731 | 315 | ||||
Severance costs | 7,064 | ||||||
Fixed asset impairment charges | 554 | ||||||
Other restructuring costs | 354 | ||||||
Severance payments | 938 | ||||||
Advanced Technology Systems [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Severance and restructuring costs | 3,060 | 579 | $ 811 | ||||
Severance costs | 1,586 | ||||||
Other restructuring costs | 152 | ||||||
Severance payments | 135 | ||||||
Lease termination costs | 1,322 | ||||||
Industrial Coating Systems [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Severance and restructuring costs | 379 | $ 241 | |||||
Severance costs | 379 | ||||||
Severance payments | $ 111 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 01, 2015 | Aug. 03, 2015 | Jun. 15, 2015 | Aug. 29, 2014 | Aug. 08, 2014 | Sep. 27, 2013 | Aug. 30, 2013 | Nov. 08, 2012 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Business Acquisition [Line Items] | |||||||||||
Acquisition of businesses, net of cash acquired | $ 75,565 | $ 186,420 | $ 176,333 | ||||||||
Goodwill | $ 1,082,375 | 1,052,537 | |||||||||
Customer Relationships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets amortization period | 14 years | ||||||||||
Trade Names [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets amortization period | 16 years | ||||||||||
Non-compete Agreements [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets amortization period | 3 years | ||||||||||
Avalon Laboratories Holding Corp [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||
Cash acquired from business acquisition | $ 1,324 | ||||||||||
Goodwill | 122,011 | ||||||||||
Identifiable intangible assets | 52,000 | ||||||||||
Fair value of Cash transferred | 179,966 | ||||||||||
Business combination, goodwill, tax deductible amount | 15,800 | ||||||||||
Avalon Laboratories Holding Corp [Member] | Customer Relationships [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 32,200 | ||||||||||
Intangible assets amortization period | 10 years | ||||||||||
Avalon Laboratories Holding Corp [Member] | Trade Names [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 10,000 | ||||||||||
Intangible assets amortization period | 15 years | ||||||||||
Avalon Laboratories Holding Corp [Member] | Technology-Based Intangible Assets [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 9,800 | ||||||||||
Intangible assets amortization period | 10 years | ||||||||||
Dima Group B.V. [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||
Cash acquired from business acquisition | $ 149 | ||||||||||
Goodwill | 2,380 | ||||||||||
Identifiable intangible assets | 1,281 | ||||||||||
Fair value of Cash transferred | 6,454 | ||||||||||
Dima Group B.V. [Member] | Customer Relationships [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,017 | ||||||||||
Intangible assets amortization period | 7 years | ||||||||||
Dima Group B.V. [Member] | Trade Names [Member] | 2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 264 | ||||||||||
Intangible assets amortization period | 15 years | ||||||||||
Kodama Chemical Industry Co Ltd [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 912 | ||||||||||
Fair value of Cash transferred | 1,231 | ||||||||||
Acquisition date fair value | 1,335 | ||||||||||
Holdback liability | 104 | ||||||||||
Kodama Chemical Industry Co Ltd [Member] | Customer Relationships [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 847 | ||||||||||
Intangible assets amortization period | 9 years | ||||||||||
Kodama Chemical Industry Co Ltd [Member] | Technology-Based Intangible Assets [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 65 | ||||||||||
Intangible assets amortization period | 9 years | ||||||||||
Kreyenborg Group [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||
Goodwill | $ 115,103 | ||||||||||
Identifiable intangible assets | 60,021 | ||||||||||
Debt assumed | 391 | ||||||||||
Fair value of Cash transferred | 169,994 | ||||||||||
Cash acquired | 22,913 | ||||||||||
Kreyenborg Group [Member] | Customer Relationships [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 42,306 | ||||||||||
Intangible assets amortization period | 15 years | ||||||||||
Kreyenborg Group [Member] | Trade Names [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,851 | ||||||||||
Intangible assets amortization period | 10 years | ||||||||||
Kreyenborg Group [Member] | Technology-Based Intangible Assets [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 15,336 | ||||||||||
Intangible assets amortization period | 15 years | ||||||||||
Covidien and Nellcor [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 2,301 | ||||||||||
Acquisition date fair value | 5,500 | ||||||||||
Property Plant and Equipment acquired | 1,149 | ||||||||||
Covidien and Nellcor [Member] | Customer Relationships [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,310 | ||||||||||
Intangible assets amortization period | 25 years | ||||||||||
Covidien and Nellcor [Member] | Technology-Based Intangible Assets [Member] | 2013 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 740 | ||||||||||
Intangible assets amortization period | 10 years | ||||||||||
Advanced Technology Systems [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 672,342 | 631,433 | |||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||
Acquisition of businesses, net of cash acquired | $ 14,565 | ||||||||||
Cash acquired from business acquisition | 657 | ||||||||||
Goodwill | 10,487 | ||||||||||
Identifiable intangible assets | 3,991 | ||||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | Customer Relationships [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,285 | ||||||||||
Intangible assets amortization period | 6 years | ||||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | Trade Names [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,049 | ||||||||||
Intangible assets amortization period | 11 years | ||||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | Technology-Based Intangible Assets [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,421 | ||||||||||
Intangible assets amortization period | 5 years | ||||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | Non-compete Agreements [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 236 | ||||||||||
Intangible assets amortization period | 2 years | ||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||
Acquisition of businesses, net of cash acquired | $ 53,759 | ||||||||||
Cash acquired from business acquisition | 966 | ||||||||||
Goodwill | 32,439 | ||||||||||
Identifiable intangible assets | 16,382 | ||||||||||
Debt assumed | 481 | ||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | Customer Relationships [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 6,485 | ||||||||||
Intangible assets amortization period | 8 years | ||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | Trade Names [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 4,046 | ||||||||||
Intangible assets amortization period | 11 years | ||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | Technology-Based Intangible Assets [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 5,328 | ||||||||||
Intangible assets amortization period | 6 years | ||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | Non-compete Agreements [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 523 | ||||||||||
Intangible assets amortization period | 3 years | ||||||||||
Adhesive Dispensing Systems [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 385,975 | $ 397,046 | |||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||
Acquisition of businesses, net of cash acquired | $ 7,429 | ||||||||||
Cash acquired from business acquisition | 236 | ||||||||||
Goodwill | 3,463 | ||||||||||
Identifiable intangible assets | 1,708 | ||||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | Customer Relationships [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 635 | ||||||||||
Intangible assets amortization period | 5 years | ||||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | Trade Names [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 679 | ||||||||||
Intangible assets amortization period | 10 years | ||||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | Technology-Based Intangible Assets [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 142 | ||||||||||
Intangible assets amortization period | 3 years | ||||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | Non-compete Agreements [Member] | 2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 252 | ||||||||||
Intangible assets amortization period | 3 years |
Details of Balance Sheet - Deta
Details of Balance Sheet - Details of Balance Sheet (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Receivables: | |||
Accounts | $ 372,705 | $ 347,259 | |
Notes | 7,303 | 6,339 | |
Other | 14,044 | 16,733 | |
Receivables, total | 394,052 | 370,331 | |
Allowance for doubtful accounts | (4,502) | (4,487) | |
Receivables-net | 389,550 | 365,844 | |
Inventories: | |||
Raw materials and component parts | 97,215 | 86,573 | |
Work-in-process | 35,509 | 27,994 | |
Finished goods | 128,816 | 130,544 | |
Inventories gross | 261,540 | 245,111 | |
