Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Nov. 30, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 57,927,038 | ||
Entity Public Float | $ 7,441,507 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Statement [Abstract] | |||
Sales | $ 2,254,668 | $ 2,066,982 | $ 1,808,994 |
Operating costs and expenses: | |||
Cost of sales | 1,018,703 | 927,981 | 815,495 |
Selling and administrative expenses | 741,408 | 681,299 | 605,068 |
Total operating costs and expenses | 1,760,111 | 1,609,280 | 1,420,563 |
Operating profit | 494,557 | 457,702 | 388,431 |
Other income (expense): | |||
Interest expense | (49,576) | (36,601) | (21,322) |
Interest and investment income | 1,384 | 1,124 | 728 |
Other - net | 2,154 | (1,934) | 657 |
Total other income (expense) | (46,038) | (37,411) | (19,937) |
Income before income taxes | 448,519 | 420,291 | 368,494 |
Income tax provision: | |||
Current | 105,093 | 124,961 | 100,248 |
Deferred | (33,949) | (472) | (3,597) |
Income taxes | 71,144 | 124,489 | 96,651 |
Net income | $ 377,375 | $ 295,802 | $ 271,843 |
Average common shares | 57,970 | 57,533 | 57,060 |
Incremental common shares attributable to outstanding stock options, restricted stock and deferred stock-based compensation | 961 | 671 | 470 |
Average common shares and common share equivalents | 58,931 | 58,204 | 57,530 |
Basic earnings per share | $ 6.51 | $ 5.14 | $ 4.76 |
Diluted earnings per share | 6.40 | 5.08 | 4.73 |
Dividends declared per common share | $ 1.25 | $ 1.11 | $ 0.99 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 377,375 | $ 295,802 | $ 271,843 |
Components of other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (28,619) | 22,697 | (8,693) |
Pension and postretirement benefit plans: | |||
Prior service (cost) credit arising during the year | (45) | 1,831 | |
Net actuarial gain (loss) arising during the year | (7,783) | 2,641 | (22,482) |
Amortization of prior service (cost) credit | (322) | (210) | 92 |
Amortization of actuarial loss | 10,536 | 7,972 | 6,724 |
Settlement loss recognized | 200 | 712 | 111 |
Curtailment (gain) loss recognized | (1,144) | ||
Total pension and postretirement benefit plans | 2,586 | 11,115 | (14,868) |
Total other comprehensive income (loss) | (26,033) | 33,812 | (23,561) |
Reclassification due to adoption of new accounting standard (Note 2) | (18,846) | ||
Total comprehensive income | $ 332,496 | $ 329,614 | $ 248,282 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 95,678 | $ 90,383 |
Receivables - net | 491,423 | 505,087 |
Inventories - net | 264,477 | 264,266 |
Prepaid expenses | 32,524 | 28,636 |
Total current assets | 884,102 | 888,372 |
Property, plant and equipment - net | 386,666 | 346,411 |
Goodwill | 1,608,018 | 1,589,210 |
Intangible assets - net | 499,741 | 547,180 |
Deferred income taxes | 9,780 | 11,020 |
Other assets | 32,705 | 32,346 |
Total assets | 3,421,012 | 3,414,539 |
Current liabilities: | ||
Accounts payable | 83,590 | 86,016 |
Income taxes payable | 19,319 | 22,310 |
Accrued liabilities | 175,085 | 173,366 |
Customer advance payments | 38,997 | 34,654 |
Current maturities of long-term debt | 28,734 | 326,587 |
Current obligations under capital leases | 4,555 | 4,813 |
Total current liabilities | 350,280 | 647,746 |
Long-term debt | 1,285,357 | 1,256,397 |
Obligations under capital leases | 8,850 | 9,693 |
Pension obligations | 113,222 | 111,666 |
Postretirement obligations | 70,154 | 73,589 |
Deferred income taxes | 100,704 | 134,090 |
Other liabilities | 41,704 | 25,865 |
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, 2018 and 2017 | 12,253 | 12,253 |
Capital in excess of stated value | 446,555 | 412,785 |
Retained earnings | 2,488,375 | 2,164,597 |
Accumulated other comprehensive loss | (179,314) | (134,435) |
Common shares in treasury, at cost | (1,317,128) | (1,299,707) |
Total shareholders' equity | 1,450,741 | 1,155,493 |
Total liabilities and shareholders' equity | $ 3,421,012 | $ 3,414,539 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2018 | Oct. 31, 2017 |
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 Loss [Member] | Common Shares in Treasury, At Cost [Member] |
Balance at beginning of year at Oct. 31, 2015 | $ 12,253 | $ 348,986 | $ 1,717,228 | $ (144,686) | $ (1,273,765) | |
Balance at beginning of year at Oct. 31, 2015 | 40,665 | |||||
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 declared ($1.25 per share in 2018, $1.11 per share in 2017, and $0.99 per share in 2016) | (56,436) | |||||
Foreign currency translation adjustments | (8,693) | (8,693) | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $(52) in 2018, $(299) in 2017 and $332 in 2016 | (1,033) | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $189 in 2018, $75 in 2017 and $(558) in 2016 | 1,923 | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(802) in 2018, $(4,628) in 2017 and $8,642 in 2016 | (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 declared ($1.25 per share in 2018, $1.11 per share in 2017, and $0.99 per share in 2016) | (63,840) | |||||
Foreign currency translation adjustments | 22,697 | 22,697 | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $(52) in 2018, $(299) in 2017 and $332 in 2016 | 712 | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $189 in 2018, $75 in 2017 and $(558) in 2016 | (210) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(802) in 2018, $(4,628) in 2017 and $8,642 in 2016 | 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) |
Shares issued under company stock and employee benefit plans | (503) | |||||
Purchase of treasury shares | 181 | |||||
Shares issued under company stock and employee benefit plans | 12,220 | 6,591 | ||||
Stock-based compensation | 21,550 | |||||
Net income | 377,375 | 377,375 | ||||
Dividends declared ($1.25 per share in 2018, $1.11 per share in 2017, and $0.99 per share in 2016) | (72,443) | |||||
Reclassification due to adoption of new accounting standard (Note 2) | 18,846 | 18,846 | (18,846) | |||
Foreign currency translation adjustments | (28,619) | (28,619) | ||||
Settlement and curtailment loss (gain) recognized, net of tax of $(52) in 2018, $(299) in 2017 and $332 in 2016 | 200 | |||||
Defined benefit and OPEB activity - prior service cost, net of tax of $189 in 2018, $75 in 2017 and $(558) in 2016 | (367) | |||||
Defined benefit and OPEB activity - actuarial gain (loss), net of tax of $(802) in 2018, $(4,628) in 2017 and $8,642 in 2016 | 2,753 | |||||
Purchase of treasury shares | (24,012) | |||||
Balance at end of year at Oct. 31, 2018 | 39,986 | |||||
Balance at end of year at Oct. 31, 2018 | $ 1,450,741 | $ 12,253 | $ 446,555 | $ 2,488,375 | $ (179,314) | $ (1,317,128) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Dividends declared per share | $ 1.25 | $ 1.11 | $ 0.99 |
Accumulated Other Comprehensive Loss [Member] | |||
Tax on settlement loss (gain) recognized | $ (52) | $ (299) | $ 332 |
Tax on net prior service cost (credit) occurring during the year | 189 | 75 | (558) |
Tax on net actuarial gain (loss) occurring during the year | $ (802) | $ (4,628) | $ 8,642 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 377,375 | $ 295,802 | $ 271,843 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 52,959 | 45,947 | 41,243 |
Amortization | 55,448 | 44,907 | 29,061 |
Provision for losses on receivables | 1,185 | 4,030 | 1,867 |
Deferred income taxes | (33,949) | (472) | (3,597) |
Non-cash stock compensation | 21,550 | 20,168 | 18,211 |
Loss on sale of property, plant and equipment | 830 | 188 | 859 |
Other non-cash | 1,359 | 2,770 | 2,973 |
Changes in operating assets and liabilities: | |||
Receivables | 10,236 | (46,152) | (41,247) |
Inventories | 5,532 | (19,667) | 1,784 |
Prepaid expenses | (4,046) | 4,737 | (8,667) |
Other assets | 320 | (3,429) | 7,773 |
Accounts payable | (2,671) | 4,805 | 7,296 |
Income taxes payable | (2,718) | 7,522 | (2,684) |
Accrued liabilities | 2,134 | (5,629) | 23,328 |
Customer advance payments | 5,047 | 5,163 | 3,631 |
Other liabilities | 18,402 | 2,266 | (17,739) |
Other | (4,355) | (6,204) | (1,301) |
Net cash provided by operating activities | 504,638 | 356,752 | 334,634 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (89,790) | (71,558) | (60,851) |
Proceeds from sale of property, plant and equipment | 458 | 4,007 | 1,300 |
Acquisition of businesses, net of cash acquired | (50,586) | (805,943) | (42,650) |
Equity investments | (4,470) | ||
Net cash used in investing activities | (139,918) | (877,964) | (102,201) |
Cash flows from financing activities: | |||
Proceeds from short-term borrowings | 996 | 6,017 | 13,456 |
Repayment of short-term borrowings | (1,006) | (8,149) | (12,059) |
Proceeds from long-term debt | 585,661 | 841,536 | 261,161 |
Repayment of long-term debt | (854,538) | (237,183) | (392,775) |
Repayment of capital lease obligations | (5,333) | (5,287) | (5,059) |
Payment of debt issuance costs | (1,826) | (3,214) | (99) |
Issuance of common shares | 18,811 | 14,086 | 11,476 |
Purchase of treasury shares | (24,012) | (3,216) | (33,421) |
Dividends paid | (72,443) | (63,840) | (56,436) |
Net cash provided by (used in) financing activities | (353,690) | 540,750 | (213,756) |
Effect of exchange rate changes on cash | (5,735) | 3,606 | (1,706) |
Increase in cash and cash equivalents | 5,295 | 23,144 | 16,971 |
Cash and cash equivalents at beginning of year | 90,383 | 67,239 | 50,268 |
Cash and cash equivalents at end of year | $ 95,678 | $ 90,383 | $ 67,239 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2018 | |
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 Consolidated Balance Sheet. Revenues deferred in 2018, 2017 and 2016 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 $12,451, $11,296 and $11,095 in 2018, 2017 and 2016, respectively. Research and development — Investments in research and development are important to our long-term growth, enabling us to keep pace with changing customer and marketplace needs through the development of new products and new applications for existing products. We place strong emphasis on technology developments and improvements through internal engineering and research teams. Research and development costs are expensed as incurred and were $58,806, $52,462 and $46,247 in 2018, 2017 and 2016, respectively. As a percentage of sales, research and development expenses were 2.6, 2.5 and 2.6 percent in 2018, 2017 and 2016, 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 2018 and 2017. Options for 396 common shares were excluded from the diluted earnings per share calculation in 2016, because their effect would have been anti-dilutive. Under the Amended & Restated 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 15 percent of consolidated inventories at October 31, 2018 and 16 percent of consolidated inventories at October 31, 2017. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,545 and $6,684 higher than reported at October 31, 2018 and 2017, 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 2018, 2017 or 2016. 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, 2018, 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, 2018 and 2017 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) Pension and postretirement plan changes, net of tax of $(665) — 2,586 2,586 Reclassification due to adoption of new accounting standard (Note 2) — (18,846 ) (18,846 ) Currency translation losses (28,619 ) — (28,619 ) Balance at October 31, 2018 $ (57,042 ) $ (122,272 ) $ (179,314 ) 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 2018 and 2017: 2018 2017 Balance at beginning of year $ 13,377 $ 11,770 Accruals for warranties 11,937 11,394 Warranty assumed from acquisitions — 75 Warranty payments (12,966 ) (10,090 ) Currency adjustments (153 ) 228 Balance at end of year $ 12,195 $ 13,377 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2 — Recently issued accounting standards New accounting guidance adopted: In March 2016, the Financial Accounting Standards Board (“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 statements of income 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, in the statements 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. We adopted this new standard during the first quarter of 2018. As a result, net excess tax benefits of $9,498 were recognized as a reduction of income tax expense during 2018. The cash flow classification requirements of this new standard were applied retrospectively. As a result, excess tax benefits of $9,498 were reported as net cash provided by operating activities in 2018 and $7,079 and $3,476 of excess tax benefits were reclassified from net cash used in financing activities to net cash provided by operating activities in 2017 and 2016, respectively. This new standard also requires that employee taxes paid when an employer withholds shares for tax-withholding purposes be reported as financing activities in the statements of cash flows on a retrospective basis. Previously, this activity was included in operating activities. The impact of this change was immaterial to the statements of cash flows. Additionally, we elected to continue to estimate forfeitures rather than account for them as they occur. In February 2018, the FASB issued a new standard which gives entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (“the Act”) into retained earnings. The guidance allows entities to reclassify from accumulated other comprehensive income to retained earnings stranded tax effects resulting from the Act's new federal corporate income tax rate. The guidance also allows entities to elect to reclassify other stranded tax effects that relate to the Act but do not directly relate to the change in the federal tax rate (e.g., state taxes, changing from a worldwide tax system to a territorial system). Tax effects that are stranded in accumulated other comprehensive income for other reasons (e.g., prior changes in tax law, a change in valuation allowance) may not be reclassified. This standard is effective for us beginning November 1, 2019; with early adoption permitted. We early adopted this standard in the fourth quarter of 2018. As a result, we reclassified $18,846 of stranded tax effects from accumulated other comprehensive income to retained earnings. In March 2018, the FASB issued amendments which incorporate various Securities and Exchange Commission (“SEC”) paragraphs pursuant to the issuance of the December 2017 SEC Staff Accounting Bulletin No. 118 (“SAB 118”), Income Tax Accounting Implications of the Tax Cuts and Jobs Act, effective immediately. The SEC issued SAB 118 to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Act in the period of enactment. SAB 118 allows disclosure that timely determination of some or all of the income tax effects from the Act are incomplete by the due date of the financial statements and if possible to provide a reasonable estimate. We have accounted for the tax effects of the Act under the guidance of SAB 118, on a provisional basis. Our accounting for certain income tax effects is incomplete, but we have determined reasonable estimates for those effects and have recorded provisional amounts in our Consolidated Financial Statements. Refer to Note 7 for additional information. New accounting guidance issued and not yet adopted: We have established our accounting policy, provided training to our reporting units and completed our evaluation of the new standard, including the impact on our business processes, systems, and controls as well as differences in the timing and/or method of revenue recognition for our contracts. We also designed and implemented specific controls over the evaluation of the impact of the new standard, including the calculation of the cumulative effect of adopting the new standard. We determined that the revenue recognition for our products and services will remain largely unchanged; and therefore, the adoption of this new standard did not have a material impact on our Consolidated Financial Statements. We will provide expanded disclosures as required under this standard in the Consolidated Financial Statements subsequent to adoption. 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 November 1, 2019. 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 November 1, 2018. The adoption of this standard is not expected to have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued a new standard which addresses defined benefit plans. The amendments modify the following disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans: the amounts in accumulated other comprehensive income expected to be recognized as components of net period benefit cost over the next fiscal year, amount and timing of plan assets expected to be returned to the employer, related party disclosure about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan, and the effects of a one-percentage point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits are removed. A disclosure requirement was added for the explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. Additionally, the standard clarifies disclosure requirement surrounding the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets and the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. It will be effective for us beginning November 1, 2020. Early adoption is permitted. We are currently assessing the impact this standard will have on our Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 — 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. 2018 acquisitions On October 17, 2018, we purchased 100 percent of the outstanding shares of Cladach Nua Teoranta (“Clada”), a Galway, Ireland designer and developer primarily focused on medical balloons and balloon catheters. Clada’s technologies are used in key applications such as angioplasty and the treatment of vascular disease. We acquired Clada for an aggregate purchase price of $5,222, which included an earn-out liability of $1,131. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $2,905 and identifiable intangible assets of $1,218 were recorded. The identifiable intangible assets consist primarily of $812 of customer relationships (amortized over 10 years), $203 of tradenames (amortized over 15 years) and $203 of technology (amortized over 15 years). Goodwill associated with this acquisition is not tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. As of October 31, 2018, the purchase price allocations remain preliminary as we complete our assessments of goodwill, intangible assets, income taxes and certain reserves. On January 2, 2018, we purchased 100 percent of the outstanding shares of Sonoscan, Inc. (“Sonoscan”), an Elk Grove Village, Illinois leading designer and manufacturer of acoustic microscopes and sophisticated acoustic micro imaging systems used in a variety of microelectronic, automotive, aerospace and industrial electronic assembly applications. We acquired Sonoscan for an aggregate purchase price of $46,018, net of $655 of cash. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $22,775 and identifiable intangible assets of $7,910 were recorded. The identifiable intangible assets consist primarily of $1,700 of customer relationships (amortized over 7 years), $3,300 of tradenames (amortized over 11 years), $2,500 of technology (amortized over 7 years) and $410 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. As of October 31, 2018, the purchase price allocations remain preliminary as we complete our assessments of income taxes. Pro forma sales and results of operations for our 2018 acquisitions, had they occurred at the beginning of the applicable fiscal year ended October 31, are not material and, accordingly, are not provided. 2017 acquisitions On March 31, 2017, we completed the acquisition Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $434,123, of which $37,200 is tax deductible, and identifiable intangible assets of $286,000 were recorded. The identifiable intangible assets consist 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 following table summarizes the purchase price allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date: Assets acquired: $ 3,313 Receivables 26,742 Inventories 14,279 Prepaid expenses 3,079 Property, plant and equipment 34,319 Goodwill 434,123 Intangible assets 286,000 Other assets 1,071 Total assets acquired $ 802,926 Liabilities assumed: Current liabilities 19,130 Deferred tax liabilities 64,757 Total liabilities assumed $ 83,887 Net assets acquired $ 719,039 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. |
