Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2017 | Nov. 30, 2017 | Apr. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 57,745,608 | ||
Entity Public Float | $ 7,182,626,437 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Income Statement [Abstract] | |||
Sales | $ 2,066,982 | $ 1,808,994 | $ 1,688,666 |
Operating costs and expenses: | |||
Cost of sales | 927,981 | 815,495 | 774,702 |
Selling and administrative expenses | 678,861 | 594,293 | 584,823 |
Severance and restructuring costs | 2,438 | 10,775 | 11,411 |
Total operating costs and expenses | 1,609,280 | 1,420,563 | 1,370,936 |
Operating profit | 457,702 | 388,431 | 317,730 |
Other income (expense): | |||
Interest expense | (36,601) | (21,322) | (18,104) |
Interest and investment income | 1,124 | 728 | 558 |
Other - net | (1,934) | 657 | 678 |
Total other income (expense) | (37,411) | (19,937) | (16,868) |
Income before income taxes | 420,291 | 368,494 | 300,862 |
Income tax provision: | |||
Current | 124,961 | 100,248 | 87,651 |
Deferred | (472) | (3,597) | 2,100 |
Income taxes | 124,489 | 96,651 | 89,751 |
Net income | $ 295,802 | $ 271,843 | $ 211,111 |
Average common shares | 57,533 | 57,060 | 60,652 |
Incremental common shares attributable to outstanding stock options, restricted stock and deferred stock-based compensation | 671 | 470 | 499 |
Average common shares and common share equivalents | 58,204 | 57,530 | 61,151 |
Basic earnings per share | $ 5.14 | $ 4.76 | $ 3.48 |
Diluted earnings per share | 5.08 | 4.73 | 3.45 |
Dividends declared per common share | $ 1.11 | $ 0.99 | $ 0.90 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 295,802 | $ 271,843 | $ 211,111 |
Components of other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 22,697 | (8,693) | (45,154) |
Pension and postretirement benefit plans: | |||
Prior service credit arising during the year | 1,831 | ||
Net actuarial gain (loss) arising during the year | 2,641 | (22,482) | (7,588) |
Amortization of prior service cost | (210) | 92 | (303) |
Amortization of actuarial loss | 7,972 | 6,724 | 10,146 |
Settlement loss recognized | 712 | 111 | 1,369 |
Curtailment (gain) loss recognized | (1,144) | 43 | |
Total pension and postretirement benefit plans | 11,115 | (14,868) | 3,667 |
Total other comprehensive income (loss) | 33,812 | (23,561) | (41,487) |
Total comprehensive income | $ 329,614 | $ 248,282 | $ 169,624 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 90,383 | $ 67,239 |
Receivables - net | 505,087 | 428,560 |
Inventories - net | 264,266 | 220,361 |
Prepaid expenses | 28,636 | 29,415 |
Total current assets | 888,372 | 745,575 |
Property, plant and equipment - net | 346,411 | 273,129 |
Goodwill | 1,589,210 | 1,107,137 |
Intangible assets - net | 547,180 | 260,302 |
Deferred income taxes | 11,020 | 10,681 |
Other assets | 32,346 | 23,759 |
Total assets | 3,414,539 | 2,420,583 |
Current liabilities: | ||
Notes payable | 2,141 | |
Accounts payable | 86,016 | 75,130 |
Income taxes payable | 22,310 | 22,762 |
Accrued liabilities | 173,366 | 162,798 |
Customer advance payments | 34,654 | 26,175 |
Current maturities of long-term debt | 326,587 | 38,093 |
Current obligations under capital leases | 4,813 | 4,444 |
Total current liabilities | 647,746 | 331,543 |
Long-term debt | 1,256,397 | 942,771 |
Obligations under capital leases | 9,693 | 9,714 |
Pension obligations | 111,666 | 130,376 |
Postretirement obligations | 73,589 | 70,397 |
Deferred income taxes | 134,090 | 61,836 |
Other liabilities | 25,865 | 22,343 |
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, 2017 and 2016 | 12,253 | 12,253 |
Capital in excess of stated value | 412,785 | 376,625 |
Retained earnings | 2,164,597 | 1,932,635 |
Accumulated other comprehensive loss | (134,435) | (168,247) |
Common shares in treasury, at cost | (1,299,707) | (1,301,663) |
Total shareholders' equity | 1,155,493 | 851,603 |
Total liabilities and shareholders' equity | $ 3,414,539 | $ 2,420,583 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2017 | Oct. 31, 2016 |
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, 2014 | $ 12,253 | $ 328,605 | $ 1,560,966 | $ (103,199) | $ (893,828) | |
Balance at beginning of year at Oct. 31, 2014 | 35,588 | |||||
Shares issued under company stock and employee benefit plans | (318) | |||||
Purchase of treasury shares | 5,395 | |||||
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 ($1.11 per share in 2017, $0.99 per share in 2016, and $0.90 per share in 2015) | (54,849) | |||||
Foreign currency translation adjustments | (45,154) | (45,154) | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $(299) in 2017, $332 in 2016 and $(491) in 2015 | 1,412 | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $75 in 2017, $(558) in 2016 and $191 in 2015 | (303) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(4,628) in 2017, $8,642 in 2016 and $(1,242) in 2015 | 2,558 | |||||
Purchase of treasury shares | (384,296) | |||||
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 | (421) | |||||
Purchase of treasury shares | 472 | |||||
Shares issued under company stock and employee benefit plans | 5,952 | 5,735 | ||||
Tax benefit from stock option and restricted stock transactions | 3,476 | |||||
Stock-based compensation | 18,211 | |||||
Net income | 271,843 | 271,843 | ||||
Dividends paid ($1.11 per share in 2017, $0.99 per share in 2016, and $0.90 per share in 2015) | (56,436) | |||||
Foreign currency translation adjustments | (8,693) | (8,693) | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $(299) in 2017, $332 in 2016 and $(491) in 2015 | (1,033) | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $75 in 2017, $(558) in 2016 and $191 in 2015 | 1,923 | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(4,628) in 2017, $8,642 in 2016 and $(1,242) in 2015 | (15,758) | |||||
Purchase of treasury shares | (33,633) | |||||
Balance at end of year at Oct. 31, 2016 | 40,716 | |||||
Balance at end of year at Oct. 31, 2016 | 851,603 | $ 12,253 | 376,625 | 1,932,635 | (168,247) | (1,301,663) |
Shares issued under company stock and employee benefit plans | (438) | |||||
Purchase of treasury shares | 30 | |||||
Shares issued under company stock and employee benefit plans | 8,913 | 5,342 | ||||
Tax benefit from stock option and restricted stock transactions | 7,079 | |||||
Stock-based compensation | 20,168 | |||||
Net income | 295,802 | 295,802 | ||||
Dividends paid ($1.11 per share in 2017, $0.99 per share in 2016, and $0.90 per share in 2015) | (63,840) | |||||
Foreign currency translation adjustments | 22,697 | 22,697 | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $(299) in 2017, $332 in 2016 and $(491) in 2015 | 712 | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $75 in 2017, $(558) in 2016 and $191 in 2015 | (210) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(4,628) in 2017, $8,642 in 2016 and $(1,242) in 2015 | 10,613 | |||||
Purchase of treasury shares | (3,386) | |||||
Balance at end of year at Oct. 31, 2017 | 40,308 | |||||
Balance at end of year at Oct. 31, 2017 | $ 1,155,493 | $ 12,253 | $ 412,785 | $ 2,164,597 | $ (134,435) | $ (1,299,707) |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Dividends paid per share | $ 1.11 | $ 0.99 | $ 0.90 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Tax on settlement loss (gain) recognized | $ (299) | $ 332 | $ (491) |
Tax on net prior service cost (credit) occurring during the year | 75 | (558) | 191 |
Tax on net actuarial gain (loss) occurring during the year | $ (4,628) | $ 8,642 | $ (1,242) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 295,802 | $ 271,843 | $ 211,111 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 45,947 | 41,243 | 37,707 |
Amortization | 44,907 | 29,061 | 27,487 |
Provision for losses on receivables | 4,030 | 1,867 | 1,014 |
Deferred income taxes | (472) | (3,597) | 2,100 |
Tax benefit from the exercise of stock options | (7,079) | (3,476) | (3,661) |
Non-cash stock compensation | 20,168 | 18,211 | 15,262 |
Loss on sale of property, plant and equipment | 188 | 859 | 376 |
Other non-cash | 2,770 | 2,973 | 56 |
Changes in operating assets and liabilities: | |||
Receivables | (46,152) | (41,247) | (37,179) |
Inventories | (19,667) | 1,784 | (14,208) |
Prepaid expenses | 4,737 | (8,667) | 1,799 |
Other assets | (3,429) | 7,773 | 1,733 |
Accounts payable | 4,805 | 7,296 | (1,261) |
Income taxes payable | 7,522 | (2,684) | 15,616 |
Accrued liabilities | (5,629) | 23,328 | 5,817 |
Customer advance payments | 5,163 | 3,631 | (1,062) |
Other liabilities | 2,266 | (17,739) | 2,830 |
Other | (6,204) | (1,301) | (3,586) |
Net cash provided by operating activities | 349,673 | 331,158 | 261,951 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (71,558) | (60,851) | (62,087) |
Proceeds from sale of property, plant and equipment | 4,007 | 1,300 | 597 |
Acquisition of businesses, net of cash acquired | (805,943) | (42,650) | (75,565) |
Equity investments | (4,470) | (1,480) | |
Net cash used in investing activities | (877,964) | (102,201) | (138,535) |
Cash flows from financing activities: | |||
Proceeds from short-term borrowings | 6,017 | 13,456 | 59,870 |
Repayment of short-term borrowings | (8,149) | (12,059) | (164,716) |
Proceeds from long-term debt | 841,536 | 261,161 | 719,534 |
Repayment of long-term debt | (237,183) | (392,775) | (289,202) |
Repayment of capital lease obligations | (5,287) | (5,059) | (5,240) |
Payment of debt issuance costs | (3,214) | (99) | (1,557) |
Issuance of common shares | 14,086 | 11,476 | 5,372 |
Purchase of treasury shares | (3,216) | (33,421) | (383,851) |
Tax benefit from the exercise of stock options | 7,079 | 3,476 | 3,661 |
Dividends paid | (63,840) | (56,436) | (54,849) |
Net cash provided by (used in) financing activities | 547,829 | (210,280) | (110,978) |
Effect of exchange rate changes on cash | 3,606 | (1,706) | (4,484) |
Increase in cash and cash equivalents | 23,144 | 16,971 | 7,954 |
Cash and cash equivalents at beginning of year | 67,239 | 50,268 | 42,314 |
Cash and cash equivalents at end of year | $ 90,383 | $ 67,239 | $ 50,268 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2017 | |
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. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, therefore, 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 2017, 2016 and 2015 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 $11,296, $11,095 and $11,943 in 2017, 2016 and 2015, respectively. Research and development — Research and development costs are expensed as incurred and were $52,462, $46,247 and $46,689 in 2017, 2016 and 2015, 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. No options were excluded from the calculation of diluted earnings per share in 2017. Options for 396 and 373 common shares were excluded from the diluted earnings per share calculation in 2016 and 2015, respectively, because their effect would have been anti-dilutive. 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 — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur. Credit is extended to customers satisfying pre-defined credit criteria. We believe we have limited concentration of credit risk due to the diversity of our customer base. Inventories — Inventories are valued at net realizable value. Cost was determined using the last-in, first-out (LIFO) method for 16 percent of consolidated inventories at October 31, 2017 and 20 percent of consolidated inventories at October 31, 2016. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,684 and $7,400 higher than reported at October 31, 2017 and 2016, 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 2017, 2016 or 2015. 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, 2017, 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 15 years Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss). Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2017 and 2016 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2016 $ (51,120 ) $ (117,127 ) $ (168,247 ) Pension and postretirement plan changes, net of tax of $(4,852) — 11,115 11,115 Currency translation losses 22,697 — 22,697 Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) 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 2017 and 2016: 2017 2016 Balance at beginning of year $ 11,770 $ 10,537 Accruals for warranties 11,394 14,487 Warranty assumed from acquisitions 75 — Warranty payments (10,090 ) (12,575 ) Currency adjustments 228 (679 ) Balance at end of year $ 13,377 $ 11,770 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Oct. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2 — Recently issued accounting standards New accounting guidance adopted: In April 2015, the Financial Accounting Standards Board (FASB) The recognition and measurement guidance for debt issuance costs are not affected by this new standard. We adopted this standard during the first quarter of 2017, and applied this standard retrospectively to 2016. The new guidance only impacted presentation on our consolidated balance sheet and did not affect our results of operations or other financial statement disclosures. Refer to Note 10 for the impact on our Consolidated Balance Sheet at October 31, 2016. In May 2015, the FASB issued a new standard regarding the disclosures for investments that calculate net asset value per share (or its equivalent). Under the new guidance, investments measured at net asset value (“NAV”), as a practical expedient for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categorization of these investments. We adopted this standard in 2017. The new guidance only impacted the presentation of certain pension related assets that use NAV as a practical expedient. Refer to Note 7 for additional information. In October 2016, the FASB issued a new standard which requires companies to recognize in the income statement the income tax effects of intercompany sales or transfer of assets, other than inventory, as income tax expense (or benefit) in the period the sale or transfer occurs. It would have been effective for us beginning in 2019; however, we early adopted this guidance in the first quarter of 2017, and it did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued a new standard which eliminates Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of any goodwill impairment charge. It will be effective for us beginning in 2021. Early adoption is permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017, and the prospective transition method should be applied. We adopted this standard, prospectively, in the fourth quarter of 2017. The adoption did not have an impact on our consolidated financial statements as we did not record any goodwill impairment charges. New accounting guidance issued and not yet adopted: In May 2014, the 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, the FASB issued a standard to delay the effective date by one year. The new standard is effective for us beginning November 1, 2018. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method; however, we are currently anticipating using the modified retrospective method, but will base the final decision on the results of our assessment once complete. Our initial analysis of identifying revenue streams and evaluating a representative sample of contracts and other agreements with our customers is substantially complete. We are in the process of assessing the impact of the new standard, if any, on our business processes, systems and controls. We will finalize our evaluation of potential differences that may result from applying the new standard to our contracts with customers in 2018 and provide updates on our progress in future filings. In February 2016, the FASB issued a new standard which requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with a lease term of more than twelve months. Leases will continue to be classified as either financing or operating, with classification affecting the recognition, measurement and presentation of expenses and cash flows arising from a lease. It will be effective for us beginning in 2020. We are currently assessing the impact this standard will have on our consolidated financial statements. In March 2016, the FASB issued a new standard which simplifies the accounting for share-based payment transactions. This guidance requires that excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the income statement rather than additional paid-in capital. Additionally, the excess tax benefits will be classified along with other income tax cash flows as an operating activity, rather than a financing activity, on the statement of cash flows. Further, the update allows an entity to make a policy election to recognize forfeitures as they occur or estimate the number of awards expected to be forfeited. It will be effective for us beginning in 2018 and should be applied prospectively, with certain cumulative effect adjustments. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements. In March 2017, the FASB issued a new standard which requires the presentation of the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. All other components of net periodic benefit cost will be presented below operating income. Additionally, only the service cost component will be eligible for capitalization in assets. It will be effective for us beginning in 2019. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements. |
Severance and Restructuring Cos
Severance and Restructuring Costs | 12 Months Ended |
Oct. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Severance and Restructuring Costs | Note 3 During the fourth quarter of 2016, we implemented an initiative within our Adhesive Dispensing Systems segment to consolidate certain polymer processing product line facilities in the U.S. This initiative is designed to improve customer experience, accelerate growth, optimize performance and realize synergies for sustained long term success. Costs of $2,399 and $5,565 were recognized relating to this initiative during 2017 and 2016, respectively. Payments of $1,775 and $624 related to these actions were paid during 2017 and 2016, respectively. Total costs for this action to-date have been $7,964, which consisted primarily of severance costs. Additional costs related to this initiative are not expected to be material in future periods. Cash payments related to this initiative are expected to be paid during 2018. The following table summarizes severance and restructuring activity during 2017 related to this action: Employee Other severance one-time charges costs Total Accrual Balance at October 31, 2016 $ 4,576 $ 104 $ 4,680 Charged to expense (243 ) 2,642 2,399 Cash payments (209 ) (1,566 ) (1,775 ) Non cash utilization — (488 ) (488 ) Accrual Balance at October 31, 2017 $ 4,124 $ 692 $ 4,816 During the second half of 2015, we implemented initiatives across each of our segments to optimize operations and to enhance operational efficiency and customer service. Costs of $39 costs were recognized during 2017 related to these initiatives. Costs of $5,210 were recognized during 2016 related to these initiatives, which consisted primarily of severance costs. Within the Adhesives Dispensing Systems segment, restructuring initiatives to optimize operations in the U.S. and Belgium resulted in costs of $219 and $2,235 during 2017 and 2016, respectively. Payments of $360 and $7,586 related to these actions were paid during 2017 and 2016, respectively. Within the Advanced Technology Systems segment, a restructuring initiative to enhance operational efficiency and customer service resulted in costs of $1,054 during 2016. Costs of $180 related to severance were reversed in 2017. Payments of $503 and $3,144 related to these actions were paid during 2017 and 2016, respectively. Within the Industrial Coating Systems segment, a restructuring program to enhance operational efficiency and customer service resulted in severance costs of $1,921 during 2016. Payments of $345 and $1,844 related to these actions were paid during 2017 and 2016, respectively. Total costs for these actions to-date have been $16,660, which include $12,459 of severance costs, $759 of fixed asset impairment charges, $1,383 of lease termination costs, and $2,059 of other one-time restructuring costs. The following table summarizes severance and restructuring activity during 2017 related to actions initiated in 2015: Employee Lease Other severance termination one-time charges charges costs Total Accrual Balance at October 31, 2016 $ 1,136 $ 143 $ 497 $ 1,776 Charged to expense (133 ) — 172 $ 39 Cash payments (525 ) (143 ) (540 ) (1,208 ) Accrual Balance at October 31, 2017 $ 478 $ — $ 129 $ 607 Additional costs related to these initiatives are not expected to be material in future periods. The remainder of the cash payments related to these initiatives are expected to be paid through 2019. Other severance and restructuring costs unrelated to these initiatives are not considered material. All severance and restructuring costs are included in selling and administrative expenses in the Consolidated Statements of Income. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2017 | |