Obsolescence and other reserves | (28,230) | (26,744) | |
LIFO reserve | (7,638) | (7,496) | |
Inventories net | 225,672 | 210,871 | |
Property, plant and equipment: | |||
Property, plant and equipment gross | 620,255 | 574,849 | |
Accumulated depreciation and amortization | (370,315) | (350,410) | |
Property, plant and equipment - net | 249,940 | 224,439 | $ 200,979 |
Accrued liabilities: | |||
Salaries and other compensation | 54,801 | 57,722 | |
Pension and retirement | 1,973 | 1,738 | |
Taxes other than income taxes | 6,178 | 6,367 | |
Other | 77,979 | 71,174 | |
Accrued liabilities total | 140,931 | 137,001 | |
Land [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 9,947 | 10,216 | |
Land Improvements [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 3,926 | 3,827 | |
Buildings [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 161,924 | 141,880 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 355,066 | 319,110 | |
Enterprise Management Systems [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 46,382 | 44,682 | |
Construction in Progress [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 17,326 | 27,419 | |
Leased Property Under Capitalized Leases [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | $ 25,684 | $ 27,715 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 12 Months Ended |
Oct. 31, 2015USD ($) | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | $ 1,052,537 |
Acquisitions | 46,389 |
Currency effect | (16,551) |
Balance at October 31, 2015 | 1,082,375 |
Adhesive Dispensing Systems [Member] | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | 397,046 |
Acquisitions | 3,463 |
Currency effect | (14,534) |
Balance at October 31, 2015 | 385,975 |
Advanced Technology Systems [Member] | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | 631,433 |
Acquisitions | 42,926 |
Currency effect | (2,017) |
Balance at October 31, 2015 | 672,342 |
Industrial Coating Systems [Member] | |
Goodwill [Line Items] | |
Balance at October 31, 2014 | 24,058 |
Balance at October 31, 2015 | $ 24,058 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | $ 232,789 | $ 232,789 | |
Intangible assets, amortization expense | 27,487 | 25,308 | $ 22,672 |
Advanced Technology Systems [Member] | |||
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | 229,173 | 229,173 | |
Industrial Coating Systems [Member] | |||
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | $ 3,616 | $ 3,616 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 392,684 | $ 381,262 |
Accumulated Amortization | 115,258 | 89,952 |
Net Book Value | 277,426 | 291,310 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 201,282 | 200,028 |
Accumulated Amortization | 56,315 | 41,910 |
Net Book Value | 144,967 | 158,118 |
Patent/Technology Costs [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 98,063 | 93,799 |
Accumulated Amortization | 32,764 | 27,030 |
Net Book Value | 65,299 | 66,769 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 83,022 | 77,846 |
Accumulated Amortization | 17,003 | 12,173 |
Net Book Value | 66,019 | 65,673 |
Non-compete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 8,952 | 8,220 |
Accumulated Amortization | 7,819 | 7,600 |
Net Book Value | 1,133 | 620 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 1,365 | 1,369 |
Accumulated Amortization | 1,357 | 1,239 |
Net Book Value | $ 8 | $ 130 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Oct. 31, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, 2016 | $ 29,574 |
Estimated Amortization Expense, 2017 | 29,148 |
Estimated Amortization Expense, 2018 | 28,752 |
Estimated Amortization Expense, 2019 | 28,504 |
Estimated Amortization Expense, 2020 | $ 27,980 |
Retirement, Pension and Other58
Retirement, Pension and Other Postretirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses on retirement plan | $ 15,747 | $ 14,423 | $ 12,955 | |
Defined contribution plan vesting period | 3 years | |||
Settlement loss | $ (1,572) | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of target rate in return seeking assets | 45.00% | |||
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of target rate in return seeking assets | 55.00% | |||
Due to Lump Sum Retirement Payments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (593) | (632) | ||
Due to Plan Termination [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | (1,242) | |||
Pension Plan, United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (516) | $ (632) | ||
Percentage of World wide pension assets | 89.00% | |||
Investments in common shares | 0 | |||
Pension Plan, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (1,319) | |||
Percentage of World wide pension assets | 11.00% | |||
Components of Net Periodic Pension Cost [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution in next fiscal year | $ 25,400 | |||
Components of Net Postretirement Benefit Cost [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution in next fiscal year | $ 2,100 |
Retirement, Pension and Other59
Retirement, Pension and Other Postretirement Plans - Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Pension Plan, United States [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 345,479 | $ 299,716 | |
Service cost | 10,851 | 8,071 | $ 8,896 |
Interest cost | 15,037 | 13,921 | 12,314 |
Plan amendments | 186 | ||
Actuarial (gain) loss | 1,371 | 34,610 | |
Benefits paid | (11,699) | (11,025) | |
Benefit obligation at end of year | 361,039 | 345,479 | 299,716 |
Change in plan assets: | |||
Beginning balance | 277,912 | 243,506 | |
Actual return on plan assets | 5,868 | 25,535 | |
Company contributions | 23,239 | 19,896 | |
Benefits paid | (11,699) | (11,025) | |
Ending balance | 295,320 | 277,912 | 243,506 |
Funded status at end of year | (65,719) | (67,567) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (784) | (709) | |
Long-term pension and retirement obligations | (64,935) | (66,858) | |
Total amount recognized in financial statements | (65,719) | (67,567) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 114,898 | 111,337 | |
Prior service cost (credit) | (235) | (47) | |
Accumulated other comprehensive (gain) loss | 114,663 | 111,290 | 93,541 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 7,691 | 8,694 | |
Amortization of prior service cost (credit) | 77 | 121 | |
Total | 7,768 | 8,815 | |
Pension Plan, International [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 96,831 | 85,543 | |
Service cost | 2,816 | 2,597 | 2,098 |
Interest cost | 2,561 | 3,185 | 2,872 |
Participant contributions | 127 | 137 | |
Plan amendments | (419) | ||
Settlements | (3,260) | ||
Other | 475 | ||
Foreign currency exchange rate change | (7,906) | (5,343) | |
Actuarial (gain) loss | 2,751 | 13,293 | |
Benefits paid | (3,780) | (2,162) | |
Benefit obligation at end of year | 90,615 | 96,831 | 85,543 |
Change in plan assets: | |||
Beginning balance | 39,618 | 37,078 | |
Actual return on plan assets | 1,960 | 1,627 | |
Company contributions | 4,888 | 4,009 | |
Participant contributions | 127 | 137 | |
Settlements | (3,277) | ||
Foreign currency exchange rate change | (2,063) | (1,071) | |
Benefits paid | (3,780) | (2,162) | |
Ending balance | 37,473 | 39,618 | 37,078 |
Funded status at end of year | (53,142) | (57,213) | |
Amounts recognized in financial statements: | |||
Noncurrent asset | 17 | ||
Accrued benefit liability | (7) | (6) | |
Long-term pension and retirement obligations | (53,135) | (57,224) | |
Total amount recognized in financial statements | (53,142) | (57,213) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 30,544 | 34,683 | |
Prior service cost (credit) | (818) | (995) | |
Accumulated other comprehensive (gain) loss | 29,726 | 33,688 | 23,594 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 1,902 | 2,459 | |
Amortization of prior service cost (credit) | (89) | (97) | |
Total | 1,813 | 2,362 | |
Postretirement Benefit Plans, United States [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 69,479 | 61,004 | |
Service cost | 979 | 1,037 | 1,145 |
Interest cost | 2,946 | 3,062 | 2,598 |
Participant contributions | 412 | 431 | |
Actuarial (gain) loss | (3,677) | 6,015 | |
Benefits paid | (1,824) | (2,070) | |
Benefit obligation at end of year | 68,315 | 69,479 | 61,004 |
Change in plan assets: | |||
Company contributions | 1,412 | 1,639 | |
Participant contributions | 412 | 431 | |
Benefits paid | (1,824) | (2,070) | |
Funded status at end of year | (68,315) | (69,479) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (2,142) | (2,069) | |
Long-term pension and retirement obligations | (66,173) | (67,410) | |
Total amount recognized in financial statements | (68,315) | (69,479) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 17,652 | 22,434 | |
Prior service cost (credit) | (573) | (1,012) | |
Accumulated other comprehensive (gain) loss | 17,079 | 21,422 | 16,393 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 847 | 1,187 | |
Amortization of prior service cost (credit) | (267) | (438) | |
Total | 580 | 749 | |
Postretirement Benefit Plans, International [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 897 | 768 | |
Service cost | 29 | 28 | 35 |
Interest cost | 35 | 38 | 38 |
Foreign currency exchange rate change | (111) | (63) | |