Details of Consolidated Balance
Details of Consolidated Balance Sheet | 12 Months Ended |
Oct. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Consolidated Balance Sheet | Note 4 — Details of Consolidated Balance Sheet 2018 2017 Receivables: Accounts $ 475,638 $ 491,224 Notes 4,476 5,121 Other 20,889 18,533 501,003 514,878 Allowance for doubtful accounts (9,580 ) (9,791 ) $ 491,423 $ 505,087 Inventories: Raw materials and component parts $ 112,823 $ 105,424 Work-in-process 47,126 45,743 Finished goods 148,618 152,923 308,567 304,090 Obsolescence and other reserves (37,545 ) (33,140 ) LIFO reserve (6,545 ) (6,684 ) $ 264,477 $ 264,266 Property, plant and equipment: Land $ 10,544 $ 10,598 Land improvements 4,294 4,292 Buildings 252,127 190,611 Machinery and equipment 456,307 424,006 Enterprise management system 53,234 52,936 Construction-in-progress 24,266 49,713 Leased property under capitalized leases 26,118 25,715 826,890 757,871 Accumulated depreciation and amortization (440,224 ) (411,460 ) $ 386,666 $ 346,411 Accrued liabilities: Salaries and other compensation $ 72,364 $ 73,234 Pension and retirement 5,095 4,768 Taxes other than income taxes 8,060 7,663 Other 89,566 87,701 $ 175,085 $ 173,366 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5 — 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. An impairment charge is recorded for the amount by which the carrying value of the reporting unit exceeds the fair value of the reporting unit, as calculated in the quantitative analysis described above. We did not record any charges in 2018, 2017, or 2016. Changes in the carrying amount of goodwill during 2018 by operating segment: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2017 $ 392,295 $ 1,172,857 $ 24,058 $ 1,589,210 Acquisitions — 24,679 — 24,679 Currency effect (3,304 ) (2,567 ) — (5,871 ) Balance at October 31, 2018 $ 388,991 $ 1,194,969 $ 24,058 $ 1,608,018 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 Accumulated impairment losses, which were recorded in 2009, were $232,789 at October 31, 2018 and October 31, 2017. 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, 2018 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 480,404 $ 137,640 $ 342,764 Patent/technology costs 153,602 59,845 93,757 Trade name 96,433 34,768 61,665 Noncompete agreements 11,469 9,919 1,550 Other 1,386 1,381 5 Total $ 743,294 $ 243,553 $ 499,741 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 Amortization expense for 2018, 2017 and 2016 was $55,448, $44,907 and $29,061 respectively. Estimated amortization expense for each of the five succeeding years: Year Amounts 2019 $ 48,523 2020 $ 48,055 2021 $ 42,703 2022 $ 38,730 2023 $ 37,885 |
Retirement, Pension and Other P
Retirement, Pension and Other Postretirement Plans | 12 Months Ended |
Oct. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement, Pension and Other Postretirement Plans | Note 6 — 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 2018, 2017 and 2016 was approximately $22,634, $19,259 and $17,194, 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 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 430,816 $ 409,459 $ 88,761 $ 91,396 Service cost 13,543 12,456 2,069 2,378 Interest cost 14,306 12,844 1,635 1,537 Participant contributions — — 90 85 Plan amendments — — 50 — Settlements — (1,548 ) (1,431 ) (1,309 ) Foreign currency exchange rate change — — (2,676 ) 4,896 Actuarial (gain) loss (20,502 ) 9,351 107 (7,602 ) Benefits paid (12,558 ) (11,746 ) (1,378 ) (2,620 ) Benefit obligation at end of year $ 425,605 $ 430,816 $ 87,227 $ 88,761 Change in plan assets: Beginning fair value of plan assets $ 369,234 $ 333,867 $ 37,504 $ 35,604 Actual return on plan assets (13,890 ) 29,620 2,370 612 Company contributions 18,287 19,041 3,728 3,165 Participant contributions — — 90 85 Settlements — (1,548 ) (1,431 ) (1,309 ) Foreign currency exchange rate change — — (1,266 ) 1,967 Benefits paid (12,558 ) (11,746 ) (1,378 ) (2,620 ) Ending fair value of plan assets $ 361,073 $ 369,234 $ 39,617 $ 37,504 Funded status at end of year $ (64,532 ) $ (61,582 ) $ (47,610 ) $ (51,257 ) Amounts recognized in financial statements: Noncurrent asset $ 1,544 $ — $ 748 $ 64 Accrued benefit liability (1,176 ) (1,201 ) (36 ) (36 ) Long-term pension and retirement obligations (64,900 ) (60,381 ) (48,322 ) (51,285 ) Total amount recognized in financial statements $ (64,532 ) $ (61,582 ) $ (47,610 ) $ (51,257 ) United States International 2018 2017 2018 2017 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 130,788 $ 124,917 $ 23,304 $ 27,134 Prior service credit (161 ) (184 ) (2,844 ) (3,279 ) Accumulated other comprehensive loss $ 130,627 $ 124,733 $ 20,460 $ 23,855 Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 6,221 $ 8,672 $ 1,700 $ 2,074 Amortization of prior service credit (61 ) (23 ) (302 ) (313 ) Total $ 6,160 $ 8,649 $ 1,398 $ 1,761 The following table summarizes the changes in accumulated other comprehensive loss: United States International 2018 2017 2018 2017 Balance at beginning of year $ 124,733 $ 134,447 $ 23,855 $ 31,645 Net (gain) loss arising during the year 15,351 515 (752 ) (6,867 ) Prior service cost arising during the year — — 50 — Net (gain) loss recognized during the year (9,479 ) (9,537 ) (2,115 ) (2,605 ) Prior service (cost) credit recognized during the year 22 (44 ) 316 302 Settlement loss — (648 ) (252 ) (363 ) Exchange rate effect during the year — — (642 ) 1,743 Balance at end of year $ 130,627 $ 124,733 $ 20,460 $ 23,855 Information regarding the accumulated benefit obligation is as follows: United States International 2018 2017 2018 2017 For all plans: Accumulated benefit obligation $ 403,590 $ 420,035 $ 74,690 $ 76,032 For plans with benefit obligations in excess of plan assets: Projected benefit obligation 373,531 430,816 46,292 83,289 Accumulated benefit obligation 351,516 420,035 42,363 70,985 Fair value of plan assets 307,455 369,234 5,355 32,325 Net pension benefit costs include the following components: United States International 2018 2017 2016 2018 2017 2016 Service cost $ 13,543 $ 12,456 $ 11,490 $ 2,069 $ 2,378 $ 2,448 Interest cost 14,306 12,844 15,932 1,635 1,537 2,294 Expected return on plan assets (21,964 ) (20,784 ) (19,666 ) (1,512 ) (1,338 ) (1,501 ) Amortization of prior service cost (credit) (22 ) 44 76 (316 ) (302 ) (203 ) Amortization of net actuarial gain (loss) 9,479 9,537 8,480 2,115 2,605 1,723 Settlement (gain) loss — 648 — 252 363 160 Curtailment (gain) loss — — — — — (1,526 ) Total benefit cost $ 15,342 $ 14,745 $ 16,312 $ 4,243 $ 5,243 $ 3,395 Net periodic pension cost for 2018 included a settlement loss of $252 due to lump sum retirement payments. 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 2018 2017 2016 2018 2017 2016 Assumptions used to determine benefit obligations at October 31: Discount rate 4.53 % 3.80 % 3.94 % 2.14 % 2.07 % 1.86 % Rate of compensation increase 3.90 3.61 3.61 3.12 3.13 3.12 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.80 3.94 4.39 2.07 1.86 2.81 Discount rate - service cost 4.01 4.31 4.39 1.76 1.55 2.81 Discount rate - interest cost 3.31 3.20 4.39 1.83 1.66 2.81 Expected return on plan assets 6.00 6.25 6.72 3.91 3.51 4.22 Rate of compensation increase 3.61 3.61 3.50 3.13 3.12 3.22 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 2018, 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, 2018 and 2017 is as follows: United States International 2018 2017 2018 2017 Asset Category Equity securities 13 % 13 % — % — % Debt securities 50 48 — — Insurance contracts — — 55 56 Pooled investment funds 36 39 44 42 Other 1 — 1 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 90 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 2018, 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 10 percent of the worldwide pension assets. Asset allocations are developed on a country-specific basis. Our investment strategy is to cover pension obligations with insurance contracts or to employ independent managers to invest the assets. The fair values of our pension plan assets at October 31, 2018 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,083 $ 1,083 $ — $ — $ 528 $ 528 $ — $ — Money market funds 1,620 1,620 — — — — — — Equity securities: Basic materials 2,763 2,763 — — — — — — Consumer goods 3,703 3,703 — — — — — — Financial 5,306 5,306 — — — — — — Healthcare 4,179 4,179 — — — — — — Industrial goods 2,516 2,516 — — — — — — Technology 4,690 4,690 — — — — — — Utilities 732 732 — — — — — — Mutual funds 21,987 21,987 — — — — — — Fixed income securities: U.S. Government 50,602 10,224 40,378 — — — — — Corporate 123,159 — 123,159 — — — — — Other 5,589 — 5,589 — — — — — Other types of investments: Insurance contracts — — — — 21,645 — — 21,645 Other 1,967 1,967 — — — — — — Total investments in the fair value hierarchy $ 229,896 $ 60,770 $ 169,126 $ — $ 22,173 $ 528 $ — $ 21,645 Investments measured at Net Asset Value: Real estate collective funds 23,109 — Pooled investment funds 108,068 17,444 Total Investments at Fair Value $ 361,073 $ 39,617 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 Other 1,013 1,013 — — — — — — Total investments in the fair value hierarchy $ 225,811 $ 58,716 $ 167,095 $ — $ 21,603 $ 566 $ — $ 21,037 Investments measured at Net Asset Value: Real estate collective funds 21,699 — Pooled investment funds 121,724 15,901 Total Investments at Fair Value $ 369,234 $ 37,504 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 11. 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, 2018 and 2017 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, 2017 $ 21,037 $ 21,037 Actual return on plan assets: Assets held, end of year 862 862 Assets sold during the period — — Purchases 2,760 2,760 Sales (2,501 ) (2,501 ) Foreign currency translation (513 ) (513 ) Ending balance at October 31, 2018 $ 21,645 $ 21,645 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 Contributions to pension plans in 2019 are estimated to be approximately $22,000. Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year United States International 2019 $ 15,639 $ 2,202 2020 17,076 2,728 2021 18,525 3,144 2022 19,894 2,636 2023 22,048 2,736 2024-2028 129,157 17,052 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 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 75,146 $ 71,904 $ 599 $ 623 Service cost 737 752 20 20 Interest cost 2,529 2,307 20 20 Participant contributions 663 503 — — Foreign currency exchange rate change — — (11 ) 24 Actuarial (gain) loss (4,519 ) 2,212 (110 ) (81 ) Benefits paid (2,546 ) (2,532 ) (6 ) (7 ) Benefit obligation at end of year $ 72,010 $ 75,146 $ 512 $ 599 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 1,883 2,029 6 7 Participant contributions 663 503 — — Benefits paid (2,546 ) (2,532 ) (6 ) (7 ) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (72,010 ) $ (75,146 ) $ (512 ) $ (599 ) Amounts recognized in financial statements: Accrued benefit liability $ (2,360 ) $ (2,148 ) $ (8 ) $ (8 ) Long-term postretirement obligations (69,650 ) (72,998 ) (504 ) (591 ) Total amount recognized in financial statements $ (72,010 ) $ (75,146 ) $ (512 ) $ (599 ) United States International 2018 2017 2018 2017 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 14,526 $ 20,124 $ (423 ) $ (342 ) Prior service credit (43 ) (142 ) — — Accumulated other comprehensive (gain) loss $ 14,483 $ 19,982 $ (423 ) $ (342 ) Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 609 $ 995 $ (28 ) $ (20 ) Amortization of prior service cost (credit) (27 ) (99 ) — — Total $ 582 $ 896 $ (28 ) $ (20 ) The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2018 2017 2018 2017 Balance at beginning of year $ 19,982 $ 18,480 $ (342 ) $ (265 ) Net (gain) loss arising during the year (4,519 ) 2,212 (110 ) (82 ) Net gain (loss) recognized during the year (1,079 ) (874 ) 20 17 Prior service (cost) credit recognized during the year 99 164 — — Exchange rate effect during the year — — 9 (12 ) Balance at end of year $ 14,483 $ 19,982 $ (423 ) $ (342 ) Net postretirement benefit costs include the following components: United States International 2018 2017 2016 2018 2017 2016 Service cost $ 737 $ 752 $ 849 $ 20 $ 20 $ 16 Interest cost 2,529 2,307 2,923 20 20 23 Amortization of prior service cost (credit) (99 ) (164 ) (267 ) — — — Amortization of net actuarial (gain) loss 1,079 874 684 (20 ) (17 ) (24 ) Total benefit cost $ 4,246 $ 3,769 $ 4,189 $ 20 $ 23 $ 15 The weighted average assumptions used in the valuation of postretirement benefits were as follows: United States International 2018 2017 2016 2018 2017 2016 Assumptions used to determine benefit obligations at October 31: Discount rate 4.56 % 3.86 % 4.05 % 3.88 % 3.52 % 3.40 % Health care cost trend rate 3.75 3.70 3.63 6.35 6.50 6.13 Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) 3.27 3.23 3.24 3.50 3.50 3.50 Year the rate reaches the ultimate trend rate 2026 2026 2026 2037 2037 2031 Assumption used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.84 % 4.03 % 4.50 % 3.52 % 3.40 % 4.35 % Discount rate - service cost 4.11 4.48 4.50 3.54 3.56 4.35 Discount rate - interest cost 3.39 3.27 4.50 3.40 3.20 4.35 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 2018 $ 516 $ (411 ) $ 11 $ (8 ) Effect on postretirement obligation as of October 31, 2018 $ 9,316 $ (7,659 ) $ 120 $ (93 ) Contributions to postretirement plans in 2019 are estimated to be approximately $2,400. Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2019 $ 2,360 $ 8 2020 2,725 8 2021 2,993 8 2022 3,239 8 2023 3,528 8 2024-2028 20,613 59 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 — Income taxes Income tax expense includes the following: 2018 2017 2016 U.S. federal $ 39,837 $ 54,878 $ 44,156 State and local 1,734 3,731 2,256 Foreign 63,522 66,352 53,836 Total current 105,093 124,961 100,248 Deferred: U.S. federal (32,829 ) 3,596 (2,334 ) State and local 891 1,164 563 Foreign (2,011 ) (5,232 ) (1,826 ) Total deferred (33,949 ) (472 ) (3,597 ) $ 71,144 $ 124,489 $ 96,651 Earnings before income taxes of domestic operations, which are calculated after intercompany profit eliminations, were $192,643, $181,840 and $156,723 in 2018, 2017 and 2016, respectively. On December 22, 2017 the Act was enacted. It reduces the U.S. federal corporate income tax rate from 35 percent to 21 percent. We have an October 31 fiscal year end, therefore the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of 23.34 percent for our fiscal year ending October 31, 2018, and 21 percent for subsequent fiscal years. The statutory tax rate of 23.34 percent was applied to earnings in the current year. The Act requires us to revalue our existing U.S. deferred tax balance to reflect the lower statutory tax rate and pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred from U.S. taxes. As a result, during 2018, we recorded a provisional tax benefit of $49,082 to reflect the revaluation of our tax assets and liabilities at the reduced corporate tax rate. We also recorded a provisional tax expense of $27,618 to reflect the transition tax on previously deferred foreign earnings. The net tax effect of these discrete items resulted in a decrease of $21,464 in income tax expense for 2018. We intend to pay the transition tax in installments over the eight-year period allowable under the Act. The transition tax is primarily included in other long-term liabilities in the Consolidated Balance Sheet at October 31, 2018. The amounts recorded are considered a provisional estimate under the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118. The provisional calculations may change after various components of the computation are finalized. Furthermore, we are still analyzing certain aspects of the Act and related interpretive guidance and refining our calculations which could potentially affect the measurement of these balances or potentially give rise to new or additional deferred tax amounts. Certain provisions of the Act will impact the Company starting in 2019. These provisions include, but are not limited to, the creation of the base erosion anti-abuse tax, a general limitation of U.S. federal income taxes on dividends from foreign subsidiaries, a new provision designed to tax global intangible low-taxed income and the repeal of the domestic production activities deduction. We continue to evaluate the future impacts of these provisions and, as of October 31, 2018, have not recorded any impact of any of these future provisions. As discussed in Note 2, in the first quarter of 2018 we adopted a new standard which simplifies the accounting for share-based payment transactions of which excess tax benefits of $9,498 were reported as net cash provided by operating activities in 2018 and $7,079 and $3,476 of excess tax benefits were reclassified from net cash used in financing activities to net cash provided by operating activities in 2017 and 2016, respectively. Our income tax provision for 2017 includes a discrete tax expense of $1,070 related to nondeductible acquisition costs. Our income tax provision for 2016 also includes discrete tax benefits. 