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. 2017 acquisitions On March 31, 2017, we completed the acquisition designer, developer and manufacturer of minimally invasive interventional delivery devices, catheters and advanced components for the global medical technology market. This is a highly complementary business that adds significant scale and enhances strategic capabilities of our existing medical platform. We acquired Vention for an aggregate purchase price of $705,000, net of $3,313 of cash and other closing adjustments of $10,726. The acquisition was funded primarily through a new term loan facility, as well as through cash and borrowings on our credit facility. The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, replacement cost analyses and estimates made by management. Based on the fair value of the assets acquired and the liabilities assumed, we recordedidentifiable intangible assets of $286,000 consisting primarily of $240,000 of customer relationships (amortized over 14 years), $2,000 of tradenames (amortized over 6 years), and $44,000 of technology, consisting of $36,000 (amortized over 14 years) and $8,000 (amortized over 10 years). The fair value of the identifiable intangible assets were estimated by applying income and market approaches. The fair value measurement is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy with various assumptions about growth rates and margins, discount rates, and financial multiples of entities considered to be similar to Vention. As a result of the acquisition, we recognized $434,625 of goodwill, of which $37,200 is tax deductible. Goodwill represents the value we expect to achieve through the expansion of our existing medical platform. This acquisition is being reported in our Advanced Technology Systems segment. As of October 31, 2017, the purchase price allocations are considered preliminary as we complete our assessments of income taxes. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: Assets acquired: Cash $ 3,313 Receivables 26,742 Inventories 14,279 Prepaid expenses 3,079 Property, plant and equipment 34,319 Goodwill 434,625 Intangible assets 286,000 Other assets 343 Total assets acquired $ 802,700 Liabilities assumed: Current liabilities 19,130 Deferred tax liabilities 64,531 Total liabilities assumed $ 83,661 Net assets acquired $ 719,039 The transaction was accounted for under the acquisition method of accounting and, accordingly, the results of Vention’s operations, including $94,515 in sales and net income of $7,820, are included in our Consolidated Statements of Income from the date of acquisition. As of October 31, 2017, we incurred $14,671 of corporate charges related to Vention acquisition transaction costs which have been included within selling and administrative expenses in our Consolidated Statements of Income. The following unaudited pro forma financial information for 2017 and 2016 assumes the Vention acquisition occurred as of the beginning of 2016 and is based on our historical financial statements and those of Vention. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisition of Vention been effected on the date indicated, nor are they necessarily indicative of our future results of operations. Twelve Months Ended October 31, 2017 October 31, 2016 Sales $ 2,132,417 $ 1,939,525 Net income 294,891 260,991 Diluted earnings per share 5.07 4.54 The most significant pro forma adjustments included within the unaudited pro forma financial information presented in the table above relate to acquisition transaction costs, amortization of intangible assets, depreciation of property, plant and equipment, charges related to the fair value adjustment of acquisition-date inventory and interest expense associated with the new term loan facility. Also on March 31, 2017, we entered into a $705,000 term loan facility with a group of banks. The Term Loan Agreement provides for the following term loans in three tranches: $200,000 due in October 2018, $200,000 due in March 2020, and $305,000 due in March 2022. The weighted average interest rate for borrowings under this agreement was 2.33% at October 31, 2017. Borrowings under this agreement were used for the single purpose of acquiring Vention. We were in compliance with all covenants at October 31, 2017. Pro forma sales and results of operations for the following 2017, 2016 and 2015 acquisitions, had they occurred at the beginning of the applicable fiscal year ended October 31, are not material and, accordingly, are not provided. On February 16, 2017, we purchased 100 percent of the outstanding shares of InterSelect GmbH (“InterSelect”), a German designer and manufacturer of selective soldering systems used in a variety of automotive, aerospace and industrial electronics assembly applications. We acquired InterSelect for an aggregate purchase price of $5,432, net of cash acquired of $492. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $3,548 and identifiable intangible assets of $1,879 were recorded. The identifiable intangible assets consist primarily of $1,109 of customer relationships (amortized over 9 years), $348 of tradenames (amortized over 12 years), and $422 of technology (amortized over 9 years). Goodwill associated with this acquisition is not tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. On February 1, 2017, we purchased 100 percent of the outstanding shares of Plas-Pak Industries, Inc. (“Plas-Pak”), a Norwich, Connecticut designer and manufacturer of injection molded, single-use plastic dispensing products. Plas-Pak’s broad product offering includes two-component (2K) cartridges for industrial and commercial do-it-yourself adhesives, dial-a-dose calibrated syringes for veterinary and animal health applications, and specialty syringes for pesticide, dental and other markets. We acquired Plas-Pak for an aggregate purchase price of $70,798, net of cash acquired of $543. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $24,995 and identifiable intangible assets of $33,800 were recorded. The identifiable intangible assets consist primarily of $23,700 of customer relationships (amortized over 17 years), $4,100 of tradenames (amortized over 12 years), $5,000 of technology (amortized over 9 years) and $1,000 of non-compete agreements (amortized over 5 years). Goodwill associated with this acquisition is tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. On January 3, 2017, we purchased certain assets of ACE Production Technologies, Inc. (“ACE”), a Spokane, Washington based designer and manufacturer of selective soldering systems used in a variety of automotive and industrial electronics assembly applications. We acquired the assets for an aggregate purchase price of $13,761. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $6,383 and identifiable intangible assets of $5,010 were recorded. The identifiable intangible assets consist primarily of $2,800 of customer relationships (amortized over 7 years), $1,000 of tradenames (amortized over 11 years), $1,100 of technology (amortized over 7 years) and $110 of non-compete agreements (amortized over 3 years). Goodwill associated with this acquisition is tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. 2016 acquisition On September 1, 2016, we purchased 100 percent of the outstanding shares of LinkTech Quick Couplings, Inc. (“LinkTech”), a Ventura, California designer, manufacturer and distributor of highly engineered precision couplings and fittings. We acquired LinkTech for an aggregate purchase price of $43,348, net of cash acquired of $36. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $25,867 and identifiable intangible assets of $14,610 were recorded. The identifiable intangible assets consist primarily of $8,600 of customer relationships (amortized over 11 years), $2,800 of tradenames (amortized over 12 years), $2,300 of technology (amortized over 8 years) and $910 of non-compete agreements (amortized over 5 years). Goodwill associated with this acquisition is tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. 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. 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. 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. |
Details of Balance Sheet
Details of Balance Sheet | 12 Months Ended |
Oct. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Balance Sheet | Note 5 — Details of balance sheet 2017 2016 Receivables: Accounts $ 491,224 $ 415,311 Notes 5,121 7,971 Other 18,533 10,813 514,878 434,095 Allowance for doubtful accounts (9,791 ) (5,535 ) $ 505,087 $ 428,560 Inventories: Raw materials and component parts $ 105,424 $ 85,802 Work-in-process 45,743 36,681 Finished goods 152,923 134,602 304,090 257,085 Obsolescence and other reserves (33,140 ) (29,324 ) LIFO reserve (6,684 ) (7,400 ) $ 264,266 $ 220,361 Property, plant and equipment: Land $ 10,598 $ 9,914 Land improvements 4,292 4,020 Buildings 190,611 169,995 Machinery and equipment 424,006 372,479 Enterprise management system 52,936 50,051 Construction-in-progress 49,713 25,873 Leased property under capitalized leases 25,715 24,231 757,871 656,563 Accumulated depreciation and amortization (411,460 ) (383,434 ) $ 346,411 $ 273,129 Accrued liabilities: Salaries and other compensation $ 73,234 $ 67,257 Pension and retirement 4,768 4,046 Taxes other than income taxes 7,663 5,955 Other 87,701 85,540 $ 173,366 $ 162,798 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2017 | |
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. 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. I n accordance with the new accounting standard (Refer to Note 2), which was prospectively adopted effective August 1, 2017, an charge is recorded for the amount by which the carrying value of the reporting unit exceeds the fair value of the reporting unit, as calculated in the quantitative analysis described above. We did not record any charges using the newly adopted accounting standard in 2017. Prior to the adoption of this new standard, the measurement of an (Step 2 of the test) would have been calculated by determining the implied fair value of a reporting unit’s by allocating the fair value of the reporting unit to all other assets and liabilities of that unit based on their relative fair values. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities would have been the implied fair value of . We did not record any charges using Step 2 of the test in 2016 or 2015. Changes in the carrying amount of goodwill during 2017 by operating segment: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2016 $ 385,733 $ 697,346 $ 24,058 $ 1,107,137 Acquisition — 470,248 — 470,248 Currency effect 6,562 5,263 — 11,825 Balance at October 31, 2017 $ 392,295 $ 1,172,857 $ 24,058 $ 1,589,210 Changes in the carrying amount of goodwill during 2016 by operating segment: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2015 $ 385,975 $ 672,342 $ 24,058 $ 1,082,375 Acquisition — 25,169 — 25,169 Currency effect (242 ) (165 ) — (407 ) Balance at October 31, 2016 $ 385,733 $ 697,346 $ 24,058 $ 1,107,137 Accumulated impairment losses, which were recorded in 2009, were $232,789 at October 31, 2017 and October 31, 2016. 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: October 31, 2017 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 480,536 $ 102,033 $ 378,503 Patent/technology costs 150,581 48,669 101,912 Trade name 93,281 28,366 64,915 Noncompete agreements 11,142 9,298 1,844 Other 1,384 1,378 6 Total $ 736,924 $ 189,744 $ 547,180 October 31, 2016 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 207,493 $ 71,608 $ 135,885 Patent/technology costs 97,640 37,873 59,767 Trade name 85,271 22,140 63,131 Noncompete agreements 9,855 8,347 1,508 Other 1,400 1,389 11 Total $ 401,659 $ 141,357 $ 260,302 Amortization expense for 2017, 2016 and 2015 was $44,907, $29,061 and $27,487 respectively. Estimated amortization expense for each of the five succeeding years: Year Amounts 2018 $ 54,806 2019 $ 54,548 2020 $ 53,999 2021 $ 48,532 2022 $ 44,484 |
Retirement, Pension and Other P
Retirement, Pension and Other Postretirement Plans | 12 Months Ended |
Oct. 31, 2017 | |
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 2017, 2016 and 2015 was approximately $19,259, $17,194 and $15,747, 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 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 409,459 $ 361,039 $ 91,396 $ 90,615 Service cost 12,456 11,490 2,378 2,448 Interest cost 12,844 15,932 1,537 2,294 Participant contributions — — 85 115 Plan amendments — 173 — (3,050 ) Settlements (1,548 ) — (1,309 ) — Curtailments — — — (6,790 ) Foreign currency exchange rate change — — 4,896 (7,675 ) Actuarial loss 9,351 31,781 (7,602 ) 15,749 Benefits paid (11,746 ) (10,956 ) (2,620 ) (2,310 ) Benefit obligation at end of year $ 430,816 $ 409,459 $ 88,761 $ 91,396 Change in plan assets: Beginning fair value of plan assets $ 333,867 $ 295,320 $ 35,604 $ 37,473 Actual return on plan assets 29,620 23,280 612 2,205 Company contributions 19,041 26,223 3,165 3,793 Participant contributions — — 85 115 Settlements (1,548 ) — (1,309 ) — Other — — — (145 ) Foreign currency exchange rate change — — 1,967 (5,527 ) Benefits paid (11,746 ) (10,956 ) (2,620 ) (2,310 ) Ending fair value of plan assets $ 369,234 $ 333,867 $ 37,504 $ 35,604 Funded status at end of year $ (61,582 ) $ (75,592 ) $ (51,257 ) $ (55,792 ) Amounts recognized in financial statements: Noncurrent asset $ — $ — $ 64 $ — Accrued benefit liability (1,201 ) (1,000 ) (36 ) (8 ) Long-term pension and retirement obligations (60,381 ) (74,592 ) (51,285 ) (55,784 ) Total amount recognized in financial statements $ (61,582 ) $ (75,592 ) $ (51,257 ) $ (55,792 ) United States International 2017 2016 2017 2016 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial loss $ 124,917 $ 134,586 $ 27,134 $ 35,090 Prior service cost (credit) (184 ) (139 ) (3,279 ) (3,445 ) Accumulated other comprehensive loss $ 124,733 $ 134,447 $ 23,855 $ 31,645 Amounts expected to be recognized during next fiscal year: Amortization of net actuarial loss $ 8,672 $ 9,336 $ 2,074 $ 2,558 Amortization of prior service cost (credit) (23 ) 47 (313 ) (304 ) Total $ 8,649 $ 9,383 $ 1,761 $ 2,254 The following table summarizes the changes in accumulated other comprehensive loss: United States International 2017 2016 2017 2016 Balance at beginning of year $ 134,447 $ 114,663 $ 31,645 $ 29,726 Net (gain) loss arising during the year 515 28,167 (6,867 ) 8,255 Prior service cost (credit) arising during the year — 173 — (3,050 ) Net loss recognized during the year (9,537 ) (8,480 ) (2,605 ) (1,723 ) Prior service (cost) credit recognized during the year (44 ) (76 ) 302 203 Settlement loss (648 ) — (363 ) (160 ) Curtailment gain — — — 1,526 Exchange rate effect during the year — — 1,743 (3,132 ) Balance at end of year $ 124,733 $ 134,447 $ 23,855 $ 31,645 Information regarding the accumulated benefit obligation is as follows: United States International 2017 2016 2017 2016 For all plans: Accumulated benefit obligation $ 420,035 $ 397,350 $ 76,032 $ 77,166 For plans with benefit obligations in excess of plan assets: Projected benefit obligation 430,816 409,459 83,289 90,852 Accumulated benefit obligation 420,035 397,350 70,985 77,121 Fair value of plan assets 369,234 333,867 32,325 35,533 Net pension benefit costs include the following components: United States International 2017 2016 2015 2017 2016 2015 Service cost $ 12,456 $ 11,490 $ 10,851 $ 2,378 $ 2,448 $ 2,816 Interest cost 12,844 15,932 15,037 1,537 2,294 2,561 Expected return on plan assets (20,784 ) (19,666 ) (18,316 ) (1,338 ) (1,501 ) (1,589 ) Amortization of prior service cost (credit) 44 76 121 (302 ) (203 ) (90 ) Amortization of net actuarial loss 9,537 8,480 9,742 2,605 1,723 2,285 Settlement loss 648 — 516 363 160 1,319 Curtailment (gain) loss — — 68 — (1,526 ) — Total benefit cost $ 14,745 $ 16,312 $ 18,019 $ 5,243 $ 3,395 $ 7,302 Net periodic pension cost for 2017 included a settlement loss of $1,011 due to lump sum retirement payments.Net periodic pension cost for 2016 included a settlement loss of $160 due to lump sum retirement payments and a curtailment gain of $1,526 due to a plan amendment allowing participants to elect a new defined contribution plan or a new defined benefit plan. The weighted average assumptions used in the valuation of pension benefits were as follows: United States International 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at October 31: Discount rate 3.80 % 3.94 % 4.39 % 2.07 % 1.86 % 2.81 % Rate of compensation increase 3.61 3.61 3.50 3.13 3.12 3.22 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.94 4.39 4.29 1.86 2.81 2.94 Discount rate - service cost 4.31 4.39 4.29 1.55 2.81 2.94 Discount rate - interest cost 3.20 4.39 4.29 1.66 2.81 2.94 Expected return on plan assets 6.25 6.72 6.76 3.51 4.22 4.39 Rate of compensation increase 3.61 3.50 3.49 3.12 3.22 3.19 The amortization of prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plans. The discount rate reflects the current rate at which pension liabilities could be effectively settled at the end of the year. The discount rate used considers a yield derived from matching projected pension payments with maturities of a portfolio of available bonds that receive the highest rating given from a recognized investments ratings agency. The changes in the discount rates in 2017 and 2016 are due to changes in yields for these types of investments as a result of the economic environment. In determining the expected return on plan assets using the calculated value of plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and other professionals in developing appropriate return assumptions. The rate of compensation increase is based on managements’ estimates using historical experience and expected increases in rates. Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when they exceed the accounting corridor, which is set at 10% of the greater of the plan assets or benefit obligations. Gains or losses outside of the corridor are subject to amortization over an average employee future service period that differs by plan. If substantially all of the plan’s participants are no longer actively accruing benefits, the average life expectancy is used. In the fourth quarter of 2016, we adopted a change in the method to be used to estimate the service and interest cost components of net periodic benefit cost for defined benefit pension plans. Historically, for the vast majority of our plans, the service and interest cost components were estimated using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Beginning in 2017, we used a spot rate approach by applying the specific spot rates along the yield curve to the relevant projected cash flows in the estimation of the service and interest components of benefit cost, resulting in a more precise measurement. This change did not affect the measurement of total benefit obligations. The change was accounted for as a change in estimate that is inseparable from a change in accounting principle and, accordingly, was accounted for prospectively starting in 2017. The reductions in service and interest costs for 2017 associated with this change in estimate were $1,200 and $3,100, respectively. The allocation of pension plan assets as of October 31, 2017 and 2016 is as follows: United States International 2017 2016 2017 2016 Asset Category Equity securities 13 % 15 % — % — % Debt securities 48 31 — — Insurance contracts — — 56 59 Pooled investment funds 39 53 42 39 Other — 1 2 2 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 91 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 2017, the target in “return-seeking assets” is 35 percent and 65 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 9 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. In accordance with the adoption of a new accounting standard, as described in Note 2, certain investments that were measured at NAV (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the total pension plan assets. The fair values of our pension plan assets at October 31, 2017 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 $ 959 $ 959 $ — $ — $ 566 $ 566 $ — $ — Money market funds 3,615 3,615 — — — — — — Equity securities: Basic materials 2,129 2,129 — — — — — — Consumer goods 3,776 3,776 — — — — — — Financial 6,147 6,147 — — — — — — Healthcare 3,940 3,940 — — — — — — Industrial goods 2,459 2,459 — — — — — — Technology 3,815 3,815 — — — — — — Utilities 793 793 — — — — — — Mutual funds 20,698 20,698 — — — — — — Fixed income securities: U.S. Government 57,789 9,372 48,417 — — — — — Corporate 112,112 — 112,112 — — — — — Other 6,566 — 6,566 — — — — — Other types of investments: Insurance contracts — — — — 21,037 — — 21,037 Real estate collective funds at NAV 21,699 — — — — — — — Pooled investment funds at NAV 121,724 — — — 15,901 — — — Other 1,013 1,013 — — — — — — $ 369,234 $ 58,716 $ 167,095 $ — $ 37,504 $ 566 $ — $ 21,037 The fair values of our pension plan assets at October 31, 2016 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 $ 896 $ 896 $ — $ — $ 798 $ 798 $ — $ — Money market funds 2,471 2,471 — — — — — — Equity securities: Basic materials 2,144 2,144 — — — — — — Consumer goods 3,457 3,457 — — — — — — Financial 5,930 5,930 — — — — — — Healthcare 3,344 3,344 — — — — — — Industrial goods 2,671 2,671 — — — — — — Technology 3,490 3,490 — — — — — — Utilities 857 857 — — — — — — Mutual funds 27,220 27,220 — — — — — — Fixed income securities: U.S. Government 38,466 6,888 31,578 — — — — — Corporate 63,077 — 63,077 — — — — — Other 3,403 — 3,403 — — — — — Other types of investments: Insurance contracts — — — — 20,927 — — 20,927 Real estate collective funds at NAV 20,402 — — — — — — — Pooled investment funds at NAV 155,247 — — — 13,879 — — — Other 792 792 — — — — — — $ 333,867 $ 60,160 $ 98,058 $ — $ 35,604 $ 798 $ — $ 20,927 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 and mutual funds are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. • Fixed income securities - U.S. Treasury bills reflect the closing price on the active market in which the securities are traded and are classified as Level 1. Securities of U.S. agencies are valued using bid evaluations and are classified as Level 2. Corporate fixed income securities are valued using evaluated prices, such as dealer quotes, bids and offers and are therefore classified as Level 2. • Insurance contracts - Insurance contracts are investments with various insurance companies. The contract value represents the best estimate of fair value. These contracts do not hold any specific assets. These investments are classified as Level 3. • Real estate collective funds – These funds are valued using the net asset value of the underlying properties. Net asset value is calculated using a combination of key inputs, such as revenue and expense growth rates, terminal capitalization rates and discount rates. • Pooled investment funds - These are public investment vehicles valued using the net asset value. The net asset value is based on the value of the assets owned by the plan, less liabilities. These investments are not quoted on an active exchange. The following tables present an analysis of changes during the years ended October 31, 2017 and 2016 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) Insurance contracts Total Beginning balance at October 31, 2016 $ 20,927 $ 20,927 Actual return on plan assets: Assets held, end of year (412 ) (412 ) Assets sold during the period — - Purchases 2,330 2,330 Sales (2,502 ) (2,502 ) Foreign currency translation 694 694 Ending balance at October 31, 2017 $ 21,037 $ 21,037 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Insurance contracts Total Beginning balance at October 31, 2015 $ 20,432 $ 20,432 Actual return on plan assets: Assets held, end of year 1,683 1,683 Assets sold during the period — - Purchases 2,799 2,799 Sales (2,140 ) (2,140 ) Foreign currency translation (1,847 ) (1,847 ) Ending balance at October 31, 2016 $ 20,927 $ 20,927 Contributions to pension plans in 2018 are estimated to be approximately $22,800. Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year United States International 2018 $ 14,476 $ 1,837 2019 15,604 2,861 2020 16,839 2,652 2021 18,061 3,035 2022 19,529 2,633 2023-2027 116,207 16,442 Other postretirement plans - We sponsor an unfunded postretirement health care benefit plan covering certain of our United States employees. Employees hired after January 1, 2002, are not eligible to participate in this plan. For eligible retirees under the age of 65 who enroll in the plan, the plan is contributory in nature, with retiree contributions in the form of premiums that are adjusted annually. For eligible retirees age 65 and older who enroll in the plan, the plan delivers a benefit in the form of a Health Reimbursement Account (HRA), which retirees use for eligible reimbursable expenses, including premiums paid for purchase of a Medicare supplement plan or other out-of-pocket medical expenses such as deductibles or co-pays. A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows: United States International 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 71,904 $ 68,315 $ 623 $ 524 Service cost 752 849 20 16 Interest cost 2,307 2,923 20 23 Participant contributions 503 446 — — Foreign currency exchange rate change — — 24 (14 ) Actuarial (gain) loss 2,212 1,818 (81 ) 81 Benefits paid (2,532 ) (2,447 ) (7 ) (7 ) Benefit obligation at end of year $ 75,146 $ 71,904 $ 599 $ 623 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 2,029 2,001 7 7 Participant contributions 503 446 — — Benefits paid (2,532 ) (2,447 ) (7 ) (7 ) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (75,146 ) $ (71,904 ) $ (599 ) $ (623 ) Amounts recognized in financial statements: Accrued benefit liability $ (2,148 ) $ (2,123 ) $ (8 ) $ (7 ) Long-term postretirement obligations (72,998 ) (69,781 ) (591 ) (616 ) Total amount recognized in financial statements $ (75,146 ) $ (71,904 ) $ (599 ) $ (623 ) United States International 2017 2016 2017 2016 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 20,124 $ 18,786 $ (342 ) $ (265 ) Prior service credit (142 ) (306 ) — — Accumulated other comprehensive (gain) loss $ 19,982 $ 18,480 $ (342 ) $ (265 ) Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 995 $ 917 $ (20 ) $ (17 ) Amortization of prior service cost (credit) (99 ) (164 ) — — Total $ 896 $ 753 $ (20 ) $ (17 ) The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2017 2016 2017 2016 Balance at beginning of year $ 18,480 $ 17,079 $ (265 ) $ (379 ) Net (gain) loss arising during the year 2,212 1,818 (82 ) 81 Net gain (loss) recognized during the year (874 ) (684 ) 17 25 Prior service credit recognized during the year 164 267 — — Exchange rate effect during the year — — (12 ) 8 Balance at end of year $ 19,982 $ 18,480 $ (342 ) $ (265 ) Net postretirement benefit costs include the following components: United States International 2017 2016 2015 2017 2016 2015 Service cost $ 752 $ 849 $ 979 $ 20 $ 16 $ 29 Interest cost 2,307 2,923 2,946 20 23 35 Amortization of prior service credit (164 ) (267 ) (438 ) — — — Amortization of net actuarial (gain) loss 874 684 1,104 (17 ) (24 ) — Total benefit cost $ 3,769 $ 4,189 $ 4,591 $ 23 $ 15 $ 64 The weighted average assumptions used in the valuation of postretirement benefits were as follows: United States International 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at October 31: Discount rate 3.86 % 4.05 % 4.50 % 3.52 % 3.40 % 4.35 % Health care cost trend rate 3.70 3.63 3.72 6.50 6.13 6.31 Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) 3.23 3.24 3.27 3.50 3.50 3.50 Year the rate reaches the ultimate trend rate 2026 2026 2025 2037 2031 2031 Assumption used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 4.03 % 4.50 % 4.40 % 3.40 % 4.35 % 4.25 % Discount rate - service cost 4.48 4.50 4.40 3.56 4.35 4.25 Discount rate - interest cost 3.27 4.50 4.40 3.20 4.35 4.25 The weighted average health care trend rates reflect expected increases in the Company’s portion of the obligation. Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when they exceed the accounting corridor, which is set at 10% of the greater of the plan assets or benefit obligations. Gains or losses outside of the corridor are subject to amortization over an average employee future service period that differs by plan. If substantially all of the plan’s participants are no longer actively accruing benefits, the average life expectancy is used. Similar to the changes in the discount rate approach discussed for the pension plans above, beginning in 2017 we elected to use an approach that discounts the individual expected cash flows underlying interest and service costs using the applicable spot rates derived from the yield curve used to determine the benefit obligation to the relevant projected cash flows.The Company has accounted for this change in estimate that is inseparable from a change in accounting principle on a prospective basis starting in fiscal year 2017. The reductions in service and interest costs for 2017 associated with this change in estimate were $100 and $500, respectively. A one-percentage point change in 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 Health care trend rate: Effect on total service and interest cost components in 2017 $ 562 $ (446 ) $ 10 $ (8 ) Effect on postretirement obligation as of October 31, 2017 $ 10,637 $ (8,650 ) $ 150 $ (115 ) Contributions to postretirement plans in 2018 are estimated to be approximately $2,200. Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2018 $ 2,148 $ 8 2019 2,397 8 2020 2,592 9 2021 2,827 9 2022 3,066 9 2023-2027 18,330 59 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income taxes Income tax expense includes the following: 2017 2016 2015 Current: U.S. federal $ 54,878 $ 44,156 $ 36,875 State and local 3,731 2,256 1,623 Foreign 66,352 53,836 49,153 Total current 124,961 100,248 87,651 Deferred: U.S. federal 3,596 (2,334 ) 4,950 State and local 1,164 563 1,031 Foreign (5,232 ) (1,826 ) (3,881 ) Total deferred (472 ) (3,597 ) 2,100 $ 124,489 $ 96,651 $ 89,751 Earnings before income taxes of domestic operations, which are calculated after intercompany profit eliminations, were $181,840, $156,723 and $140,044 in 2017, 2016 and 2015, respectively. Our income tax provision for 2017 includes a discrete tax expense of $1,070 related to nondeductible acquisition costs. On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 was enacted which retroactively reinstated the Federal Research and Development Tax Credit (Federal R&D Tax Credit) as of January 1, 2015, and made it permanent. As a result, our income tax provision for 2016 includes a discrete tax benefit of $2,200 related to 2015. The tax rate for 2016 also includes a discrete tax benefit of $6,154 related to dividends paid from previously taxed foreign earnings generated prior to 2015, and a benefit of $2,682 related to the effective settlement of a tax exam. 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. A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows: 2017 2016 2015 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Domestic Production Deduction (1.48 ) (1.43 ) (1.47 ) Foreign tax rate variances, net of foreign tax credits (4.69 ) (4.59 ) (3.25 ) State and local taxes, net of federal income tax benefit 0.76 0.50 0.43 Amounts related to prior years 0.03 (1.20 ) (1.04 ) Tax benefit from previously taxed dividends paid — (1.67 ) — Other – net — (0.38 ) 0.16 Effective tax rate 29.62 % 26.23 % 29.83 % 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 $238,451, $211,771 and $160,818 in 2017, 2016 and 2015, respectively. Deferred income taxes are not provided on undistributed earnings of international subsidiaries that are intended to be permanently invested in their operations. These undistributed earnings represent the post-income tax earnings under U.S. GAAP not adjusted for previously taxed income which aggregated approximately $1,026,793 and $757,501 at October 31, 2017 and 2016, 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, 2017 and 2016, total unrecognized tax benefits were $3,781 and $3,336, respectively. The amounts that, if recognized, would impact the effective tax rate were $3,273 and $2,775 at October 31, 2017 and 2016, respectively. During 2016, unrecognized tax benefits related primarily to foreign positions and, as recognized, a substantial portion of the gross unrecognized tax benefits were offset against assets recorded in the Consolidated Balance Sheet. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2017, 2016 and 2015 is as follows: 2017 2016 2015 Balance at beginning of year $ 3,336 $ 6,258 $ 5,812 Additions based on tax positions related to the current year 529 522 288 Additions for tax positions of prior years 621 310 331 Reductions for tax positions of prior years (150 ) (140 ) (28 ) Settlements — (3,091 ) — Lapse of statute of limitations (555 ) (523 ) (145 ) Balance at end of year $ 3,781 $ 3,336 $ 6,258 At October 31, 2017 and 2016, we had accrued interest and penalty expense related to unrecognized tax benefits of $623 and $541, 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 2014 through 2017 tax years; tax years prior to the 2014 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 2011. 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: 2017 2016 Deferred tax assets: Employee benefits $ 84,109 $ 93,837 Other accruals not currently deductible for taxes 28,579 16,861 Tax credit and loss carryforwards 23,976 11,111 Inventory adjustments 8,778 7,915 Total deferred tax assets 145,442 129,724 Valuation allowance (14,891 ) (8,304 ) Total deferred tax assets 130,551 121,420 Deferred tax liabilities: Depreciation and amortization 252,489 171,209 Other - net 1,132 1,366 Total deferred tax liabilities 253,621 172,575 Net deferred tax liabilities $ (123,070 ) $ (51,155 ) At October 31, 2017, we had $5,493 of tax credit carryforwards of which $27 will expire in 2022, and $5,466 of which has an indefinite carryforward period. We also had $21,929 Federal, $78,320 state and $13,174 foreign operating loss carryforwards, and $20,149 capital loss carryforward, of which $120,950 will expire in 2018 through 2037, and $12,622 of which has an indefinite carryforward period. The net change in the valuation allowance was an increase of $6,587 in 2017 and a increase of $1,537 in 2016. The valuation allowance of $14,891 at October 31, 2017, 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, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 9 — Notes payable Bank lines of credit and notes payable are summarized as follows: 2017 2016 Maximum borrowings available under bank lines of credit (all foreign banks) $ 75,041 $ 61,519 Outstanding borrowings / notes payable (all foreign bank debt) — 2,141 Weighted-average interest rate on notes payable — 4.35 % Unused bank lines of credit $ 75,041 $ 59,378 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10 — Long-term debt A summary of long-term debt is as follows: 2017 2016 Revolving credit agreement, due 2020 $ 249,138 $ 244,680 Senior notes, due 2018-2025 172,600 200,000 Senior notes, due 2019-2027 100,000 100,000 Term loan, due 2018-2020 200,000 200,000 Term loan, due 2018-2022 705,000 — Euro loan, due 2019 12,191 79,389 Private shelf facility, due 2018-2026 146,666 157,222 Development loans, due 2018-2026 1,218 1,344 Other — 11 1,586,813 982,646 Less current maturities 326,587 38,093 Less unamortized debt issuance costs (1) 3,829 1,782 Long-term maturities $ 1,256,397 $ 942,771 (1) Prior to the adoption of new accounting guidance in the first quarter of 2017 (refer to Note 2), debt issuance costs of $1,782 were reflected in the Consolidated Balance Sheets in Other assets at October 31, 2016. Such amounts were reclassified to Long-term debt for comparative purposes. 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 2.24 percent at October 31, 2017. Senior notes, due 2018-2025 — These fixed-rate notes entered into in 2012 with a group of insurance companies had a remaining weighted-average life of 4.11 years. The weighted-average interest rate at October 31, 2017 was 3.02 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 6.24 years. The weighted-average interest rate at October 31, 2017 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 2.24 percent and $100,000 is due in five years with a weighted-average interest rate of 2.34 percent. Term loan, due 2018-2022 — In 2017, we entered into a $705,000 term loan facility with a group of banks. The interest rate is variable based upon the LIBOR rate. $200,000 is due in 18 months with a weighted-average interest rate of 2.25 percent, $200,000 is due in three years with a weighted-average interest rate of 2.35 percent and $305,000 is due in five years with a weighted-average interest rate of 2.38 percent. Euro loan, due 2019 — 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 loan was amended in 2016 to extend the term by one year and increase the principal amount. The interest rate is variable based upon the EUR LIBOR rate. The weighted average interest rate at October 31, 2017 was 1.00 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, and then increased to $200,000 in 2016. Borrowings under the agreement may be for up to 12 years and are unsecured. The interest rate on each borrowing is fixed based upon the market rate at the borrowing date or is variable based upon the LIBOR rate. At October 31, 2017, the amount outstanding under this facility was at fixed rates of 2.21 percent and 2.56 percent and at variable rates of 2.49 percent and 2.60 percent. Development loans, due 2018-2026 — 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, 2017, are as follows: $326,587 in 2018; $40,924 in 2019; $617,876 in 2020; $38,187 in 2021 and $335,791 in 2022. |
Leases
Leases | 12 Months Ended |
Oct. 31, 2017 | |
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 $17,938, $18,047 and $15,721 in 2017, 2016 and 2015, 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: 2017 2016 Transportation equipment $ 17,594 $ 15,991 Other 8,121 8,240 Total capitalized leases 25,715 24,231 Accumulated amortization (11,408 ) (10,235 ) Net capitalized leases $ 14,307 $ 13,996 At October 31, 2017, future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2018 $ 6,353 $ 17,337 2019 4,463 13,324 2020 2,386 10,176 2021 884 8,381 2022 617 7,179 Later years 4,655 17,720 Total minimum lease payments 19,358 $ 74,117 Less amount representing executory costs 1,833 Net minimum lease payments 17,525 Less amount representing interest 3,019 Present value of net minimum lease payments 14,506 Less current portion 4,813 Long-term obligations at October 31, 2017 $ 9,693 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 2017 | |
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, 2017: Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 3,249 $ — $ 3,249 $ — Total assets at fair value $ 3,249 $ — $ 3,249 $ — Liabilities: Deferred compensation plans (b) $ 11,004 $ — $ 11,004 $ — Foreign currency forward contracts (a) 2,959 — 2,959 — Total liabilities at fair value $ 13,963 $ — $ 13,963 $ — (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, 2017 | |
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 2017, we recognized net gains of $329 on foreign currency forward contracts and net losses of $1,015 from the change in fair value of balance sheet positions. In 2016, we recognized net gains of $2,317 on foreign currency forward contracts and net losses of $312 from the change in fair value of balance sheet positions. 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. The following table summarizes, by currency, the contracts outstanding at October 31, 2017 and 2016: Sell Buy Notional Amounts Fair Market Value Notional Amounts Fair Market Value October 31, 2017 contract amounts: Euro $ 144,611 $ 141,720 $ 78,253 $ 76,892 Pound sterling 45,252 45,242 54,204 54,658 Japanese yen 24,904 24,349 28,358 27,401 Australian dollar 193 191 8,185 7,904 Hong Kong dollar — — 100,131 100,114 Singapore dollar 794 791 12,681 12,642 Others 5,413 5,312 51,930 50,688 Total $ 221,167 $ 217,605 $ 333,742 $ 330,299 October 31, 2016 contract amounts: Euro $ 107,860 $ 105,635 $ 51,377 $ 50,495 Pound sterling 36,692 36,125 37,473 36,302 Japanese yen 31,844 31,000 23,998 23,185 Australian dollar 380 380 8,096 8,095 Hong Kong dollar 1,702 1,702 79,516 79,411 Singapore dollar 1,031 995 12,062 11,735 Others 1,863 1,832 32,511 32,066 Total $ 181,372 $ 177,669 $ 245,033 $ 241,289 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 2017 and 2016, net losses of $760 and net gains of $2,439, 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, 2017 and 2016, 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 cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments. 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable — — 2,141 2,141 Long-term debt (including current portion) 1,582,984 1,587,920 980,864 992,060 Foreign currency forward contracts (net) 290 290 (39 ) (39 ) We used the following methods and assumptions in estimating the fair value of financial instruments: • 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. The carrying amount of long-term debt is shown net of unamortized debt issuance costs as described in Note 10. • 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, 2017 | |
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 2017, 2016 or 2015. Common — We have 160,000 authorized common shares without par value. At October 31, 2017 and 2016, there were 98,023 common shares issued. At October 31, 2017 and 2016, the number of outstanding common shares, net of treasury shares, was 57,715 and 57,307, respectively. Common shares repurchased as part of publicly announced programs during 2017, 2016 and 2015 were as follows: Number Total Average Year of Shares Amount per Share 2017 — $ — $ — 2016 447 $ 31,877 $ 71.37 2015 5,360 $ 381,598 $ 71.19 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Oct. 31, 2017 | |
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 during 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 $9,326, $7,874 and $8,772 for 2017, 2016 and 2015, respectively. The following table summarizes activity related to stock options during 2017: Number of Options Weighted˗Average Exercise Price Per Share Aggregate Intrinsic Value Weighted˗Average Remaining Term Outstanding at October 31, 2016 1,881 $ 58.41 Granted 381 $ 107.68 Exercised (316 ) $ 45.13 Forfeited or expired (24 ) $ 81.92 Outstanding at October 31, 2017 1,922 $ 70.08 $ 108,823 6.4 years Vested at October 31, 2017 or expected to vest 1,905 $ 69.84 $ 108,294 6.4 years Exercisable at October 31, 2017 999 $ 54.23 $ 72,357 4.7 years Summarized information on currently outstanding options follows: Range of Exercise Price $14 - $28 $29 - $65 $66 - $125 Number outstanding 139 516 1,267 Weighted-average remaining contractual life, in years 1.6 4.1 7.9 Weighted-average exercise price $ 21.50 $ 49.83 $ 83.66 Number exercisable 139 516 344 Weighted-average exercise price $ 21.50 $ 49.83 $ 74.09 As of October 31, 2017, there was $6,638 of total unrecognized compensation cost related to nonvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.6 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: 2017 2016 2015 Expected volatility 26.0%-29.2% 29.1%-30.4% 30.3%-39.5% Expected dividend yield 0.91%-1.17% 1.54% 1.06%-1.10% Risk-free interest rate 1.89%-2.06% 1.78%-1.90% 1.57%˗1.85% Expected life of the option (in years) 5.4-6.2 5.4-6.2 5.4˗6.1 The weighted-average expected volatility used to value options granted in 2017, 2016 and 2015 was 29.1 percent, 29.6 percent and 34.3 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 2017, 2016 and 2015 was $28.86, $18.23 and $24.63, respectively. The total intrinsic value of options exercised during 2017, 2016 and 2015 was $22,317, $17,271 and $10,406, respectively. Cash received from the exercise of stock options for 2017, 2016 and 2015 was $14,086, $11,476 and $5,372, respectively. The tax benefit realized from tax deductions from exercises for 2017, 2016 and 2015 was $6,685, $3,476 and $3,661, 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 normal retirement at age 65, restricted shares granted within 12 months prior to termination are forfeited, and, for other restricted shares, the restriction period will lapse 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 2017: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Restricted at October 31, 2016 60 $ 73.56 Granted 28 $ 109.04 Forfeited (4 ) $ 72.25 Vested (26 ) $ 74.08 Restricted at October 31, 2017 58 $ 90.38 As of October 31, 2017, there was $2,829 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 1.9 years. The amount charged to expense related to restricted shares was $2,127, $1,963 and $1,840 in 2017, 2016 and 2015, respectively. These amounts included common share dividends of $64, $60, and $51 in 2017, 2016 and 2015, respectively. The following table summarizes activity related to restricted share units in 2017: Number of Units Weighted˗Average Grant Date Fair Value Restricted share units at October 31, 2016 0 $ — Granted 10 $ 97.43 Vested (10 ) $ 97.43 Restricted share units at October 31, 2017 0 $ — As of October 31, 2017, 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 2017, 2016 and 2015 was $1,011, $974 and $972, 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 2017: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Outstanding at October 31, 2016 99 $ 41.72 Restricted stock units vested 6 $ 97.60 Dividend equivalents 1 $ 115.54 Distributions (5 ) $ 26.89 Outstanding at October 31, 2017 101 $ 46.74 The amount charged to expense related to director deferred compensation was $106, $158 and $91 in 2017, 2016 and 2015, respectively. Performance share incentive awards — Executive officers and selected other key employees are eligible to receive common share-based incentive awards. Payouts, in the form of unrestricted common shares, vary based on the degree to which corporate financial performance exceeds predetermined threshold, target and maximum performance goals over three-year performance periods. No payout will occur unless threshold performance is achieved. The amount of compensation expense is based upon current performance projections 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. The per share values were $103.75 and $104.49 for 2017, $67.69 per share for 2016 and $76.48 per share for 2015. The amounts charged to expense for executive officers and selected other key employees in 2017, 2016 and 2015 were $7,398, $7,083 and $3,459, respectively. The cumulative amount recorded in shareholders’ equity at October 31, 2017, and 2016 was $12,820 and $10,951, 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 share-based performance incentive award payout each year. Additional share units are credited for quarterly dividends paid on our common shares. Expense related to dividends paid under this plan was $264, $219 and $179 for 2017, 2016 and 2015, respectively. Shares reserved for future issuance — At October 31, 2017, there were 2,781 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, 2017 | |
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 2017, 2016 or 2015. The following table presents information about our reportable segments: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Corporate Total Year ended October 31, 2017 Net external sales $ 916,019 $ 897,623 $ 253,340 $ — $ 2,066,982 Depreciation and amortization 29,118 49,535 5,559 6,642 90,854 Operating profit (loss) 253,580 (a) 228,062 (b) 43,991 (67,931 ) 457,702 Identifiable assets (e) 794,699 1,718,844 120,458 790,940 (d) 3,424,941 Expenditures for long-lived assets 35,310 21,135 9,108 6,005 71,558 Year ended October 31, 2016 Net external sales $ 879,573 $ 676,329 $ 253,092 $ — $ 1,808,994 Depreciation and amortization 28,294 29,649 5,041 7,320 70,304 Operating profit (loss) 229,143 (a) 159,531 (b) 43,511 (c) (43,754 ) 388,431 Identifiable assets (e) 751,153 1,080,711 140,169 463,642 (d) 2,435,675 Expenditures for long-lived assets 17,407 18,967 17,357 7,120 60,851 Year ended October 31, 2015 Net external sales $ 836,066 $ 593,858 $ 258,742 $ — $ 1,688,666 Depreciation and amortization 28,097 25,430 4,973 6,694 65,194 Operating profit (loss) 195,902 (a) 120,940 (b) 41,458 (c) (40,570 ) 317,730 Identifiable assets (e) 734,145 1,021,221 130,421 484,722 (d) 2,370,509 Expenditures for long-lived assets 12,880 36,182 5,112 7,913 62,087 (a) Includes $2,618, $7,800 and $7,972 of severance and restructuring costs in 2017, 2016 and 2015, respectively. (b) Includes $(180), $1,054 and $3,060 of severance and restructuring costs in 2017, 2016 and 2015, respectively. (c) Includes $1,921 and $379 of severance and restructuring costs in 2016 and 2015, 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. Amounts for the years 2015 and 2016 have been adjusted to reflect the retrospective application of our reclassification of debt issuance costs upon the adoption of a new accounting standard, as described in Note 2. (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: 2017 2016 2015 Net external sales United States $ 647,657 $ 531,117 $ 529,893 Americas 147,026 124,657 129,325 Europe 530,812 503,869 462,565 Japan 147,189 122,054 107,797 Asia Pacific 594,298 527,297 459,086 Total net external sales $ 2,066,982 $ 1,808,994 $ 1,688,666 Long-lived assets United States $ 216,352 $ 209,959 $ 187,212 Americas 1,552 1,730 1,735 Europe 98,921 23,943 21,231 Japan 5,939 6,408 5,876 Asia Pacific 23,647 31,089 33,886 Total long-lived assets $ 346,411 $ 273,129 $ 249,940 A reconciliation of total segment operating profit to total consolidated income before income taxes is as follows: 2017 2016 2015 Total profit for reportable segments $ 457,702 $ 388,431 $ 317,730 Interest expense (36,601 ) (21,322 ) (18,104 ) Interest and investment income 1,124 728 558 Other-net (1,934 ) 657 678 Income before income taxes $ 420,291 $ 368,494 $ 300,862 A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2017 2016 2015 Total assets for reportable segments $ 3,424,941 $ 2,435,675 $ 2,370,509 Customer advance payments 34,654 26,175 22,884 Eliminations (45,056 ) (41,267 ) (35,079 ) Total consolidated assets $ 3,414,539 $ 2,420,583 $ 2,358,314 |