Actuarial (gain) loss | (321) | 130 | |
Benefits paid | (5) | (4) | |
Benefit obligation at end of year | 524 | 897 | 768 |
Change in plan assets: | |||
Company contributions | 5 | 4 | |
Benefits paid | (5) | (4) | |
Funded status at end of year | (524) | (897) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (7) | (7) | |
Long-term pension and retirement obligations | (517) | (890) | |
Total amount recognized in financial statements | (524) | (897) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | (379) | (86) | |
Accumulated other comprehensive (gain) loss | (379) | $ (86) | $ (243) |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | (25) | ||
Total | $ (25) |
Retirement, Pension and Other60
Retirement, Pension and Other Postretirement Plans - Summary of Changes in Accumulated Other Comprehensive (Gain) Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Pension Plan, United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 111,290 | $ 93,541 |
Net (gain) loss arising during the year | 13,820 | 26,372 |
Prior service cost (credit) arising during the year | 186 | |
Net gain (loss) recognized during the year | (9,742) | (7,940) |
Prior service (cost) credit recognized during the year | (121) | (237) |
Settlement loss | (516) | (632) |
Curtailment loss | (68) | |
Balance at end of year | 114,663 | 111,290 |
Pension Plan, International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 33,688 | 23,594 |
Net (gain) loss arising during the year | 2,380 | 13,438 |
Prior service cost (credit) arising during the year | (419) | |
Net gain (loss) recognized during the year | (2,268) | (1,233) |
Prior service (cost) credit recognized during the year | 90 | 101 |
Settlement loss | (1,319) | |
Exchange rate effect during the year | (2,845) | (1,793) |
Balance at end of year | 29,726 | 33,688 |
Postretirement Benefit Plans, United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 21,422 | 16,393 |
Net (gain) loss arising during the year | (3,677) | 6,015 |
Net gain (loss) recognized during the year | (1,104) | (1,435) |
Prior service (cost) credit recognized during the year | 438 | 449 |
Balance at end of year | 17,079 | 21,422 |
Postretirement Benefit Plans, International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | (86) | (243) |
Net (gain) loss arising during the year | (321) | 130 |
Net gain (loss) recognized during the year | 13 | |
Exchange rate effect during the year | 28 | 14 |
Balance at end of year | $ (379) | $ (86) |
Retirement, Pension and Other61
Retirement, Pension and Other Postretirement Plans - Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Pension Plan, United States [Member] | ||
For all plans: | ||
Accumulated benefit obligation | $ 354,567 | $ 336,464 |
For plans with benefit obligations in excess of plan assets: | ||
Projected benefit obligation | 361,040 | 345,479 |
Accumulated benefit obligation | 354,567 | 336,464 |
Fair value of plan assets | 295,320 | 277,912 |
Pension Plan, International [Member] | ||
For all plans: | ||
Accumulated benefit obligation | 69,489 | 75,305 |
For plans with benefit obligations in excess of plan assets: | ||
Projected benefit obligation | 82,521 | 87,128 |
Accumulated benefit obligation | 69,444 | 73,135 |
Fair value of plan assets | $ 37,424 | $ 37,415 |
Retirement, Pension and Other62
Retirement, Pension and Other Postretirement Plans - Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ 1,572 | |||
Pension Plan, United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 10,851 | $ 8,071 | $ 8,896 | |
Interest cost | 15,037 | 13,921 | 12,314 | |
Expected return on plan assets | (18,316) | (17,297) | (15,241) | |
Amortization of prior service cost (credit) | 121 | 237 | 157 | |
Amortization of net actuarial (gain) loss | 9,742 | 7,940 | 13,995 | |
Settlement loss | 516 | 632 | ||
Curtailment loss | 68 | |||
Total benefit cost | 18,019 | 13,504 | 20,121 | |
Pension Plan, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,816 | 2,597 | 2,098 | |
Interest cost | 2,561 | 3,185 | 2,872 | |
Expected return on plan assets | (1,589) | (1,772) | (1,512) | |
Amortization of prior service cost (credit) | (90) | (101) | (81) | |
Amortization of net actuarial (gain) loss | 2,285 | 1,233 | 1,406 | |
Settlement loss | 1,319 | |||
Total benefit cost | $ 7,302 | $ 5,142 | $ 4,783 |
Retirement, Pension and Other63
Retirement, Pension and Other Postretirement Plans - Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Pension Plan, United States [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 4.39% | 4.29% | 4.75% |
Rate of compensation increase | 3.50% | 3.49% | 3.30% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate | 4.29% | 4.75% | 3.85% |
Expected return on plan assets | 6.76% | 7.24% | 7.24% |
Rate of compensation increase | 3.49% | 3.30% | 3.30% |
Pension Plan, International [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 2.81% | 2.94% | 3.72% |
Rate of compensation increase | 3.22% | 3.19% | 3.18% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate | 2.94% | 3.72% | 3.52% |
Expected return on plan assets | 4.39% | 4.60% | 4.43% |
Rate of compensation increase | 3.19% | 3.18% | 3.13% |
Postretirement Benefit Plans, United States [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 4.50% | 4.40% | 4.80% |
Health care cost trend rate | 3.72% | 3.93% | 4.12% |
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) | 3.27% | 3.41% | 3.47% |
Year the rate reaches the ultimate trend rate | 2,025 | 2,024 | 2,021 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate | 4.40% | 4.80% | 3.85% |
Postretirement Benefit Plans, International [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 4.35% | 4.25% | 4.95% |
Health care cost trend rate | 6.31% | 6.48% | 6.65% |
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) | 3.50% | 3.50% | 3.50% |
Year the rate reaches the ultimate trend rate | 2,031 | 2,031 | 2,031 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate | 4.25% | 4.95% | 4.40% |
Retirement, Pension and Other64
Retirement, Pension and Other Postretirement Plans - The Effect of a One Percent Change in the Discount Rate, Expected Return on Assets and Compensation Increase (Detail) $ in Thousands | 12 Months Ended |
Oct. 31, 2015USD ($) | |
Pension Plan, United States [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan effect of 1% point increase on discount rate to service and interest cost | $ (5,156) |
Defined benefit plan effect of 1% point increase on discount rate to pension obligation | (45,247) |
Defined benefit plan effect of 1% point increase on expected return on assets to service and interest cost | (2,582) |
Defined benefit plan effect of 1% point increase on compensation rate to service and interest cost | 3,891 |
Defined benefit plan effect of 1% point increase on compensation rate to pension obligation | 19,507 |
Defined benefit plan effect of 1% point decrease on discount rate to service and interest cost | 6,335 |
Defined benefit plan effect of 1% point decrease on discount rate to pension obligation | 56,766 |
Defined benefit plan effect of 1% point decrease on expected return on assets to service and interest cost | 2,582 |
Defined benefit plan effect of 1% point decrease on compensation rate to service and interest cost | (2,228) |
Defined benefit plan effect of 1% point decrease on compensation rate to pension obligation | (11,101) |
Pension Plan, International [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan effect of 1% point increase on discount rate to service and interest cost | (1,605) |
Defined benefit plan effect of 1% point increase on discount rate to pension obligation | (15,901) |
Defined benefit plan effect of 1% point increase on expected return on assets to service and interest cost | (362) |
Defined benefit plan effect of 1% point increase on compensation rate to service and interest cost | 1,274 |
Defined benefit plan effect of 1% point increase on compensation rate to pension obligation | 7,652 |
Defined benefit plan effect of 1% point decrease on discount rate to service and interest cost | 2,206 |
Defined benefit plan effect of 1% point decrease on discount rate to pension obligation | 19,273 |
Defined benefit plan effect of 1% point decrease on expected return on assets to service and interest cost | 362 |
Defined benefit plan effect of 1% point decrease on compensation rate to service and interest cost | (1,041) |
Defined benefit plan effect of 1% point decrease on compensation rate to pension obligation | $ (6,922) |
Retirement, Pension and Other65
Retirement, Pension and Other Postretirement Plans - Allocation of Pension Plan Assets (Detail) | Oct. 31, 2015 | Oct. 31, 2014 |
Pension Plan, United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Pension Plan, United States [Member] | Equity Securities [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 19.00% | 23.00% |
Pension Plan, United States [Member] | Debt Securities [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 29.00% | 29.00% |
Pension Plan, United States [Member] | Pooled Investment Funds [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 51.00% | 47.00% |
Pension Plan, United States [Member] | Other [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | 1.00% |