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. A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows: 2018 2017 2016 23.34 % 35.00 % 35.00 % Transition Tax 6.16 — — Tax Rate Change Deferred Tax Remeasurement (10.94 ) — — Share-Based and Other Compensation (1.45 ) — — Domestic Production Deduction (0.82 ) (1.48 ) (1.43 ) Foreign tax rate variances, net of foreign tax credits (0.46 ) (4.69 ) (4.59 ) State and local taxes, net of federal income tax benefit 0.45 0.76 0.50 Amounts related to prior years (0.21 ) 0.03 (1.20 ) Tax benefit from previously taxed dividends paid — — (1.67 ) Other – net (0.21 ) — (0.38 ) Effective tax rate 15.86 % 29.62 % 26.23 % Earnings before income taxes of international operations, which are calculated before intercompany profit elimination entries, were $255,877, $238,451 and $211,771 in 2018, 2017 and 2016, 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 $1,088,183 and $1,026,793 at October 31, 2018 and 2017, respectively. Should these earnings be distributed, applicable foreign tax credits, distributions of previously taxed income, and utilization of other attributes would substantially offset taxes due upon the distribution. It is not practical to estimate the amount of additional taxes that might be payable on these basis differences because of the multiple methods by which these differences could reverse and the impact of withholding, US state and local taxes and currency translation considerations. At October 31, 2018 and 2017, total unrecognized tax benefits were $2,891 and $3,781, respectively. The amounts that, if recognized, would impact the effective tax rate were $2,411 and $3,273 at October 31, 2018 and 2017, 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 2018, 2017 and 2016 is as follows: 2018 2017 2016 Balance at beginning of year $ 3,781 $ 3,336 $ 6,258 Additions based on tax positions related to the current year 310 529 522 Additions for tax positions of prior years 40 621 310 Reductions for tax positions of prior years (120 ) (150 ) (140 ) Settlements — — (3,091 ) Lapse of statute of limitations (1,120 ) (555 ) (523 ) Balance at end of year $ 2,891 $ 3,781 $ 3,336 At October 31, 2018 and 2017, we had accrued interest and penalty expense related to unrecognized tax benefits of $538 and $623, 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 2015 through 2018 tax years; tax years prior to the 2015 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 2012. 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: 2018 2017 Deferred tax assets: Employee benefits $ 56,622 $ 84,109 Other accruals not currently deductible for taxes 18,186 28,579 Tax credit and loss carryforwards 16,652 23,976 Inventory adjustments 4,451 8,778 Total deferred tax assets 95,911 145,442 Valuation allowance (14,862 ) (14,891 ) Total deferred tax assets 81,049 130,551 Deferred tax liabilities: Depreciation and amortization 171,304 252,489 Other - net 669 1,132 Total deferred tax liabilities 171,973 253,621 Net deferred tax liabilities $ (90,924 ) $ (123,070 ) At October 31, 2018, we had $6,804 of tax credit carryforwards of which have an indefinite carryforward period. We also had $2,751 Federal, $64,899 state and $15,678 foreign operating loss carryforwards, and $20,149 capital loss carryforward, of which $89,635 will expire in 2019 through 2038, and $13,842 of which has an indefinite carryforward period. The net change in the valuation allowance was a decrease of $29 in 2018 and an increase of $6,587 in 2017. The valuation allowance of $14,862 at October 31, 2018, 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, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 8 — Notes payable Bank lines of credit and notes payable are summarized as follows: 2018 2017 Maximum borrowings available under bank lines of credit (all foreign banks) $ 76,151 $ 75,041 Outstanding borrowings / notes payable (all foreign bank debt) — — Weighted-average interest rate on notes payable — — Unused bank lines of credit $ 76,151 $ 75,041 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 9 — Long-term debt A summary of long-term debt is as follows: 2018 2017 Revolving credit agreement, due 2020 $ 52,200 $ 249,138 Senior notes, due 2018-2025 156,700 172,600 Senior notes, due 2019-2027 100,000 100,000 Senior notes, due 2023-2030 350,000 — Term loan, due 2018-2020 — 200,000 Term loan, due 2018-2022 605,000 705,000 Euro loan, due 2019 — 12,191 Euro loan, due 2021 16,967 — Private shelf facility, due 2018-2026 36,111 146,666 Development loans, due 2018-2026 1,086 1,218 1,318,064 1,586,813 Less current maturities 28,734 326,587 Less unamortized debt issuance costs 3,973 3,829 Long-term maturities $ 1,285,357 $ 1,256,397 Revolving credit agreement — This $850,000 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 3.10 percent at October 31, 2018 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 3.45 years. The weighted-average interest rate at October 31, 2018 was 3.03 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 5.24 years. The weighted-average interest rate at October 31, 2018 was 3.04 percent. Senior notes, due 2023-2030 – These fixed-rate notes entered in 2018 with a group of insurance companies had a remaining weighted-average life of 7.05 years. The weighted-average interest rate at October 31, 2018 was 3.90 percent. Term loan, due 2018-2020 — In 2015, we entered into a $200,000 term loan facility with a group of banks. This loan was paid off in 2018. 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. The agreement provides for term loans due in three tranches. $100,000 is due in March 2020 with a weighted-average interest rate of 3.24 percent, $200,000 is due in October 2021 with a weighted-average interest rate of 3.19 percent and $305,000 is due in March 2022 with a weighted-average interest rate of 3.26 percent. For the portion that is due in March 2020, $100,000 of this term loan facility was paid down in 2018. Euro loan, due 2019 — This Euro denominated loan was entered into in 2015 with Bank of America Merrill Lynch International Limited. This loan was paid off in 2018. Euro loan, due 2021 — This Euro denominated loan was entered into in 2018 with Bank of America Merrill Lynch International Limited. The interest rate is variable based upon the EUR LIBOR rate. The weighted average interest rate at October 31, 2018 was 0.88 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. We paid down $100,000 during 2018. At October 31, 2018, the amount outstanding under this facility was at fixed rates of 2.21 percent and 2.56 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, 2018, are as follows: $28,734 in 2019; $220,938 in 2020; $255,153 in 2021; $335,791 in 2022 and $130,796 in 2023. |
Leases
Leases | 12 Months Ended |
Oct. 31, 2018 | |
Leases [Abstract] | |
Leases | Note 10 — 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 $19,131, $17,938 and $18,047 in 2018, 2017 and 2016, 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: 2018 2017 Transportation equipment $ 18,226 $ 17,594 Other 7,892 8,121 Total capitalized leases 26,118 25,715 Accumulated amortization (12,956 ) (11,408 ) Net capitalized leases $ 13,162 $ 14,307 At October 31, 2018, future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2019 $ 6,161 $ 16,603 2020 4,241 11,520 2021 2,152 9,394 2022 909 8,050 2023 665 5,299 Later years 4,070 15,232 Total minimum lease payments 18,198 $ 66,098 Less amount representing executory costs 1,926 Net minimum lease payments 16,272 Less amount representing interest 2,867 Present value of net minimum lease payments 13,405 Less current portion 4,555 Long-term obligations at October 31, 2018 $ 8,850 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 — Fair value measurements The inputs to the valuation techniques used to measure fair value are classified into the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis: October 31, 2018 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 6,428 $ — $ 6,428 $ — Total assets at fair value $ 6,428 $ — $ 6,428 $ — Liabilities: Deferred compensation plans (b) $ 11,018 $ — $ 11,018 $ — Foreign currency forward contracts (a) 9,289 — 9,289 — Total liabilities at fair value $ 20,307 $ — $ 20,307 $ — 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 5. The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, receivables, and accounts payable, are shown in the table below. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments. 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including current portion) 1,314,091 1,293,899 1,582,984 1,587,920 We used the following methods and assumptions in estimating the fair value of financial 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 9. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Oct. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Derivative Financial Instruments | Note 12 — Derivative financial instruments We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other – net” on the Consolidated Statement of Income together with the transaction gain or loss from the related balance sheet position. In 2018, we recognized net losses of $3,151 on foreign currency forward contracts and net gains of $4,284 from the change in fair value of balance sheet positions. 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. The following table summarizes, by currency, the contracts outstanding at October 31, 2018 and 2017: Notional Amounts Sell Buy October 31, 2018 contract amounts: Euro $ 323,571 $ 184,170 Pound sterling 23,879 60,007 Japanese yen 25,408 46,671 Australian dollar 178 7,912 Hong Kong dollar — 112,414 Singapore dollar 604 14,092 Others 4,730 57,546 Total $ 378,370 $ 482,812 October 31, 2017 contract amounts: Euro $ 144,611 $ 78,253 Pound sterling 45,252 54,204 Japanese yen 24,904 28,358 Australian dollar 193 8,185 Hong Kong dollar — 100,131 Singapore dollar 794 12,681 Others 5,413 51,930 Total $ 221,167 $ 333,742 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 2018 and 2017, net gains of $828 and net losses of $760, 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, 2018 and 2017, there were no significant concentrations of credit risk. |
Capital Shares
Capital Shares | 12 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Capital Shares | Note 13 — Capital shares Preferred — We have authorized 10,000 Series A convertible preferred shares without par value. No preferred shares were outstanding in 2018, 2017 or 2016 Common — We have 160,000 authorized common shares without par value. At October 31, 2018 and 2017, there were 98,023 common shares issued. At October 31, 2018 and 2017, the number of outstanding common shares, net of treasury shares, was 58,037 and 57,715, respectively Common shares repurchased as part of publicly announced programs during 2018, 2017 and 2016 were as follows: Number Total Average Year of Shares Amount per Share 2018 145 $ 18,939 $ 130.21 2017 — $ — $ — 2016 447 $ 31,877 $ 71.37 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 14 — Stock-based compensation During the 2018 Annual Meeting of Shareholders, our shareholders approved the Amended and Restated 2012 Stock Incentive and Award Plan (the “2012 Plan”). The 2012 Plan provides for the granting of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, cash awards and other stock or performance-based incentives. A maximum of 4,525 common shares is available for grant under the 2012 Plan. Stock options — Nonqualified or incentive stock options may be granted to our employees and directors. Generally, options granted to employees may be exercised beginning one year from the date of grant at a rate not exceeding 25 percent per year and expire 10 years from the date of grant. Vesting accelerates upon a qualified termination in connection with a change in control. In the event of termination of employment due to early retirement or normal retirement at age 65, options granted within 12 months prior to termination are forfeited, and vesting continues post retirement for all other unvested options granted. In the event of disability or death, all unvested stock options granted within 12 months prior to termination (or at any time prior to December 28, 2017) 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 $9,964, $9,326 and $7,874 for 2018, 2017 and 2016, respectively. The following table summarizes activity related to stock options during 2018: Number of Options Weighted˗Average Exercise Price Per Share Aggregate Intrinsic Value Weighted˗Average Remaining Term Outstanding at October 31, 2017 1,922 $ 70.08 Granted 368 $ 127.67 Exercised (387 ) $ 48.68 Forfeited or expired (18 ) $ 108.33 Outstanding at October 31, 2018 1,885 $ 85.33 $ 72,193 6.5 years Vested at October 31, 2018 or expected to vest 1,870 $ 85.05 $ 72,091 6.5 years Exercisable at October 31, 2018 956 $ 66.82 $ 53,374 5.0 years Summarized information on currently outstanding options follows: Range of Exercise Price $27 - $44 $45 - $73 $74 - $129 Number outstanding 230 716 939 Weighted-average remaining contractual life, in years 2.4 6.0 8.0 Weighted-average exercise price $ 40.85 $ 69.19 $ 108.53 Number exercisable 230 491 235 Weighted-average exercise price $ 40.85 $ 68.40 $ 88.92 As of October 31, 2018, there was $7,740 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 used to estimate the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of 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: 2018 2017 2016 Expected volatility 24.0%-26.7% 26.0%-29.2% 29.1%-30.4% Expected dividend yield 0.97% 0.91%-1.17% 1.54% Risk-free interest rate 2.09%-2.20% 1.89%-2.06% 1.78%-1.90% Expected life of the option (in years) 5.4-6.2 5.4-6.2 5.4-6.2 The weighted-average expected volatility used to value options granted in 2018, 2017 and 2016 was 25.0 percent, 29.1 percent and 29.6 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 2018, 2017 and 2016 was $31.42, $28.86 and $18.23, respectively. The total intrinsic value of options exercised during 2018, 2017 and 2016 was $35,696, $22,317 and $17,271, respectively. Cash received from the exercise of stock options for 2018, 2017 and 2016 was $18,811, $14,086 and $11,476, 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, with consent of the Company, 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. For restricted shares granted within 12 months prior to termination (or at any time prior to December 28, 2017), the 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 2018: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Restricted at October 31, 2017 58 $ 90.38 Granted 22 $ 127.89 Forfeited (1 ) $ 95.20 Vested (26 ) $ 83.95 Restricted at October 31, 2018 53 $ 108.82 As of October 31, 2018, there was $2,981 of unrecognized compensation cost related to restricted shares. The cost is expected to be amortized over a weighted average period of 1.7 years. The amount charged to expense related to restricted shares was $2,610, $2,127 and $1,963 in 2018, 2017 and 2016, respectively. These amounts included common share dividends of $70, $64, and $60 in 2018, 2017 and 2016, respectively. The following table summarizes activity related to restricted share units in 2018: Number of Units Weighted˗Average Grant Date Fair Value Restricted share units at October 31, 2017 0 $ — Granted 8 $ 126.38 Vested (8 ) $ 126.38 Restricted share units at October 31, 2018 0 $ — As of October 31, 2018, 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 2018 and 2017 was $1,011 in both years, and was $974 for 2016. 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 2018: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Outstanding at October 31, 2017 101 $ 46.74 Restricted stock units vested 5 $ 126.49 Dividend equivalents 1 $ 138.50 Outstanding at October 31, 2018 107 $ 51.24 The amount charged to expense related to director deferred compensation was $127, $106 and $158 in 2018, 2017 and 2016, 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 $123.45 for 2018, $103.75 and $104.49 for 2017 and $67.69 per share for 2016. The amounts charged to expense for executive officers and selected other key employees in 2018, 2017 and 2016 were $7,635, $7,398 and $7,083, respectively. The cumulative amount recorded in shareholders’ equity at October 31, 2018, and 2017 was $14,757 and $12,820, 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 $273, $264 and $219 for 2018, 2017 and 2016, respectively Shares reserved for future issuance — At October 31, 2018, there were 2,459 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, 2018 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Area Data | Note 15 — 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 2018, 2017 or 2016. The following table presents information about our reportable segments: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Corporate Total Net external sales $ 955,192 $ 1,039,366 $ 260,110 $ — $ 2,254,668 Depreciation and amortization 31,597 62,594 6,166 8,050 108,407 Operating profit (loss) 259,493 243,523 50,638 (59,097 ) 494,557 Identifiable assets (b) 829,696 1,713,404 122,088 763,734 (a) 3,428,922 Expenditures for long-lived assets 46,911 16,205 8,546 18,128 89,790 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) 253,580 228,062 43,991 (67,931 ) 457,702 Identifiable assets (b) 794,699 1,718,844 120,458 790,940 (a) 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) 229,143 159,531 43,511 (43,754 ) 388,431 Identifiable assets (b) 751,153 1,080,711 140,169 463,642 (a) 2,435,675 Expenditures for long-lived assets 17,407 18,967 17,357 7,120 60,851 (a) 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. (b) 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: 2018 2017 2016 Net external sales United States $ 720,832 $ 647,657 $ 531,117 Americas 158,837 147,026 124,657 Europe 622,108 530,812 503,869 Japan 161,771 147,189 122,054 Asia Pacific 591,120 594,298 527,297 Total net external sales $ 2,254,668 $ 2,066,982 $ 1,808,994 Long-lived assets United States $ 279,437 $ 266,921 $ 209,959 Americas 2,158 2,322 1,730 Europe 41,663 39,102 23,943 Japan 5,492 5,594 6,408 Asia Pacific 57,916 32,472 31,089 Total long-lived assets $ 386,666 $ 346,411 $ 273,129 A reconciliation of total segment operating profit to total consolidated income before income taxes is as follows: 2018 2017 2016 Total profit for reportable segments $ 494,557 $ 457,702 $ 388,431 Interest expense (49,576 ) (36,601 ) (21,322 ) Interest and investment income 1,384 1,124 728 Other-net 2,154 (1,934 ) 657 Income before income taxes $ 448,519 $ 420,291 $ 368,494 A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2018 2017 2016 Total assets for reportable segments $ 3,428,922 $ 3,424,941 $ 2,435,675 Customer advance payments 38,997 34,654 26,175 Eliminations (46,907 ) (45,056 ) (41,267 ) Total consolidated assets $ 3,421,012 $ 3,414,539 $ 2,420,583 |
Supplemental Information for th
Supplemental Information for the Statement of Cash Flows | 12 Months Ended |
Oct. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information for the Statement of Cash Flows | Note 16 — Supplemental information for the statement of cash flows 2018 2017 2016 Cash operating activities: Interest paid $ 42,305 $ 36,450 $ 23,423 Income taxes paid 87,879 118,096 102,592 Non-cash investing and financing activities: Capitalized lease obligations incurred $ 5,330 $ 6,509 $ 5,639 Capitalized lease obligations terminated 415 670 1,033 Shares acquired and issued through exercise of stock options — 170 212 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 17 — Quarterly financial data (unaudited) First Second Third Fourth 2018: Sales $ 550,424 $ 553,706 $ 581,243 $ 569,295 Gross margin 301,003 306,828 320,396 307,738 Net income 104,555 91,235 94,884 86,702 Earnings per share: Basic 1.81 1.57 1.63 1.49 Diluted 1.78 1.55 1.61 1.47 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 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 third quarter of 2018, we recorded a favorable adjustment of unrecognized tax benefits of $1,041 related to the lapse of statute of limitations. During the first quarter of 2018, we recorded discrete items to income tax expense as a result of the Act. See Note 7 for additional information. During the fourth quarter of 2017, we recorded pre-tax acquisition costs of $391 related to the acquisition of Vention. During the third quarter of 2017, we recorded pre-tax acquisition costs of $865 related to Vention. During the second quarter of 2017, we recorded pre-tax acquisition costs of $13,415 related to 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. |