Supplemental Information for th
Supplemental Information for the Statement of Cash Flows | 12 Months Ended |
Oct. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information for the Statement of Cash Flows | Note 17 — Supplemental information for the statement of cash flows 2017 2016 2015 Cash operating activities: Interest paid $ 36,450 $ 23,423 $ 17,312 Income taxes paid 118,096 102,592 72,175 Non-cash investing and financing activities: Capitalized lease obligations incurred $ 6,509 $ 5,639 $ 5,562 Capitalized lease obligations terminated 670 1,033 672 Shares acquired and issued through exercise of stock options 170 212 445 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 18 — Quarterly financial data (unaudited) First Second Third Fourth 2017: Sales $ 407,470 $ 496,137 $ 589,438 $ 573,938 Gross margin 225,138 275,512 326,265 312,088 Net income 49,988 64,523 101,456 79,835 Earnings per share: Basic 0.87 1.12 1.76 1.38 Diluted 0.86 1.11 1.74 1.37 2016: Sales $ 372,220 $ 437,592 $ 489,899 $ 509,283 Gross margin 196,907 248,405 273,220 274,967 Net income 41,161 70,601 84,214 75,867 Earnings per share: Basic 0.72 1.24 1.48 1.33 Diluted 0.72 1.23 1.46 1.31 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. The sum of other amounts for the four quarters may not always equal the annual amounts due to rounding. During the fourth quarter of 2017, we recorded pre-tax severance and restructuring costs of $1,017 and we recorded pre-tax acquisition costs of $391 related to the acquisition of Vention. During the third quarter of 2017, we recorded pre-tax severance and restructuring costs of $703 and we recorded pre-tax acquisition costs of $865 related to Vention. During the second quarter of 2017, we recorded pre-tax severance and restructuring costs of $491 and we recorded pre-tax acquisition costs of $13,415 related Vention. As a result, our income tax provision for the second quarter included a discrete tax expense of $2,600 related to nondeductible acquisition costs. During the first quarter of 2017, we recorded pre-tax severance and restructuring costs of $227. During the fourth quarter of 2016, we recorded pre-tax severance and restructuring costs of $6,411. During the third quarter of 2016, we recorded pre-tax severance and restructuring costs of $1,714 and we recorded other expense of $2,722 related to the reversal of an indemnification asset resulting from the effective settlement of a tax exam. Additionally, our income tax provision for the third quarter included a discrete tax benefit of $1,651 related to the effective settlement of a tax exam. During the second quarter of 2016, we recorded pre-tax severance and restructuring costs of $1,633. Additionally, we recorded other income of $800 related to a favorable litigation settlement and a $1,192 favorable adjustment to unrecognized tax benefits related to the effective settlement of a tax exam. Furthermore, our income tax provision for the second quarter included a discrete tax benefit of $1,136 related to the effective settlement of a tax exam. During the first quarter of 2016, we recorded pre-tax severance and restructuring costs of $1,017. On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 was enacted which retroactively reinstated the Federal Research and Development Tax Credit (Federal R&D Tax Credit) as of January 1, 2015, and made it permanent. As a result, our income tax provision for the three months ended January 31, 2016 includes a discrete tax benefit of $2,025 primarily related to 2015. Additionally, our income tax provision for the first quarter included a discrete tax benefit of $6,184 related to dividends paid from previously taxed foreign earnings. |
Contingencies
Contingencies | 12 Months Ended |
Oct. 31, 2017 | |
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, it is our opinion, after consultation with legal counsel, that resolutions of these matters are not expected to result in a material effect on our financial condition, quarterly or annual operating results or cash flows. We have voluntarily agreed with the City of New Richmond, Wisconsin and other Potentially Responsible Parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the “Site”) and the construction of a potable water delivery system serving the impacted area down gradient of the Site. At October 31, 2017 and October 31, 2016, our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $472 and $516, respectively. The liability for environmental remediation represents management’s best estimate of the probable and reasonably estimable undiscounted costs related to known remediation obligations. The accuracy of our estimate of environmental liability is affected by several uncertainties such as additional requirements that may be identified in connection with remedial activities, the complexity and evolution of environmental laws and regulations, and the identification of presently unknown remediation requirements. Consequently, our liability could be greater than our current estimate. However, we do not expect that the costs associated with remediation will have a material adverse effect on our financial condition or results of operations. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Oct. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | Schedule II – Valuation and Qualifying Accounts and Reserves Balance at Balance Beginning Charged to Currency at End of Year Expense Deductions Effects of Year Allowance for Doubtful Accounts 2015 $ 4,487 1,014 773 (226 ) $ 4,502 2016 $ 4,502 1,867 945 111 $ 5,535 2017 $ 5,535 4,030 349 575 $ 9,791 Inventory Obsolescence and Other Reserves 2015 $ 26,744 9,487 6,741 (1,260 ) $ 28,230 2016 $ 28,230 6,719 6,096 471 $ 29,324 2017 $ 29,324 8,888 4,530 (542 ) $ 33,140 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2017 | |
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. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, therefore, 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 2017, 2016 and 2015 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 $11,296, $11,095 and $11,943 in 2017, 2016 and 2015, respectively. |
Research and Development | Research and development — Research and development costs are expensed as incurred and were $52,462, $46,247 and $46,689 in 2017, 2016 and 2015, 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. No options were excluded from the calculation of diluted earnings per share in 2017. Options for 396 and 373 common shares were excluded from the diluted earnings per share calculation in 2016 and 2015, respectively, because their effect would have been anti-dilutive. 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 | Cash — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. |
Allowance for Doubtful Accounts | Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur. Credit is extended to customers satisfying pre-defined credit criteria. We believe we have limited concentration of credit risk due to the diversity of our customer base. |
Inventories | Inventories — Inventories are valued at net realizable value. Cost was determined using the last-in, first-out (LIFO) method for 16 percent of consolidated inventories at October 31, 2017 and 20 percent of consolidated inventories at October 31, 2016. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,684 and $7,400 higher than reported at October 31, 2017 and 2016, 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 2017, 2016 or 2015. |
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, 2017, 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 15 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, 2017 and 2016 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2016 $ (51,120 ) $ (117,127 ) $ (168,247 ) Pension and postretirement plan changes, net of tax of $(4,852) — 11,115 11,115 Currency translation losses 22,697 — 22,697 Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) |
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 2017 and 2016: 2017 2016 Balance at beginning of year $ 11,770 $ 10,537 Accruals for warranties 11,394 14,487 Warranty assumed from acquisitions 75 — Warranty payments (10,090 ) (12,575 ) Currency adjustments 228 (679 ) Balance at end of year $ 13,377 $ 11,770 |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
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, 2017, 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 15 years |
Summary of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss at October 31, 2017 and 2016 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2016 $ (51,120 ) $ (117,127 ) $ (168,247 ) Pension and postretirement plan changes, net of tax of $(4,852) — 11,115 11,115 Currency translation losses 22,697 — 22,697 Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) |
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability for 2017 and 2016: 2017 2016 Balance at beginning of year $ 11,770 $ 10,537 Accruals for warranties 11,394 14,487 Warranty assumed from acquisitions 75 — Warranty payments (10,090 ) (12,575 ) Currency adjustments 228 (679 ) Balance at end of year $ 13,377 $ 11,770 |
Severance and Restructuring C31
Severance and Restructuring Costs (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Schedule Severance and Restructuring Activity | The following table summarizes severance and restructuring activity during 2017 related to actions initiated in 2015: Employee Lease Other severance termination one-time charges charges costs Total Accrual Balance at October 31, 2016 $ 1,136 $ 143 $ 497 $ 1,776 Charged to expense (133 ) — 172 $ 39 Cash payments (525 ) (143 ) (540 ) (1,208 ) Accrual Balance at October 31, 2017 $ 478 $ — $ 129 $ 607 |
Adhesive Dispensing Systems [Member] | |
Schedule Severance and Restructuring Activity | The following table summarizes severance and restructuring activity during 2017 related to this action: Employee Other severance one-time charges costs Total Accrual Balance at October 31, 2016 $ 4,576 $ 104 $ 4,680 Charged to expense (243 ) 2,642 2,399 Cash payments (209 ) (1,566 ) (1,775 ) Non cash utilization — (488 ) (488 ) Accrual Balance at October 31, 2017 $ 4,124 $ 692 $ 4,816 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Summary of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed at the Acquisition Date | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: Assets acquired: Cash $ 3,313 Receivables 26,742 Inventories 14,279 Prepaid expenses 3,079 Property, plant and equipment 34,319 Goodwill 434,625 Intangible assets 286,000 Other assets 343 Total assets acquired $ 802,700 Liabilities assumed: Current liabilities 19,130 Deferred tax liabilities 64,531 Total liabilities assumed $ 83,661 Net assets acquired $ 719,039 |
Vention [Member] | |
Schedule of Pro Forma Financial Information on Vention Acquisition | The following unaudited pro forma financial information for 2017 and 2016 assumes the Vention acquisition occurred as of the beginning of 2016 and is based on our historical financial statements and those of Vention. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisition of Vention been effected on the date indicated, nor are they necessarily indicative of our future results of operations. Twelve Months Ended October 31, 2017 October 31, 2016 Sales $ 2,132,417 $ 1,939,525 Net income 294,891 260,991 Diluted earnings per share 5.07 4.54 |
Details of Balance Sheet (Table
Details of Balance Sheet (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Balance Sheet | 2017 2016 Receivables: Accounts $ 491,224 $ 415,311 Notes 5,121 7,971 Other 18,533 10,813 514,878 434,095 Allowance for doubtful accounts (9,791 ) (5,535 ) $ 505,087 $ 428,560 Inventories: Raw materials and component parts $ 105,424 $ 85,802 Work-in-process 45,743 36,681 Finished goods 152,923 134,602 304,090 257,085 Obsolescence and other reserves (33,140 ) (29,324 ) LIFO reserve (6,684 ) (7,400 ) $ 264,266 $ 220,361 Property, plant and equipment: Land $ 10,598 $ 9,914 Land improvements 4,292 4,020 Buildings 190,611 169,995 Machinery and equipment 424,006 372,479 Enterprise management system 52,936 50,051 Construction-in-progress 49,713 25,873 Leased property under capitalized leases 25,715 24,231 757,871 656,563 Accumulated depreciation and amortization (411,460 ) (383,434 ) $ 346,411 $ 273,129 Accrued liabilities: Salaries and other compensation $ 73,234 $ 67,257 Pension and retirement 4,768 4,046 Taxes other than income taxes 7,663 5,955 Other 87,701 85,540 $ 173,366 $ 162,798 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during 2017 by operating segment: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2016 $ 385,733 $ 697,346 $ 24,058 $ 1,107,137 Acquisition — 470,248 — 470,248 Currency effect 6,562 5,263 — 11,825 Balance at October 31, 2017 $ 392,295 $ 1,172,857 $ 24,058 $ 1,589,210 Changes in the carrying amount of goodwill during 2016 by operating segment: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2015 $ 385,975 $ 672,342 $ 24,058 $ 1,082,375 Acquisition — 25,169 — 25,169 Currency effect (242 ) (165 ) — (407 ) Balance at October 31, 2016 $ 385,733 $ 697,346 $ 24,058 $ 1,107,137 |
Summary of Intangible Assets Subject to Amortization | Information regarding intangible assets subject to amortization: October 31, 2017 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 480,536 $ 102,033 $ 378,503 Patent/technology costs 150,581 48,669 101,912 Trade name 93,281 28,366 64,915 Noncompete agreements 11,142 9,298 1,844 Other 1,384 1,378 6 Total $ 736,924 $ 189,744 $ 547,180 October 31, 2016 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 207,493 $ 71,608 $ 135,885 Patent/technology costs 97,640 37,873 59,767 Trade name 85,271 22,140 63,131 Noncompete agreements 9,855 8,347 1,508 Other 1,400 1,389 11 Total $ 401,659 $ 141,357 $ 260,302 |
Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding years: Year Amounts 2018 $ 54,806 2019 $ 54,548 2020 $ 53,999 2021 $ 48,532 2022 $ 44,484 |
Retirement, Pension and Other35
Retirement, Pension and Other Postretirement Plans (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Pension Plans [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 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 409,459 $ 361,039 $ 91,396 $ 90,615 Service cost 12,456 11,490 2,378 2,448 Interest cost 12,844 15,932 1,537 2,294 Participant contributions — — 85 115 Plan amendments — 173 — (3,050 ) Settlements (1,548 ) — (1,309 ) — Curtailments — — — (6,790 ) Foreign currency exchange rate change — — 4,896 (7,675 ) Actuarial loss 9,351 31,781 (7,602 ) 15,749 Benefits paid (11,746 ) (10,956 ) (2,620 ) (2,310 ) Benefit obligation at end of year $ 430,816 $ 409,459 $ 88,761 $ 91,396 Change in plan assets: Beginning fair value of plan assets $ 333,867 $ 295,320 $ 35,604 $ 37,473 Actual return on plan assets 29,620 23,280 612 2,205 Company contributions 19,041 26,223 3,165 3,793 Participant contributions — — 85 115 Settlements (1,548 ) — (1,309 ) — Other — — — (145 ) Foreign currency exchange rate change — — 1,967 (5,527 ) Benefits paid (11,746 ) (10,956 ) (2,620 ) (2,310 ) Ending fair value of plan assets $ 369,234 $ 333,867 $ 37,504 $ 35,604 Funded status at end of year $ (61,582 ) $ (75,592 ) $ (51,257 ) $ (55,792 ) Amounts recognized in financial statements: Noncurrent asset $ — $ — $ 64 $ — Accrued benefit liability (1,201 ) (1,000 ) (36 ) (8 ) Long-term pension and retirement obligations (60,381 ) (74,592 ) (51,285 ) (55,784 ) Total amount recognized in financial statements $ (61,582 ) $ (75,592 ) $ (51,257 ) $ (55,792 ) United States International 2017 2016 2017 2016 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial loss $ 124,917 $ 134,586 $ 27,134 $ 35,090 Prior service cost (credit) (184 ) (139 ) (3,279 ) (3,445 ) Accumulated other comprehensive loss $ 124,733 $ 134,447 $ 23,855 $ 31,645 Amounts expected to be recognized during next fiscal year: Amortization of net actuarial loss $ 8,672 $ 9,336 $ 2,074 $ 2,558 Amortization of prior service cost (credit) (23 ) 47 (313 ) (304 ) Total $ 8,649 $ 9,383 $ 1,761 $ 2,254 |
Summary of Changes in Accumulated Other Comprehensive (Gain) Loss | The following table summarizes the changes in accumulated other comprehensive loss: United States International 2017 2016 2017 2016 Balance at beginning of year $ 134,447 $ 114,663 $ 31,645 $ 29,726 Net (gain) loss arising during the year 515 28,167 (6,867 ) 8,255 Prior service cost (credit) arising during the year — 173 — (3,050 ) Net loss recognized during the year (9,537 ) (8,480 ) (2,605 ) (1,723 ) Prior service (cost) credit recognized during the year (44 ) (76 ) 302 203 Settlement loss (648 ) — (363 ) (160 ) Curtailment gain — — — 1,526 Exchange rate effect during the year — — 1,743 (3,132 ) Balance at end of year $ 124,733 $ 134,447 $ 23,855 $ 31,645 |
Accumulated Benefit Obligation | Information regarding the accumulated benefit obligation is as follows: United States International 2017 2016 2017 2016 For all plans: Accumulated benefit obligation $ 420,035 $ 397,350 $ 76,032 $ 77,166 For plans with benefit obligations in excess of plan assets: Projected benefit obligation 430,816 409,459 83,289 90,852 Accumulated benefit obligation 420,035 397,350 70,985 77,121 Fair value of plan assets 369,234 333,867 32,325 35,533 |
Components of Net Periodic Benefits Cost | Net pension benefit costs include the following components: United States International 2017 2016 2015 2017 2016 2015 Service cost $ 12,456 $ 11,490 $ 10,851 $ 2,378 $ 2,448 $ 2,816 Interest cost 12,844 15,932 15,037 1,537 2,294 2,561 Expected return on plan assets (20,784 ) (19,666 ) (18,316 ) (1,338 ) (1,501 ) (1,589 ) Amortization of prior service cost (credit) 44 76 121 (302 ) (203 ) (90 ) Amortization of net actuarial loss 9,537 8,480 9,742 2,605 1,723 2,285 Settlement loss 648 — 516 363 160 1,319 Curtailment (gain) loss — — 68 — (1,526 ) — Total benefit cost $ 14,745 $ 16,312 $ 18,019 $ 5,243 $ 3,395 $ 7,302 |
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 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at October 31: Discount rate 3.80 % 3.94 % 4.39 % 2.07 % 1.86 % 2.81 % Rate of compensation increase 3.61 3.61 3.50 3.13 3.12 3.22 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.94 4.39 4.29 1.86 2.81 2.94 Discount rate - service cost 4.31 4.39 4.29 1.55 2.81 2.94 Discount rate - interest cost 3.20 4.39 4.29 1.66 2.81 2.94 Expected return on plan assets 6.25 6.72 6.76 3.51 4.22 4.39 Rate of compensation increase 3.61 3.50 3.49 3.12 3.22 3.19 |
Allocation of Pension Plan Assets | The allocation of pension plan assets as of October 31, 2017 and 2016 is as follows: United States International 2017 2016 2017 2016 Asset Category Equity securities 13 % 15 % — % — % Debt securities 48 31 — — Insurance contracts — — 56 59 Pooled investment funds 39 53 42 39 Other — 1 2 2 Total 100 % 100 % 100 % 100 % |
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at October 31, 2017 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 $ 959 $ 959 $ — $ — $ 566 $ 566 $ — $ — Money market funds 3,615 3,615 — — — — — — Equity securities: Basic materials 2,129 2,129 — — — — — — Consumer goods 3,776 3,776 — — — — — — Financial 6,147 6,147 — — — — — — Healthcare 3,940 3,940 — — — — — — Industrial goods 2,459 2,459 — — — — — — Technology 3,815 3,815 — — — — — — Utilities 793 793 — — — — — — Mutual funds 20,698 20,698 — — — — — — Fixed income securities: U.S. Government 57,789 9,372 48,417 — — — — — Corporate 112,112 — 112,112 — — — — — Other 6,566 — 6,566 — — — — — Other types of investments: Insurance contracts — — — — 21,037 — — 21,037 Real estate collective funds at NAV 21,699 — — — — — — — Pooled investment funds at NAV 121,724 — — — 15,901 — — — Other 1,013 1,013 — — — — — — $ 369,234 $ 58,716 $ 167,095 $ — $ 37,504 $ 566 $ — $ 21,037 The fair values of our pension plan assets at October 31, 2016 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 $ 896 $ 896 $ — $ — $ 798 $ 798 $ — $ — Money market funds 2,471 2,471 — — — — — — Equity securities: Basic materials 2,144 2,144 — — — — — — Consumer goods 3,457 3,457 — — — — — — Financial 5,930 5,930 — — — — — — Healthcare 3,344 3,344 — — — — — — Industrial goods 2,671 2,671 — — — — — — Technology 3,490 3,490 — — — — — — Utilities 857 857 — — — — — — Mutual funds 27,220 27,220 — — — — — — Fixed income securities: U.S. Government 38,466 6,888 31,578 — — — — — Corporate 63,077 — 63,077 — — — — — Other 3,403 — 3,403 — — — — — Other types of investments: Insurance contracts — — — — 20,927 — — 20,927 Real estate collective funds at NAV 20,402 — — — — — — — Pooled investment funds at NAV 155,247 — — — 13,879 — — — Other 792 792 — — — — — — $ 333,867 $ 60,160 $ 98,058 $ — $ 35,604 $ 798 $ — $ 20,927 |
Change in Level 3 Fair Value of Plan Assets | The following tables present an analysis of changes during the years ended October 31, 2017 and 2016 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) Insurance contracts Total Beginning balance at October 31, 2016 $ 20,927 $ 20,927 Actual return on plan assets: Assets held, end of year (412 ) (412 ) Assets sold during the period — - Purchases 2,330 2,330 Sales (2,502 ) (2,502 ) Foreign currency translation 694 694 Ending balance at October 31, 2017 $ 21,037 $ 21,037 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Insurance contracts Total Beginning balance at October 31, 2015 $ 20,432 $ 20,432 Actual return on plan assets: Assets held, end of year 1,683 1,683 Assets sold during the period — - Purchases 2,799 2,799 Sales (2,140 ) (2,140 ) Foreign currency translation (1,847 ) (1,847 ) Ending balance at October 31, 2016 $ 20,927 $ 20,927 |
Retiree Pension Benefit Payments | Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year United States International 2018 $ 14,476 $ 1,837 2019 15,604 2,861 2020 16,839 2,652 2021 18,061 3,035 2022 19,529 2,633 2023-2027 116,207 16,442 |
Retirement Plans [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 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 71,904 $ 68,315 $ 623 $ 524 Service cost 752 849 20 16 Interest cost 2,307 2,923 20 23 Participant contributions 503 446 — — Foreign currency exchange rate change — — 24 (14 ) Actuarial (gain) loss 2,212 1,818 (81 ) 81 Benefits paid (2,532 ) (2,447 ) (7 ) (7 ) Benefit obligation at end of year $ 75,146 $ 71,904 $ 599 $ 623 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 2,029 2,001 7 7 Participant contributions 503 446 — — Benefits paid (2,532 ) (2,447 ) (7 ) (7 ) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (75,146 ) $ (71,904 ) $ (599 ) $ (623 ) Amounts recognized in financial statements: Accrued benefit liability $ (2,148 ) $ (2,123 ) $ (8 ) $ (7 ) Long-term postretirement obligations (72,998 ) (69,781 ) (591 ) (616 ) Total amount recognized in financial statements $ (75,146 ) $ (71,904 ) $ (599 ) $ (623 ) United States International 2017 2016 2017 2016 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 20,124 $ 18,786 $ (342 ) $ (265 ) Prior service credit (142 ) (306 ) — — Accumulated other comprehensive (gain) loss $ 19,982 $ 18,480 $ (342 ) $ (265 ) Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 995 $ 917 $ (20 ) $ (17 ) Amortization of prior service cost (credit) (99 ) (164 ) — — Total $ 896 $ 753 $ (20 ) $ (17 ) |
