The Toro Company (TTC) 10-Q 31 Aug 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 29, 2016	Aug. 25, 2016
Document and Entity Information
Entity Registrant Name	TORO CO
Entity Central Index Key	737,758
Document Type	10-Q
Document Period End Date	Jul. 29, 2016
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,656,474
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Condensed Consolidated Statements of Earnings
Net sales	$ 600,980	$ 609,615	$ 1,923,819	$ 1,910,068
Cost of sales	384,363	393,225	1,221,361	1,242,707
Gross profit	216,617	216,390	702,458	667,361
Selling, general, and administrative expense	134,664	136,985	411,576	405,079
Operating earnings	81,953	79,405	290,882	262,282
Interest expense	(4,646)	(4,587)	(14,021)	(14,071)
Other income, net	3,480	2,798	11,865	7,515
Earnings before income taxes	80,787	77,616	288,726	255,726
Provision for income taxes	24,965	24,292	87,962	77,689
Net earnings	$ 55,822	$ 53,324	$ 200,764	$ 178,037
Basic net earnings per share of common stock (in dollars per share)	$ 1.02	$ 0.96	$ 3.65	$ 3.19
Diluted net earnings per share of common stock (in dollars per share)	$ 1	$ 0.94	$ 3.58	$ 3.13
Weighted-average number of shares of common stock outstanding - Basic (in shares)	54,983	55,310	54,973	55,739
Weighted-average number of shares of common stock outstanding - Diluted (in shares)	56,056	56,552	56,077	56,953

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Condensed Consolidated Statements of Comprehensive Income
Net earnings	$ 55,822	$ 53,324	$ 200,764	$ 178,037
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(5,753)	(3,534)	(4,803)	(10,648)
Derivative instruments, net of tax of $652, $(379), $(1,000), and $(526), respectively	667	(1,055)	(1,925)	(2,394)
Other comprehensive (loss) income	(5,086)	(4,589)	(6,728)	(13,042)
Comprehensive income	$ 50,736	$ 48,735	$ 194,036	$ 164,995

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Condensed Consolidated Statements of Comprehensive Income
Derivative instruments, tax	$ 652	$ (379)	$ (1,000)	$ (526)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 29, 2016	Oct. 31, 2015	Jul. 31, 2015
ASSETS
Cash and cash equivalents	$ 277,243	$ 126,275	$ 110,335
Receivables, net	202,389	177,013	227,806
Inventories, net	327,114	334,514	350,194
Prepaid expenses and other current assets	39,658	34,782	39,743
Deferred income taxes	39,062	38,095	43,339
Total current assets	885,466	710,679	771,417
Property, plant, and equipment, gross	833,664	804,598	802,305
Less: accumulated depreciation	612,788	579,603	581,983
Property, plant, and equipment, net	220,876	224,995	220,322
Long-term deferred income taxes	26,154	28,568	26,364
Other assets	29,165	24,873	25,317
Goodwill	195,016	195,533	194,727
Other intangible assets, net	110,785	119,010	121,804
Total assets	1,467,462	1,303,658	1,359,951
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	22,627	23,134	23,279
Short-term debt		222	5,189
Accounts payable	172,156	152,017	169,927
Accrued liabilities	318,628	268,361	300,576
Total current liabilities	513,411	443,734	498,971
Long-term debt, less current portion	334,658	354,818	358,053
Deferred revenue	11,958	11,365	11,324
Other long-term liabilities	29,585	31,576	26,430
Stockholders' equity:
Preferred stock, par value $1.00 per share, authorized 1,000,000 voting and 850,000 non-voting shares, none issued and outstanding
Common stock, par value $1.00 per share, authorized 175,000,000 shares; issued and outstanding 54,644,978 shares as of July 29, 2016, 54,835,233 shares as of July 31, 2015, and 54,650,916 shares as of October 31, 2015	54,645	54,651	54,835
Retained earnings	559,776	437,357	439,085
Accumulated other comprehensive loss	(36,571)	(29,843)	(28,747)
Total stockholders' equity	577,850	462,165	465,173
Total liabilities and stockholders' equity	$ 1,467,462	$ 1,303,658	$ 1,359,951