Contingencies
Contingencies | 12 Months Ended |
Oct. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | Note 18 — 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. 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. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Oct. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
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 2016 $ 4,502 1,867 945 111 $ 5,535 2017 $ 5,535 4,030 349 575 $ 9,791 2018 $ 9,791 1,185 1,189 (207 ) $ 9,580 Inventory Obsolescence and Other Reserves 2016 $ 28,230 6,719 6,096 471 $ 29,324 2017 $ 29,324 8,888 4,530 (542 ) $ 33,140 2018 $ 33,140 13,041 8,930 294 $ 37,545 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2018 | |
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 Consolidated Balance Sheet. Revenues deferred in 2018, 2017 and 2016 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 $12,451, $11,296 and $11,095 in 2018, 2017 and 2016, respectively. |
Research and Development | Research and development — Investments in research and development are important to our long-term growth, enabling us to keep pace with changing customer and marketplace needs through the development of new products and new applications for existing products. We place strong emphasis on technology developments and improvements through internal engineering and research teams. Research and development costs are expensed as incurred and were $58,806, $52,462 and $46,247 in 2018, 2017 and 2016, respectively. As a percentage of sales, research and development expenses were 2.6, 2.5 and 2.6 percent in 2018, 2017 and 2016, 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 2018 and 2017. Options for 396 common shares were excluded from the diluted earnings per share calculation in 2016, because their effect would have been anti-dilutive. Under the Amended & Restated 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 15 percent of consolidated inventories at October 31, 2018 and 16 percent of consolidated inventories at October 31, 2017. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,545 and $6,684 higher than reported at October 31, 2018 and 2017, 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 2018, 2017 or 2016. |
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, 2018, 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, 2018 and 2017 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) Pension and postretirement plan changes, net of tax of $(665) — 2,586 2,586 Reclassification due to adoption of new accounting standard (Note 2) — (18,846 ) (18,846 ) Currency translation losses (28,619 ) — (28,619 ) Balance at October 31, 2018 $ (57,042 ) $ (122,272 ) $ (179,314 ) |
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 2018 and 2017: 2018 2017 Balance at beginning of year $ 13,377 $ 11,770 Accruals for warranties 11,937 11,394 Warranty assumed from acquisitions — 75 Warranty payments (12,966 ) (10,090 ) Currency adjustments (153 ) 228 Balance at end of year $ 12,195 $ 13,377 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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, 2018, 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, 2018 and 2017 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) Pension and postretirement plan changes, net of tax of $(665) — 2,586 2,586 Reclassification due to adoption of new accounting standard (Note 2) — (18,846 ) (18,846 ) Currency translation losses (28,619 ) — (28,619 ) Balance at October 31, 2018 $ (57,042 ) $ (122,272 ) $ (179,314 ) |
Reconciliation of Product Warranty Liability | Following is a reconciliation of the product warranty liability for 2018 and 2017: 2018 2017 Balance at beginning of year $ 13,377 $ 11,770 Accruals for warranties 11,937 11,394 Warranty assumed from acquisitions — 75 Warranty payments (12,966 ) (10,090 ) Currency adjustments (153 ) 228 Balance at end of year $ 12,195 $ 13,377 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed at the Acquisition Date | The following table summarizes the purchase price allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date: Assets acquired: $ 3,313 Receivables 26,742 Inventories 14,279 Prepaid expenses 3,079 Property, plant and equipment 34,319 Goodwill 434,123 Intangible assets 286,000 Other assets 1,071 Total assets acquired $ 802,926 Liabilities assumed: Current liabilities 19,130 Deferred tax liabilities 64,757 Total liabilities assumed $ 83,887 Net assets acquired $ 719,039 |
Details of Consolidated Balan_2
Details of Consolidated Balance Sheet (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Consolidated Balance Sheet | 2018 2017 Receivables: Accounts $ 475,638 $ 491,224 Notes 4,476 5,121 Other 20,889 18,533 501,003 514,878 Allowance for doubtful accounts (9,580 ) (9,791 ) $ 491,423 $ 505,087 Inventories: Raw materials and component parts $ 112,823 $ 105,424 Work-in-process 47,126 45,743 Finished goods 148,618 152,923 308,567 304,090 Obsolescence and other reserves (37,545 ) (33,140 ) LIFO reserve (6,545 ) (6,684 ) $ 264,477 $ 264,266 Property, plant and equipment: Land $ 10,544 $ 10,598 Land improvements 4,294 4,292 Buildings 252,127 190,611 Machinery and equipment 456,307 424,006 Enterprise management system 53,234 52,936 Construction-in-progress 24,266 49,713 Leased property under capitalized leases 26,118 25,715 826,890 757,871 Accumulated depreciation and amortization (440,224 ) (411,460 ) $ 386,666 $ 346,411 Accrued liabilities: Salaries and other compensation $ 72,364 $ 73,234 Pension and retirement 5,095 4,768 Taxes other than income taxes 8,060 7,663 Other 89,566 87,701 $ 175,085 $ 173,366 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during 2018 by operating segment: Adhesive Dispensing Systems Advanced Technology Systems Industrial Coating Systems Total Balance at October 31, 2017 $ 392,295 $ 1,172,857 $ 24,058 $ 1,589,210 Acquisitions — 24,679 — 24,679 Currency effect (3,304 ) (2,567 ) — (5,871 ) Balance at October 31, 2018 $ 388,991 $ 1,194,969 $ 24,058 $ 1,608,018 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 |
Summary of Intangible Assets Subject to Amortization | Information regarding intangible assets subject to amortization: October 31, 2018 Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 480,404 $ 137,640 $ 342,764 Patent/technology costs 153,602 59,845 93,757 Trade name 96,433 34,768 61,665 Noncompete agreements 11,469 9,919 1,550 Other 1,386 1,381 5 Total $ 743,294 $ 243,553 $ 499,741 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 |
Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding years: Year Amounts 2019 $ 48,523 2020 $ 48,055 2021 $ 42,703 2022 $ 38,730 2023 $ 37,885 |
Retirement, Pension and Other_2
Retirement, Pension and Other Postretirement Plans (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Summary of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss at October 31, 2018 and 2017 consisted of: Cumulative Pension and Accumulated translation postretirement benefit other comprehensive adjustments plan adjustments loss Balance at October 31, 2017 $ (28,423 ) $ (106,012 ) $ (134,435 ) Pension and postretirement plan changes, net of tax of $(665) — 2,586 2,586 Reclassification due to adoption of new accounting standard (Note 2) — (18,846 ) (18,846 ) Currency translation losses (28,619 ) — (28,619 ) Balance at October 31, 2018 $ (57,042 ) $ (122,272 ) $ (179,314 ) |
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 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 430,816 $ 409,459 $ 88,761 $ 91,396 Service cost 13,543 12,456 2,069 2,378 Interest cost 14,306 12,844 1,635 1,537 Participant contributions — — 90 85 Plan amendments — — 50 — Settlements — (1,548 ) (1,431 ) (1,309 ) Foreign currency exchange rate change — — (2,676 ) 4,896 Actuarial (gain) loss (20,502 ) 9,351 107 (7,602 ) Benefits paid (12,558 ) (11,746 ) (1,378 ) (2,620 ) Benefit obligation at end of year $ 425,605 $ 430,816 $ 87,227 $ 88,761 Change in plan assets: Beginning fair value of plan assets $ 369,234 $ 333,867 $ 37,504 $ 35,604 Actual return on plan assets (13,890 ) 29,620 2,370 612 Company contributions 18,287 19,041 3,728 3,165 Participant contributions — — 90 85 Settlements — (1,548 ) (1,431 ) (1,309 ) Foreign currency exchange rate change — — (1,266 ) 1,967 Benefits paid (12,558 ) (11,746 ) (1,378 ) (2,620 ) Ending fair value of plan assets $ 361,073 $ 369,234 $ 39,617 $ 37,504 Funded status at end of year $ (64,532 ) $ (61,582 ) $ (47,610 ) $ (51,257 ) Amounts recognized in financial statements: Noncurrent asset $ 1,544 $ — $ 748 $ 64 Accrued benefit liability (1,176 ) (1,201 ) (36 ) (36 ) Long-term pension and retirement obligations (64,900 ) (60,381 ) (48,322 ) (51,285 ) Total amount recognized in financial statements $ (64,532 ) $ (61,582 ) $ (47,610 ) $ (51,257 ) United States International 2018 2017 2018 2017 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 130,788 $ 124,917 $ 23,304 $ 27,134 Prior service credit (161 ) (184 ) (2,844 ) (3,279 ) Accumulated other comprehensive loss $ 130,627 $ 124,733 $ 20,460 $ 23,855 Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 6,221 $ 8,672 $ 1,700 $ 2,074 Amortization of prior service credit (61 ) (23 ) (302 ) (313 ) Total $ 6,160 $ 8,649 $ 1,398 $ 1,761 |
Summary of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss: United States International 2018 2017 2018 2017 Balance at beginning of year $ 124,733 $ 134,447 $ 23,855 $ 31,645 Net (gain) loss arising during the year 15,351 515 (752 ) (6,867 ) Prior service cost arising during the year — — 50 — Net (gain) loss recognized during the year (9,479 ) (9,537 ) (2,115 ) (2,605 ) Prior service (cost) credit recognized during the year 22 (44 ) 316 302 Settlement loss — (648 ) (252 ) (363 ) Exchange rate effect during the year — — (642 ) 1,743 Balance at end of year $ 130,627 $ 124,733 $ 20,460 $ 23,855 |
Accumulated Benefit Obligation | Information regarding the accumulated benefit obligation is as follows: United States International 2018 2017 2018 2017 For all plans: Accumulated benefit obligation $ 403,590 $ 420,035 $ 74,690 $ 76,032 For plans with benefit obligations in excess of plan assets: Projected benefit obligation 373,531 430,816 46,292 83,289 Accumulated benefit obligation 351,516 420,035 42,363 70,985 Fair value of plan assets 307,455 369,234 5,355 32,325 |
Components of Net Periodic Benefits Cost | Net pension benefit costs include the following components: United States International 2018 2017 2016 2018 2017 2016 Service cost $ 13,543 $ 12,456 $ 11,490 $ 2,069 $ 2,378 $ 2,448 Interest cost 14,306 12,844 15,932 1,635 1,537 2,294 Expected return on plan assets (21,964 ) (20,784 ) (19,666 ) (1,512 ) (1,338 ) (1,501 ) Amortization of prior service cost (credit) (22 ) 44 76 (316 ) (302 ) (203 ) Amortization of net actuarial gain (loss) 9,479 9,537 8,480 2,115 2,605 1,723 Settlement (gain) loss — 648 — 252 363 160 Curtailment (gain) loss — — — — — (1,526 ) Total benefit cost $ 15,342 $ 14,745 $ 16,312 $ 4,243 $ 5,243 $ 3,395 |
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 2018 2017 2016 2018 2017 2016 Assumptions used to determine benefit obligations at October 31: Discount rate 4.53 % 3.80 % 3.94 % 2.14 % 2.07 % 1.86 % Rate of compensation increase 3.90 3.61 3.61 3.12 3.13 3.12 Assumptions used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.80 3.94 4.39 2.07 1.86 2.81 Discount rate - service cost 4.01 4.31 4.39 1.76 1.55 2.81 Discount rate - interest cost 3.31 3.20 4.39 1.83 1.66 2.81 Expected return on plan assets 6.00 6.25 6.72 3.91 3.51 4.22 Rate of compensation increase 3.61 3.61 3.50 3.13 3.12 3.22 |
Allocation of Pension Plan Assets | The allocation of pension plan assets as of October 31, 2018 and 2017 is as follows: United States International 2018 2017 2018 2017 Asset Category Equity securities 13 % 13 % — % — % Debt securities 50 48 — — Insurance contracts — — 55 56 Pooled investment funds 36 39 44 42 Other 1 — 1 2 Total 100 % 100 % 100 % 100 % |
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at October 31, 2018 by asset category are in the table below: United States International Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash $ 1,083 $ 1,083 $ — $ — $ 528 $ 528 $ — $ — Money market funds 1,620 1,620 — — — — — — Equity securities: Basic materials 2,763 2,763 — — — — — — Consumer goods 3,703 3,703 — — — — — — Financial 5,306 5,306 — — — — — — Healthcare 4,179 4,179 — — — — — — Industrial goods 2,516 2,516 — — — — — — Technology 4,690 4,690 — — — — — — Utilities 732 732 — — — — — — Mutual funds 21,987 21,987 — — — — — — Fixed income securities: U.S. Government 50,602 10,224 40,378 — — — — — Corporate 123,159 — 123,159 — — — — — Other 5,589 — 5,589 — — — — — Other types of investments: Insurance contracts — — — — 21,645 — — 21,645 Other 1,967 1,967 — — — — — — Total investments in the fair value hierarchy $ 229,896 $ 60,770 $ 169,126 $ — $ 22,173 $ 528 $ — $ 21,645 Investments measured at Net Asset Value: Real estate collective funds 23,109 — Pooled investment funds 108,068 17,444 Total Investments at Fair Value $ 361,073 $ 39,617 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 Other 1,013 1,013 — — — — — — Total investments in the fair value hierarchy $ 225,811 $ 58,716 $ 167,095 $ — $ 21,603 $ 566 $ — $ 21,037 Investments measured at Net Asset Value: Real estate collective funds 21,699 — Pooled investment funds 121,724 15,901 Total Investments at Fair Value $ 369,234 $ 37,504 |
Change in Level 3 Fair Value of Plan Assets | The following tables present an analysis of changes during the years ended October 31, 2018 and 2017 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, 2017 $ 21,037 $ 21,037 Actual return on plan assets: Assets held, end of year 862 862 Assets sold during the period — — Purchases 2,760 2,760 Sales (2,501 ) (2,501 ) Foreign currency translation (513 ) (513 ) Ending balance at October 31, 2018 $ 21,645 $ 21,645 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 |
Retiree Pension Benefit Payments | Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year United States International 2019 $ 15,639 $ 2,202 2020 17,076 2,728 2021 18,525 3,144 2022 19,894 2,636 2023 22,048 2,736 2024-2028 129,157 17,052 |
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 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 75,146 $ 71,904 $ 599 $ 623 Service cost 737 752 20 20 Interest cost 2,529 2,307 20 20 Participant contributions 663 503 — — Foreign currency exchange rate change — — (11 ) 24 Actuarial (gain) loss (4,519 ) 2,212 (110 ) (81 ) Benefits paid (2,546 ) (2,532 ) (6 ) (7 ) Benefit obligation at end of year $ 72,010 $ 75,146 $ 512 $ 599 Change in plan assets: Beginning fair value of plan assets $ — $ — $ — $ — Company contributions 1,883 2,029 6 7 Participant contributions 663 503 — — Benefits paid (2,546 ) (2,532 ) (6 ) (7 ) Ending fair value of plan assets $ — $ — $ — $ — Funded status at end of year $ (72,010 ) $ (75,146 ) $ (512 ) $ (599 ) Amounts recognized in financial statements: Accrued benefit liability $ (2,360 ) $ (2,148 ) $ (8 ) $ (8 ) Long-term postretirement obligations (69,650 ) (72,998 ) (504 ) (591 ) Total amount recognized in financial statements $ (72,010 ) $ (75,146 ) $ (512 ) $ (599 ) United States International 2018 2017 2018 2017 Amounts recognized in accumulated other comprehensive (gain) loss: Net actuarial (gain) loss $ 14,526 $ 20,124 $ (423 ) $ (342 ) Prior service credit (43 ) (142 ) — — Accumulated other comprehensive (gain) loss $ 14,483 $ 19,982 $ (423 ) $ (342 ) Amounts expected to be recognized during next fiscal year: Amortization of net actuarial (gain) loss $ 609 $ 995 $ (28 ) $ (20 ) Amortization of prior service cost (credit) (27 ) (99 ) — — Total $ 582 $ 896 $ (28 ) $ (20 ) |
Summary of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive (gain) loss: United States International 2018 2017 2018 2017 Balance at beginning of year $ 19,982 $ 18,480 $ (342 ) $ (265 ) Net (gain) loss arising during the year (4,519 ) 2,212 (110 ) (82 ) Net gain (loss) recognized during the year (1,079 ) (874 ) 20 17 Prior service (cost) credit recognized during the year 99 164 — — Exchange rate effect during the year — — 9 (12 ) Balance at end of year $ 14,483 $ 19,982 $ (423 ) $ (342 ) |
Components of Net Periodic Benefits Cost | Net postretirement benefit costs include the following components: United States International 2018 2017 2016 2018 2017 2016 Service cost $ 737 $ 752 $ 849 $ 20 $ 20 $ 16 Interest cost 2,529 2,307 2,923 20 20 23 Amortization of prior service cost (credit) (99 ) (164 ) (267 ) — — — Amortization of net actuarial (gain) loss 1,079 874 684 (20 ) (17 ) (24 ) Total benefit cost $ 4,246 $ 3,769 $ 4,189 $ 20 $ 23 $ 15 |
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 2018 2017 2016 2018 2017 2016 Assumptions used to determine benefit obligations at October 31: Discount rate 4.56 % 3.86 % 4.05 % 3.88 % 3.52 % 3.40 % Health care cost trend rate 3.75 3.70 3.63 6.35 6.50 6.13 Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) 3.27 3.23 3.24 3.50 3.50 3.50 Year the rate reaches the ultimate trend rate 2026 2026 2026 2037 2037 2031 Assumption used to determine net benefit costs for the years ended October 31: Discount rate - benefit obligation 3.84 % 4.03 % 4.50 % 3.52 % 3.40 % 4.35 % Discount rate - service cost 4.11 4.48 4.50 3.54 3.56 4.35 Discount rate - interest cost 3.39 3.27 4.50 3.40 3.20 4.35 |
Retiree Pension Benefit Payments | Retiree postretirement benefit payments are anticipated to be paid as follows: Year United States International 2019 $ 2,360 $ 8 2020 2,725 8 2021 2,993 8 2022 3,239 8 2023 3,528 8 2024-2028 20,613 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 2018 $ 516 $ (411 ) $ 11 $ (8 ) Effect on postretirement obligation as of October 31, 2018 $ 9,316 $ (7,659 ) $ 120 $ (93 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense includes the following: 2018 2017 2016 U.S. federal $ 39,837 $ 54,878 $ 44,156 State and local 1,734 3,731 2,256 Foreign 63,522 66,352 53,836 Total current 105,093 124,961 100,248 Deferred: U.S. federal (32,829 ) 3,596 (2,334 ) State and local 891 1,164 563 Foreign (2,011 ) (5,232 ) (1,826 ) Total deferred (33,949 ) (472 ) (3,597 ) $ 71,144 $ 124,489 $ 96,651 |