Summary of Changes in Accumulated Other Comprehensive (Gain) Loss | The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2017 2016 2017 2016 Balance at beginning of year $ 18,480 $ 17,079 $ (265 ) $ (379 ) Net (gain) loss arising during the year 2,212 1,818 (82 ) 81 Net gain (loss) recognized during the year (874 ) (684 ) 17 25 Prior service credit recognized during the year 164 267 — — Exchange rate effect during the year — — (12 ) 8 Balance at end of year $ 19,982 $ 18,480 $ (342 ) $ (265 ) |
Components of Net Periodic Benefits Cost | Net postretirement benefit costs include the following components: United States International 2017 2016 2015 2017 2016 2015 Service cost $ 752 $ 849 $ 979 $ 20 $ 16 $ 29 Interest cost 2,307 2,923 2,946 20 23 35 Amortization of prior service credit (164 ) (267 ) (438 ) — — — Amortization of net actuarial (gain) loss 874 684 1,104 (17 ) (24 ) — Total benefit cost $ 3,769 $ 4,189 $ 4,591 $ 23 $ 15 $ 64 |
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 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at October 31: Discount rate 3.86 % 4.05 % 4.50 % 3.52 % 3.40 % 4.35 % Health care cost trend rate 3.70 3.63 3.72 6.50 6.13 6.31 Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) 3.23 3.24 3.27 3.50 3.50 3.50 Year the rate reaches the ultimate trend rate 2026 2026 2025 2037 2031 2031 Assumption used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 4.03 % 4.50 % 4.40 % 3.40 % 4.35 % 4.25 % Discount rate - service cost 4.48 4.50 4.40 3.56 4.35 4.25 Discount rate - interest cost 3.27 4.50 4.40 3.20 4.35 4.25 |
Retiree Pension Benefit Payments | Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2018 $ 2,148 $ 8 2019 2,397 8 2020 2,592 9 2021 2,827 9 2022 3,066 9 2023-2027 18,330 59 |
Defined Benefit Plan Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in 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 Health care trend rate: Effect on total service and interest cost components in 2017 $ 562 $ (446 ) $ 10 $ (8 ) Effect on postretirement obligation as of October 31, 2017 $ 10,637 $ (8,650 ) $ 150 $ (115 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense includes the following: 2017 2016 2015 Current: U.S. federal $ 54,878 $ 44,156 $ 36,875 State and local 3,731 2,256 1,623 Foreign 66,352 53,836 49,153 Total current 124,961 100,248 87,651 Deferred: U.S. federal 3,596 (2,334 ) 4,950 State and local 1,164 563 1,031 Foreign (5,232 ) (1,826 ) (3,881 ) Total deferred (472 ) (3,597 ) 2,100 $ 124,489 $ 96,651 $ 89,751 |
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: 2017 2016 2015 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Domestic Production Deduction (1.48 ) (1.43 ) (1.47 ) Foreign tax rate variances, net of foreign tax credits (4.69 ) (4.59 ) (3.25 ) State and local taxes, net of federal income tax benefit 0.76 0.50 0.43 Amounts related to prior years 0.03 (1.20 ) (1.04 ) Tax benefit from previously taxed dividends paid — (1.67 ) — Other – net — (0.38 ) 0.16 Effective tax rate 29.62 % 26.23 % 29.83 % |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2017, 2016 and 2015 is as follows: 2017 2016 2015 Balance at beginning of year $ 3,336 $ 6,258 $ 5,812 Additions based on tax positions related to the current year 529 522 288 Additions for tax positions of prior years 621 310 331 Reductions for tax positions of prior years (150 ) (140 ) (28 ) Settlements — (3,091 ) — Lapse of statute of limitations (555 ) (523 ) (145 ) Balance at end of year $ 3,781 $ 3,336 $ 6,258 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: 2017 2016 Deferred tax assets: Employee benefits $ 84,109 $ 93,837 Other accruals not currently deductible for taxes 28,579 16,861 Tax credit and loss carryforwards 23,976 11,111 Inventory adjustments 8,778 7,915 Total deferred tax assets 145,442 129,724 Valuation allowance (14,891 ) (8,304 ) Total deferred tax assets 130,551 121,420 Deferred tax liabilities: Depreciation and amortization 252,489 171,209 Other - net 1,132 1,366 Total deferred tax liabilities 253,621 172,575 Net deferred tax liabilities $ (123,070 ) $ (51,155 ) |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Bank Lines of Credit and Notes | Bank lines of credit and notes payable are summarized as follows: 2017 2016 Maximum borrowings available under bank lines of credit (all foreign banks) $ 75,041 $ 61,519 Outstanding borrowings / notes payable (all foreign bank debt) — 2,141 Weighted-average interest rate on notes payable — 4.35 % Unused bank lines of credit $ 75,041 $ 59,378 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | A summary of long-term debt is as follows: 2017 2016 Revolving credit agreement, due 2020 $ 249,138 $ 244,680 Senior notes, due 2018-2025 172,600 200,000 Senior notes, due 2019-2027 100,000 100,000 Term loan, due 2018-2020 200,000 200,000 Term loan, due 2018-2022 705,000 — Euro loan, due 2019 12,191 79,389 Private shelf facility, due 2018-2026 146,666 157,222 Development loans, due 2018-2026 1,218 1,344 Other — 11 1,586,813 982,646 Less current maturities 326,587 38,093 Less unamortized debt issuance costs (1) 3,829 1,782 Long-term maturities $ 1,256,397 $ 942,771 1. Prior to the adoption of new accounting guidance in the first quarter of 2017 (refer to Note 2), debt issuance costs of $1,782 were reflected in the Consolidated Balance Sheets in Other assets at October 31, 2016. Such amounts were reclassified to Long-term debt for comparative purposes. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
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: 2017 2016 Transportation equipment $ 17,594 $ 15,991 Other 8,121 8,240 Total capitalized leases 25,715 24,231 Accumulated amortization (11,408 ) (10,235 ) Net capitalized leases $ 14,307 $ 13,996 |
Future Minimum Lease Payments Under Non-cancelable Capitalized and Operating Leases | At October 31, 2017, future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2018 $ 6,353 $ 17,337 2019 4,463 13,324 2020 2,386 10,176 2021 884 8,381 2022 617 7,179 Later years 4,655 17,720 Total minimum lease payments 19,358 $ 74,117 Less amount representing executory costs 1,833 Net minimum lease payments 17,525 Less amount representing interest 3,019 Present value of net minimum lease payments 14,506 Less current portion 4,813 Long-term obligations at October 31, 2017 $ 9,693 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
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, 2017: Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 3,249 $ — $ 3,249 $ — Total assets at fair value $ 3,249 $ — $ 3,249 $ — Liabilities: Deferred compensation plans (b) $ 11,004 $ — $ 11,004 $ — Foreign currency forward contracts (a) 2,959 — 2,959 — Total liabilities at fair value $ 13,963 $ — $ 13,963 $ — (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, 2017 | |
Investments All Other Investments [Abstract] | |
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the contracts outstanding at October 31, 2017 and 2016: Sell Buy Notional Amounts Fair Market Value Notional Amounts Fair Market Value October 31, 2017 contract amounts: Euro $ 144,611 $ 141,720 $ 78,253 $ 76,892 Pound sterling 45,252 45,242 54,204 54,658 Japanese yen 24,904 24,349 28,358 27,401 Australian dollar 193 191 8,185 7,904 Hong Kong dollar — — 100,131 100,114 Singapore dollar 794 791 12,681 12,642 Others 5,413 5,312 51,930 50,688 Total $ 221,167 $ 217,605 $ 333,742 $ 330,299 October 31, 2016 contract amounts: Euro $ 107,860 $ 105,635 $ 51,377 $ 50,495 Pound sterling 36,692 36,125 37,473 36,302 Japanese yen 31,844 31,000 23,998 23,185 Australian dollar 380 380 8,096 8,095 Hong Kong dollar 1,702 1,702 79,516 79,411 Singapore dollar 1,031 995 12,062 11,735 Others 1,863 1,832 32,511 32,066 Total $ 181,372 $ 177,669 $ 245,033 $ 241,289 |
Carrying Amounts and Fair Values of Financial Instruments, Other than Receivables and Accounts Payable | The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments. 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable — — 2,141 2,141 Long-term debt (including current portion) 1,582,984 1,587,920 980,864 992,060 Foreign currency forward contracts (net) 290 290 (39 ) (39 ) |
Capital Shares (Tables)
Capital Shares (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Capital Shares | Common shares repurchased as part of publicly announced programs during 2017, 2016 and 2015 were as follows: Number Total Average Year of Shares Amount per Share 2017 — $ — $ — 2016 447 $ 31,877 $ 71.37 2015 5,360 $ 381,598 $ 71.19 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options during 2017: Number of Options Weighted˗Average Exercise Price Per Share Aggregate Intrinsic Value Weighted˗Average Remaining Term Outstanding at October 31, 2016 1,881 $ 58.41 Granted 381 $ 107.68 Exercised (316 ) $ 45.13 Forfeited or expired (24 ) $ 81.92 Outstanding at October 31, 2017 1,922 $ 70.08 $ 108,823 6.4 years Vested at October 31, 2017 or expected to vest 1,905 $ 69.84 $ 108,294 6.4 years Exercisable at October 31, 2017 999 $ 54.23 $ 72,357 4.7 years |
Summarized Information on Currently Outstanding Options | Summarized information on currently outstanding options follows: Range of Exercise Price $14 - $28 $29 - $65 $66 - $125 Number outstanding 139 516 1,267 Weighted-average remaining contractual life, in years 1.6 4.1 7.9 Weighted-average exercise price $ 21.50 $ 49.83 $ 83.66 Number exercisable 139 516 344 Weighted-average exercise price $ 21.50 $ 49.83 $ 74.09 |
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: 2017 2016 2015 Expected volatility 26.0%-29.2% 29.1%-30.4% 30.3%-39.5% Expected dividend yield 0.91%-1.17% 1.54% 1.06%-1.10% Risk-free interest rate 1.89%-2.06% 1.78%-1.90% 1.57%˗1.85% Expected life of the option (in years) 5.4-6.2 5.4-6.2 5.4˗6.1 |
Summarized Activity Related to Restricted Stock | The following table summarizes activity related to restricted shares during 2017: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Restricted at October 31, 2016 60 $ 73.56 Granted 28 $ 109.04 Forfeited (4 ) $ 72.25 Vested (26 ) $ 74.08 Restricted at October 31, 2017 58 $ 90.38 |
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units in 2017: Number of Units Weighted˗Average Grant Date Fair Value Restricted share units at October 31, 2016 0 $ — Granted 10 $ 97.43 Vested (10 ) $ 97.43 Restricted share units at October 31, 2017 0 $ — |
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during 2017: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Outstanding at October 31, 2016 99 $ 41.72 Restricted stock units vested 6 $ 97.60 Dividend equivalents 1 $ 115.54 Distributions (5 ) $ 26.89 Outstanding at October 31, 2017 101 $ 46.74 |
Operating Segments and Geogra44
Operating Segments and Geographic Area Data (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
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, 2017 Net external sales $ 916,019 $ 897,623 $ 253,340 $ — $ 2,066,982 Depreciation and amortization 29,118 49,535 5,559 6,642 90,854 Operating profit (loss) 253,580 (a) 228,062 (b) 43,991 (67,931 ) 457,702 Identifiable assets (e) 794,699 1,718,844 120,458 790,940 (d) 3,424,941 Expenditures for long-lived assets 35,310 21,135 9,108 6,005 71,558 Year ended October 31, 2016 Net external sales $ 879,573 $ 676,329 $ 253,092 $ — $ 1,808,994 Depreciation and amortization 28,294 29,649 5,041 7,320 70,304 Operating profit (loss) 229,143 (a) 159,531 (b) 43,511 (c) (43,754 ) 388,431 Identifiable assets (e) 751,153 1,080,711 140,169 463,642 (d) 2,435,675 Expenditures for long-lived assets 17,407 18,967 17,357 7,120 60,851 Year ended October 31, 2015 Net external sales $ 836,066 $ 593,858 $ 258,742 $ — $ 1,688,666 Depreciation and amortization 28,097 25,430 4,973 6,694 65,194 Operating profit (loss) 195,902 (a) 120,940 (b) 41,458 (c) (40,570 ) 317,730 Identifiable assets (e) 734,145 1,021,221 130,421 484,722 (d) 2,370,509 Expenditures for long-lived assets 12,880 36,182 5,112 7,913 62,087 (a) Includes $2,618, $7,800 and $7,972 of severance and restructuring costs in 2017, 2016 and 2015, respectively. (b) Includes $(180), $1,054 and $3,060 of severance and restructuring costs in 2017, 2016 and 2015, respectively. (c) Includes $1,921 and $379 of severance and restructuring costs in 2016 and 2015, 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. Amounts for the years 2015 and 2016 have been adjusted to reflect the retrospective application of our reclassification of debt issuance costs upon the adoption of a new accounting standard, as described in Note 2. (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: 2017 2016 2015 Net external sales United States $ 647,657 $ 531,117 $ 529,893 Americas 147,026 124,657 129,325 Europe 530,812 503,869 462,565 Japan 147,189 122,054 107,797 Asia Pacific 594,298 527,297 459,086 Total net external sales $ 2,066,982 $ 1,808,994 $ 1,688,666 Long-lived assets United States $ 216,352 $ 209,959 $ 187,212 Americas 1,552 1,730 1,735 Europe 98,921 23,943 21,231 Japan 5,939 6,408 5,876 Asia Pacific 23,647 31,089 33,886 Total long-lived assets $ 346,411 $ 273,129 $ 249,940 |
Reconciliation of Segment Operating Profit to Consolidated Income Before Income Taxes | A reconciliation of total segment operating profit to total consolidated income before income taxes is as follows: 2017 2016 2015 Total profit for reportable segments $ 457,702 $ 388,431 $ 317,730 Interest expense (36,601 ) (21,322 ) (18,104 ) Interest and investment income 1,124 728 558 Other-net (1,934 ) 657 678 Income before income taxes $ 420,291 $ 368,494 $ 300,862 |
Summary of Reconciliation of Consolidated Assets | A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2017 2016 2015 Total assets for reportable segments $ 3,424,941 $ 2,435,675 $ 2,370,509 Customer advance payments 34,654 26,175 22,884 Eliminations (45,056 ) (41,267 ) (35,079 ) Total consolidated assets $ 3,414,539 $ 2,420,583 $ 2,358,314 |
Supplemental Information for 45
Supplemental Information for the Statement of Cash Flows (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information for the Statement of Cash Flows | 2017 2016 2015 Cash operating activities: Interest paid $ 36,450 $ 23,423 $ 17,312 Income taxes paid 118,096 102,592 72,175 Non-cash investing and financing activities: Capitalized lease obligations incurred $ 6,509 $ 5,639 $ 5,562 Capitalized lease obligations terminated 670 1,033 672 Shares acquired and issued through exercise of stock options 170 212 445 |
Quarterly Financial Data (Una46
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | First Second Third Fourth 2017: Sales $ 407,470 $ 496,137 $ 589,438 $ 573,938 Gross margin 225,138 275,512 326,265 312,088 Net income 49,988 64,523 101,456 79,835 Earnings per share: Basic 0.87 1.12 1.76 1.38 Diluted 0.86 1.11 1.74 1.37 2016: Sales $ 372,220 $ 437,592 $ 489,899 $ 509,283 Gross margin 196,907 248,405 273,220 274,967 Net income 41,161 70,601 84,214 75,867 Earnings per share: Basic 0.72 1.24 1.48 1.33 Diluted 0.72 1.23 1.46 1.31 |
Significant Accounting Polici47
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Ownership percentage in affiliates and joint ventures | 50.00% | ||
Advertising costs incurred | $ 11,296,000 | $ 11,095,000 | $ 11,943,000 |
Research and development costs incurred | $ 52,462,000 | $ 46,247,000 | 46,689,000 |
Periods of performance considered for calculating compensation expense | 3 years | ||
Cost percentage of inventory under LIFO method | 16.00% | 20.00% | |
Consolidated inventories under FIFO method | $ 6,684,000 | $ 7,400,000 | |
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 | 0 | 396,000 | 373,000 |
Significant Accounting Polici48
Significant Accounting Policies - Useful Lives of Property, Plant and Equipment and Depreciation (Detail) | 12 Months Ended |
Oct. 31, 2017 | |
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 Polici49
Significant Accounting Policies - Weighted Average Useful Lives for Each Major Category of Amortizable Intangible Assets (Detail) | 12 Months Ended |
Oct. 31, 2017 | |
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 | 15 years |
Significant Accounting Polici50
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | $ (168,247) | ||
Pension and postretirement plan changes, net of tax | 11,115 | ||
Currency translation losses | 22,697 | $ (8,693) | $ (45,154) |
Accumulated other comprehensive loss, Ending balance | (134,435) | (168,247) | |
Cumulative Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (51,120) | ||
Currency translation losses | 22,697 | ||
Accumulated other comprehensive loss, Ending balance | (28,423) | (51,120) | |
Pension And Postretirement Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (117,127) | ||
Pension and postretirement plan changes, net of tax | 11,115 | ||
Accumulated other comprehensive loss, Ending balance | $ (106,012) | $ (117,127) |
Significant Accounting Polici51
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Oct. 31, 2017USD ($) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Pension and postretirement plan changes, tax | $ (4,852) |
Significant Accounting Polici52
Significant Accounting Policies - Reconciliation of Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Accounting Policies [Abstract] | ||
Balance at beginning of year | $ 11,770 | $ 10,537 |
Accruals for warranties | 11,394 | 14,487 |
Warranty assumed from acquisitions | 75 | |
Warranty payments | (10,090) | (12,575) |
Currency adjustments | 228 | (679) |
Balance at end of year | $ 13,377 | $ 11,770 |
Severance and Restructuring C53
Severance and Restructuring Costs - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | |||||||||
Restructuring costs | $ 39 | ||||||||
Severance payments | 1,208 | ||||||||
Severance costs | $ 12,459 | ||||||||
Severance and restructuring costs | $ 227 | $ 6,411 | $ 1,714 | $ 1,633 | $ 1,017 | 2,438 | $ 10,775 | $ 11,411 | 16,660 |
Fixed asset impairment charges | 759 | ||||||||
Lease termination costs | 1,383 | ||||||||
Other restructuring costs | 2,059 | ||||||||
Other Restructuring Initiative [Member] | |||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||
Severance and restructuring costs | 39 | 5,210 | |||||||
Adhesive Dispensing Systems [Member] | |||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||
Severance and restructuring costs | 2,618 | 7,800 | 7,972 | ||||||
Adhesive Dispensing Systems [Member] | Polymer Processing Product Line Facilities [Member] | |||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||
Restructuring costs | 2,399 | 5,565 | |||||||
Severance payments | 1,775 | 624 | |||||||
Severance costs | $ 7,964 | ||||||||
Adhesive Dispensing Systems [Member] | U S And Belgium [Member] | |||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||
Severance and restructuring costs | 219 | 2,235 | |||||||
Severance payments | 360 | 7,586 | |||||||
Advanced Technology Systems [Member] | |||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||
Severance and restructuring costs | (180) | 1,054 | 3,060 | ||||||
Severance payments | 503 | 3,144 | |||||||
Industrial Coating Systems [Member] | |||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||
Severance and restructuring costs | 1,921 | $ 379 | |||||||
Severance payments | $ 345 | $ 1,844 |
Severance and Restructuring C54
Severance and Restructuring Costs - Schedule of Severance and Restructuring Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | $ 1,776 | |
Charged to expense | 39 | |
Cash payments | (1,208) | |
Accrual Balance at October 31, 2017 | 607 | $ 1,776 |
Employee Severance Charges [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | 1,136 | |
Charged to expense | (133) | |
Cash payments | (525) | |
Accrual Balance at October 31, 2017 | 478 | 1,136 |
Other One-time Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | 497 | |
Charged to expense | 172 | |
Cash payments | (540) | |
Accrual Balance at October 31, 2017 | 129 | 497 |
Lease Termination Charges [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | 143 | |
Charged to expense | 0 | |
Cash payments | (143) | |
Accrual Balance at October 31, 2017 | 0 | 143 |
Adhesive Dispensing Systems [Member] | Polymer Processing Product Line Facilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | 4,680 | |
Charged to expense | 2,399 | 5,565 |
Cash payments | (1,775) | (624) |
Non cash utilization | (488) | |
Accrual Balance at October 31, 2017 | 4,816 | 4,680 |
Adhesive Dispensing Systems [Member] | Employee Severance Charges [Member] | Polymer Processing Product Line Facilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | 4,576 | |
Charged to expense | (243) | |
Cash payments | (209) | |
Non cash utilization | 0 | |
Accrual Balance at October 31, 2017 | 4,124 | 4,576 |
Adhesive Dispensing Systems [Member] | Other One-time Costs [Member] | Polymer Processing Product Line Facilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Accrual Balance at October 31, 2016 | 104 | |
Charged to expense | 2,642 | |
Cash payments | (1,566) | |
Non cash utilization | (488) | |
Accrual Balance at October 31, 2017 | $ 692 | $ 104 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Feb. 16, 2017 | Feb. 01, 2017 | Jan. 03, 2017 | Sep. 01, 2016 | Sep. 01, 2015 | Aug. 03, 2015 | Jun. 15, 2015 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 805,943 | $ 42,650 | $ 75,565 | ||||||||||||||||
Goodwill | $ 1,589,210 | $ 1,107,137 | 1,589,210 | 1,107,137 | 1,082,375 | ||||||||||||||
Sales | 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | 509,283 | $ 489,899 | $ 437,592 | $ 372,220 | 2,066,982 | 1,808,994 | 1,688,666 | ||||||||
Net income | 79,835 | $ 101,456 | $ 64,523 | $ 49,988 | 75,867 | $ 84,214 | $ 70,601 | $ 41,161 | 295,802 | 271,843 | 211,111 | ||||||||
Selling and administrative expenses | 678,861 | 594,293 | 584,823 | ||||||||||||||||
Term loan facility | 1,582,984 | 980,864 | 1,582,984 | 980,864 | |||||||||||||||
Term loan facility due in October 2018 | 326,587 | 326,587 | |||||||||||||||||
Term loan facility due in March 2020 | 617,876 | 617,876 | |||||||||||||||||
Term loan facility due in March 2022 | 335,791 | 335,791 | |||||||||||||||||
2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Goodwill | $ 434,625 | ||||||||||||||||||
2017 Acquisition [Member] | Term Loan Facility [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Term loan facility | 705,000 | ||||||||||||||||||
Term loan facility due in October 2018 | 200,000 | 200,000 | |||||||||||||||||
Term loan facility due in March 2020 | 200,000 | 200,000 | |||||||||||||||||
Term loan facility due in March 2022 | $ 305,000 | $ 305,000 | |||||||||||||||||
Weighted average interest rate for borrowings | 2.33% | 2.33% | |||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets amortization period | 14 years | ||||||||||||||||||
Trade Names [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets amortization period | 15 years | ||||||||||||||||||
Non-compete Agreements [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Intangible assets amortization period | 3 years | ||||||||||||||||||
Vention [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Sales | $ 94,515 | ||||||||||||||||||
Net income | 7,820 | ||||||||||||||||||