Pension Plan, International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Pension Plan, International [Member] | Insurance Contracts [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 54.00% | 58.00% |
Pension Plan, International [Member] | Pooled Investment Funds [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 46.00% | 42.00% |
Retirement, Pension and Other66
Retirement, Pension and Other Postretirement Plans - Fair Values of Pension Plan Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Pension Plan, United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 295,320 | $ 277,912 | $ 243,506 |
Pension Plan, United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67,433 | 73,764 | |
Pension Plan, United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 209,060 | 187,653 | |
Pension Plan, United States [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,827 | 16,495 | |
Pension Plan, United States [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,781 | 1,617 | |
Pension Plan, United States [Member] | Cash [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,781 | 1,617 | |
Pension Plan, United States [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,286 | 2,820 | |
Pension Plan, United States [Member] | Money Market Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,286 | 2,820 | |
Pension Plan, United States [Member] | Equity Securities Basic Materials [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,705 | 3,224 | |
Pension Plan, United States [Member] | Equity Securities Basic Materials [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,705 | 3,224 | |
Pension Plan, United States [Member] | Equity Securities Consumer Goods [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,173 | 5,114 | |
Pension Plan, United States [Member] | Equity Securities Consumer Goods [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,173 | 5,114 | |
Pension Plan, United States [Member] | Equity Securities Financial [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,989 | 8,036 | |
Pension Plan, United States [Member] | Equity Securities Financial [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,989 | 8,036 | |
Pension Plan, United States [Member] | Equity Securities Healthcare [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,436 | 4,372 | |
Pension Plan, United States [Member] | Equity Securities Healthcare [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,436 | 4,372 | |
Pension Plan, United States [Member] | Equity Securities Industrial Goods [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,105 | 3,527 | |
Pension Plan, United States [Member] | Equity Securities Industrial Goods [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,105 | 3,527 | |
Pension Plan, United States [Member] | Equity Securities Technology [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,080 | 4,226 | |
Pension Plan, United States [Member] | Equity Securities Technology [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,080 | 4,226 | |
Pension Plan, United States [Member] | Equity Securities Utilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 822 | 1,084 | |
Pension Plan, United States [Member] | Equity Securities Utilities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 822 | 1,084 | |
Pension Plan, United States [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,112 | 31,255 | |
Pension Plan, United States [Member] | Mutual Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,112 | 31,255 | |
Pension Plan, United States [Member] | Fixed Income Securities US Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29,219 | 26,447 | |
Pension Plan, United States [Member] | Fixed Income Securities US Government [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,276 | 7,877 | |
Pension Plan, United States [Member] | Fixed Income Securities US Government [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,943 | 18,570 | |
Pension Plan, United States [Member] | Fixed Income Securities Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 54,224 | 50,720 | |
Pension Plan, United States [Member] | Fixed Income Securities Corporate [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 54,224 | 50,720 | |
Pension Plan, United States [Member] | Fixed Income Securities Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,546 | 2,486 | |
Pension Plan, United States [Member] | Fixed Income Securities Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,546 | 2,486 | |
Pension Plan, United States [Member] | Other Types of Investments Real Estate Collective Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,827 | 16,495 | |
Pension Plan, United States [Member] | Other Types of Investments Real Estate Collective Funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,827 | 16,495 | |
Pension Plan, United States [Member] | Other Types of Investments Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 131,347 | 115,877 | |
Pension Plan, United States [Member] | Other Types of Investments Pooled Investment Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 131,347 | 115,877 | |
Pension Plan, United States [Member] | Other Type Of Investments Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 668 | 612 | |
Pension Plan, United States [Member] | Other Type Of Investments Other | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 668 | 612 | |
Pension Plan, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,473 | 39,618 | $ 37,078 |
Pension Plan, International [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 8 | |
Pension Plan, International [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,033 | 16,436 | |
Pension Plan, International [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,432 | 23,174 | |
Pension Plan, International [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 8 | |
Pension Plan, International [Member] | Cash [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 8 | |
Pension Plan, International [Member] | Other Types of Investments Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,432 | 23,174 | |
Pension Plan, International [Member] | Other Types of Investments Insurance Contracts [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,432 | 23,174 | |
Pension Plan, International [Member] | Other Types of Investments Pooled Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,033 | 16,436 | |
Pension Plan, International [Member] | Other Types of Investments Pooled Investment Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 17,033 | $ 16,436 |
Retirement, Pension and Other67
Retirement, Pension and Other Postretirement Plans - Changes in Level 3 plan assets (Detail) - Level 3 [Member] - Components of Net Periodic Pension Cost [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | $ 39,669 | $ 37,051 |
Assets held, end of year | 3,193 | 2,438 |
Assets sold during the period | 43 | 25 |
Purchases | 3,769 | 2,816 |
Sales | (5,936) | (1,684) |
Foreign currency translation | (1,479) | (977) |
Ending balance | 39,259 | 39,669 |
Other Types of Investments Real Estate Collective Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | 16,495 | 14,958 |
Assets held, end of year | 2,469 | 1,667 |
Assets sold during the period | 36 | 25 |
Sales | (173) | (155) |
Ending balance | 18,827 | 16,495 |
Other Types of Investments Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | 23,174 | 22,093 |
Assets held, end of year | 724 | 771 |
Assets sold during the period | 7 | |
Purchases | 3,769 | 2,816 |
Sales | (5,763) | (1,529) |
Foreign currency translation | (1,479) | (977) |
Ending balance | $ 20,432 | $ 23,174 |
Retirement, Pension and Other68
Retirement, Pension and Other Postretirement Plans - Retiree Pension Benefit Payments (Detail) $ in Thousands | Oct. 31, 2015USD ($) |
Pension Plan, United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,016 | $ 11,741 |
2,017 | 12,862 |
2,018 | 13,878 |
2,019 | 15,095 |
2,020 | 16,389 |
2021-2025 | 101,531 |
Pension Plan, International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,016 | 3,010 |
2,017 | 2,689 |
2,018 | 3,383 |
2,019 | 5,140 |
2,020 | 3,723 |
2021-2025 | 19,573 |
Postretirement Benefit Plans, United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,016 | 2,142 |
2,017 | 2,304 |
2,018 | 2,466 |
2,019 | 2,583 |
2,020 | 2,773 |
2021-2025 | 17,097 |
Postretirement Benefit Plans, International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,016 | 7 |
2,017 | 8 |
2,018 | 11 |
2,019 | 12 |
2,020 | 12 |
2021-2025 | $ 78 |
Retirement, Pension and Other69
Retirement, Pension and Other Postretirement Plans - Net Postretirement Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Postretirement Benefit Plans, United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 979 | $ 1,037 | $ 1,145 |
Interest cost | 2,946 | 3,062 | 2,598 |
Amortization of prior service cost (credit) | (438) | (449) | (473) |
Amortization of net actuarial (gain) loss | 1,104 | 1,435 | 2,112 |
Total benefit cost | 4,591 | 5,085 | 5,382 |
Postretirement Benefit Plans, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 29 | 28 | 35 |
Interest cost | 35 | 38 | 38 |
Amortization of net actuarial (gain) loss | (13) | (4) | |
Total benefit cost | $ 64 | $ 53 | $ 69 |