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: 2018 2017 2016 23.34 % 35.00 % 35.00 % Transition Tax 6.16 — — Tax Rate Change Deferred Tax Remeasurement (10.94 ) — — Share-Based and Other Compensation (1.45 ) — — Domestic Production Deduction (0.82 ) (1.48 ) (1.43 ) Foreign tax rate variances, net of foreign tax credits (0.46 ) (4.69 ) (4.59 ) State and local taxes, net of federal income tax benefit 0.45 0.76 0.50 Amounts related to prior years (0.21 ) 0.03 (1.20 ) Tax benefit from previously taxed dividends paid — — (1.67 ) Other – net (0.21 ) — (0.38 ) Effective tax rate 15.86 % 29.62 % 26.23 % |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2018, 2017 and 2016 is as follows: 2018 2017 2016 Balance at beginning of year $ 3,781 $ 3,336 $ 6,258 Additions based on tax positions related to the current year 310 529 522 Additions for tax positions of prior years 40 621 310 Reductions for tax positions of prior years (120 ) (150 ) (140 ) Settlements — — (3,091 ) Lapse of statute of limitations (1,120 ) (555 ) (523 ) Balance at end of year $ 2,891 $ 3,781 $ 3,336 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: 2018 2017 Deferred tax assets: Employee benefits $ 56,622 $ 84,109 Other accruals not currently deductible for taxes 18,186 28,579 Tax credit and loss carryforwards 16,652 23,976 Inventory adjustments 4,451 8,778 Total deferred tax assets 95,911 145,442 Valuation allowance (14,862 ) (14,891 ) Total deferred tax assets 81,049 130,551 Deferred tax liabilities: Depreciation and amortization 171,304 252,489 Other - net 669 1,132 Total deferred tax liabilities 171,973 253,621 Net deferred tax liabilities $ (90,924 ) $ (123,070 ) |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
Bank Lines of Credit and Notes | Bank lines of credit and notes payable are summarized as follows: 2018 2017 Maximum borrowings available under bank lines of credit (all foreign banks) $ 76,151 $ 75,041 Outstanding borrowings / notes payable (all foreign bank debt) — — Weighted-average interest rate on notes payable — — Unused bank lines of credit $ 76,151 $ 75,041 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | A summary of long-term debt is as follows: 2018 2017 Revolving credit agreement, due 2020 $ 52,200 $ 249,138 Senior notes, due 2018-2025 156,700 172,600 Senior notes, due 2019-2027 100,000 100,000 Senior notes, due 2023-2030 350,000 — Term loan, due 2018-2020 — 200,000 Term loan, due 2018-2022 605,000 705,000 Euro loan, due 2019 — 12,191 Euro loan, due 2021 16,967 — Private shelf facility, due 2018-2026 36,111 146,666 Development loans, due 2018-2026 1,086 1,218 1,318,064 1,586,813 Less current maturities 28,734 326,587 Less unamortized debt issuance costs 3,973 3,829 Long-term maturities $ 1,285,357 $ 1,256,397 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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: 2018 2017 Transportation equipment $ 18,226 $ 17,594 Other 7,892 8,121 Total capitalized leases 26,118 25,715 Accumulated amortization (12,956 ) (11,408 ) Net capitalized leases $ 13,162 $ 14,307 |
Future Minimum Lease Payments Under Non-cancelable Capitalized and Operating Leases | At October 31, 2018, future minimum lease payments under non-cancelable capitalized and operating leases are as follows: Capitalized Leases Operating Leases Year: 2019 $ 6,161 $ 16,603 2020 4,241 11,520 2021 2,152 9,394 2022 909 8,050 2023 665 5,299 Later years 4,070 15,232 Total minimum lease payments 18,198 $ 66,098 Less amount representing executory costs 1,926 Net minimum lease payments 16,272 Less amount representing interest 2,867 Present value of net minimum lease payments 13,405 Less current portion 4,555 Long-term obligations at October 31, 2018 $ 8,850 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the classification of our assets and liabilities measured at fair value on a recurring basis: October 31, 2018 Total Level 1 Level 2 Level 3 Assets: Foreign currency forward contracts (a) $ 6,428 $ — $ 6,428 $ — Total assets at fair value $ 6,428 $ — $ 6,428 $ — Liabilities: Deferred compensation plans (b) $ 11,018 $ — $ 11,018 $ — Foreign currency forward contracts (a) 9,289 — 9,289 — Total liabilities at fair value $ 20,307 $ — $ 20,307 $ — 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. |
Carrying Amounts and Fair Values of Financial Instruments, Other than Cash and Cash Equivalents, Receivables and Accounts Payable | The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments. 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including current portion) 1,314,091 1,293,899 1,582,984 1,587,920 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Outstanding Currency, Forward Exchange Contracts | The following table summarizes, by currency, the contracts outstanding at October 31, 2018 and 2017: Notional Amounts Sell Buy October 31, 2018 contract amounts: Euro $ 323,571 $ 184,170 Pound sterling 23,879 60,007 Japanese yen 25,408 46,671 Australian dollar 178 7,912 Hong Kong dollar — 112,414 Singapore dollar 604 14,092 Others 4,730 57,546 Total $ 378,370 $ 482,812 October 31, 2017 contract amounts: Euro $ 144,611 $ 78,253 Pound sterling 45,252 54,204 Japanese yen 24,904 28,358 Australian dollar 193 8,185 Hong Kong dollar — 100,131 Singapore dollar 794 12,681 Others 5,413 51,930 Total $ 221,167 $ 333,742 |
Capital Shares (Tables)
Capital Shares (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Capital Shares | Common shares repurchased as part of publicly announced programs during 2018, 2017 and 2016 were as follows: Number Total Average Year of Shares Amount per Share 2018 145 $ 18,939 $ 130.21 2017 — $ — $ — 2016 447 $ 31,877 $ 71.37 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summarized Activity Related to Stock Options | The following table summarizes activity related to stock options during 2018: Number of Options Weighted˗Average Exercise Price Per Share Aggregate Intrinsic Value Weighted˗Average Remaining Term Outstanding at October 31, 2017 1,922 $ 70.08 Granted 368 $ 127.67 Exercised (387 ) $ 48.68 Forfeited or expired (18 ) $ 108.33 Outstanding at October 31, 2018 1,885 $ 85.33 $ 72,193 6.5 years Vested at October 31, 2018 or expected to vest 1,870 $ 85.05 $ 72,091 6.5 years Exercisable at October 31, 2018 956 $ 66.82 $ 53,374 5.0 years |
Summarized Information on Currently Outstanding Options | Summarized information on currently outstanding options follows: Range of Exercise Price $27 - $44 $45 - $73 $74 - $129 Number outstanding 230 716 939 Weighted-average remaining contractual life, in years 2.4 6.0 8.0 Weighted-average exercise price $ 40.85 $ 69.19 $ 108.53 Number exercisable 230 491 235 Weighted-average exercise price $ 40.85 $ 68.40 $ 88.92 |
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: 2018 2017 2016 Expected volatility 24.0%-26.7% 26.0%-29.2% 29.1%-30.4% Expected dividend yield 0.97% 0.91%-1.17% 1.54% Risk-free interest rate 2.09%-2.20% 1.89%-2.06% 1.78%-1.90% Expected life of the option (in years) 5.4-6.2 5.4-6.2 5.4-6.2 |
Summarized Activity Related to Restricted Stock | The following table summarizes activity related to restricted shares during 2018: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Restricted at October 31, 2017 58 $ 90.38 Granted 22 $ 127.89 Forfeited (1 ) $ 95.20 Vested (26 ) $ 83.95 Restricted at October 31, 2018 53 $ 108.82 |
Summarized Activity Related to Restricted Stock Units | The following table summarizes activity related to restricted share units in 2018: Number of Units Weighted˗Average Grant Date Fair Value Restricted share units at October 31, 2017 0 $ — Granted 8 $ 126.38 Vested (8 ) $ 126.38 Restricted share units at October 31, 2018 0 $ — |
Summarized Activity Related to Director Deferred Compensation Shares | The following table summarizes activity related to director deferred compensation share equivalent units during 2018: Number of Shares Weighted˗Average Grant Date Fair Value Per Share Outstanding at October 31, 2017 101 $ 46.74 Restricted stock units vested 5 $ 126.49 Dividend equivalents 1 $ 138.50 Outstanding at October 31, 2018 107 $ 51.24 |
Operating Segments and Geogra_2
Operating Segments and Geographic Area Data (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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 Net external sales $ 955,192 $ 1,039,366 $ 260,110 $ — $ 2,254,668 Depreciation and amortization 31,597 62,594 6,166 8,050 108,407 Operating profit (loss) 259,493 243,523 50,638 (59,097 ) 494,557 Identifiable assets (b) 829,696 1,713,404 122,088 763,734 (a) 3,428,922 Expenditures for long-lived assets 46,911 16,205 8,546 18,128 89,790 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) 253,580 228,062 43,991 (67,931 ) 457,702 Identifiable assets (b) 794,699 1,718,844 120,458 790,940 (a) 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) 229,143 159,531 43,511 (43,754 ) 388,431 Identifiable assets (b) 751,153 1,080,711 140,169 463,642 (a) 2,435,675 Expenditures for long-lived assets 17,407 18,967 17,357 7,120 60,851 (a) 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. (b) 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: 2018 2017 2016 Net external sales United States $ 720,832 $ 647,657 $ 531,117 Americas 158,837 147,026 124,657 Europe 622,108 530,812 503,869 Japan 161,771 147,189 122,054 Asia Pacific 591,120 594,298 527,297 Total net external sales $ 2,254,668 $ 2,066,982 $ 1,808,994 Long-lived assets United States $ 279,437 $ 266,921 $ 209,959 Americas 2,158 2,322 1,730 Europe 41,663 39,102 23,943 Japan 5,492 5,594 6,408 Asia Pacific 57,916 32,472 31,089 Total long-lived assets $ 386,666 $ 346,411 $ 273,129 |
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: 2018 2017 2016 Total profit for reportable segments $ 494,557 $ 457,702 $ 388,431 Interest expense (49,576 ) (36,601 ) (21,322 ) Interest and investment income 1,384 1,124 728 Other-net 2,154 (1,934 ) 657 Income before income taxes $ 448,519 $ 420,291 $ 368,494 |
Summary of Reconciliation of Consolidated Assets | A reconciliation of total assets for reportable segments to total consolidated assets is as follows: 2018 2017 2016 Total assets for reportable segments $ 3,428,922 $ 3,424,941 $ 2,435,675 Customer advance payments 38,997 34,654 26,175 Eliminations (46,907 ) (45,056 ) (41,267 ) Total consolidated assets $ 3,421,012 $ 3,414,539 $ 2,420,583 |
Supplemental Information for _2
Supplemental Information for the Statement of Cash Flows (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information for the Statement of Cash Flows | 2018 2017 2016 Cash operating activities: Interest paid $ 42,305 $ 36,450 $ 23,423 Income taxes paid 87,879 118,096 102,592 Non-cash investing and financing activities: Capitalized lease obligations incurred $ 5,330 $ 6,509 $ 5,639 Capitalized lease obligations terminated 415 670 1,033 Shares acquired and issued through exercise of stock options — 170 212 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | First Second Third Fourth 2018: Sales $ 550,424 $ 553,706 $ 581,243 $ 569,295 Gross margin 301,003 306,828 320,396 307,738 Net income 104,555 91,235 94,884 86,702 Earnings per share: Basic 1.81 1.57 1.63 1.49 Diluted 1.78 1.55 1.61 1.47 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 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||
Ownership percentage in affiliates and joint ventures | 50.00% | ||
Advertising costs incurred | $ 12,451,000 | $ 11,296,000 | $ 11,095,000 |
Research and development costs incurred | $ 58,806,000 | $ 52,462,000 | $ 46,247,000 |
Percentage of research and development expenses on sales | 2.60% | 2.50% | 2.60% |
Periods of performance considered for calculating compensation expense | 3 years | ||
Cost percentage of inventory under LIFO method | 15.00% | 16.00% | |
Consolidated inventories under FIFO method | $ 6,545,000 | $ 6,684,000 | |
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 | 0 | 396,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Useful Lives of Property, Plant and Equipment and Depreciation (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
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 Polici_6
Significant Accounting Policies - Weighted Average Useful Lives for Each Major Category of Amortizable Intangible Assets (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
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 Polici_7
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | $ (134,435) | ||
Pension and postretirement plan changes, net of tax | 2,586 | ||
Reclassification due to adoption of new accounting standard (Note 2) | (18,846) | ||
Currency translation losses | (28,619) | $ 22,697 | $ (8,693) |
Accumulated other comprehensive loss, Ending balance | (179,314) | (134,435) | |
Cumulative Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (28,423) | ||
Currency translation losses | (28,619) | ||
Accumulated other comprehensive loss, Ending balance | (57,042) | (28,423) | |
Pension And Postretirement Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (106,012) | ||
Pension and postretirement plan changes, net of tax | 2,586 | ||
Reclassification due to adoption of new accounting standard (Note 2) | (18,846) | ||
Accumulated other comprehensive loss, Ending balance | $ (122,272) | $ (106,012) |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Oct. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Pension and postretirement plan changes, tax | $ 665 |
Significant Accounting Polici_9
Significant Accounting Policies - Reconciliation of Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Accounting Policies [Abstract] | ||
Balance at beginning of year | $ 13,377 | $ 11,770 |
Accruals for warranties | 11,937 | 11,394 |
Warranty assumed from acquisitions | 75 | |
Warranty payments | (12,966) | (10,090) |
Currency adjustments | (153) | 228 |
Balance at end of year | $ 12,195 | $ 13,377 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Aug. 31, 2018 | |
New Accounting Guidance Issued and Not Yet Adopted [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Defined benefit plan effect of percentage change in assumed health care cost trend rates | 1.00% | |||
New Accounting Guidance Adopted [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Excess tax benefit from share based compensation , operating activities | $ 9,498 | |||
Excess tax benefit from share-based compensation, reclassification from financing activities to operating activities | $ 7,079 | $ 3,476 | ||
Reclassification from accumulated other comprehensive income to retained earnings tax effect | $ 18,846 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 17, 2018 | Jan. 02, 2018 | Mar. 31, 2017 | Feb. 16, 2017 | Feb. 01, 2017 | Jan. 03, 2017 | Sep. 01, 2016 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Business Acquisition [Line Items] | ||||||||||
Acquisition of businesses, net of cash acquired | $ 50,586 | $ 805,943 | $ 42,650 | |||||||
Goodwill | 1,608,018 | 1,589,210 | 1,107,137 | |||||||
Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 1,194,969 | $ 1,172,857 | $ 697,346 | |||||||
2017 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 434,123 | |||||||||
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 | |||||||||
Cladach Nua Teoranta [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired percent of the outstanding shares | 100.00% | |||||||||
Acquisition of businesses, net of cash acquired | $ 5,222 | |||||||||
Acquisition of business, earn-out liability | 1,131 | |||||||||
Goodwill | 2,905 | |||||||||
Identifiable intangible assets | 1,218 | |||||||||
Cladach Nua Teoranta [Member] | Customer Relationships [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 812 | |||||||||
Intangible assets amortization period | 10 years | |||||||||
Cladach Nua Teoranta [Member] | Trade Names [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 203 | |||||||||
Intangible assets amortization period | 15 years | |||||||||
Cladach Nua Teoranta [Member] | Technology-Based Intangible Assets [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 203 | |||||||||
Intangible assets amortization period | 15 years | |||||||||
Sonoscan, Inc. [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired percent of the outstanding shares | 100.00% | |||||||||
Acquisition of businesses, net of cash acquired | $ 46,018 | |||||||||
Goodwill | 22,775 | |||||||||
Identifiable intangible assets | 7,910 | |||||||||
Cash acquired from business acquisition | 655 | |||||||||
Sonoscan, Inc. [Member] | Customer Relationships [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 1,700 | |||||||||
Intangible assets amortization period | 7 years | |||||||||
Sonoscan, Inc. [Member] | Trade Names [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 3,300 | |||||||||
Intangible assets amortization period | 11 years | |||||||||
Sonoscan, Inc. [Member] | Technology-Based Intangible Assets [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 2,500 | |||||||||
Intangible assets amortization period | 7 years | |||||||||
Sonoscan, Inc. [Member] | Non-compete Agreements [Member] | 2018 Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 410 | |||||||||
Intangible assets amortization period | 5 years | |||||||||
Vention [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition of businesses, net of cash acquired | 705,000 | |||||||||
Goodwill | 434,123 | |||||||||
Identifiable intangible assets | 286,000 | |||||||||
Cash acquired from business acquisition | 3,313 | |||||||||
Acquisition of businesses, Cash and other closing adjustments | 10,726 | |||||||||
Business combination, goodwill, tax deductible amount | 37,200 | |||||||||
Vention [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 240,000 | |||||||||
Intangible assets amortization period | 14 years | |||||||||
Vention [Member] | Trade Names [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 2,000 | |||||||||
Intangible assets amortization period | 6 years | |||||||||
Vention [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 44,000 | |||||||||
Vention [Member] | Technology-Based Intangible Assets Amortized over 14 Years [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 36,000 | |||||||||
Intangible assets amortization period | 14 years | |||||||||
Vention [Member] | Technology-Based Intangible Assets Amortized over 10 Years [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 8,000 | |||||||||
Intangible assets amortization period | 10 years | |||||||||
InterSelect GmbH [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired percent of the outstanding shares | 100.00% | |||||||||
Goodwill | $ 3,548 | |||||||||
Identifiable intangible assets | 1,879 | |||||||||
Cash acquired from business acquisition | 492 | |||||||||
Acquisition of businesses, net of cash acquired | 5,432 | |||||||||
InterSelect GmbH [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 1,109 | |||||||||
Intangible assets amortization period | 9 years | |||||||||
InterSelect GmbH [Member] | Trade Names [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 348 | |||||||||
Intangible assets amortization period | 12 years | |||||||||
InterSelect GmbH [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 422 | |||||||||
Intangible assets amortization period | 9 years | |||||||||
Plas-Pak Industries, Inc. [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired percent of the outstanding shares | 100.00% | |||||||||
Acquisition of businesses, net of cash acquired | $ 70,798 | |||||||||
Goodwill | 24,995 | |||||||||
Identifiable intangible assets | 33,800 | |||||||||
Cash acquired from business acquisition | 543 | |||||||||
Plas-Pak Industries, Inc. [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 23,700 | |||||||||