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 29, 2016	Oct. 31, 2015	Jul. 31, 2015
Preferred stock
Preferred stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Preferred stock, issued (in shares)	0	0	0
Preferred stock, outstanding (in shares)	0	0	0
Common stock
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock, authorized (in shares)	175,000,000	175,000,000	175,000,000
Common stock, issued (in shares)	54,644,978	54,650,916	54,835,233
Common stock, outstanding (in shares)	54,644,978	54,650,916	54,835,233
Voting preferred stock
Preferred stock
Preferred stock, authorized (in shares)	1,000,000	1,000,000	1,000,000
Non-voting preferred stock
Preferred stock
Preferred stock, authorized (in shares)	850,000	850,000	850,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015
Cash flows from operating activities:
Net earnings	$ 200,764	$ 178,037
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash income from finance affiliate	(7,302)	(6,223)
Provision for depreciation, amortization, and impairment loss	46,332	45,944
Stock-based compensation expense	7,723	7,815
Decrease/(increase) in deferred income taxes	256	(2,096)
Other	(464)	(67)
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net	(23,699)	(74,916)
Inventories, net	3,428	(67,902)
Prepaid expenses and other assets	(2,108)	(5,563)
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities	63,977	92,985
Net cash provided by/(used in) operating activities	288,907	168,014
Cash flows from investing activities:
Purchases of property, plant, and equipment	(34,601)	(37,544)
Proceeds from asset disposals	232	77
Distributions from finance affiliate, net	3,594	1,928
Proceeds from sale of a business	1,500
Acquisition, net of cash acquired		(198,329)
Net cash provided by/(used in) investing activities	(29,275)	(233,868)
Cash flows from financing activities:
Repayments of short-term debt	(1,161)	(16,283)
(Repayments of)/ increase in long-term debt	(20,713)	(3,831)
Excess tax benefits from stock-based awards	15,078	7,808
Proceeds from exercise of stock options	19,691	8,615
Purchases of Toro common stock	(69,189)	(90,993)
Dividends paid on Toro common stock	(49,488)	(41,794)
Net cash provided by/(used in) financing activities	(105,782)	(136,478)
Effect of exchange rates on cash and cash equivalents	(2,882)	(2,206)
Net increase/(decrease) in cash and cash equivalents	150,968	(204,538)
Cash and cash equivalents as of the beginning of the fiscal period	126,275	314,873
Cash and cash equivalents as of the end of the fiscal period	$ 277,243	110,335
Supplemental disclosure of cash flow information:
Debt issued in connection with an acquisition		$ 31,161

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jul. 29, 2016
Basis of Presentation
Basis of Presentation	Note 1 — Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. Unless the context indicates otherwise, the terms “company” and “Toro” refer to The Toro Company and its consolidated subsidiaries. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, consisting primarily of recurring accruals, considered necessary for a fair presentation of the financial position and results of operations. Since the company’s business is seasonal, operating results for the nine months ended July 29, 2016, cannot be annualized to determine the expected results for the fiscal year ending October 31, 2016. The company’s fiscal year ends on October 31, and quarterly results are reported based on three-month periods that generally end on the Friday closest to the quarter end. For comparative purposes, however, the company’s second and third quarters always include exactly 13 weeks of results so that the quarter end date for these two quarters is not necessarily the Friday closest to the calendar month end. For further information, refer to the consolidated financial statements and notes included in the company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2015. The policies described in that report are used for preparing quarterly reports. Accounting Policies In preparing the consolidated financial statements in conformity with U.S. GAAP, management must make decisions that impact the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures, including disclosures of contingent assets and liabilities. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. Estimates are used in determining, among other items, sales promotion and incentive accruals, incentive compensation accruals, inventory valuation, warranty reserves, earn-out liabilities, allowance for doubtful accounts, pension and postretirement accruals, self-insurance accruals, useful lives for tangible and intangible assets, and future cash flows associated with impairment testing for goodwill and other long-lived assets. These estimates and assumptions are based on management’s best estimates and judgments at the time they are made. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with certainty, actual amounts could differ significantly from those estimated at the time the consolidated financial statements are prepared. Changes in those estimates will be reflected in the consolidated financial statements in future periods.

Divestiture

Divestiture	9 Months Ended
	Jul. 29, 2016
Divestiture
Divestiture	Note 2 — Divestiture On November 27, 2015, in the first quarter of fiscal 2016, the company completed the sale of its Northwestern U.S. distribution company. The divestiture was not material based on the company’s consolidated financial condition and results of operations.