Retirement, Pension and Other70
Retirement, Pension and Other Postretirement Plans - Defined Benefit Plan Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates and Discount Rate (Detail) $ in Thousands | 12 Months Ended |
Oct. 31, 2015USD ($) | |
Postretirement Benefit Plans, United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Effect on total service and interest cost components increase in 2015 | $ (777) |
Effect on postretirement obligation increase as of October 31, 2015 | (9,474) |
Effect on total service and interest cost components increase in 2015 | 663 |
Effect on postretirement obligation increase as of October 31, 2015 | 10,492 |
Effect on total service and interest cost components decrease in 2015 | 946 |
Effect on postretirement obligation decrease as of October 31, 2015 | 12,040 |
Effect on total service and interest cost components decrease in 2015 | (524) |
Effect on postretirement obligation decrease as of October 31, 2015 | (8,419) |
Postretirement Benefit Plans, International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Effect on total service and interest cost components increase in 2015 | (6) |
Effect on postretirement obligation increase as of October 31, 2015 | (96) |
Effect on total service and interest cost components increase in 2015 | 17 |
Effect on postretirement obligation increase as of October 31, 2015 | 120 |
Effect on total service and interest cost components decrease in 2015 | 7 |
Effect on postretirement obligation decrease as of October 31, 2015 | 126 |
Effect on total service and interest cost components decrease in 2015 | (13) |
Effect on postretirement obligation decrease as of October 31, 2015 | $ (93) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Current: | |||
U.S. federal | $ 36,875 | $ 52,985 | $ 45,004 |
State and local | 1,623 | 1,900 | 2,351 |
Foreign | 49,153 | 47,366 | 36,829 |
Total current | 87,651 | 102,251 | 84,184 |
Deferred: | |||
U.S. federal | 4,950 | 8,695 | 8,361 |
State and local | 1,031 | (1,635) | (991) |
Foreign | (3,881) | (3,571) | (2,248) |
Total deferred | 2,100 | 3,489 | 5,122 |
Income taxes | $ 89,751 | $ 105,740 | $ 89,306 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | |
Income Tax [Line Items] | |||||
Earnings before income taxes of domestic operations | $ 140,044 | $ 184,894 | $ 164,702 | ||
Additional tax benefit relating to retroactive reinstatement of research credit | $ 1,786 | 2,486 | 1,700 | ||
Unrecognized tax benefits | 145 | 310 | 1,070 | ||
Earnings before income taxes of international operations | 160,818 | 167,619 | 146,421 | ||
Undistributed earnings aggregated | 712,913 | 622,914 | |||
Total unrecognized tax benefits | 6,258 | 5,812 | 5,717 | $ 3,140 | |
Total unrecognized tax benefits impact the effective tax rate | 5,650 | 5,175 | |||
Accrued interest expense related to unrecognized tax benefits | 2,664 | 2,025 | |||
Tax credit carryforwards | 2,881 | ||||
Tax credit carryforwards which will expire in 2015 through 2017 | 135 | ||||
Indefinite tax credit carryforward amount | 2,746 | ||||
Operating loss carryforwards | 73,927 | ||||
Indefinite carryforward period | 14,323 | ||||
Net change in the valuation allowance | 904 | $ 2,009 | |||
Valuation allowance relates to tax credits and loss carryforwards | 6,768 | ||||
Foreign [Member] | |||||
Income Tax [Line Items] | |||||
Unrecognized tax benefits | $ 900 | ||||
Operating loss carryforwards | 14,323 | ||||
Federal [Member] | |||||
Income Tax [Line Items] | |||||
Operating loss carryforwards | 3,629 | ||||
State [Member] | |||||
Income Tax [Line Items] | |||||
Operating loss carryforwards | $ 70,298 |
Income Taxes - Income Taxes Com
Income Taxes - Income Taxes Computed at the U.S. Statutory Rate and Income Tax (Detail) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Domestic Production Deduction | (1.47%) | (1.74%) | (1.71%) |
Foreign tax rate variances, net of foreign tax credits | (3.25%) | (3.42%) | (3.39%) |
State and local taxes, net of federal income tax benefit | 0.43% | 0.05% | 0.28% |
Amounts related to prior years | (1.04%) | (0.24%) | (1.00%) |
Other – net | 0.16% | 0.35% | (0.48%) |
Effective tax rate | 29.83% | 30.00% | 28.70% |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 5,812 | $ 5,717 | $ 3,140 |
Additions based on tax positions related to the current year | 288 | 196 | 703 |
Additions for tax positions of prior years | 331 | 319 | 3,261 |
Reductions for tax positions of prior years | (28) | (317) | |
Settlements | (110) | ||
Lapse of statute of limitations | (145) | (310) | (1,070) |
Balance at end of year | $ 6,258 | $ 5,812 | $ 5,717 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Deferred tax assets: | ||
Employee benefits | $ 84,651 | $ 79,669 |
Other accruals not currently deductible for taxes | 17,259 | 17,379 |
Tax credit and loss carryforwards | 9,242 | 16,531 |
Inventory adjustments | 6,591 | 5,276 |
Translation of foreign currency accounts | 154 | |
Total deferred tax assets | 117,743 | 119,009 |
Valuation allowance | (6,768) | (7,672) |
Total deferred tax assets | 110,975 | 111,337 |
Deferred tax liabilities: | ||
Depreciation and amortization | 171,234 | 163,107 |
Other - net | 196 | |
Total deferred tax liabilities | 171,430 | 163,107 |
Net deferred tax liabilities | $ (60,455) | $ (51,770) |
Notes Payable - Bank Lines of C
Notes Payable - Bank Lines of Credit and Notes (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Short-term Debt [Line Items] | ||
Maximum borrowings under bank lines of credit | $ 45,102 | $ 148,619 |
Outstanding notes payable | $ 1,108 | $ 106,181 |
Weighted-average interest rate on notes payable | 2.75% | 1.00% |
Unused bank lines of credit | $ 43,994 | $ 42,438 |
Domestic Bank Debt [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowings under bank lines of credit | 0 | 100,000 |
Outstanding notes payable | 100,000 | |
Foreign Bank Debt [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowings under bank lines of credit | 45,102 | 48,619 |
Outstanding notes payable | $ 1,108 | $ 6,181 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Aug. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2015 | |
Short-term Debt [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 148,619,000 | $ 45,102,000 | ||||
Domestic Bank Debt [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 100,000,000 | $ 0 | ||||
Domestic Bank Debt [Member] | PNC Bank [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Domestic bank agreement days | 364 days | |||||
Maximum amount borrowed under bank lines of credit | $ 100,000,000 | |||||
Additional amount borrowed under bank lines of credit | $ 50,000,000 | |||||
Repayments of credit facility | $ 50,000,000 | $ 100,000,000 | ||||
Credit facility maximum borrowing capacity | $ 150,000,000 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Debt Instrument [Line Items] | ||
Revolving credit agreement, due 2020 | $ 457,025 | $ 375,242 |
Private shelf facility, due 2012-2020 | 67,778 | 53,333 |
Development loans, due 2011-2026 | 1,467 | 1,586 |
Other | 672 | 214 |
Long-term Debt | 1,115,485 | 693,619 |
Less current maturities | 22,842 | 10,751 |
Long-term maturities | 1,092,643 | 682,868 |
Senior Notes, Due 2017-2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 200,000 | 200,000 |
Senior Notes, Due 2019-2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 100,000 | |
Term Loan, Due 2018-2020 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | 200,000 | |
Euro Loan, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Euro loan | 77,042 | |
Euro Loan, Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Euro loan | $ 11,501 | $ 63,244 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 45,102,000 | $ 148,619,000 |
Annual maturity of long term debt, 2016 | 22,842,000 | |
Annual maturity of long term debt, 2017 | 495,118,000 | |
Annual maturity of long term debt, 2018 | 203,628,000 | |
Annual maturity of long term debt, 2019 | 28,734,000 | |
Annual maturity of long term debt, 2020 | $ 168,738,000 | |
Senior Notes, Due 2017-2025 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining weighted average life of notes | 8 years 9 months 11 days | |
Weighted average interest for borrowings | 2.93% | |
Senior Notes, Due 2019-2027 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining weighted average life of notes | 8 years 6 months | |
Weighted average interest for borrowings | 3.04% | |
Term Loan, Due 2018-2020 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 200,000,000 | |
Term Loan, Due 2018-2020 [Member] | Group of Banks [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 200,000,000 | |
Term Loan 1.20 Percent Due in Three Years [Member] | Group of Banks [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest for borrowings | 1.20% | |
Term loan | $ 100,000,000 | |
Term of agreement | 3 years | |
Term Loan 1.30 Percent Due in Five Years [Member] | Group of Banks [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest for borrowings | 1.30% | |
Term loan | $ 100,000,000 | |
Term of agreement | 5 years | |
Euro Loan, Due 2018 [Member] | Bank of America [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest for borrowings | 0.88% | |