Intangible assets amortization period | 17 years | |||||||||
Plas-Pak Industries, Inc. [Member] | Trade Names [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 4,100 | |||||||||
Intangible assets amortization period | 12 years | |||||||||
Plas-Pak Industries, Inc. [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 5,000 | |||||||||
Intangible assets amortization period | 9 years | |||||||||
Plas-Pak Industries, Inc. [Member] | Non-compete Agreements [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 1,000 | |||||||||
Intangible assets amortization period | 5 years | |||||||||
ACE Production Technologies Inc [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 6,383 | |||||||||
Identifiable intangible assets | 5,010 | |||||||||
Acquisition of businesses, net of cash acquired | 13,761 | |||||||||
ACE Production Technologies Inc [Member] | Customer Relationships [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 2,800 | |||||||||
Intangible assets amortization period | 7 years | |||||||||
ACE Production Technologies Inc [Member] | Trade Names [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 1,000 | |||||||||
Intangible assets amortization period | 11 years | |||||||||
ACE Production Technologies Inc [Member] | Technology-Based Intangible Assets [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 1,100 | |||||||||
Intangible assets amortization period | 7 years | |||||||||
ACE Production Technologies Inc [Member] | Non-compete Agreements [Member] | 2017 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 110 | |||||||||
Intangible assets amortization period | 3 years | |||||||||
LinkTech Quick Couplings Inc [Member] | 2016 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired percent of the outstanding shares | 100.00% | |||||||||
Acquisition of businesses, net of cash acquired | $ 43,348 | |||||||||
Goodwill | 25,867 | |||||||||
Identifiable intangible assets | 14,610 | |||||||||
Cash acquired from business acquisition | 36 | |||||||||
LinkTech Quick Couplings Inc [Member] | Customer Relationships [Member] | 2016 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 8,600 | |||||||||
Intangible assets amortization period | 11 years | |||||||||
LinkTech Quick Couplings Inc [Member] | Trade Names [Member] | 2016 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 2,800 | |||||||||
Intangible assets amortization period | 12 years | |||||||||
LinkTech Quick Couplings Inc [Member] | Technology-Based Intangible Assets [Member] | 2016 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 2,300 | |||||||||
Intangible assets amortization period | 8 years | |||||||||
LinkTech Quick Couplings Inc [Member] | Non-compete Agreements [Member] | 2016 Acquisition [Member] | Advanced Technology Systems [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Identifiable intangible assets | $ 910 | |||||||||
Intangible assets amortization period | 5 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, 2018 | Oct. 31, 2017 | Mar. 31, 2017 | Oct. 31, 2016 |
Assets acquired: | ||||
Goodwill | $ 1,608,018 | $ 1,589,210 | $ 1,107,137 | |
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 | 434,123 | |||
Intangible assets | 286,000 | |||
Other assets | 1,071 | |||
Total assets acquired | 802,926 | |||
Liabilities assumed: | ||||
Current liabilities | 19,130 | |||
Deferred tax liabilities | 64,757 | |||
Total liabilities assumed | 83,887 | |||
Net assets acquired | $ 719,039 |
Details of Consoildated Balance
Details of Consoildated Balance Sheet - Details of Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Receivables: | |||
Accounts | $ 475,638 | $ 491,224 | |
Notes | 4,476 | 5,121 | |
Other | 20,889 | 18,533 | |
Receivables, total | 501,003 | 514,878 | |
Allowance for doubtful accounts | (9,580) | (9,791) | |
Receivables-net | 491,423 | 505,087 | |
Inventories: | |||
Raw materials and component parts | 112,823 | 105,424 | |
Work-in-process | 47,126 | 45,743 | |
Finished goods | 148,618 | 152,923 | |
Inventories gross | 308,567 | 304,090 | |
Obsolescence and other reserves | (37,545) | (33,140) | |
LIFO reserve | (6,545) | (6,684) | |
Inventories net | 264,477 | 264,266 | |
Property, plant and equipment: | |||
Property, plant and equipment gross | 826,890 | 757,871 | |
Accumulated depreciation and amortization | (440,224) | (411,460) | |
Property, plant and equipment - net | 386,666 | 346,411 | $ 273,129 |
Accrued liabilities: | |||
Salaries and other compensation | 72,364 | 73,234 | |
Pension and retirement | 5,095 | 4,768 | |
Taxes other than income taxes | 8,060 | 7,663 | |
Other | 89,566 | 87,701 | |
Accrued liabilities total | 175,085 | 173,366 | |
Land [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 10,544 | 10,598 | |
Land Improvements [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 4,294 | 4,292 | |
Buildings [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 252,127 | 190,611 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 456,307 | 424,006 | |
Enterprise Management Systems [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 53,234 | 52,936 | |
Construction in Progress [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | 24,266 | 49,713 | |
Leased Property Under Capitalized Leases [Member] | |||
Property, plant and equipment: | |||
Property, plant and equipment gross | $ 26,118 | $ 25,715 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Goodwill accumulated impairment loss | 232,789,000 | 232,789,000 | |
Intangible assets, amortization expense | 55,448,000 | 44,907,000 | $ 29,061,000 |
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 Asset_3
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Goodwill [Line Items] | ||
Beginning balance | $ 1,589,210 | $ 1,107,137 |
Acquisitions | 24,679 | 470,248 |
Currency effect | (5,871) | 11,825 |
Ending balance | 1,608,018 | 1,589,210 |
Adhesive Dispensing Systems [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 392,295 | 385,733 |
Currency effect | (3,304) | 6,562 |
Ending balance | 388,991 | 392,295 |
Advanced Technology Systems [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 1,172,857 | 697,346 |
Acquisitions | 24,679 | 470,248 |
Currency effect | (2,567) | 5,263 |
Ending balance | 1,194,969 | 1,172,857 |
Industrial Coating Systems [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 24,058 | 24,058 |
Ending balance | $ 24,058 | $ 24,058 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 743,294 | $ 736,924 |
Accumulated Amortization | 243,553 | 189,744 |
Net Book Value | 499,741 | 547,180 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 480,404 | 480,536 |
Accumulated Amortization | 137,640 | 102,033 |
Net Book Value | 342,764 | 378,503 |
Patent/Technology Costs [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 153,602 | 150,581 |
Accumulated Amortization | 59,845 | 48,669 |
Net Book Value | 93,757 | 101,912 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 96,433 | 93,281 |
Accumulated Amortization | 34,768 | 28,366 |
Net Book Value | 61,665 | 64,915 |
Noncompete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 11,469 | 11,142 |
Accumulated Amortization | 9,919 | 9,298 |
Net Book Value | 1,550 | 1,844 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Carrying Amount | 1,386 | 1,384 |
Accumulated Amortization | 1,381 | 1,378 |
Net Book Value | $ 5 | $ 6 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Oct. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, 2019 | $ 48,523 |
Estimated Amortization Expense, 2020 | 48,055 |
Estimated Amortization Expense, 2021 | 42,703 |
Estimated Amortization Expense, 2022 | 38,730 |
Estimated Amortization Expense, 2023 | $ 37,885 |
Retirement, Pension and Other_3
Retirement, Pension and Other Postretirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expenses on retirement plan | $ 22,634 | $ 19,259 | $ 17,194 |
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 | $ 22,000 | ||
Pension Plans [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | $ (648) | ||
Percentage of World wide pension assets | 90.00% | ||
Investments in common shares | 0 | ||
Pension Plans [Member] | International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | $ (252) | $ (363) | (160) |
Curtailment gain | 1,526 | ||
Percentage of World wide pension assets | 10.00% | ||
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 | $ 2,400 | ||
Due to Lump Sum Retirement Payments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | $ (252) | $ (1,011) | (160) |
Curtailment gain | $ 1,526 |
Retirement, Pension and Other_4
Retirement, Pension and Other Postretirement Plans - Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Pension Plans [Member] | United States [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 430,816 | $ 409,459 | |
Service cost | 13,543 | 12,456 | $ 11,490 |
Interest cost | 14,306 | 12,844 | 15,932 |
Settlements | (1,548) | ||
Actuarial (gain) loss | (20,502) | 9,351 | |
Benefits paid | (12,558) | (11,746) | |
Benefit obligation at end of year | 425,605 | 430,816 | 409,459 |
Change in plan assets: | |||
Beginning balance | 369,234 | 333,867 | |
Actual return on plan assets | (13,890) | 29,620 | |
Company contributions | 18,287 | 19,041 | |
Settlements | (1,548) | ||
Benefits paid | (12,558) | (11,746) | |
Ending balance | 361,073 | 369,234 | 333,867 |
Funded status at end of year | (64,532) | (61,582) | |
Amounts recognized in financial statements: | |||
Noncurrent asset | 1,544 | ||
Accrued benefit liability | (1,176) | (1,201) | |
Long-term pension and retirement obligations | (64,900) | (60,381) | |
Total amount recognized in financial statements | (64,532) | (61,582) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 130,788 | 124,917 | |
Prior service credit | (161) | (184) | |
Accumulated other comprehensive (gain) loss | 130,627 | 124,733 | 134,447 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 6,221 | 8,672 | |
Amortization of prior service credit | (61) | (23) | |
Total | 6,160 | 8,649 | |
Pension Plans [Member] | International [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 88,761 | 91,396 | |
Service cost | 2,069 | 2,378 | 2,448 |
Interest cost | 1,635 | 1,537 | 2,294 |
Participant contributions | 90 | 85 | |
Plan amendments | 50 | ||
Settlements | (1,431) | (1,309) | |
Foreign currency exchange rate change | (2,676) | 4,896 | |
Actuarial (gain) loss | 107 | (7,602) | |
Benefits paid | (1,378) | (2,620) | |
Benefit obligation at end of year | 87,227 | 88,761 | 91,396 |
Change in plan assets: | |||
Beginning balance | 37,504 | 35,604 | |
Actual return on plan assets | 2,370 | 612 | |
Company contributions | 3,728 | 3,165 | |
Participant contributions | 90 | 85 | |
Settlements | (1,431) | (1,309) | |
Foreign currency exchange rate change | (1,266) | 1,967 | |
Benefits paid | (1,378) | (2,620) | |
Ending balance | 39,617 | 37,504 | 35,604 |
Funded status at end of year | (47,610) | (51,257) | |
Amounts recognized in financial statements: | |||
Noncurrent asset | 748 | 64 | |
Accrued benefit liability | (36) | (36) | |
Long-term pension and retirement obligations | (48,322) | (51,285) | |
Total amount recognized in financial statements | (47,610) | (51,257) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 23,304 | 27,134 | |
Prior service credit | (2,844) | (3,279) | |
Accumulated other comprehensive (gain) loss | 20,460 | 23,855 | 31,645 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 1,700 | 2,074 | |
Amortization of prior service credit | (302) | (313) | |
Total | 1,398 | 1,761 | |
Retirement Plans [Member] | United States [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 75,146 | 71,904 | |
Service cost | 737 | 752 | 849 |
Interest cost | 2,529 | 2,307 | 2,923 |
Participant contributions | 663 | 503 | |
Actuarial (gain) loss | (4,519) | 2,212 | |
Benefits paid | (2,546) | (2,532) | |
Benefit obligation at end of year | 72,010 | 75,146 | 71,904 |
Change in plan assets: | |||
Company contributions | 1,883 | 2,029 | |
Participant contributions | 663 | 503 | |
Benefits paid | (2,546) | (2,532) | |
Funded status at end of year | (72,010) | (75,146) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (2,360) | (2,148) | |
Long-term pension and retirement obligations | (69,650) | (72,998) | |
Total amount recognized in financial statements | (72,010) | (75,146) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | 14,526 | 20,124 | |
Prior service credit | (43) | (142) | |
Accumulated other comprehensive (gain) loss | 14,483 | 19,982 | 18,480 |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | 609 | 995 | |
Amortization of prior service credit | (27) | (99) | |
Total | 582 | 896 | |
Retirement Plans [Member] | International [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 599 | 623 | |
Service cost | 20 | 20 | 16 |
Interest cost | 20 | 20 | 23 |
Foreign currency exchange rate change | (11) | 24 | |
Actuarial (gain) loss | (110) | (81) | |
Benefits paid | (6) | (7) | |
Benefit obligation at end of year | 512 | 599 | 623 |
Change in plan assets: | |||
Company contributions | 6 | 7 | |
Benefits paid | (6) | (7) | |
Funded status at end of year | (512) | (599) | |
Amounts recognized in financial statements: | |||
Accrued benefit liability | (8) | (8) | |
Long-term pension and retirement obligations | (504) | (591) | |
Total amount recognized in financial statements | (512) | (599) | |
Amounts recognized in accumulated other comprehensive (gain) loss: | |||
Net actuarial (gain) loss | (423) | (342) | |
Accumulated other comprehensive (gain) loss | (423) | (342) | $ (265) |
Amounts expected to be recognized during next fiscal year: | |||
Amortization of net actuarial (gain) loss | (28) | (20) | |
Total | $ (28) | $ (20) |
Retirement, Pension and Other_5
Retirement, Pension and Other Postretirement Plans - Summary of Changes in Accumulated Other Comprehensive (Gain) Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Pension Plans [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 124,733 | $ 134,447 |
Net (gain) loss arising during the year | 15,351 | 515 |
Net (gain) loss recognized during the year | (9,479) | (9,537) |
Prior service (cost) credit recognized during the year | 22 | (44) |
Settlement loss | (648) | |
Balance at end of year | 130,627 | 124,733 |
Pension Plans [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 23,855 | 31,645 |
Net (gain) loss arising during the year | (752) | (6,867) |
Prior service cost arising during the year | 50 | |
Net (gain) loss recognized during the year | (2,115) | (2,605) |
Prior service (cost) credit recognized during the year | 316 | 302 |
Settlement loss | (252) | (363) |
Exchange rate effect during the year | (642) | 1,743 |
Balance at end of year | 20,460 | 23,855 |
Retirement Plans [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 19,982 | 18,480 |
Net (gain) loss arising during the year | (4,519) | 2,212 |
Net (gain) loss recognized during the year | (1,079) | (874) |
Prior service (cost) credit recognized during the year | 99 | 164 |
Balance at end of year | 14,483 | 19,982 |
Retirement Plans [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | (342) | (265) |
Net (gain) loss arising during the year | (110) | (82) |
Net (gain) loss recognized during the year | 20 | 17 |
Exchange rate effect during the year | 9 | (12) |
Balance at end of year | $ (423) | $ (342) |
Retirement, Pension and Other_6
Retirement, Pension and Other Postretirement Plans - Accumulated Benefit Obligation (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
United States [Member] | ||
For all plans: | ||
Accumulated benefit obligation | $ 403,590 | $ 420,035 |
For plans with benefit obligations in excess of plan assets: | ||
Projected benefit obligation | 373,531 | 430,816 |
Accumulated benefit obligation | 351,516 | 420,035 |
Fair value of plan assets | 307,455 | 369,234 |
International [Member] | ||
For all plans: | ||
Accumulated benefit obligation | 74,690 | 76,032 |
For plans with benefit obligations in excess of plan assets: | ||
Projected benefit obligation | 46,292 | 83,289 |
Accumulated benefit obligation | 42,363 | 70,985 |
Fair value of plan assets | $ 5,355 | $ 32,325 |
Retirement, Pension and Other_7
Retirement, Pension and Other Postretirement Plans - Net Periodic Benefit Cost (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 13,543 | $ 12,456 | $ 11,490 |
Interest cost | 14,306 | 12,844 | 15,932 |
Expected return on plan assets | (21,964) | (20,784) | (19,666) |
Amortization of prior service cost (credit) | (22) | 44 | 76 |
Amortization of net actuarial gain (loss) | 9,479 | 9,537 | 8,480 |
Settlement (gain) loss | 648 | ||
Total benefit cost | 15,342 | 14,745 | 16,312 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2,069 | 2,378 | 2,448 |
Interest cost | 1,635 | 1,537 | 2,294 |
Expected return on plan assets | (1,512) | (1,338) | (1,501) |
Amortization of prior service cost (credit) | (316) | (302) | (203) |
Amortization of net actuarial gain (loss) | 2,115 | 2,605 | 1,723 |
Settlement (gain) loss | 252 | 363 | 160 |
Curtailment (gain) loss | (1,526) | ||
Total benefit cost | $ 4,243 | $ 5,243 | $ 3,395 |
Retirement, Pension and Other_8
Retirement, Pension and Other Postretirement Plans - Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Pension Plans [Member] | United States [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 4.53% | 3.80% | 3.94% |
Rate of compensation increase | 3.90% | 3.61% | 3.61% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.80% | 3.94% | 4.39% |
Discount rate - service cost | 4.01% | 4.31% | 4.39% |
Discount rate - interest cost | 3.31% | 3.20% | 4.39% |
Expected return on plan assets | 6.00% | 6.25% | 6.72% |
Rate of compensation increase | 3.61% | 3.61% | 3.50% |
Pension Plans [Member] | International [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 2.14% | 2.07% | 1.86% |
Rate of compensation increase | 3.12% | 3.13% | 3.12% |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 2.07% | 1.86% | 2.81% |
Discount rate - service cost | 1.76% | 1.55% | 2.81% |
Discount rate - interest cost | 1.83% | 1.66% | 2.81% |
Expected return on plan assets | 3.91% | 3.51% | 4.22% |
Rate of compensation increase | 3.13% | 3.12% | 3.22% |
Retirement Plans [Member] | United States [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 4.56% | 3.86% | 4.05% |
Health care cost trend rate | 3.75% | 3.70% | 3.63% |
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate) | 3.27% | 3.23% | 3.24% |
Year the rate reaches the ultimate trend rate | 2,026 | 2,026 | 2,026 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.84% | 4.03% | 4.50% |
Discount rate - service cost | 4.11% | 4.48% | 4.50% |
Discount rate - interest cost | 3.39% | 3.27% | 4.50% |
Retirement Plans [Member] | International [Member] | |||
Assumptions used to determine benefit obligations at October 31: | |||
Discount rate | 3.88% | 3.52% | 3.40% |
Health care cost trend rate | 6.35% | 6.50% | 6.13% |
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 | 2,037 | 2,031 |
Assumptions used to determine net benefit costs for the years ended October 31: | |||
Discount rate - benefit obligation | 3.52% | 3.40% | 4.35% |
Discount rate - service cost | 3.54% | 3.56% | 4.35% |
Discount rate - interest cost | 3.40% | 3.20% | 4.35% |