Selling and administrative expenses | 14,671 | ||||||||||||||||||
Advanced Technology Systems [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Goodwill | $ 1,172,857 | 697,346 | 1,172,857 | 697,346 | 672,342 | ||||||||||||||
Advanced Technology Systems [Member] | Vention [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | 705,000 | ||||||||||||||||||
Cash acquired from business acquisition | 3,313 | ||||||||||||||||||
Acquisition of businesses, Cash and other closing adjustments | 10,726 | ||||||||||||||||||
Goodwill | 434,625 | ||||||||||||||||||
Identifiable intangible assets | 286,000 | ||||||||||||||||||
Business combination, goodwill, tax deductible amount | 37,200 | ||||||||||||||||||
Advanced Technology Systems [Member] | Vention [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 240,000 | ||||||||||||||||||
Intangible assets amortization period | 14 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Vention [Member] | Trade Names [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 2,000 | ||||||||||||||||||
Intangible assets amortization period | 6 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Vention [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 44,000 | ||||||||||||||||||
Advanced Technology Systems [Member] | Vention [Member] | Technology-Based Intangible Assets Amortized over 14 Years [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 36,000 | ||||||||||||||||||
Intangible assets amortization period | 14 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Vention [Member] | Technology-Based Intangible Assets Amortized over 10 Years [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 8,000 | ||||||||||||||||||
Intangible assets amortization period | 10 years | ||||||||||||||||||
Advanced Technology Systems [Member] | InterSelect GmbH [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Cash acquired from business acquisition | $ 492 | ||||||||||||||||||
Goodwill | 3,548 | ||||||||||||||||||
Identifiable intangible assets | $ 1,879 | ||||||||||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 5,432 | ||||||||||||||||||
Advanced Technology Systems [Member] | InterSelect GmbH [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 1,109 | ||||||||||||||||||
Intangible assets amortization period | 9 years | ||||||||||||||||||
Advanced Technology Systems [Member] | InterSelect GmbH [Member] | Trade Names [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 348 | ||||||||||||||||||
Intangible assets amortization period | 12 years | ||||||||||||||||||
Advanced Technology Systems [Member] | InterSelect GmbH [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 422 | ||||||||||||||||||
Intangible assets amortization period | 9 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Plas-Pak Industries, Inc. [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 70,798 | ||||||||||||||||||
Cash acquired from business acquisition | 543 | ||||||||||||||||||
Goodwill | 24,995 | ||||||||||||||||||
Identifiable intangible assets | $ 33,800 | ||||||||||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||||||||||
Advanced Technology Systems [Member] | Plas-Pak Industries, Inc. [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 23,700 | ||||||||||||||||||
Intangible assets amortization period | 17 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Plas-Pak Industries, Inc. [Member] | Trade Names [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 4,100 | ||||||||||||||||||
Intangible assets amortization period | 12 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Plas-Pak Industries, Inc. [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 5,000 | ||||||||||||||||||
Intangible assets amortization period | 9 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Plas-Pak Industries, Inc. [Member] | Non-compete Agreements [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 1,000 | ||||||||||||||||||
Intangible assets amortization period | 5 years | ||||||||||||||||||
Advanced Technology Systems [Member] | ACE Production Technologies Inc [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Goodwill | $ 6,383 | ||||||||||||||||||
Identifiable intangible assets | 5,010 | ||||||||||||||||||
Acquisition of businesses, net of cash acquired | 13,761 | ||||||||||||||||||
Advanced Technology Systems [Member] | ACE Production Technologies Inc [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 2,800 | ||||||||||||||||||
Intangible assets amortization period | 7 years | ||||||||||||||||||
Advanced Technology Systems [Member] | ACE Production Technologies Inc [Member] | Trade Names [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 1,000 | ||||||||||||||||||
Intangible assets amortization period | 11 years | ||||||||||||||||||
Advanced Technology Systems [Member] | ACE Production Technologies Inc [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 1,100 | ||||||||||||||||||
Intangible assets amortization period | 7 years | ||||||||||||||||||
Advanced Technology Systems [Member] | ACE Production Technologies Inc [Member] | Non-compete Agreements [Member] | 2017 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 110 | ||||||||||||||||||
Intangible assets amortization period | 3 years | ||||||||||||||||||
Advanced Technology Systems [Member] | LinkTech Quick Couplings Inc [Member] | 2016 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 43,348 | ||||||||||||||||||
Cash acquired from business acquisition | 36 | ||||||||||||||||||
Goodwill | 25,867 | ||||||||||||||||||
Identifiable intangible assets | $ 14,610 | ||||||||||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||||||||||
Advanced Technology Systems [Member] | LinkTech Quick Couplings Inc [Member] | Customer Relationships [Member] | 2016 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 8,600 | ||||||||||||||||||
Intangible assets amortization period | 11 years | ||||||||||||||||||
Advanced Technology Systems [Member] | LinkTech Quick Couplings Inc [Member] | Trade Names [Member] | 2016 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 2,800 | ||||||||||||||||||
Intangible assets amortization period | 12 years | ||||||||||||||||||
Advanced Technology Systems [Member] | LinkTech Quick Couplings Inc [Member] | Technology-Based Intangible Assets [Member] | 2016 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 2,300 | ||||||||||||||||||
Intangible assets amortization period | 8 years | ||||||||||||||||||
Advanced Technology Systems [Member] | LinkTech Quick Couplings Inc [Member] | Non-compete Agreements [Member] | 2016 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 910 | ||||||||||||||||||
Intangible assets amortization period | 5 years | ||||||||||||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | 2015 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 14,565 | ||||||||||||||||||
Cash acquired from business acquisition | 657 | ||||||||||||||||||
Goodwill | 10,487 | ||||||||||||||||||
Identifiable intangible assets | $ 3,991 | ||||||||||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||||||||||
Advanced Technology Systems [Member] | Liquidyn [Member] | Customer Relationships [Member] | 2015 Acquisition [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 Acquisition [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 Acquisition [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 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 236 | ||||||||||||||||||
Intangible assets amortization period | 2 years | ||||||||||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | 2015 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 53,759 | ||||||||||||||||||
Cash acquired from business acquisition | 966 | ||||||||||||||||||
Goodwill | 32,439 | ||||||||||||||||||
Identifiable intangible assets | $ 16,382 | ||||||||||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||||||||||
Debt assumed | $ 481 | ||||||||||||||||||
Advanced Technology Systems [Member] | MatriX Technologies GmbH [Member] | Customer Relationships [Member] | 2015 Acquisition [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 Acquisition [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 Acquisition [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 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 523 | ||||||||||||||||||
Intangible assets amortization period | 3 years | ||||||||||||||||||
Adhesive Dispensing Systems [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Goodwill | $ 392,295 | $ 385,733 | $ 392,295 | $ 385,733 | $ 385,975 | ||||||||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | 2015 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | $ 7,429 | ||||||||||||||||||
Cash acquired from business acquisition | 236 | ||||||||||||||||||
Goodwill | 3,463 | ||||||||||||||||||
Identifiable intangible assets | $ 1,708 | ||||||||||||||||||
Acquired percent of the outstanding shares | 100.00% | ||||||||||||||||||
Adhesive Dispensing Systems [Member] | WAFO Produktionsgesellschaft GmbH [Member] | Customer Relationships [Member] | 2015 Acquisition [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 Acquisition [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 Acquisition [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 Acquisition [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Identifiable intangible assets | $ 252 | ||||||||||||||||||
Intangible assets amortization period | 3 years |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed at the Acquisition Date (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Mar. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Assets acquired: | ||||
Goodwill | $ 1,589,210 | $ 1,107,137 | $ 1,082,375 | |
2017 Acquisition [Member] | ||||
Assets acquired: | ||||
Cash | $ 3,313 | |||
Receivables | 26,742 | |||
Inventories | 14,279 | |||
Prepaid expenses | 3,079 | |||
Property, plant and equipment | 34,319 | |||
Goodwill | 434,625 | |||
Intangible assets | 286,000 | |||
Other assets | 343 | |||
Total assets acquired | 802,700 | |||
Liabilities assumed: | ||||
Current liabilities | 19,130 | |||
Deferred tax liabilities | 64,531 | |||
Total liabilities assumed | 83,661 | |||
Net assets acquired | $ 719,039 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Financial Information on Vention Acquisition (Detail) - Vention [Member] - 2017 Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Business Acquisition [Line Items] | ||
Sales | $ 2,132,417 | $ 1,939,525 |
Net income | $ 294,891 | $ 260,991 |
Diluted earnings per share | $ 5.07 | $ 4.54 |
Details of Balance Sheet - Deta
Details of Balance Sheet - Details of Balance Sheet (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Receivables: | |||
Accounts | $ 491,224 | $ 415,311 | |
Notes | 5,121 | 7,971 | |
Other | 18,533 | 10,813 | |
Receivables, total | 514,878 | 434,095 | |
Allowance for doubtful accounts | (9,791) | (5,535) | |
Receivables-net | 505,087 | 428,560 | |
Inventories: | |||
Raw materials and component parts | 105,424 | 85,802 | |
Work-in-process | 45,743 | 36,681 | |
Finished goods | 152,923 | 134,602 | |
Inventories gross | 304,090 | 257,085 | |
Obsolescence and other reserves | (33,140) | (29,324) | |
LIFO reserve | (6,684) | (7,400) | |
Inventories net | 264,266 | 220,361 | |
Property, plant and equipment: | |||
Property, plant and equipment gross | 757,871 | 656,563 | |
Accumulated depreciation and amortization | (411,460) | (383,434) | |
Property, plant and equipment - net | 346,411 | 273,129 | $ 249,940 |
Accrued liabilities: | |||
Salaries and other compensation | 73,234 | 67,257 | |
Pension and retirement | 4,768 | 4,046 | |
Taxes other than income taxes | 7,663 | 5,955 | |
Other | 87,701 | 85,540 | |
Accrued liabilities total | 173,366 | 162,798 | |
Land [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 10,598 | 9,914 | |
Land Improvements [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 4,292 | 4,020 | |
Buildings [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 190,611 | 169,995 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 424,006 | 372,479 | |
Enterprise Management Systems [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 52,936 | 50,051 | |
Construction in Progress [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 49,713 | 25,873 | |
Leased Property Under Capitalized Leases [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | $ 25,715 | $ 24,231 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Goodwill accumulated impairment loss | 232,789,000 | 232,789,000 | |
Intangible assets, amortization expense | 44,907,000 | 29,061,000 | $ 27,487,000 |
Advanced Technology Systems [Member] | |||
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | 229,173,000 | 229,173,000 | |
Industrial Coating Systems [Member] | |||
Goodwill [Line Items] | |||
Goodwill accumulated impairment loss | $ 3,616,000 | $ 3,616,000 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Goodwill [Line Items] | ||
Beginning balance | $ 1,107,137 | $ 1,082,375 |
Acquisition | 470,248 | 25,169 |
Currency effect | 11,825 | (407) |
Ending balance | 1,589,210 | 1,107,137 |
Adhesive Dispensing Systems [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 385,733 | 385,975 |
Currency effect | 6,562 | (242) |
Ending balance | 392,295 | 385,733 |
Advanced Technology Systems [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 697,346 | 672,342 |
Acquisition | 470,248 | 25,169 |
Currency effect | 5,263 | (165) |
Ending balance | 1,172,857 | 697,346 |
Industrial Coating Systems [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 24,058 | 24,058 |
Ending balance | $ 24,058 | $ 24,058 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 736,924 | $ 401,659 |
Accumulated Amortization | 189,744 | 141,357 |
Net Book Value | 547,180 | 260,302 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 480,536 | 207,493 |
Accumulated Amortization | 102,033 | 71,608 |
Net Book Value | 378,503 | 135,885 |
Patent/Technology Costs [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 150,581 | 97,640 |
Accumulated Amortization | 48,669 | 37,873 |
Net Book Value | 101,912 | 59,767 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 93,281 | 85,271 |
Accumulated Amortization | 28,366 | 22,140 |
Net Book Value | 64,915 | 63,131 |
Noncompete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 11,142 | 9,855 |
Accumulated Amortization | 9,298 | 8,347 |
Net Book Value | 1,844 | 1,508 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 1,384 | 1,400 |
Accumulated Amortization | 1,378 | 1,389 |
Net Book Value | $ 6 | $ 11 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Oct. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, 2018 | $ 54,806 |
Estimated Amortization Expense, 2019 | 54,548 |
Estimated Amortization Expense, 2020 | 53,999 |
Estimated Amortization Expense, 2021 | 48,532 |
Estimated Amortization Expense, 2022 | $ 44,484 |
Retirement, Pension and Other63
Retirement, Pension and Other Postretirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expenses on retirement plan | $ 19,259 | $ 17,194 | $ 15,747 | |
Defined contribution plan vesting period | 3 years | |||
Reductions in service costs associated with change in estimate | $ 1,200 | |||
Reductions in interest costs associated with change in estimate | $ 3,100 | |||
Retiree eligible age | 65 years | |||
Change in postretirement benefit estimates on service cost | $ 100 | |||
Change in postretirement benefit estimates on interest cost | $ 500 | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of target rate in return seeking assets | 35.00% | |||
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of target rate in return seeking assets | 65.00% | |||
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Method used to amortize net gains and losses, description | Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when they exceed the accounting corridor, which is set at 10% of the greater of the plan assets or benefit obligations. | |||
Accounting corridor, set percentage of greater of plan assets or benefit obligations | 10.00% | |||
Employer contribution in next fiscal year | $ 22,800 | |||
Pension Plans [Member] | United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (648) | (516) | ||
Curtailment gain | (68) | |||
Percentage of World wide pension assets | 91.00% | |||
Investments in common shares | 0 | |||
Pension Plans [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (363) | (160) | $ (1,319) | |
Curtailment gain | 1,526 | |||
Percentage of World wide pension assets | 9.00% | |||
Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Method used to amortize net gains and losses, description | Net actuarial gains or losses are amortized to expense on a plan-by-plan basis when they exceed the accounting corridor, which is set at 10% of the greater of the plan assets or benefit obligations. | |||
Accounting corridor, set percentage of greater of plan assets or benefit obligations | 10.00% | |||
Employer contribution in next fiscal year | $ 2,200 | |||
Due to Lump Sum Retirement Payments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (1,011) | (160) | ||
Due to Plan Amendment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain | $ 1,526 |
Retirement, Pension and Other64
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, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Pension Plans [Member] | United States [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 409,459 | $ 361,039 | |
Service cost | 12,456 | 11,490 | $ 10,851 |
Interest cost | 12,844 | 15,932 | 15,037 |
Plan amendments | 173 | ||
Settlements | (1,548) | ||
Actuarial loss | 9,351 | 31,781 | |
Benefits paid | (11,746) | (10,956) | |
Benefit obligation at end of year | 430,816 | 409,459 | 361,039 |
Change in plan assets: | |||
Beginning balance | 333,867 | 295,320 | |
Actual return on plan assets | 29,620 | 23,280 | |
Company contributions | 19,041 | 26,223 | |
Settlements | (1,548) | ||
Benefits paid | (11,746) | (10,956) | |
Ending balance | 369,234 | 333,867 | 295,320 |
Funded status at end of year | (61,582) | (75,592) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (1,201) | (1,000) | |
Long-term pension and retirement obligations | (60,381) | (74,592) | |
Total amount recognized in financial statements | (61,582) | (75,592) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 124,917 | 134,586 | |
Prior service cost (credit) | (184) | (139) | |
Accumulated other comprehensive (gain) loss | 124,733 | 134,447 | 114,663 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 8,672 | 9,336 | |
Amortization of prior service cost (credit) | (23) | 47 | |
Total | 8,649 | 9,383 | |
Pension Plans [Member] | International [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 91,396 | 90,615 | |
Service cost | 2,378 | 2,448 | 2,816 |
Interest cost | 1,537 | 2,294 | 2,561 |
Participant contributions | 85 | 115 | |
Plan amendments | (3,050) | ||
Settlements | (1,309) | ||
Curtailments | (6,790) | ||
Foreign currency exchange rate change | 4,896 | (7,675) | |
Actuarial loss | (7,602) | 15,749 | |
Benefits paid | (2,620) | (2,310) | |
Benefit obligation at end of year | 88,761 | 91,396 | 90,615 |
Change in plan assets: | |||
Beginning balance | 35,604 | 37,473 | |
Actual return on plan assets | 612 | 2,205 | |
Company contributions | 3,165 | 3,793 | |
Participant contributions | 85 | 115 | |
Settlements | (1,309) | ||
Other | (145) | ||
Foreign currency exchange rate change | 1,967 | (5,527) | |
Benefits paid | (2,620) | (2,310) | |
Ending balance | 37,504 | 35,604 | 37,473 |
Funded status at end of year | (51,257) | (55,792) | |
Amounts recognized in financial statements: | |||
Noncurrent asset | 64 | ||
Accrued benefit liability | (36) | (8) | |
Long-term pension and retirement obligations | (51,285) | (55,784) | |
Total amount recognized in financial statements | (51,257) | (55,792) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 27,134 | 35,090 | |
Prior service cost (credit) | (3,279) | (3,445) | |
Accumulated other comprehensive (gain) loss | 23,855 | 31,645 | 29,726 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 2,074 | 2,558 | |
Amortization of prior service cost (credit) | (313) | (304) | |
Total | 1,761 | 2,254 | |
Retirement Plans [Member] | United States [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 71,904 | 68,315 | |
Service cost | 752 | 849 | 979 |
Interest cost | 2,307 | 2,923 | 2,946 |
Participant contributions | 503 | 446 | |
Actuarial loss | 2,212 | 1,818 | |
Benefits paid | (2,532) | (2,447) | |
Benefit obligation at end of year | 75,146 | 71,904 | 68,315 |
Change in plan assets: | |||
Company contributions | 2,029 | 2,001 | |
Participant contributions | 503 | 446 | |
Benefits paid | (2,532) | (2,447) | |
Funded status at end of year | (75,146) | (71,904) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (2,148) | (2,123) | |
Long-term pension and retirement obligations | (72,998) | (69,781) | |
Total amount recognized in financial statements | (75,146) | (71,904) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 20,124 | 18,786 | |
Prior service cost (credit) | (142) | (306) | |
Accumulated other comprehensive (gain) loss | 19,982 | 18,480 | 17,079 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 995 | 917 | |
Amortization of prior service cost (credit) | (99) | (164) | |
Total | 896 | 753 | |
Retirement Plans [Member] | International [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 623 | 524 | |
Service cost | 20 | 16 | 29 |
Interest cost | 20 | 23 | 35 |
Foreign currency exchange rate change | 24 | (14) | |
Actuarial loss | (81) | 81 | |
Benefits paid | (7) | (7) | |
Benefit obligation at end of year | 599 | 623 | 524 |
Change in plan assets: | |||
Company contributions | 7 | 7 | |
Benefits paid | (7) | (7) | |
Funded status at end of year | (599) | (623) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (8) | (7) | |
Long-term pension and retirement obligations | (591) | (616) | |
Total amount recognized in financial statements | (599) | (623) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | (342) | (265) | |
Accumulated other comprehensive (gain) loss | (342) | (265) | $ (379) |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | (20) | (17) | |
Total | $ (20) | $ (17) |
Retirement, Pension and Other65
Retirement, Pension and Other Postretirement Plans - Summary of Changes in Accumulated Other Comprehensive (Gain) Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Pension Plans [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 134,447 | $ 114,663 |
Net (gain) loss arising during the year | 515 | 28,167 |
Prior service cost (credit) arising during the year | 173 | |
Net loss recognized during the year | (9,537) | (8,480) |
Prior service (cost) credit recognized during the year | (44) | (76) |
Settlement loss | (648) | |
Balance at end of year | 124,733 | 134,447 |
Pension Plans [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 31,645 | 29,726 |
Net (gain) loss arising during the year | (6,867) | 8,255 |
Prior service cost (credit) arising during the year | (3,050) | |
Net loss recognized during the year | (2,605) | (1,723) |
Prior service (cost) credit recognized during the year | 302 | 203 |
Settlement loss | (363) | (160) |
Curtailment gain | 1,526 | |
Exchange rate effect during the year | 1,743 | (3,132) |
Balance at end of year | 23,855 | 31,645 |
Retirement Plans [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 18,480 | 17,079 |
Net (gain) loss arising during the year | 2,212 | 1,818 |
Net loss recognized during the year | (874) | (684) |