Extension loan period description | Extended by one year at the end of the third and fourth anniversaries | |
Extension of loan duration | 1 year | |
Euro Loan, Due 2016 [Member] | Bank of Tokyo-Mitsubishi UFJ [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest for borrowings | 0.79% | |
Extension loan period description | Extended by one year at the end of the third and fourth anniversaries. | |
Extension of loan duration | 1 year | |
Revolving Credit Agreement for 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 600,000,000 | |
Revolving credit facility expiration | 2020-02 | |
Weighted average interest for borrowings | 1.20% | |
Private Shelf Facility, Due 2012-2020 [Member] | ||
Debt Instrument [Line Items] | ||
Value of agreement with New York Life Investment Management LLC | $ 150,000,000 | |
Period of agreement | 3 years | |
Long term debt current borrowing capacity | $ 180,000,000 | |
Maximum life of borrowings | 12 years | |
Remaining average life | 3 years 1 month 17 days | |
Private Shelf Facility, Due 2012-2020 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rates | 2.21% | |
Private Shelf Facility, Due 2012-2020 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rates | 2.56% | |
Loans Payable with State of Ohio [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rates | 3.00% | |
Duration of repayment | 15 years | |
Cuyahoga County [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rates | 3.50% | |
Duration of repayment | 15 years |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Leases [Abstract] | |||
Rent expense for all operating leases | $ 15,721 | $ 15,135 | $ 14,835 |
Leases - Assets Held Under Capi
Leases - Assets Held Under Capitalized Leases and Included in Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Leases [Abstract] | ||
Transportation equipment | $ 15,614 | $ 15,524 |
Other | 10,070 | 12,191 |
Total capitalized leases | 25,684 | 27,715 |
Accumulated amortization | (10,743) | (11,139) |
Net capitalized leases | $ 14,941 | $ 16,576 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancelable Capitalized and Operating Leases (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Leases [Abstract] | ||
2,016 | $ 6,417 | |
2,017 | 3,981 | |
2,018 | 2,025 | |
2,019 | 866 | |
2,020 | 609 | |
Later years | 5,746 | |
Total minimum lease payments | 19,644 | |
Less amount representing executory costs | 1,550 | |
Net minimum lease payments | 18,094 | |
Less amount representing interest | 3,512 | |
Present value of net minimum lease payments | 14,582 | |
Less current portion | 4,884 | $ 5,108 |
Long-term obligations at October 31, 2015 | 9,698 | $ 11,018 |
2,016 | 12,611 | |
2,017 | 8,490 | |
2,018 | 6,746 | |
2,019 | 5,944 | |
2,020 | 4,143 | |
Later years | 11,886 | |
Total minimum lease payments | $ 49,820 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] $ in Thousands | Oct. 31, 2015USD ($) | |
Assets: | ||
Foreign currency forward contracts | $ 2,299 | [1] |
Total assets at fair value | 2,299 | |
Liabilities: | ||
Deferred compensation plans | 9,984 | [2] |
Foreign currency forward contracts | 4,655 | [1] |
Total liabilities at fair value | 14,639 | |
Level 2 [Member] | ||
Assets: | ||
Foreign currency forward contracts | 2,299 | [1] |
Total assets at fair value | 2,299 | |
Liabilities: | ||
Deferred compensation plans | 9,984 | [2] |
Foreign currency forward contracts | 4,655 | [1] |
Total liabilities at fair value | $ 14,639 | |
[1] | We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges. | |
[2] | Executive officers and other highly compensated employees may defer up to 100 percent of their salary and annual cash incentive compensation and for executive officers, up to 90 percent of their long-term incentive compensation, into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. |
Fair Value Measurements - Sch84
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 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 - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||
Maturity of foreign currency forward contracts | 90 days | ||
Gains (losses) on foreign currency forward contracts | $ (3,866) | $ (826) | $ 1,437 |
Gains (losses) in fair value of balance sheet positions denominated in foreign currencies | 3,862 | 348 | $ (3,651) |
Gain on Derivative Used in Net Investment Hedge, Net of Tax | $ 427 | $ 318 |
Financial Instruments - Outstan
Financial Instruments - Outstanding Currency, Forward Exchange Contracts (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Derivative [Line Items] | ||
Fair Market Value of foreign currency derivative contracts | $ (2,356) | $ 1,510 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 258,659 | 587,456 |
Fair Market Value of foreign currency derivative contracts | 256,866 | 567,874 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 347,498 | 669,021 |
Fair Market Value of foreign currency derivative contracts | 343,348 | 651,045 |
Euro [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 182,503 | 424,624 |
Fair Market Value of foreign currency derivative contracts | 180,406 | 407,422 |
Euro [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 188,021 | 344,461 |
Fair Market Value of foreign currency derivative contracts | 184,174 | 330,957 |
Pound sterling [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 55,234 | 86,654 |
Fair Market Value of foreign currency derivative contracts | 55,543 | 85,632 |
Pound sterling [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 37,714 | 141,638 |
Fair Market Value of foreign currency derivative contracts | 37,513 | 140,065 |
Japanese Yen [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 17,046 | 21,057 |
Fair Market Value of foreign currency derivative contracts | 17,067 | 19,780 |
Japanese Yen [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 13,646 | 17,477 |
Fair Market Value of foreign currency derivative contracts | 13,706 | 16,498 |
Australian Dollar [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 216 | |
Fair Market Value of foreign currency derivative contracts | 220 | |
Australian Dollar [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 7,120 | 9,012 |
Fair Market Value of foreign currency derivative contracts | 6,981 | 8,618 |
Hong Kong Dollar [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 52,278 | |
Fair Market Value of foreign currency derivative contracts | 52,247 | |
Hong Kong Dollar [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 59,734 | 117,040 |
Fair Market Value of foreign currency derivative contracts | 59,739 | 116,978 |
Singapore Dollar [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 858 | |
Fair Market Value of foreign currency derivative contracts | 857 | |
Singapore Dollar [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 11,519 | 10,984 |
Fair Market Value of foreign currency derivative contracts | 11,561 | 10,693 |
Others [Member] | Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 3,018 | 2,627 |
Fair Market Value of foreign currency derivative contracts | 2,993 | 2,573 |
Others [Member] | Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 29,744 | 28,409 |
Fair Market Value of foreign currency derivative contracts | $ 29,674 | $ 27,236 |
Financial Instruments - Carryin
Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments, Other than Receivables and Accounts Payable (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 |
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $ 50,268 | $ 42,314 | $ 42,375 | $ 41,239 |
Notes payable, Carrying Amount | 1,108 | 106,181 | ||
Long-term debt (including current portion), Carrying Amount | 1,115,485 | 693,619 | ||
Foreign currency forward contracts (net), Carrying Amount | (2,356) | 1,510 | ||
Cash and cash equivalents, Fair Value | 50,268 | 42,314 | ||
Notes payable, Fair Value | 1,108 | 106,181 | ||
Long-term debt (including current portion), Fair Value | 1,113,140 | 696,140 | ||
Foreign currency forward contracts (net), Fair Value | $ (2,356) | $ 1,510 |
Capital Shares - Additional Inf
Capital Shares - Additional Information (Detail) - $ / shares | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Equity [Line Items] | |||
Convertible preferred shares, authorized | 10,000,000 | 10,000,000 | |
Convertible preferred shares, No par value | |||
Common shares, authorized | 160,000,000 | 160,000,000 | |
Common shares, No par value | |||
Common shares, issued | 98,023,000 | 98,023,000 | |
Common Shares Outstanding | 57,358,000 | 62,435,000 | |
Preferred Class A [Member] | |||
Equity [Line Items] | |||
Convertible preferred shares, authorized | 10,000,000 | ||
Convertible preferred shares, No par value | |||
Convertible preference shares outstanding | 0 | 0 | 0 |
Capital Shares - Capital Shares
Capital Shares - Capital Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Equity [Abstract] | |||
Number of Shares | 5,360 | 2,224 | 459 |
Total Amount | $ 381,598 | $ 163,584 | $ 30,443 |
Average per Share | $ 71.19 | $ 73.55 | $ 66.29 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of common shares available for grant | 2,900 | ||
Periods of performance considered for calculating compensation expense | 3 years | ||
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% | ||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% | ||