Retirement, Pension and Other_9
Retirement, Pension and Other Postretirement Plans - Allocation of Pension Plan Assets (Detail) - Pension Plans [Member] | Oct. 31, 2018 | Oct. 31, 2017 |
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% | 13.00% |
Debt Securities [Member] | United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | 48.00% |
Insurance Contracts [Member] | International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 55.00% | 56.00% |
Pooled Investment Funds [Member] | United States [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 36.00% | 39.00% |
Pooled Investment Funds [Member] | International [Member] | ||
Allocation of pension plan assets | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 44.00% | 42.00% |
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 | 1.00% | 2.00% |
Retirement, Pension and Othe_10
Retirement, Pension and Other Postretirement Plans - Fair Values of Pension Plan Assets (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 21,645 | $ 21,037 | $ 20,927 |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 361,073 | 369,234 | 333,867 |
United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 229,896 | 225,811 | |
United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 60,770 | 58,716 | |
United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 169,126 | 167,095 | |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39,617 | 37,504 | 35,604 |
International [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,173 | 21,603 | |
International [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 528 | 566 | |
International [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,645 | 21,037 | |
Cash [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,083 | 959 | |
Cash [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,083 | 959 | |
Cash [Member] | International [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 528 | 566 | |
Cash [Member] | International [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 528 | 566 | |
Money Market Funds [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,620 | 3,615 | |
Money Market Funds [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,620 | 3,615 | |
Equity Securities Basic Materials [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,763 | 2,129 | |
Equity Securities Basic Materials [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,763 | 2,129 | |
Equity Securities Consumer Goods [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,703 | 3,776 | |
Equity Securities Consumer Goods [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,703 | 3,776 | |
Equity Securities Financial [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,306 | 6,147 | |
Equity Securities Financial [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,306 | 6,147 | |
Equity Securities Healthcare [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,179 | 3,940 | |
Equity Securities Healthcare [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,179 | 3,940 | |
Equity Securities Industrial Goods [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,516 | 2,459 | |
Equity Securities Industrial Goods [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,516 | 2,459 | |
Equity Securities Technology [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,690 | 3,815 | |
Equity Securities Technology [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,690 | 3,815 | |
Equity Securities Utilities [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 732 | 793 | |
Equity Securities Utilities [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 732 | 793 | |
Mutual Funds [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,987 | 20,698 | |
Mutual Funds [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,987 | 20,698 | |
Fixed Income Securities US Government [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50,602 | 57,789 | |
Fixed Income Securities US Government [Member] | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,224 | 9,372 | |
Fixed Income Securities US Government [Member] | United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40,378 | 48,417 | |
Fixed Income Securities Corporate [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123,159 | 112,112 | |
Fixed Income Securities Corporate [Member] | United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123,159 | 112,112 | |
Fixed Income Securities Other [Member] | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,589 | 6,566 | |
Fixed Income Securities Other [Member] | United States [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,589 | 6,566 | |
Other Types of Investments Insurance Contracts [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,645 | 21,037 | $ 20,927 |
Other Types of Investments Insurance Contracts [Member] | International [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,645 | 21,037 | |
Other Types of Investments Insurance Contracts [Member] | International [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,645 | 21,037 | |
Other Type Of Investments Other | United States [Member] | Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,967 | 1,013 | |
Other Type Of Investments Other | United States [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,967 | 1,013 | |
Real Estate Collective Funds [Member] | United States [Member] | Investments Measured at Net Asset Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,109 | 21,699 | |
Pooled Investment Funds [Member] | United States [Member] | Investments Measured at Net Asset Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 108,068 | 121,724 | |
Pooled Investment Funds [Member] | International [Member] | Investments Measured at Net Asset Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 17,444 | $ 15,901 |
Retirement, Pension and Othe_11
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, 2018 | Oct. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | $ 21,037 | $ 20,927 |
Assets held, end of year | 862 | (412) |
Purchases | 2,760 | 2,330 |
Sales | (2,501) | (2,502) |
Foreign currency translation | (513) | 694 |
Ending balance | 21,645 | 21,037 |
Other Types of Investments Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | 21,037 | 20,927 |
Assets held, end of year | 862 | (412) |
Purchases | 2,760 | 2,330 |
Sales | (2,501) | (2,502) |
Foreign currency translation | (513) | 694 |
Ending balance | $ 21,645 | $ 21,037 |
Retirement, Pension and Othe_12
Retirement, Pension and Other Postretirement Plans - Retiree Pension Benefit Payments (Detail) $ in Thousands | Oct. 31, 2018USD ($) |
Pension Plans [Member] | United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | $ 15,639 |
2,020 | 17,076 |
2,021 | 18,525 |
2,022 | 19,894 |
2,023 | 22,048 |
2024-2028 | 129,157 |
Pension Plans [Member] | International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | 2,202 |
2,020 | 2,728 |
2,021 | 3,144 |
2,022 | 2,636 |
2,023 | 2,736 |
2024-2028 | 17,052 |
Retirement Plans [Member] | United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | 2,360 |
2,020 | 2,725 |
2,021 | 2,993 |
2,022 | 3,239 |
2,023 | 3,528 |
2024-2028 | 20,613 |
Retirement Plans [Member] | International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | 8 |
2,020 | 8 |
2,021 | 8 |
2,022 | 8 |
2,023 | 8 |
2024-2028 | $ 59 |
Retirement, Pension and Othe_13
Retirement, Pension and Other Postretirement Plans - Net Postretirement Benefit Cost (Detail) - Retirement Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 737 | $ 752 | $ 849 |
Interest cost | 2,529 | 2,307 | 2,923 |
Amortization of prior service cost (credit) | (99) | (164) | (267) |
Amortization of net actuarial (gain) loss | 1,079 | 874 | 684 |
Total benefit cost | 4,246 | 3,769 | 4,189 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 20 | 20 | 16 |
Interest cost | 20 | 20 | 23 |
Amortization of net actuarial (gain) loss | (20) | (17) | (24) |
Total benefit cost | $ 20 | $ 23 | $ 15 |
Retirement, Pension and Othe_14
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, 2018USD ($) | |
United States [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Effect on total service and interest cost components increase in 2018 | $ 516 |
Effect on postretirement obligation increase as of October 31, 2018 | 9,316 |
Effect on total service and interest cost components decrease in 2018 | (411) |
Effect on postretirement obligation decrease as of October 31, 2018 | (7,659) |
International [Member] | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Effect on total service and interest cost components increase in 2018 | 11 |
Effect on postretirement obligation increase as of October 31, 2018 | 120 |
Effect on total service and interest cost components decrease in 2018 | (8) |
Effect on postretirement obligation decrease as of October 31, 2018 | $ (93) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Current: | |||
U.S. federal | $ 39,837 | $ 54,878 | $ 44,156 |
State and local | 1,734 | 3,731 | 2,256 |
Foreign | 63,522 | 66,352 | 53,836 |
Total current | 105,093 | 124,961 | 100,248 |
Deferred: | |||
U.S. federal | (32,829) | 3,596 | (2,334) |
State and local | 891 | 1,164 | 563 |
Foreign | (2,011) | (5,232) | (1,826) |
Total deferred | (33,949) | (472) | (3,597) |
Income taxes | $ 71,144 | $ 124,489 | $ 96,651 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jul. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | |
Income Tax [Line Items] | |||||||
Earnings before income taxes of domestic operations | $ 192,643 | $ 181,840 | $ 156,723 | ||||
U.S. federal corporate income tax rate | 35.00% | 21.00% | 23.34% | 35.00% | 35.00% | ||
Provisional tax benefit due to revaluation of tax assets and liabilities at reduced corporate tax rate | $ 49,082 | ||||||
Provisional tax expense to reflect the transition tax on previously deferred foreign earnings | 27,618 | ||||||
Decrease in income tax expense | $ 21,464 | ||||||
Payment of transition tax in installments, period | 8 years | ||||||
Lapse of statute of limitations | $ 1,041 | $ 1,120 | $ 555 | $ 523 | |||
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 | 6,154 | ||||||
Favorable adjustment to unrecognized tax benefits | 2,682 | ||||||
Earnings before income taxes of international operations | 255,877 | 238,451 | 211,771 | ||||
Undistributed earnings aggregated | $ 1,088,183 | 1,088,183 | 1,026,793 | ||||
Total unrecognized tax benefits | 2,891 | 2,891 | 3,781 | 3,336 | $ 6,258 | ||
Total unrecognized tax benefits impact the effective tax rate | 2,411 | 2,411 | 3,273 | ||||
Accrued interest expense related to unrecognized tax benefits | 538 | 538 | 623 | ||||
Tax credit carryforwards | 6,804 | 6,804 | |||||
Capital loss carryforward | 20,149 | 20,149 | |||||
Indefinite carryforward period | 13,842 | 13,842 | |||||
Net change in the valuation allowance | (29) | 6,587 | |||||
Valuation allowance relates to tax credits and loss carryforwards | 14,862 | 14,862 | |||||
2019 through 2038 [Member] | |||||||
Income Tax [Line Items] | |||||||
Operating loss carryforwards | 89,635 | 89,635 | |||||
Federal [Member] | |||||||
Income Tax [Line Items] | |||||||
Operating loss carryforwards | 2,751 | 2,751 | |||||
State [Member] | |||||||
Income Tax [Line Items] | |||||||
Operating loss carryforwards | 64,899 | 64,899 | |||||
Foreign [Member] | |||||||
Income Tax [Line Items] | |||||||
Operating loss carryforwards | $ 15,678 | 15,678 | |||||
New Accounting Guidance Adopted [Member] | |||||||
Income Tax [Line Items] | |||||||
Excess tax benefit from share based compensation , operating activities | $ 9,498 | ||||||
Excess tax benefit from share-based compensation, reclassification from financing activities to operating activities | $ 7,079 | $ 3,476 |
Income Taxes - Income Taxes Com
Income Taxes - Income Taxes Computed at the U.S. Statutory Rate and Income Tax (Detail) | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Statutory federal income tax rate | 35.00% | 21.00% | 23.34% | 35.00% | 35.00% |
Transition Tax | 6.16% | ||||
Tax Rate Change Deferred Tax Remeasurement | (10.94%) | ||||
Share-Based and Other Compensation | (1.45%) | ||||
Domestic Production Deduction | (0.82%) | (1.48%) | (1.43%) | ||
Foreign tax rate variances, net of foreign tax credits | (0.46%) | (4.69%) | (4.59%) | ||
State and local taxes, net of federal income tax benefit | 0.45% | 0.76% | 0.50% | ||
Amounts related to prior years | (0.21%) | 0.03% | (1.20%) | ||
Tax benefit from previously taxed dividends paid | (1.67%) | ||||
Other – net | (0.21%) | (0.38%) | |||
Effective tax rate | 15.86% | 29.62% | 26.23% |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Balance at beginning of year | $ 3,781 | $ 3,336 | $ 6,258 | |
Additions based on tax positions related to the current year | 310 | 529 | 522 | |
Additions for tax positions of prior years | 40 | 621 | 310 | |
Reductions for tax positions of prior years | (120) | (150) | (140) | |
Settlements | (3,091) | |||
Lapse of statute of limitations | $ (1,041) | (1,120) | (555) | (523) |
Balance at end of year | $ 2,891 | $ 3,781 | $ 3,336 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Deferred tax assets: | ||
Employee benefits | $ 56,622 | $ 84,109 |
Other accruals not currently deductible for taxes | 18,186 | 28,579 |
Tax credit and loss carryforwards | 16,652 | 23,976 |
Inventory adjustments | 4,451 | 8,778 |
Total deferred tax assets | 95,911 | 145,442 |
Valuation allowance | (14,862) | (14,891) |
Total deferred tax assets | 81,049 | 130,551 |
Deferred tax liabilities: | ||
Depreciation and amortization | 171,304 | 252,489 |
Other - net | 669 | 1,132 |
Total deferred tax liabilities | 171,973 | 253,621 |
Net deferred tax liabilities | $ (90,924) | $ (123,070) |
Notes Payable - Bank Lines of C
Notes Payable - Bank Lines of Credit and Notes (Detail) - Foreign Bank Debt [Member] - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Short-term Debt [Line Items] | ||
Maximum borrowings available under bank lines of credit (all foreign banks) | $ 76,151 | $ 75,041 |
Unused bank lines of credit | $ 76,151 | $ 75,041 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Debt Instrument [Line Items] | ||
Revolving credit agreement, due 2020 | $ 52,200 | $ 249,138 |
Private shelf facility, due 2018-2026 | 36,111 | 146,666 |
Development loans, due 2018-2026 | 1,086 | 1,218 |
Long-term Debt | 1,318,064 | 1,586,813 |
Less current maturities | 28,734 | 326,587 |
Less unamortized debt issuance costs | 3,973 | 3,829 |
Long-term maturities | 1,285,357 | 1,256,397 |
Senior Notes, Due 2018-2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 156,700 | 172,600 |
Senior Notes, Due 2019-2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 100,000 | 100,000 |
Senior Notes, Due 2023-2030 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | |
Term Loan, Due 2018-2020 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | 200,000 | |
Term Loan, Due 2018-2022 [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | 605,000 | 705,000 |
Euro Loan, Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Euro loan | $ 12,191 | |
Euro Loan, Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Euro loan | $ 16,967 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Annual maturity of long term debt, 2019 | $ 28,734,000 | |||
Annual maturity of long term debt, 2020 | 220,938,000 | |||
Annual maturity of long term debt, 2021 | 255,153,000 | |||
Annual maturity of long term debt, 2022 | 335,791,000 | |||
Annual maturity of long term debt, 2023 | $ 130,796,000 | |||
Senior Notes, Due 2018-2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining weighted average life of notes | 3 years 5 months 12 days | |||
Weighted average interest for borrowings | 3.03% | |||
Senior Notes, Due 2019-2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining weighted average life of notes | 5 years 2 months 26 days | |||
Weighted average interest for borrowings | 3.04% | |||
Senior Notes, Due 2023-2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Remaining weighted average life of notes | 7 years 18 days | |||
Weighted average interest for borrowings | 3.90% | |||
Term Loan, Due 2018-2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 200,000,000 | |||
Term Loan, Due 2018-2020 [Member] | Group of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 200,000,000 | |||
Repayment of term loan | 200,000,000 | |||
Term Loan, Due 2018-2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | 605,000,000 | $ 705,000,000 | ||
Term Loan, Due 2018-2022 [Member] | Group of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | 705,000,000 | |||
Repayment of term loan | $ 100,000,000 | |||
Term Loan 3.24 Percent Due in March 2020 [Member] | Group of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest for borrowings | 3.24% | |||
Term loan | $ 100,000,000 | |||
Debt instrument, maturity period | 2020-03 | |||
Term Loan 3.19 Percent Due in October 2021 [Member] | Group of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest for borrowings | 3.19% | |||
Term loan | $ 200,000,000 | |||
Debt instrument, maturity period | 2021-10 | |||
Term Loan 3.26 Percent Due in March 2022 [Member] | Group of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest for borrowings | 3.26% | |||
Term loan | $ 305,000,000 | |||
Debt instrument, maturity period | 2022-03 | |||
Euro Loan, Due 2021 [Member] | Bank of America [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest for borrowings | 0.88% | |||
Revolving Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility | $ 850,000,000 | |||
Revolving credit facility expiration | 2020-02 | |||
Weighted average interest for borrowings | 3.10% | |||
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% | |||
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, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Leases [Abstract] | |||
Rent expense for all operating leases | $ 19,131 | $ 17,938 | $ 18,047 |
Leases - Assets Held Under Capi
Leases - Assets Held Under Capitalized Leases and Included in Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Leases [Abstract] | ||
Transportation equipment | $ 18,226 | $ 17,594 |
Other | 7,892 | 8,121 |
Total capitalized leases | 26,118 | 25,715 |
Accumulated amortization | (12,956) | (11,408) |
Net capitalized leases | $ 13,162 | $ 14,307 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancelable Capitalized and Operating Leases (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Leases [Abstract] | ||
2,019 | $ 6,161 | |
2,020 | 4,241 | |
2,021 | 2,152 | |
2,022 | 909 | |
2,023 | 665 | |
Later years | 4,070 | |
Total minimum lease payments | 18,198 | |
Less amount representing executory costs | 1,926 | |
Net minimum lease payments | 16,272 | |
Less amount representing interest | 2,867 | |
Present value of net minimum lease payments | 13,405 | |
Less current portion | 4,555 | $ 4,813 |
Long-term obligations at October 31, 2018 | 8,850 | $ 9,693 |
2,019 | 16,603 | |
2,020 | 11,520 | |
2,021 | 9,394 | |
2,022 | 8,050 | |
2,023 | 5,299 | |
Later years | 15,232 | |
Total minimum lease payments | $ 66,098 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 | |
Assets: | |||
Foreign currency forward contracts | [1] | $ 6,428 | $ 3,249 |