Prior service (cost) credit recognized during the year | 164 | 267 |
Balance at end of year | 19,982 | 18,480 |
Retirement Plans [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | (265) | (379) |
Net (gain) loss arising during the year | (82) | 81 |
Net loss recognized during the year | 17 | 25 |
Exchange rate effect during the year | (12) | 8 |
Balance at end of year | $ (342) | $ (265) |
Retirement, Pension and Other66
Retirement, Pension and Other Postretirement Plans - Accumulated Benefit Obligation (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
United States [Member] | ||
For all plans: | ||
Accumulated benefit obligation | $ 420,035 | $ 397,350 |
For plans with benefit obligations in excess of plan assets: | ||
Projected benefit obligation | 430,816 | 409,459 |
Accumulated benefit obligation | 420,035 | 397,350 |
Fair value of plan assets | 369,234 | 333,867 |
International [Member] | ||
For all plans: | ||
Accumulated benefit obligation | 76,032 | 77,166 |
For plans with benefit obligations in excess of plan assets: | ||
Projected benefit obligation | 83,289 | 90,852 |
Accumulated benefit obligation | 70,985 | 77,121 |
Fair value of plan assets | $ 32,325 | $ 35,533 |
Retirement, Pension and Other67
Retirement, Pension and Other Postretirement Plans - Net Periodic Benefit Cost (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 12,456 | $ 11,490 | $ 10,851 |
Interest cost | 12,844 | 15,932 | 15,037 |
Expected return on plan assets | (20,784) | (19,666) | (18,316) |
Amortization of prior service cost (credit) | 44 | 76 | 121 |
Amortization of net actuarial loss | 9,537 | 8,480 | 9,742 |
Settlement loss | 648 | 516 | |
Curtailment (gain) loss | 68 | ||
Total benefit cost | 14,745 | 16,312 | 18,019 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2,378 | 2,448 | 2,816 |
Interest cost | 1,537 | 2,294 | 2,561 |
Expected return on plan assets | (1,338) | (1,501) | (1,589) |
Amortization of prior service cost (credit) | (302) | (203) | (90) |
Amortization of net actuarial loss | 2,605 | 1,723 | 2,285 |
Settlement loss | 363 | 160 | 1,319 |
Curtailment (gain) loss | (1,526) | ||
Total benefit cost | $ 5,243 | $ 3,395 | $ 7,302 |
Retirement, Pension and Other68
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, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Pension Plans [Member] | United States [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 3.80% | 3.94% | 4.39% |
Rate of compensation increase | 3.61% | 3.61% | 3.50% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.94% | 4.39% | 4.29% |
Discount rate - service cost | 4.31% | 4.39% | 4.29% |
Discount rate - interest cost | 3.20% | 4.39% | 4.29% |
Expected return on plan assets | 6.25% | 6.72% | 6.76% |
Rate of compensation increase | 3.61% | 3.50% | 3.49% |
Pension Plans [Member] | International [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 2.07% | 1.86% | 2.81% |
Rate of compensation increase | 3.13% | 3.12% | 3.22% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 1.86% | 2.81% | 2.94% |
Discount rate - service cost | 1.55% | 2.81% | 2.94% |
Discount rate - interest cost | 1.66% | 2.81% | 2.94% |
Expected return on plan assets | 3.51% | 4.22% | 4.39% |
Rate of compensation increase | 3.12% | 3.22% | 3.19% |
Retirement Plans [Member] | United States [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 3.86% | 4.05% | 4.50% |
Health care cost trend rate | 3.70% | 3.63% | 3.72% |
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) | 3.23% | 3.24% | 3.27% |
Year the rate reaches the ultimate trend rate | 2,026 | 2,026 | 2,025 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 4.03% | 4.50% | 4.40% |
Discount rate - service cost | 4.48% | 4.50% | 4.40% |
Discount rate - interest cost | 3.27% | 4.50% | 4.40% |
Retirement Plans [Member] | International [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 3.52% | 3.40% | 4.35% |
Health care cost trend rate | 6.50% | 6.13% | 6.31% |
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 | 2,037 | 2,031 | 2,031 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.40% | 4.35% | 4.25% |
Discount rate - service cost | 3.56% | 4.35% | 4.25% |
Discount rate - interest cost | 3.20% | 4.35% | 4.25% |
Retirement, Pension and Other69
Retirement, Pension and Other Postretirement Plans - Allocation of Pension Plan Assets (Detail) - Pension Plans [Member] | Oct. 31, 2017 | Oct. 31, 2016 |
United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 13.00% | 15.00% |
Debt Securities [Member] | United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 48.00% | 31.00% |
Insurance Contracts [Member] | International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 56.00% | 59.00% |
Pooled Investment Funds [Member] | United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 39.00% | 53.00% |
Pooled Investment Funds [Member] | International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 39.00% |
Other [Member] | United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | |
Other [Member] | International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 2.00% |
Retirement, Pension and Other70
Retirement, Pension and Other Postretirement Plans - Fair Values of Pension Plan Assets (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 21,037 | $ 20,927 | $ 20,432 |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 369,234 | 333,867 | 295,320 |
United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58,716 | 60,160 | |
United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 167,095 | 98,058 | |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,504 | 35,604 | 37,473 |
International [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 566 | 798 | |
International [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,037 | 20,927 | |
Cash [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 959 | 896 | |
Cash [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 959 | 896 | |
Cash [Member] | International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 566 | 798 | |
Cash [Member] | International [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 566 | 798 | |
Money Market Funds [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,615 | 2,471 | |
Money Market Funds [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,615 | 2,471 | |
Equity Securities Basic Materials [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,129 | 2,144 | |
Equity Securities Basic Materials [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,129 | 2,144 | |
Equity Securities Consumer Goods [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,776 | 3,457 | |
Equity Securities Consumer Goods [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,776 | 3,457 | |
Equity Securities Financial [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,147 | 5,930 | |
Equity Securities Financial [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,147 | 5,930 | |
Equity Securities Healthcare [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,940 | 3,344 | |
Equity Securities Healthcare [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,940 | 3,344 | |
Equity Securities Industrial Goods [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,459 | 2,671 | |
Equity Securities Industrial Goods [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,459 | 2,671 | |
Equity Securities Technology [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,815 | 3,490 | |
Equity Securities Technology [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,815 | 3,490 | |
Equity Securities Utilities [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 793 | 857 | |
Equity Securities Utilities [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 793 | 857 | |
Mutual Funds [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,698 | 27,220 | |
Mutual Funds [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,698 | 27,220 | |
Fixed Income Securities US Government [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 57,789 | 38,466 | |
Fixed Income Securities US Government [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,372 | 6,888 | |
Fixed Income Securities US Government [Member] | United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 48,417 | 31,578 | |
Fixed Income Securities Corporate [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 112,112 | 63,077 | |
Fixed Income Securities Corporate [Member] | United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 112,112 | 63,077 | |
Fixed Income Securities Other [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,566 | 3,403 | |
Fixed Income Securities Other [Member] | United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,566 | 3,403 | |
Other Types of Investments Insurance Contracts [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,037 | 20,927 | $ 20,432 |
Other Types of Investments Insurance Contracts [Member] | International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,037 | 20,927 | |
Other Types of Investments Insurance Contracts [Member] | International [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,037 | 20,927 | |
Other Types of Investments Real Estate Collective Funds at NAV [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,699 | 20,402 | |
Other Types of Investments Pooled Investment Funds at NAV [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 121,724 | 155,247 | |
Other Types of Investments Pooled Investment Funds at NAV [Member] | International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,901 | 13,879 | |
Other Type Of Investments Other | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,013 | 792 | |
Other Type Of Investments Other | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,013 | $ 792 |
Retirement, Pension and Other71
Retirement, Pension and Other Postretirement Plans - Changes in Level 3 plan assets (Detail) - Level 3 [Member] - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | $ 20,927 | $ 20,432 |
Assets held, end of year | (412) | 1,683 |
Purchases | 2,330 | 2,799 |
Sales | (2,502) | (2,140) |
Foreign currency translation | 694 | (1,847) |
Ending balance | 21,037 | 20,927 |
Other Types of Investments Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | 20,927 | 20,432 |
Assets held, end of year | (412) | 1,683 |
Purchases | 2,330 | 2,799 |
Sales | (2,502) | (2,140) |
Foreign currency translation | 694 | (1,847) |
Ending balance | $ 21,037 | $ 20,927 |
Retirement, Pension and Other72
Retirement, Pension and Other Postretirement Plans - Retiree Pension Benefit Payments (Detail) $ in Thousands | Oct. 31, 2017USD ($) |
Pension Plans [Member] | United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,018 | $ 14,476 |
2,019 | 15,604 |
2,020 | 16,839 |
2,021 | 18,061 |
2,022 | 19,529 |
2023-2027 | 116,207 |
Pension Plans [Member] | International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,018 | 1,837 |
2,019 | 2,861 |
2,020 | 2,652 |
2,021 | 3,035 |
2,022 | 2,633 |
2023-2027 | 16,442 |
Retirement Plans [Member] | United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,018 | 2,148 |
2,019 | 2,397 |
2,020 | 2,592 |
2,021 | 2,827 |
2,022 | 3,066 |
2023-2027 | 18,330 |
Retirement Plans [Member] | International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,018 | 8 |
2,019 | 8 |
2,020 | 9 |
2,021 | 9 |
2,022 | 9 |
2023-2027 | $ 59 |
Retirement, Pension and Other73
Retirement, Pension and Other Postretirement Plans - Net Postretirement Benefit Cost (Detail) - Retirement Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 752 | $ 849 | $ 979 |
Interest cost | 2,307 | 2,923 | 2,946 |
Amortization of prior service credit | (164) | (267) | (438) |
Amortization of net actuarial (gain) loss | 874 | 684 | 1,104 |
Total benefit cost | 3,769 | 4,189 | 4,591 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 20 | 16 | 29 |
Interest cost | 20 | 23 | 35 |
Amortization of net actuarial (gain) loss | (17) | (24) | |
Total benefit cost | $ 23 | $ 15 | $ 64 |
Retirement, Pension and Other74
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) - Retirement Plans [Member] $ in Thousands | 12 Months Ended |
Oct. 31, 2017USD ($) | |
United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Effect on total service and interest cost components increase in 2017 | $ 562 |
Effect on postretirement obligation increase as of October 31, 2017 | 10,637 |
Effect on total service and interest cost components decrease in 2017 | (446) |
Effect on postretirement obligation decrease as of October 31, 2017 | (8,650) |
International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Effect on total service and interest cost components increase in 2017 | 10 |
Effect on postretirement obligation increase as of October 31, 2017 | 150 |
Effect on total service and interest cost components decrease in 2017 | (8) |
Effect on postretirement obligation decrease as of October 31, 2017 | $ (115) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Current: | |||
U.S. federal | $ 54,878 | $ 44,156 | $ 36,875 |
State and local | 3,731 | 2,256 | 1,623 |
Foreign | 66,352 | 53,836 | 49,153 |
Total current | 124,961 | 100,248 | 87,651 |
Deferred: | |||
U.S. federal | 3,596 | (2,334) | 4,950 |
State and local | 1,164 | 563 | 1,031 |
Foreign | (5,232) | (1,826) | (3,881) |
Total deferred | (472) | (3,597) | 2,100 |
Income taxes | $ 124,489 | $ 96,651 | $ 89,751 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax [Line Items] | ||||||
Earnings before income taxes of domestic operations | $ 181,840 | $ 156,723 | $ 140,044 | |||
Discrete tax expense related to nondeductible acquisition costs | 1,070 | |||||
Additional tax benefit relating to retroactive reinstatement of research credit | 2,200 | |||||
Additional tax benefit related to dividends paid from foreign earnings tax credit | $ 6,184 | 6,154 | ||||
Favorable adjustment to unrecognized tax benefits | $ 1,192 | 2,682 | ||||
Additional tax benefit relating to retroactive reinstatement of research and development credit | $ 2,025 | 2,486 | ||||
Earnings before income taxes of international operations | 238,451 | 211,771 | 160,818 | |||
Undistributed earnings aggregated | 1,026,793 | 757,501 | ||||
Total unrecognized tax benefits | 3,781 | 3,336 | $ 6,258 | $ 5,812 | ||
Total unrecognized tax benefits impact the effective tax rate | 3,273 | 2,775 | ||||
Accrued interest expense related to unrecognized tax benefits | 623 | 541 | ||||
Tax credit carryforwards | 5,493 | |||||
Tax credit carryforwards which will expire in 2022 | 27 | |||||
Indefinite tax credit carryforward amount | 5,466 | |||||
Operating loss carryforwards | 120,950 | |||||
Capital loss carryforward | 20,149 | |||||
Indefinite carryforward period | 12,622 | |||||
Net change in the valuation allowance | 6,587 | $ 1,537 | ||||
Valuation allowance relates to tax credits and loss carryforwards | 14,891 | |||||
Federal [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforwards | 21,929 | |||||
State [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforwards | 78,320 | |||||
Foreign [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforwards | $ 13,174 |
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, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Domestic Production Deduction | (1.48%) | (1.43%) | (1.47%) |
Foreign tax rate variances, net of foreign tax credits | (4.69%) | (4.59%) | (3.25%) |
State and local taxes, net of federal income tax benefit | 0.76% | 0.50% | 0.43% |
Amounts related to prior years | 0.03% | (1.20%) | (1.04%) |
Tax benefit from previously taxed dividends paid | (1.67%) | ||
Other – net | (0.38%) | 0.16% | |
Effective tax rate | 29.62% | 26.23% | 29.83% |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 3,336 | $ 6,258 | $ 5,812 |
Additions based on tax positions related to the current year | 529 | 522 | 288 |
Additions for tax positions of prior years | 621 | 310 | 331 |
Reductions for tax positions of prior years | (150) | (140) | (28) |
Settlements | (3,091) | ||
Lapse of statute of limitations | (555) | (523) | (145) |
Balance at end of year | $ 3,781 | $ 3,336 | $ 6,258 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Deferred tax assets: | ||
Employee benefits | $ 84,109 | $ 93,837 |
Other accruals not currently deductible for taxes | 28,579 | 16,861 |
Tax credit and loss carryforwards | 23,976 | 11,111 |
Inventory adjustments | 8,778 | 7,915 |
Total deferred tax assets | 145,442 | 129,724 |
Valuation allowance | (14,891) | (8,304) |
Total deferred tax assets | 130,551 | 121,420 |
Deferred tax liabilities: | ||
Depreciation and amortization | 252,489 | 171,209 |
Other - net | 1,132 | 1,366 |
Total deferred tax liabilities | 253,621 | 172,575 |
Net deferred tax liabilities | $ (123,070) | $ (51,155) |
Notes Payable - Bank Lines of C
Notes Payable - Bank Lines of Credit and Notes (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Short-term Debt [Line Items] | ||
Outstanding borrowings / notes payable (all foreign bank debt) | $ 2,141 | |
Foreign Bank Debt [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowings available under bank lines of credit (all foreign banks) | $ 75,041 | 61,519 |
Outstanding borrowings / notes payable (all foreign bank debt) | $ 2,141 | |
Weighted-average interest rate on notes payable | 4.35% | |
Unused bank lines of credit | $ 75,041 | $ 59,378 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 | |
Debt Instrument [Line Items] | |||
Revolving credit agreement, due 2020 | $ 249,138 | $ 244,680 | |
Private shelf facility, due 2018-2026 | 146,666 | 157,222 | |
Development loans, due 2018-2026 | 1,218 | 1,344 | |
Other | 11 | ||
Long-term Debt | 1,586,813 | 982,646 | |
Less current maturities | 326,587 | 38,093 | |
Less unamortized debt issuance costs | [1] | 3,829 | 1,782 |
Long-term maturities | 1,256,397 | 942,771 | |
Senior Notes, Due 2018-2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 172,600 | 200,000 | |
Senior Notes, Due 2019-2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 100,000 | 100,000 | |
Term Loan, Due 2018-2020 [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | 200,000 | 200,000 | |
Term Loan, Due 2018-2022 [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | 705,000 | ||
Euro Loan, Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Euro loan | $ 12,191 | $ 79,389 | |
[1] | Prior to the adoption of new accounting guidance in the first quarter of 2017 (refer to Note 2), debt issuance costs of $1,782 were reflected in the Consolidated Balance Sheets in Other assets at October 31, 2016. Such amounts were reclassified to Long-term debt for comparative purposes. |
Long-Term Debt - Long-Term De82
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt issuance costs | [1] | $ 3,829 | $ 1,782 |
Other Assets [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 1,782 | ||
[1] | Prior to the adoption of new accounting guidance in the first quarter of 2017 (refer to Note 2), debt issuance costs of $1,782 were reflected in the Consolidated Balance Sheets in Other assets at October 31, 2016. Such amounts were reclassified to Long-term debt for comparative purposes. |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Debt Instrument [Line Items] | |||
Annual maturity of long term debt, 2018 | $ 326,587,000 | ||
Annual maturity of long term debt, 2019 | 40,924,000 | ||
Annual maturity of long term debt, 2020 | 617,876,000 | ||
Annual maturity of long term debt, 2021 | 38,187,000 | ||
Annual maturity of long term debt, 2022 | $ 335,791,000 | ||
Senior Notes, Due 2018-2025 [Member] | |||
Debt Instrument [Line Items] | |||
Remaining weighted average life of notes | 4 years 1 month 10 days | ||
Weighted average interest for borrowings | 3.02% | ||
Senior Notes, Due 2019-2027 [Member] | |||
Debt Instrument [Line Items] | |||
Remaining weighted average life of notes | 6 years 2 months 27 days | ||
Weighted average interest for borrowings | 3.04% | ||
Term Loan, Due 2018-2020 [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 200,000,000 | $ 200,000,000 | |
Term Loan, Due 2018-2020 [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 200,000,000 | ||
Term Loan 2.24 Percent Due in Three Years [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest for borrowings | 2.24% | ||
Term loan | $ 100,000,000 | ||
Term of agreement | 3 years | ||
Term Loan 2.34 Percent Due in Five Years [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest for borrowings | 2.34% | ||
Term loan | $ 100,000,000 | ||
Term of agreement | 5 years | ||
Term Loan, Due 2018-2022 [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 705,000,000 | ||
Term Loan, Due 2018-2022 [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 705,000,000 | ||
Term Loan 2.25 Percent Due in Eighteen Months [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest for borrowings | 2.25% | ||
Term loan | $ 200,000,000 | ||
Term of agreement | 18 months | ||
Term Loan 2.35 Percent Due in Three Years [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest for borrowings | 2.35% | ||
Term loan | $ 200,000,000 | ||
Term of agreement | 3 years | ||
Term Loan 2.38 Percent Due in Five Years [Member] | Group of Banks [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest for borrowings | 2.38% | ||
Term loan | $ 305,000,000 | ||
Term of agreement | 5 years | ||
Euro Loan, Due 2019 [Member] | Bank of America [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest for borrowings | 1.00% | ||
Extension loan period description | extended by one year at the end of the third and fourth anniversaries. The loan was amended in 2016 to extend the term by one year and increase the principal amount. | ||
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 | 2.24% | ||
Private Shelf Facility, Due 2018-2026 [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 | $ 200,000,000 | $ 180,000,000 | |
Maximum life of borrowings | 12 years | ||
Private Shelf Facility, Due 2018-2026 [Member] | Note A and B [Member] | |||
Debt Instrument [Line Items] | |||
Fixed interest rates | 2.21% | ||
Private Shelf Facility, Due 2018-2026 [Member] | Note C [Member] | |||
Debt Instrument [Line Items] | |||
Fixed interest rates | 2.56% | ||
Private Shelf Facility, Due 2018-2026 [Member] | Note D 1 [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rates | 2.49% | ||
Private Shelf Facility, Due 2018-2026 [Member] | Note D 2 [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rates | 2.60% | ||
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, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Leases [Abstract] | |||
Rent expense for all operating leases | $ 17,938 | $ 18,047 | $ 15,721 |
Leases - Assets Held Under Capi
Leases - Assets Held Under Capitalized Leases and Included in Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Leases [Abstract] | ||
Transportation equipment | $ 17,594 | $ 15,991 |
Other | 8,121 | 8,240 |
Total capitalized leases | 25,715 | 24,231 |
Accumulated amortization | (11,408) | (10,235) |
Net capitalized leases | $ 14,307 | $ 13,996 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancelable Capitalized and Operating Leases (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Leases [Abstract] | ||
2,018 | $ 6,353 | |
2,019 | 4,463 | |
2,020 | 2,386 | |
2,021 | 884 | |
2,022 | 617 | |
Later years | 4,655 | |
Total minimum lease payments | 19,358 | |
Less amount representing executory costs | 1,833 | |
Net minimum lease payments | 17,525 | |
Less amount representing interest | 3,019 | |
Present value of net minimum lease payments | 14,506 | |
Less current portion | 4,813 | $ 4,444 |
Long-term obligations at October 31, 2017 | 9,693 | $ 9,714 |
2,018 | 17,337 | |
2,019 | 13,324 | |