Number of common shares reserved for future issuance | 2,303,000 | ||
Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expense related to director deferred compensation | $ 91,000 | $ 101,000 | $ 183,000 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options exercisable beginning period | 1 year | ||
Maximum rate of stock option, description | Not exceeding 25 percent per year | ||
Option expiring period | 10 years | ||
Compensation expense recognized | $ 8,772,000 | $ 10,251,000 | $ 4,906,000 |
Unrecognized compensation cost related to nonvested stock option | $ 5,052,000 | ||
Weighted average period expected to be amortized, non vested shares | 1 year 6 months | ||
Weighted-average expected volatility used | 34.30% | 44.50% | 46.30% |
Weighted average grant date fair value of stock options granted | $ 24.63 | $ 27.92 | $ 24.12 |
Total intrinsic value of options exercised | $ 10,406,000 | $ 17,223,000 | $ 12,892,000 |
Cash received from the exercise of stock options | 5,372,000 | 7,013,000 | 6,018,000 |
Tax benefit realized from tax deductions from exercises of stock options | $ 3,661,000 | 6,385,000 | 5,531,000 |
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 Shares And Restricted Share Units | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant restricted shares transferred period | 3 years | ||
Restricted Shares And Restricted Share Units | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant restricted shares transferred period | 1 year | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average period expected to be amortized, non vested shares | 1 year 9 months 18 days | ||
Period for restricted shares and share units considered to be forfeited for retirees | 12 months | ||
Unrecognized compensation cost related to nonvested restricted stock | $ 1,908,000 | ||
Expense related to nonvested common shares | 1,840,000 | 1,784,000 | 2,464,000 |
Common share dividends amount included in compensation cost | $ 51,000 | 52,000 | 57,000 |
Restricted Stock Unit [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Period for pro-rata vesting of shares or units for non-employee directors | 1 year | ||
Unrecognized compensation cost related to nonvested restricted stock | $ 0 | ||
Expense related to nonvested common shares | $ 972,000 | $ 890,000 | $ 598,000 |
Performance Share Incentive Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Periods of performance considered for calculating compensation expense | 3 years | ||
Weighted average grant date fair value | $ 76.48 | $ 69.25 | $ 59.59 |
Compensation expense | $ 3,459,000 | $ 4,304,000 | $ 3,588,000 |
Cumulative amount recorded in shareholders' equity related to Long-Term Incentive Plan | 7,561,000 | 7,570,000 | |
Deferred Compensation [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common share dividends amount included in compensation cost | $ 179,000 | $ 129,000 | $ 79,000 |
Executive officers and other highly compensated employees salary and annual cash incentive compensation deferrals percentage, maximum | 100.00% | ||
Executive officers share-based long-term incentive compensation deferrals percentage, maximum | 90.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summarized Activity Related to Stock Options (Detail) - Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Oct. 31, 2015USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | shares | 1,686 |
Number of Options, Granted | shares | 316 |
Number of Options, Exercised | shares | (211) |
Number of Options, Forfeited or expired | shares | (32) |
Number of Options, Outstanding, Ending balance | shares | 1,759 |
Number of Options, Vested or expected to vest | shares | 1,745 |
Number of Options, Exercisable | shares | 1,039 |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 42.77 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 79.66 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 27.60 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $ / shares | 68.38 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 50.74 |
Weighted-Average Exercise Price Per Share, Vested or expected to vest | $ / shares | 50.54 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 37.62 |
Aggregate Intrinsic Value, Outstanding | $ | $ 38,727 |
Aggregate Intrinsic Value, Vested or expected to vest | $ | 38,721 |
Aggregate Intrinsic Value, Exercisable | $ | $ 34,975 |
Weighted Average Remaining Term, Outstanding | 6 years |
Weighted Average Remaining Term, Vested or expected to vest | 6 years |
Weighted Average Remaining Term, Exercisable | 4 years 7 months 6 days |
Stock-Based Compensation - Su92
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Detail) - Stock Options [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2015$ / sharesshares | |
Price Range 14 to 28 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 442 |
Weighted-average remaining contractual life, in years | 2 years 10 months 24 days |
Weighted-average exercise price | $ / shares | $ 22.82 |
Number exercisable | shares | 442 |
Weighted-average exercise price | $ / shares | $ 22.82 |
Price Range 29 to 44 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 506 |
Weighted-average remaining contractual life, in years | 5 years 4 months 24 days |
Weighted-average exercise price | $ / shares | $ 41.78 |
Number exercisable | shares | 416 |
Weighted-average exercise price | $ / shares | $ 41.38 |
Price Range 45 to 81 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 811 |
Weighted-average remaining contractual life, in years | 8 years 1 month 6 days |
Weighted-average exercise price | $ / shares | $ 71.57 |
Number exercisable | shares | 181 |
Weighted-average exercise price | $ / shares | $ 65.14 |
Stock-Based Compensation - Su93
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2015$ / shares | |
Price Range 14 to 28 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | $ 14 |
Exercise price range, Upper range limit | 28 |
Price Range 29 to 44 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | 29 |
Exercise price range, Upper range limit | 44 |
Price Range 45 to 81 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | 45 |
Exercise price range, Upper range limit | $ 81 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions of Stock Options (Detail) - Stock Options [Member] | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, Minimum | 30.30% | 40.10% | 45.30% |
Expected volatility, Maximum | 39.50% | 44.70% | 46.90% |
Risk-free interest rate, Minimum | 1.57% | 1.51% | 0.75% |
Risk-free interest rate, Maximum | 1.85% | 1.79% | 0.90% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 1.06% | 0.98% | 0.97% |
Expected life of the option (in years) | 5 years 4 months 24 days | 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 | 1.10% | 1.03% | 1.01% |
Expected life of the option (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock-Based Compensation - Su95
Stock-Based Compensation - Summarized Activity Related to Restricted Stock (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2015$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, Beginning balance | shares | 71 |
Number of Restricted Shares, Granted | shares | 24 |
Number of Restricted Shares, Forfeited | shares | (5) |
Number of Restricted Shares, Vested | shares | (37) |
Number of Restricted Shares, Ending balance | shares | 53 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Beginning balance | $ / shares | $ 63.53 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 78.64 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 75.30 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 58.04 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Ending balance | $ / shares | $ 73.23 |
Stock-Based Compensation - Su96
Stock-Based Compensation - Summarized Activity Related to Restricted Stock Units (Detail) - Restricted Stock Unit [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2015$ / sharesshares | |
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 | (18) |
Number of Restricted Shares, Ending balance | 0 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Beginning balance | $ / shares | $ 61.59 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 76.19 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 71.83 |
Stock-Based Compensation - Su97
Stock-Based Compensation - Summarized Activity Related to Director Deferred Compensation Shares (Detail) - Directors [Member] - Deferred Compensation Share Equivalent Units [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2015$ / sharesshares | |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 110 |
Number of Shares, Restricted share units vested | shares | 12 |
Number of Shares, Dividend equivalents | shares | 1 |
Number of Shares, Distributions | shares | (23) |
Number of Shares, Outstanding, Ending balance | shares | 100 |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares | $ 29.74 |
Weighted-Average Grant Date Fair Value Per Share, Restricted share units vested | $ / shares | 69.51 |
Weighted-Average Grant Date Fair Value Per Share, Dividend equivalents | $ / shares | 73.46 |
Weighted-Average Grant Date Fair Value Per Share, Distributions | $ / shares | 21.97 |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares | $ 36.76 |