Total assets at fair value | 6,428 | 3,249 | |
Liabilities: | |||
Deferred compensation plans | [2] | 11,018 | 11,004 |
Foreign currency forward contracts | [1] | 9,289 | 2,959 |
Total liabilities at fair value | 20,307 | 13,963 | |
Level 2 [Member] | |||
Assets: | |||
Foreign currency forward contracts | [1] | 6,428 | 3,249 |
Total assets at fair value | 6,428 | 3,249 | |
Liabilities: | |||
Deferred compensation plans | [2] | 11,018 | 11,004 |
Foreign currency forward contracts | [1] | 9,289 | 2,959 |
Total liabilities at fair value | $ 20,307 | $ 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 - Sch_2
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
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% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments, Other than Cash and Cash Equivalents, Receivables and Accounts Payable (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Abstract] | ||
Long-term debt (including current portion), Carrying Amount | $ 1,314,091 | $ 1,582,984 |
Long-term debt (including current portion), Fair Value | $ 1,293,899 | $ 1,587,920 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||
Maturity of foreign currency forward contracts | 90 days | ||
Gains (losses) on foreign currency forward contracts | $ (3,151) | $ 329 | $ 2,317 |
Gains (losses) in fair value of balance sheet positions denominated in foreign currencies | 4,284 | (1,015) | $ (312) |
Gain (losses) on Derivative Used in Net Investment Hedge, Net of Tax | $ 828 | $ (760) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Outstanding Currency, Forward Exchange Contracts (Detail) - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 378,370 | $ 221,167 |
Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 482,812 | 333,742 |
Euro [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 323,571 | 144,611 |
Euro [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 184,170 | 78,253 |
Pound sterling [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 23,879 | 45,252 |
Pound sterling [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 60,007 | 54,204 |
Japanese Yen [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 25,408 | 24,904 |
Japanese Yen [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 46,671 | 28,358 |
Australian Dollar [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 178 | 193 |
Australian Dollar [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 7,912 | 8,185 |
Hong Kong Dollar [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 112,414 | 100,131 |
Singapore Dollar [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 604 | 794 |
Singapore Dollar [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 14,092 | 12,681 |
Others [Member] | Sell [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | 4,730 | 5,413 |
Others [Member] | Buy [Member] | ||
Derivative [Line Items] | ||
Notional Amounts of foreign currency derivative contracts | $ 57,546 | $ 51,930 |
Capital Shares - Additional Inf
Capital Shares - Additional Information (Detail) - $ / shares | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
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 | 58,037,000 | 57,715,000 | |
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, 2018 | Oct. 31, 2016 | |
Equity [Abstract] | ||
Number of Shares | 145 | 447 |
Total Amount | $ 18,939 | $ 31,877 |
Average per Share | $ 130.21 | $ 71.37 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of common shares available for grant | 4,525 | ||
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 | 2,459,000 | ||
Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expense related to director deferred compensation | $ 127,000 | $ 106,000 | $ 158,000 |
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 | ||
Normal retirement age | 65 years | ||
Period for options considered to be forfeited for retirees | 12 months | ||
Termination period on death or disability of option holder | 12 months | ||
Options grants in period vesting period | Dec. 28, 2017 | ||
Compensation expense recognized | $ 9,964,000 | $ 9,326,000 | $ 7,874,000 |
Unrecognized compensation cost related to nonvested stock option | $ 7,740,000 | ||
Weighted average period expected to be amortized, non vested shares | 1 year 7 months 6 days | ||
Weighted-average expected volatility used | 25.00% | 29.10% | 29.60% |
Weighted average grant date fair value of stock options granted | $ 31.42 | $ 28.86 | $ 18.23 |
Total intrinsic value of options exercised | $ 35,696,000 | $ 22,317,000 | $ 17,271,000 |
Cash received from the exercise of stock options | $ 18,811,000 | 14,086,000 | 11,476,000 |
Stock Options [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum rate of stock option | 25.00% | ||
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 8 months 12 days | ||
Period for restricted shares and share units considered to be forfeited for retirees | 12 months | ||
Restricted shares termination period for disability or death | 12 months | ||
Restriction period for restricted shares granted | Dec. 28, 2017 | ||
Unrecognized compensation cost related to nonvested restricted stock | $ 2,981,000 | ||
Expense related to nonvested common shares | 2,610,000 | 2,127,000 | 1,963,000 |
Common share dividends amount included in compensation cost | $ 70,000 | 64,000 | 60,000 |
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 | 12 months | ||
Unrecognized compensation cost related to nonvested restricted stock | $ 0 | ||
Expense related to nonvested common shares | $ 1,011,000 | 1,011,000 | $ 974,000 |
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 | $ 123.45 | $ 67.69 | |
Compensation expense | $ 7,635,000 | 7,398,000 | $ 7,083,000 |
Cumulative amount recorded in shareholders' equity related to Long-Term Incentive Plan | 14,757,000 | $ 12,820,000 | |
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 | $ 273,000 | $ 264,000 | $ 219,000 |
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, 2018USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | shares | 1,922 |
Number of Options, Granted | shares | 368 |
Number of Options, Exercised | shares | (387) |
Number of Options, Forfeited or expired | shares | (18) |
Number of Options, Outstanding, Ending balance | shares | 1,885 |
Number of Options, Vested or expected to vest | shares | 1,870 |
Number of Options, Exercisable | shares | 956 |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 70.08 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 127.67 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 48.68 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $ / shares | 108.33 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 85.33 |
Weighted-Average Exercise Price Per Share, Vested or expected to vest | $ / shares | 85.05 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 66.82 |
Aggregate Intrinsic Value, Outstanding | $ | $ 72,193 |
Aggregate Intrinsic Value, Vested or expected to vest | $ | 72,091 |
Aggregate Intrinsic Value, Exercisable | $ | $ 53,374 |
Weighted Average Remaining Term, Outstanding | 6 years 6 months |
Weighted Average Remaining Term, Vested or expected to vest | 6 years 6 months |
Weighted Average Remaining Term, Exercisable | 5 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Detail) - Stock Options [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Price Range 27 to 44 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 230 |
Weighted-average remaining contractual life, in years | 2 years 4 months 24 days |
Weighted-average exercise price | $ / shares | $ 40.85 |
Number exercisable | shares | 230 |
Weighted-average exercise price | $ / shares | $ 40.85 |
Price Range 45 to 73 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 716 |
Weighted-average remaining contractual life, in years | 6 years |
Weighted-average exercise price | $ / shares | $ 69.19 |
Number exercisable | shares | 491 |
Weighted-average exercise price | $ / shares | $ 68.40 |
Price Range 74 to 129 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number outstanding | shares | 939 |
Weighted-average remaining contractual life, in years | 8 years |
Weighted-average exercise price | $ / shares | $ 108.53 |
Number exercisable | shares | 235 |
Weighted-average exercise price | $ / shares | $ 88.92 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summarized Information on Currently Outstanding Options (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2018$ / shares | |
Price Range 27 to 44 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | $ 27 |
Exercise price range, Upper range limit | 44 |
Price Range 45 to 73 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | 45 |
Exercise price range, Upper range limit | 73 |
Price Range 74 to 129 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise price range, Lower range limit | 74 |
Exercise price range, Upper range limit | $ 129 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions of Stock Options (Detail) - Stock Options [Member] | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, Minimum | 24.00% | 26.00% | 29.10% |
Expected volatility, Maximum | 26.70% | 29.20% | 30.40% |
Expected dividend yield | 0.97% | 1.54% | |
Risk-free interest rate, Minimum | 2.09% | 1.89% | 1.78% |
Risk-free interest rate, Maximum | 2.20% | 2.06% | 1.90% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 0.91% | ||
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% | ||
Expected life of the option (in years) | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 2 months 12 days |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summarized Activity Related to Restricted Stock (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, Beginning balance | shares | 58 |
Number of Restricted Shares, Granted | shares | 22 |
Number of Restricted Shares, Forfeited | shares | (1) |
Number of Restricted Shares, Vested | shares | (26) |
Number of Restricted Shares, Ending balance | shares | 53 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Beginning balance | $ / shares | $ 90.38 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 127.89 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 95.20 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 83.95 |
Weighted-Average Grant Date Fair Value, Restricted Shares, Ending balance | $ / shares | $ 108.82 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summarized Activity Related to Restricted Stock Units (Detail) - Restricted Stock Unit [Member] shares in Thousands | 12 Months Ended |
Oct. 31, 2018$ / 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 | 8 |
Number of Restricted Share Units, Vested | (8) |
Number of Restricted Shares, Ending balance | 0 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 126.38 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 126.38 |
Stock-Based Compensation - Su_6
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, 2018$ / sharesshares | |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 101 |
Number of Shares, Restricted share units vested | shares | 5 |
Number of Shares, Dividend equivalents | shares | 1 |
Number of Shares, Outstanding, Ending balance | shares | 107 |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ / shares | $ 46.74 |
Weighted-Average Grant Date Fair Value Per Share, Restricted share units vested | $ / shares | 126.49 |
Weighted-Average Grant Date Fair Value Per Share, Dividend equivalents | $ / shares | 138.50 |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ / shares | $ 51.24 |
Operating Segments and Geogra_3
Operating Segments and Geographic Area Data - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Major customers | No single customer accounted for 10 percent or more of sales in 2018, 2017 or 2016. |
Operating Segments and Geogra_4
Operating Segments and Geographic Area Data - Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net external sales | $ 569,295 | $ 581,243 | $ 553,706 | $ 550,424 | $ 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | $ 2,254,668 | $ 2,066,982 | $ 1,808,994 | |
Operating profit (loss) | 494,557 | 457,702 | 388,431 | |||||||||
Identifiable assets | 3,421,012 | 3,414,539 | 3,421,012 | 3,414,539 | 2,420,583 | |||||||
Expenditures for long-lived assets | 89,790 | 71,558 | 60,851 | |||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net external sales | 2,254,668 | 2,066,982 | 1,808,994 | |||||||||
Depreciation and amortization | 108,407 | 90,854 | 70,304 | |||||||||
Operating profit (loss) | 494,557 | 457,702 | 388,431 | |||||||||
Identifiable assets | [1] | 3,428,922 | 3,424,941 | 3,428,922 | 3,424,941 | 2,435,675 | ||||||
Expenditures for long-lived assets | 89,790 | 71,558 | 60,851 | |||||||||
Operating Segments [Member] | Adhesive Dispensing Systems [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net external sales | 955,192 | 916,019 | 879,573 | |||||||||
Depreciation and amortization | 31,597 | 29,118 | 28,294 | |||||||||
Operating profit (loss) | 259,493 | 253,580 | 229,143 | |||||||||
Identifiable assets | [1] | 829,696 | 794,699 | 829,696 | 794,699 | 751,153 | ||||||
Expenditures for long-lived assets | 46,911 | 35,310 | 17,407 | |||||||||
Operating Segments [Member] | Advanced Technology Systems [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net external sales | 1,039,366 | 897,623 | 676,329 | |||||||||
Depreciation and amortization | 62,594 | 49,535 | 29,649 | |||||||||
Operating profit (loss) | 243,523 | 228,062 | 159,531 | |||||||||
Identifiable assets | [1] | 1,713,404 | 1,718,844 | 1,713,404 | 1,718,844 | 1,080,711 | ||||||
Expenditures for long-lived assets | 16,205 | 21,135 | 18,967 | |||||||||
Operating Segments [Member] | Industrial Coating Systems [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net external sales | 260,110 | 253,340 | 253,092 | |||||||||
Depreciation and amortization | 6,166 | 5,559 | 5,041 | |||||||||
Operating profit (loss) | 50,638 | 43,991 | 43,511 | |||||||||
Identifiable assets | [1] | 122,088 | 120,458 | 122,088 | 120,458 | 140,169 | ||||||
Expenditures for long-lived assets | 8,546 | 9,108 | 17,357 | |||||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 8,050 | 6,642 | 7,320 | |||||||||
Operating profit (loss) | (59,097) | (67,931) | (43,754) | |||||||||
Identifiable assets | [1],[2] | $ 763,734 | $ 790,940 | 763,734 | 790,940 | 463,642 | ||||||
Expenditures for long-lived assets | $ 18,128 | $ 6,005 | $ 7,120 | |||||||||
[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] | 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 Geogra_5
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, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Net external sales | |||||||||||
Net external sales | $ 569,295 | $ 581,243 | $ 553,706 | $ 550,424 | $ 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | $ 2,254,668 | $ 2,066,982 | $ 1,808,994 |
Long-lived assets | |||||||||||
Total long-lived assets | 386,666 | 346,411 | 386,666 | 346,411 | 273,129 | ||||||
United States [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 720,832 | 647,657 | 531,117 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 279,437 | 266,921 | 279,437 | 266,921 | 209,959 | ||||||
Americas [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 158,837 | 147,026 | 124,657 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 2,158 | 2,322 | 2,158 | 2,322 | 1,730 | ||||||
Europe [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 622,108 | 530,812 | 503,869 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 41,663 | 39,102 | 41,663 | 39,102 | 23,943 | ||||||
Japan [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 161,771 | 147,189 | 122,054 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | 5,492 | 5,594 | 5,492 | 5,594 | 6,408 | ||||||
Asia Pacific [Member] | |||||||||||
Net external sales | |||||||||||
Net external sales | 591,120 | 594,298 | 527,297 | ||||||||
Long-lived assets | |||||||||||
Total long-lived assets | $ 57,916 | $ 32,472 | $ 57,916 | $ 32,472 | $ 31,089 |
Operating Segments and Geogra_6
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, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Segment Reporting [Abstract] | |||
Total profit for reportable segments | $ 494,557 | $ 457,702 | $ 388,431 |
Interest expense | (49,576) | (36,601) | (21,322) |
Interest and investment income | 1,384 | 1,124 | 728 |
Other - net | 2,154 | (1,934) | 657 |
Income before income taxes | $ 448,519 | $ 420,291 | $ 368,494 |
Operating Segments and Geogra_7
Operating Segments and Geographic Area Data - Summary of Reconciliation of Consolidated Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | $ 3,421,012 | $ 3,414,539 | $ 2,420,583 | |
Operating Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | [1] | 3,428,922 | 3,424,941 | 2,435,675 |
Customer Advance Payments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | 38,997 | 34,654 | 26,175 | |
Eliminations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total consolidated assets | $ (46,907) | $ (45,056) | $ (41,267) | |
[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 for _3
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, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Cash operating activities: | |||
Interest paid | $ 42,305 | $ 36,450 | $ 23,423 |
Income taxes paid | 87,879 | 118,096 | 102,592 |
Non-cash investing and financing activities: | |||
Capitalized lease obligations incurred | 5,330 | 6,509 | 5,639 |
Capitalized lease obligations terminated | $ 415 | 670 | 1,033 |
Shares acquired and issued through exercise of stock options | $ 170 | $ 212 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 569,295 | $ 581,243 | $ 553,706 | $ 550,424 | $ 573,938 | $ 589,438 | $ 496,137 | $ 407,470 | $ 2,254,668 | $ 2,066,982 | $ 1,808,994 |
Gross margin | 307,738 | 320,396 | 306,828 | 301,003 | 312,088 | 326,265 | 275,512 | 225,138 | |||
Net income | $ 86,702 | $ 94,884 | $ 91,235 | $ 104,555 | $ 79,835 | $ 101,456 | $ 64,523 | $ 49,988 | $ 377,375 | $ 295,802 | $ 271,843 |
Earnings per share: | |||||||||||
Basic | $ 1.49 | $ 1.63 | $ 1.57 | $ 1.81 | $ 1.38 | $ 1.76 | $ 1.12 | $ 0.87 | $ 6.51 | $ 5.14 | $ 4.76 |
Diluted | $ 1.47 | $ 1.61 | $ 1.55 | $ 1.78 | $ 1.37 | $ 1.74 | $ 1.11 | $ 0.86 | $ 6.40 | $ 5.08 | $ 4.73 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Interim Period Costs Not Allocable [Line Items] | |||||||
Lapse of statute of limitations | $ 1,041 | $ 1,120 | $ 555 | $ 523 | |||
Discrete tax expense related to nondeductible acquisition costs | $ 1,070 | ||||||
Vention [Member] | |||||||
Interim Period Costs Not Allocable [Line Items] | |||||||
Pre-tax acquisition costs | $ 391 | $ 865 | $ 13,415 | ||||
Discrete tax expense related to nondeductible acquisition costs | $ 2,600 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 9,791 | $ 5,535 | $ 4,502 |
Charged to Expense | 1,185 | 4,030 | 1,867 |
Deductions | 1,189 | 349 | 945 |
Currency Effects | (207) | 575 | 111 |
Balance at End of Year | 9,580 | 9,791 | 5,535 |
Inventory Obsolescence and Other Reserves [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 33,140 | 29,324 | 28,230 |
Charged to Expense | 13,041 | 8,888 | 6,719 |
Deductions | 8,930 | 4,530 | 6,096 |
Currency Effects | 294 | (542) | 471 |
Balance at End of Year | $ 37,545 | $ 33,140 | $ 29,324 |