2,020 | 10,176 | |
2,021 | 8,381 | |
2,022 | 7,179 | |
Later years | 17,720 | |
Total minimum lease payments | $ 74,117 |
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, 2017USD ($) | |
Assets: | ||
Foreign currency forward contracts | $ 3,249 | [1] |
Total assets at fair value | 3,249 | |
Liabilities: | ||
Deferred compensation plans | 11,004 | [2] |
Foreign currency forward contracts | 2,959 | [1] |
Total liabilities at fair value | 13,963 | |
Level 2 [Member] | ||
Assets: | ||
Foreign currency forward contracts | 3,249 | [1] |
Total assets at fair value | 3,249 | |
Liabilities: | ||
Deferred compensation plans | 11,004 | [2] |
Foreign currency forward contracts | 2,959 | [1] |
Total liabilities at fair value | $ 13,963 | |
[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 - Sch88
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2017 | |
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, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||
Maturity of foreign currency forward contracts | 90 days | ||
Gains (losses) on foreign currency forward contracts | $ 329 | $ 2,317 | $ (3,866) |
Gains (losses) in fair value of balance sheet positions denominated in foreign currencies | (1,015) | (312) | $ 3,862 |
Gain (losses) on Derivative Used in Net Investment Hedge, Net of Tax | $ (760) | $ 2,439 |
Financial Instruments - Outstan
Financial Instruments - Outstanding Currency, Forward Exchange Contracts (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Derivative [Line Items] | ||
Fair Market Value of foreign currency derivative contracts | $ 290 | $ (39) |
Foreign Currency Forward Contracts [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 221,167 | 181,372 |
Fair Market Value of foreign currency derivative contracts | 217,605 | 177,669 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Euro [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 144,611 | 107,860 |
Fair Market Value of foreign currency derivative contracts | 141,720 | 105,635 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Pound sterling [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 45,252 | 36,692 |
Fair Market Value of foreign currency derivative contracts | 45,242 | 36,125 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 24,904 | 31,844 |
Fair Market Value of foreign currency derivative contracts | 24,349 | 31,000 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Australian Dollar [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 193 | 380 |
Fair Market Value of foreign currency derivative contracts | 191 | 380 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Hong Kong Dollar [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 1,702 | |
Fair Market Value of foreign currency derivative contracts | 1,702 | |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 794 | 1,031 |
Fair Market Value of foreign currency derivative contracts | 791 | 995 |
Foreign Currency Forward Contracts [Member] | Sell [Member] | Others [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 5,413 | 1,863 |
Fair Market Value of foreign currency derivative contracts | 5,312 | 1,832 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 333,742 | 245,033 |
Fair Market Value of foreign currency derivative contracts | 330,299 | 241,289 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Euro [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 78,253 | 51,377 |
Fair Market Value of foreign currency derivative contracts | 76,892 | 50,495 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Pound sterling [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 54,204 | 37,473 |
Fair Market Value of foreign currency derivative contracts | 54,658 | 36,302 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 28,358 | 23,998 |
Fair Market Value of foreign currency derivative contracts | 27,401 | 23,185 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Australian Dollar [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 8,185 | 8,096 |
Fair Market Value of foreign currency derivative contracts | 7,904 | 8,095 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Hong Kong Dollar [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 100,131 | 79,516 |
Fair Market Value of foreign currency derivative contracts | 100,114 | 79,411 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 12,681 | 12,062 |
Fair Market Value of foreign currency derivative contracts | 12,642 | 11,735 |
Foreign Currency Forward Contracts [Member] | Buy [Member] | Others [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 51,930 | 32,511 |
Fair Market Value of foreign currency derivative contracts | $ 50,688 | $ 32,066 |
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, 2017 | Oct. 31, 2016 |
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Abstract] | ||
Notes payable, Carrying Amount | $ 2,141 | |
Term loan facility | $ 1,582,984 | 980,864 |
Foreign currency forward contracts (net), Carrying Amount | 290 | (39) |
Notes payable, Fair Value | 2,141 | |
Long-term debt (including current portion), Fair Value | 1,587,920 | 992,060 |
Foreign currency forward contracts (net), Fair Value | $ 290 | $ (39) |
Capital Shares - Additional Inf
Capital Shares - Additional Information (Detail) - $ / shares | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
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, issued | 98,023,000 | 98,023,000 | |
Common Shares Outstanding | 57,715,000 | 57,307,000 | |
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, 2016 | Oct. 31, 2015 | |
Equity [Abstract] | ||
Number of Shares | 447 | 5,360 |
Total Amount | $ 31,877 | $ 381,598 |
Average per Share | $ 71.37 | $ 71.19 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
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 | 2,781,000 | ||
Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expense related to director deferred compensation | $ 106,000 | $ 158,000 | $ 91,000 |
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 | $ 9,326,000 | $ 7,874,000 | $ 8,772,000 |
Unrecognized compensation cost related to nonvested stock option | $ 6,638,000 | ||
Weighted average period expected to be amortized, non vested shares | 1 year 7 months 7 days | ||
Weighted-average expected volatility used | 29.10% | 29.60% | 34.30% |
Weighted average grant date fair value of stock options granted | $ 28.86 | $ 18.23 | $ 24.63 |
Total intrinsic value of options exercised | $ 22,317,000 | $ 17,271,000 | $ 10,406,000 |
Cash received from the exercise of stock options | 14,086,000 | 11,476,000 | 5,372,000 |
Tax benefit realized from tax deductions from exercises of stock options | $ 6,685,000 | 3,476,000 | 3,661,000 |
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 [Member] | 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 [Member] | 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] | |||
Normal retirement age | 65 years | ||
Weighted average period expected to be amortized, non vested shares | 1 year 10 months 25 days | ||
Period for restricted shares and share units considered to be forfeited for retirees | 12 months | ||
Unrecognized compensation cost related to nonvested restricted stock | $ 2,829,000 | ||
Expense related to nonvested common shares | 2,127,000 | 1,963,000 | 1,840,000 |
Common share dividends amount included in compensation cost | $ 64,000 | 60,000 | 51,000 |
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 | $ 1,011,000 | $ 974,000 | $ 972,000 |
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 | $ 67.69 | $ 76.48 | |
Compensation expense | $ 7,398,000 | $ 7,083,000 | $ 3,459,000 |
Cumulative amount recorded in shareholders' equity related to Long-Term Incentive Plan | $ 12,820,000 | 10,951,000 | |
Performance Share Incentive Awards [Member] | November 21, 2016 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ 103.75 | ||
Performance Share Incentive Awards [Member] | November 28, 2016 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ 104.49 | ||
Deferred Compensation [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common share dividends amount included in compensation cost | $ 264,000 | $ 219,000 | $ 179,000 |
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, 2017USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | shares | 1,881 |
Number of Options, Granted | shares | 381 |
Number of Options, Exercised | shares | (316) |
Number of Options, Forfeited or expired | shares | (24) |
Number of Options, Outstanding, Ending balance | shares | 1,922 |
Number of Options, Vested or expected to vest | shares | 1,905 |
Number of Options, Exercisable | shares | 999 |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 58.41 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 107.68 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 45.13 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $ / shares | 81.92 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 70.08 |
Weighted-Average Exercise Price Per Share, Vested or expected to vest | $ / shares | 69.84 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 54.23 |
Aggregate Intrinsic Value, Outstanding | $ | $ 108,823 |
Aggregate Intrinsic Value, Vested or expected to vest | $ | 108,294 |
Aggregate Intrinsic Value, Exercisable | $ | $ 72,357 |
Weighted Average Remaining Term, Outstanding | 6 years 4 months 25 days |
Weighted Average Remaining Term, Vested or expected to vest | 6 years 4 months 25 days |
Weighted Average Remaining Term, Exercisable | 4 years 8 months 13 days |
Stock-Based Compensation - Su96
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Detail) - Stock Options [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2017$ / sharesshares | |
Price Range 14 to 28 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 139 |
Weighted-average remaining contractual life, in years | 1 year 7 months 6 days |
Weighted-average exercise price | $ / shares | $ 21.50 |
Number exercisable | shares | 139 |
Weighted-average exercise price | $ / shares | $ 21.50 |
Price Range 29 to 65 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 516 |
Weighted-average remaining contractual life, in years | 4 years 1 month 7 days |
Weighted-average exercise price | $ / shares | $ 49.83 |
Number exercisable | shares | 516 |
Weighted-average exercise price | $ / shares | $ 49.83 |
Price Range 66 to 125 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 1,267 |
Weighted-average remaining contractual life, in years | 7 years 10 months 24 days |
Weighted-average exercise price | $ / shares | $ 83.66 |
Number exercisable | shares | 344 |
Weighted-average exercise price | $ / shares | $ 74.09 |
Stock-Based Compensation - Su97
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2017$ / 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 65 [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 | 65 |
Price Range 66 to 125 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | 66 |
Exercise price range, Upper range limit | $ 125 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions of Stock Options (Detail) - Stock Options [Member] | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, Minimum | 26.00% | 29.10% | 30.30% |
Expected volatility, Maximum | 29.20% | 30.40% | 39.50% |
Expected dividend yield | 1.54% | ||
Risk-free interest rate, Minimum | 1.89% | 1.78% | 1.57% |
Risk-free interest rate, Maximum | 2.06% | 1.90% | 1.85% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 0.91% | 1.06% | |
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 | 1.17% | 1.10% | |
Expected life of the option (in years) | 6 years 2 months 13 days | 6 years 2 months 12 days | 6 years 1 month 6 days |
Stock-Based Compensation - Su99
Stock-Based Compensation - Summarized Activity Related to Restricted Stock (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, Beginning balance | shares | 60 |
Number of Restricted Shares, Granted | shares | 28 |
Number of Restricted Shares, Forfeited | shares | (4) |
Number of Restricted Shares, Vested | shares | (26) |
Number of Restricted Shares, Ending balance | shares | 58 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Beginning balance | $ / shares | $ 73.56 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 109.04 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 72.25 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 74.08 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Ending balance | $ / shares | $ 90.38 |
Stock-Based Compensation - S100
Stock-Based Compensation - Summarized Activity Related to Restricted Stock Units (Detail) - Restricted Stock Unit [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, Beginning balance | 0 |
Number of Restricted Share Units, Granted | 10 |
Number of Restricted Share Units, Vested | (10) |
Number of Restricted Shares, Ending balance | 0 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 97.43 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 97.43 |
Stock-Based Compensation - S101
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, 2017$ / sharesshares | |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 99 |
Number of Shares, Restricted share units vested | shares | 6 |
Number of Shares, Dividend equivalents | shares | 1 |
Number of Shares, Distributions | shares | (5) |
Number of Shares, Outstanding, Ending balance | shares | 101 |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares | $ 41.72 |
Weighted-Average Grant Date Fair Value Per Share, Restricted share units vested | $ / shares | 97.60 |
Weighted-Average Grant Date Fair Value Per Share, Dividend equivalents | $ / shares | 115.54 |
Weighted-Average Grant Date Fair Value Per Share, Distributions | $ / shares | 26.89 |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares | $ 46.74 |
Operating Segments and Geogr102
Operating Segments and Geographic Area Data - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Major customers | No single customer accounted for 10 percent or more of sales in 2017, 2016 or 2015. |
Operating Segments and Geogr103
Operating Segments and Geographic Area Data - Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | $ 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | $ 509,283 | $ 489,899 | $ 437,592 | $ 372,220 | $ 2,066,982 | $ 1,808,994 | $ 1,688,666 | |||
Operating profit (loss) | 457,702 | 388,431 | 317,730 | |||||||||||
Identifiable assets | 3,414,539 | 2,420,583 | 3,414,539 | 2,420,583 | 2,358,314 | |||||||||
Expenditures for long-lived assets | 71,558 | 60,851 | 62,087 | |||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 2,066,982 | 1,808,994 | 1,688,666 | |||||||||||
Depreciation and amortization | 90,854 | 70,304 | 65,194 | |||||||||||
Operating profit (loss) | 457,702 | 388,431 | 317,730 | |||||||||||
Identifiable assets | [1] | 3,424,941 | 2,435,675 | 3,424,941 | 2,435,675 | 2,370,509 | ||||||||
Expenditures for long-lived assets | 71,558 | 60,851 | 62,087 | |||||||||||
Operating Segments [Member] | Adhesive Dispensing Systems [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 916,019 | 879,573 | 836,066 | |||||||||||
Depreciation and amortization | 29,118 | 28,294 | 28,097 | |||||||||||
Operating profit (loss) | [2] | 253,580 | 229,143 | 195,902 | ||||||||||
Identifiable assets | [1] | 794,699 | 751,153 | 794,699 | 751,153 | 734,145 | ||||||||
Expenditures for long-lived assets | 35,310 | 17,407 | 12,880 | |||||||||||
Operating Segments [Member] | Advanced Technology Systems [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 897,623 | 676,329 | 593,858 | |||||||||||
Depreciation and amortization | 49,535 | 29,649 | 25,430 | |||||||||||
Operating profit (loss) | [3] | 228,062 | 159,531 | 120,940 | ||||||||||
Identifiable assets | [1] | 1,718,844 | 1,080,711 | 1,718,844 | 1,080,711 | 1,021,221 | ||||||||
Expenditures for long-lived assets | 21,135 | 18,967 | 36,182 | |||||||||||
Operating Segments [Member] | Industrial Coating Systems [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net external sales | 253,340 | 253,092 | 258,742 | |||||||||||
Depreciation and amortization | 5,559 | 5,041 | 4,973 | |||||||||||
Operating profit (loss) | 43,991 | [4] | 43,511 | [4] | 41,458 | |||||||||
Identifiable assets | [1] | 120,458 | 140,169 | 120,458 | 140,169 | 130,421 | ||||||||
Expenditures for long-lived assets | 9,108 | 17,357 | 5,112 | |||||||||||
Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation and amortization | 6,642 | 7,320 | 6,694 | |||||||||||
Operating profit (loss) | (67,931) | (43,754) | (40,570) | |||||||||||
Identifiable assets | [1],[5] | $ 790,940 | $ 463,642 | 790,940 | 463,642 | 484,722 | ||||||||
Expenditures for long-lived assets | $ 6,005 | $ 7,120 | $ 7,913 | |||||||||||
[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 $2,618, $7,800 and $7,972 of severance and restructuring costs in 2017, 2016 and 2015, respectively. | |||||||||||||
[3] | Includes $(180), $1,054 and $3,060 of severance and restructuring costs in 2017, 2016 and 2015, respectively. | |||||||||||||
[4] | Includes $1,921 and $379 of severance and restructuring costs in 2016 and 2015, respectively. | |||||||||||||
[5] | Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets. |
Operating Segments and Geogr104
Operating Segments and Geographic Area Data - Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||
Severance and restructuring costs | $ 227 | $ 6,411 | $ 1,714 | $ 1,633 | $ 1,017 | $ 2,438 | $ 10,775 | $ 11,411 | $ 16,660 |
Adhesive Dispensing Systems [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Severance and restructuring costs | 2,618 | 7,800 | 7,972 | ||||||
Advanced Technology Systems [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Severance and restructuring costs | $ (180) | 1,054 | 3,060 | ||||||
Industrial Coating Systems [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Severance and restructuring costs | $ 1,921 | $ 379 |
Operating Segments and Geogr105
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, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Net external sales | |||||||||||
Net external sales | $ 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | $ 509,283 | $ 489,899 | $ 437,592 | $ 372,220 | $ 2,066,982 | $ 1,808,994 | $ 1,688,666 |
Long-lived assets | |||||||||||
Total long-lived assets | 346,411 | 273,129 | 346,411 | 273,129 | 249,940 | ||||||
United States [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 647,657 | 531,117 | 529,893 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 216,352 | 209,959 | 216,352 | 209,959 | 187,212 | ||||||
Americas [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 147,026 | 124,657 | 129,325 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 1,552 | 1,730 | 1,552 | 1,730 | 1,735 | ||||||
Europe [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 530,812 | 503,869 | 462,565 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 98,921 | 23,943 | 98,921 | 23,943 | 21,231 | ||||||
Japan [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 147,189 | 122,054 | 107,797 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 5,939 | 6,408 | 5,939 | 6,408 | 5,876 | ||||||
Asia Pacific [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 594,298 | 527,297 | 459,086 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | $ 23,647 | $ 31,089 | $ 23,647 | $ 31,089 | $ 33,886 |
Operating Segments and Geogr106
Operating Segments and Geographic Area Data - Reconciliation of Segment Operating Profit to Consolidated Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Segment Reporting [Abstract] | |||
Total profit for reportable segments | $ 457,702 | $ 388,431 | $ 317,730 |
Interest expense | (36,601) | (21,322) | (18,104) |
Interest and investment income | 1,124 | 728 | 558 |
Other - net | (1,934) | 657 | 678 |
Income before income taxes | $ 420,291 | $ 368,494 | $ 300,862 |
Operating Segments and Geogr107
Operating Segments and Geographic Area Data - Summary of Reconciliation of Consolidated Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | $ 3,414,539 | $ 2,420,583 | $ 2,358,314 | |
Operating Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | [1] | 3,424,941 | 2,435,675 | 2,370,509 |
Customer Advance Payments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | 34,654 | 26,175 | 22,884 | |
Eliminations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | $ (45,056) | $ (41,267) | $ (35,079) | |
[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 for108
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, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Cash operating activities: | |||
Interest paid | $ 36,450 | $ 23,423 | $ 17,312 |
Income taxes paid | 118,096 | 102,592 | 72,175 |
Non-cash investing and financing activities: | |||
Capitalized lease obligations incurred | 6,509 | 5,639 | 5,562 |
Capitalized lease obligations terminated | 670 | 1,033 | 672 |
Shares acquired and issued through exercise of stock options | $ 170 | $ 212 | $ 445 |
Quarterly Financial Data (Un109
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | $ 509,283 | $ 489,899 | $ 437,592 | $ 372,220 | $ 2,066,982 | $ 1,808,994 | $ 1,688,666 |
Gross margin | 312,088 | 326,265 | 275,512 | 225,138 | 274,967 | 273,220 | 248,405 | 196,907 | |||
Net income | $ 79,835 | $ 101,456 | $ 64,523 | $ 49,988 | $ 75,867 | $ 84,214 | $ 70,601 | $ 41,161 | $ 295,802 | $ 271,843 | $ 211,111 |
Earnings per share: | |||||||||||
Basic | $ 1.38 | $ 1.76 | $ 1.12 | $ 0.87 | $ 1.33 | $ 1.48 | $ 1.24 | $ 0.72 | $ 5.14 | $ 4.76 | $ 3.48 |
Diluted | $ 1.37 | $ 1.74 | $ 1.11 | $ 0.86 | $ 1.31 | $ 1.46 | $ 1.23 | $ 0.72 | $ 5.08 | $ 4.73 | $ 3.45 |
Quarterly Financial Data (Un110
Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2017 | |
Interim Period Costs Not Allocable [Line Items] | ||||||||||||
Severance and restructuring costs | $ 227 | $ 6,411 | $ 1,714 | $ 1,633 | $ 1,017 | $ 2,438 | $ 10,775 | $ 11,411 | $ 16,660 | |||
Discrete tax expense related to nondeductible acquisition costs | $ 1,070 | |||||||||||
Other expense related to reversal of indemnification asset resulting from effective settlement of tax exam | 2,722 | |||||||||||
Discrete tax benefit related to effective settlement of tax exam | $ 1,651 | 1,136 | ||||||||||
Other income on legal settlement. | 800 | |||||||||||
Favorable adjustment to unrecognized tax benefits | $ 1,192 | 2,682 | ||||||||||
Additional tax benefit relating to retroactive reinstatement of research and development credit | 2,025 | $ 2,486 | ||||||||||
Additional tax benefit related to dividends paid from foreign earnings tax credit | $ 6,184 | $ 6,154 | ||||||||||
Vention [Member] | ||||||||||||
Interim Period Costs Not Allocable [Line Items] | ||||||||||||
Severance and restructuring costs | $ 1,017 | $ 703 | $ 491 | |||||||||
Pre-tax acquisition costs | $ 391 | $ 865 | 13,415 | |||||||||
Discrete tax expense related to nondeductible acquisition costs | $ 2,600 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Oct. 31, 2016 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for the ongoing operation, maintenance and monitoring obligation at the site | $ 472 | $ 516 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 5,535 | $ 4,502 | $ 4,487 |
Charged to Expense | 4,030 | 1,867 | 1,014 |
Deductions | 349 | 945 | 773 |
Currency Effects | 575 | 111 | (226) |
Balance at End of Year | 9,791 | 5,535 | 4,502 |
Inventory Obsolescence and Other Reserves [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 29,324 | 28,230 | 26,744 |
Charged to Expense | 8,888 | 6,719 | 9,487 |
Deductions | 4,530 | 6,096 | 6,741 |
Currency Effects | (542) | 471 | (1,260) |
Balance at End of Year | $ 33,140 | $ 29,324 | $ 28,230 |