Operating Segments and Geogra98
Operating Segments and Geographic Area Data - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Major customers | No single customer accounted for 10 percent or more of sales in 2015, 2014 or 2013. |
Operating Segments and Geogra99
Operating Segments and Geographic Area Data - Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | $ 446,200 | $ 462,731 | $ 400,727 | $ 379,008 | $ 468,590 | $ 458,550 | $ 417,461 | $ 359,420 | $ 1,688,666 | $ 1,704,021 | $ 1,542,921 | |||
Depreciation | 37,707 | 34,446 | 31,766 | |||||||||||
Operating profit (loss) | 317,730 | 367,105 | 323,849 | |||||||||||
Identifiable assets | 2,360,444 | 2,280,130 | 2,360,444 | 2,280,130 | 2,053,179 | |||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 1,688,666 | 1,704,021 | 1,542,921 | |||||||||||
Depreciation | 37,707 | 34,446 | 31,766 | |||||||||||
Operating profit (loss) | 317,730 | 367,105 | 323,849 | |||||||||||
Identifiable assets | [1] | 2,372,639 | 2,292,415 | 2,372,639 | 2,292,415 | 2,053,784 | ||||||||
Expenditures for long-lived assets | 62,087 | 43,574 | 47,219 | |||||||||||
Operating Segments [Member] | Adhesive Dispensing Systems [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 836,066 | 899,696 | 793,488 | |||||||||||
Depreciation | 14,804 | 15,467 | 15,326 | |||||||||||
Operating profit (loss) | [2] | 195,902 | 229,556 | 203,757 | ||||||||||
Identifiable assets | [1] | 734,145 | 747,063 | 734,145 | 747,063 | 750,616 | ||||||||
Expenditures for long-lived assets | 12,880 | 15,886 | 20,498 | |||||||||||
Operating Segments [Member] | Advanced Technology Systems [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 593,858 | 561,784 | 516,266 | |||||||||||
Depreciation | 13,015 | 10,433 | 9,180 | |||||||||||
Operating profit (loss) | [3] | 120,940 | 140,240 | 123,403 | ||||||||||
Identifiable assets | [1] | 1,021,221 | 919,052 | 1,021,221 | 919,052 | 721,524 | ||||||||
Expenditures for long-lived assets | 36,182 | 15,163 | 10,080 | |||||||||||
Operating Segments [Member] | Industrial Coating Systems [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 258,742 | 242,541 | 233,167 | |||||||||||
Depreciation | 3,194 | 3,368 | 3,084 | |||||||||||
Operating profit (loss) | 41,458 | [4] | 38,117 | [4] | 33,786 | |||||||||
Identifiable assets | [1] | 130,421 | 130,624 | 130,421 | 130,624 | 113,835 | ||||||||
Expenditures for long-lived assets | 5,112 | 4,057 | 6,239 | |||||||||||
Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation | 6,694 | 5,178 | 4,176 | |||||||||||
Operating profit (loss) | (40,570) | (40,808) | (37,097) | |||||||||||
Identifiable assets | [1],[5] | $ 486,852 | $ 495,676 | 486,852 | 495,676 | 467,809 | ||||||||
Expenditures for long-lived assets | $ 7,913 | $ 8,468 | $ 10,402 | |||||||||||
[1] | Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. | |||||||||||||
[2] | Includes $7,972, $1,731 and $315 of severance and restructuring costs in 2015, 2014 and 2013, respectively. | |||||||||||||
[3] | Includes $3,060, $579 and $811 of severance and restructuring costs 2015, 2014 and 2013, respectively. | |||||||||||||
[4] | Includes $379 and $241 of severance and restructuring costs in 2015 and 2014, respectively. | |||||||||||||
[5] | Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets. |
Operating Segments and Geogr100
Operating Segments and Geographic Area Data - Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015 | Jul. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||
Severance and restructuring costs | $ 9,092 | $ 2,319 | $ 1,273 | $ 1,278 | $ 11,411 | $ 2,551 | $ 1,126 |
Adhesive Dispensing Systems [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance and restructuring costs | 7,972 | 1,731 | 315 | ||||
Advanced Technology Systems [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance and restructuring costs | 3,060 | 579 | $ 811 | ||||
Industrial Coating Systems [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance and restructuring costs | $ 379 | $ 241 |
Operating Segments and Geogr101
Operating Segments and Geographic Area Data - Sales and Long-lived Asset Information by Geographic Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Net external sales | |||||||||||
Net external sales | $ 446,200 | $ 462,731 | $ 400,727 | $ 379,008 | $ 468,590 | $ 458,550 | $ 417,461 | $ 359,420 | $ 1,688,666 | $ 1,704,021 | $ 1,542,921 |
Long-lived assets | |||||||||||
Total long-lived assets | 249,940 | 224,439 | 249,940 | 224,439 | 200,979 | ||||||
United States [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 529,893 | 503,776 | 465,789 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 187,212 | 159,946 | 187,212 | 159,946 | 136,551 | ||||||
Americas [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 129,325 | 120,993 | 123,654 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 1,735 | 2,451 | 1,735 | 2,451 | 4,154 | ||||||
Europe [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 462,565 | 494,538 | 416,725 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 21,231 | 21,039 | 21,231 | 21,039 | 22,576 | ||||||
Japan [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 107,797 | 127,057 | 127,945 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 5,876 | 5,967 | 5,876 | 5,967 | 4,384 | ||||||
Asia Pacific [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 459,086 | 457,657 | 408,808 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | $ 33,886 | $ 35,036 | $ 33,886 | $ 35,036 | $ 33,314 |
Operating Segments and Geogr102
Operating Segments and Geographic Area Data - Reconciliation of Segment Operating Income to Consolidated Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Segment Reporting [Abstract] | |||
Total profit for reportable segments | $ 317,730 | $ 367,105 | $ 323,849 |
Interest expense | (18,104) | (15,035) | (14,841) |
Interest and investment income | 558 | 581 | 421 |
Other - net | 678 | (138) | 1,694 |
Income before income taxes | $ 300,862 | $ 352,513 | $ 311,123 |
Operating Segments and Geogr103
Operating Segments and Geographic Area Data - Summary of Reconciliation of Consolidated Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | $ 2,360,444 | $ 2,280,130 | $ 2,053,179 | |
Operating Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | [1] | 2,372,639 | 2,292,415 | 2,053,784 |
Customer Advance Payments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | 22,884 | 25,578 | 28,341 | |
Eliminations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | $ (35,079) | $ (37,863) | $ (28,946) | |
[1] | Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. |
Supplemental Information for104
Supplemental Information for the Statement of Cash Flows - Supplemental Information for the Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Cash operating activities: | |||
Interest paid | $ 17,312 | $ 14,115 | $ 16,037 |
Income taxes paid | 72,175 | 87,797 | 93,074 |
Non-cash investing and financing activities: | |||
Capitalized lease obligations incurred | 5,562 | 8,584 | 6,441 |
Capitalized lease obligations terminated | 672 | $ 864 | 468 |
Shares acquired and issued through exercise of stock options | $ 445 | $ 148 |
Quarterly Financial Data (Un105
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 446,200 | $ 462,731 | $ 400,727 | $ 379,008 | $ 468,590 | $ 458,550 | $ 417,461 | $ 359,420 | $ 1,688,666 | $ 1,704,021 | $ 1,542,921 |
Gross margin | 234,861 | 248,492 | 221,890 | 208,721 | 257,253 | 257,511 | 235,552 | 194,782 | |||
Net income | $ 49,624 | $ 69,388 | $ 49,214 | $ 42,885 | $ 72,080 | $ 77,879 | $ 61,934 | $ 34,880 | $ 211,111 | $ 246,773 | $ 221,817 |
Earnings per share: | |||||||||||
Basic | $ 0.84 | $ 1.15 | $ 0.81 | $ 0.69 | $ 1.14 | $ 1.23 | $ 0.97 | $ 0.54 | $ 3.48 | $ 3.88 | $ 3.45 |
Diluted | $ 0.84 | $ 1.14 | $ 0.80 | $ 0.69 | $ 1.13 | $ 1.21 | $ 0.96 | $ 0.54 | $ 3.45 | $ 3.84 | $ 3.42 |
Quarterly Financial Data (Un106
Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2015 | Jul. 31, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Severance and restructuring costs | $ 9,092 | $ 2,319 | $ 1,273 | $ 1,278 | $ 11,411 | $ 2,551 | $ 1,126 | |
Other income on legal settlement. | $ 1,608 | |||||||
Pre-tax loss on pension settlement | $ (1,572) | |||||||
Income tax provision including discrete tax benefit | $ 1,786 | $ 2,486 | $ 1,700 | |||||
Pre-tax gain on property insurance settlement. | $ 1,005 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2015 | Oct. 31, 2014 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for the ongoing operation, maintenance and monitoring obligation at the site | $ 565 | $ 615 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 4,487 | $ 4,265 | $ 3,776 |
Assumed from Acquisitions | 178 | 121 | 256 |
Charged to Expense | 1,014 | 867 | 889 |
Deductions | 773 | 551 | 698 |
Currency Effects | (404) | (215) | 42 |
Balance at End of Year | 4,502 | 4,487 | 4,265 |
Inventory Obsolescence and Other Reserves [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 26,744 | 26,579 | 20,505 |
Assumed from Acquisitions | 333 | 1,045 | 3,969 |
Charged to Expense | 9,154 | 6,706 | 5,075 |
Deductions | 6,741 | 6,361 | 2,961 |
Currency Effects | (1,260) | (1,225) | (9) |
Balance at End of Year | $ 28,230 | $ 26,744 | $ 26,579 |