Investment in Joint Venture

Investment in Joint Venture	9 Months Ended
	Jul. 29, 2016
Investment in Joint Venture
Investment in Joint Venture	Note 3 — Investment in Joint Venture In fiscal 2009, the company and TCF Inventory Finance, Inc. (“TCFIF”), a subsidiary of TCF National Bank, established Red Iron Acceptance, LLC (“Red Iron”), a joint venture in the form of a Delaware limited liability company that provides inventory financing to distributors and dealers of the company’s products in the U.S. and to select distributors of the company’s products in Canada. The initial term of Red Iron will continue until October 31, 2017, subject to unlimited automatic two-year extensions thereafter. Either the company or TCFIF may elect not to extend the initial term or any subsequent term by giving one-year notice to the other party. Additionally, in connection with the joint venture, the company and an affiliate of TCFIF entered into an arrangement to provide inventory financing to dealers of the company’s products in Canada. The company owns 45 percent of Red Iron and TCFIF owns 55 percent of Red Iron. The company accounts for its investment in Red Iron under the equity method of accounting. The company and TCFIF each contributed a specified amount of the estimated cash required to enable Red Iron to purchase the company’s inventory financing receivables and to provide financial support for Red Iron’s inventory financing programs. Red Iron borrows the remaining requisite estimated cash utilizing a $450 million secured revolving credit facility established under a credit agreement between Red Iron and TCFIF. The company’s total investment in Red Iron as of July 29, 2016 was $22.7 million. The company has not guaranteed the outstanding indebtedness of Red Iron. The company has agreed to repurchase products repossessed by Red Iron and the TCFIF Canadian affiliate, up to a maximum aggregate amount of $7.5 million in a calendar year. Under the repurchase agreement between Red Iron and the company, Red Iron provides financing for certain dealers and distributors. These transactions are structured as an advance in the form of a payment by Red Iron to the company on behalf of a distributor or dealer with respect to invoices financed by Red Iron. These payments extinguish the obligation of the dealer or distributor to make payment to the company under the terms of the applicable invoice. Under separate agreements between Red Iron and the dealers and distributors, Red Iron provides loans to the dealers and distributors for the advances paid by Red Iron to the company. The net amount of new receivables financed for dealers and distributors under this arrangement for the nine months ended July 31, 2016 and July 31, 2015 was $1,389.5 million and $1,117.7 million, respectively. As of July 31, 2016, Red Iron’s total assets were $447.0 million and total liabilities were $396.5 million.

Inventories

Inventories	9 Months Ended
	Jul. 29, 2016
Inventories
Inventories	Note 4 — Inventories Inventories are valued at the lower of cost or net realizable value, with cost determined by the last-in, first-out (“LIFO”) method for most inventories and first-in, first-out (“FIFO”) method for all other inventories. The company establishes a reserve for excess, slow-moving, and obsolete inventory that is equal to the difference between the cost and estimated net realizable value for that inventory. These reserves are based on a review and comparison of current inventory levels to the planned production, as well as planned and historical sales of the inventory. Inventories were as follows: July 29, July 31, October 31, (Dollars in thousands) 2016 2015 2015 Raw materials and work in process $ $ $ Finished goods and service parts Total FIFO value Less: adjustment to LIFO value Total inventories, net $ $ $

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Jul. 29, 2016
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	Note 5 — Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the first nine months of fiscal 2016 were as follows: Professional Residential (Dollars in thousands) Segment Segment Total Balance as of October 31, 2015 $ $ $ Translation adjustments ) ) ) Balance as of July 29, 2016 $ $ $ The components of other intangible assets were as follows: (Dollars in thousands) Gross Carrying Accumulated July 29, 2016 Amount Amortization Net Patents $ $ ) $ Non-compete agreements ) Customer-related ) Developed technology ) Trade names ) Other ) — Total amortizable ) Non-amortizable - trade names — Total other intangible assets, net $ $ ) $ (Dollars in thousands) Gross Carrying Accumulated October 31, 2015 Amount Amortization Net Patents $ $ ) $ Non-compete agreements ) Customer-related ) Developed technology ) Trade names ) Other ) — Total amortizable ) Non-amortizable - trade names — Total other intangible assets, net $ $ ) $ Amortization expense for intangible assets during the first nine months of fiscal 201 6 was $ 8.1 million , compared to $ 10.0 million for the same period last fiscal year. Estimated amortization expense for the remainder of fiscal 201 6 and succeeding fiscal years is as follows: fiscal 2016 (remainder), $ 2.5 million; fiscal 2017, $ 9.5 million; fiscal 2018, $ 7.4 million; fiscal 2019, $ 6.6 million; fiscal 2020, $ 6.0 million; fiscal 202 1 , $ 5.6 million; and after fiscal 202 1 , $ 68.7 million.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Jul. 29, 2016
Stockholders' Equity
Stockholders' Equity	Note 6 — Stockholders’ Equity Accumulated Other Comprehensive Loss Components of accumulated other comprehensive loss (“AOCL”), net of tax, are as follows: July 29, July 31, October 31, (Dollars in thousands) 2016 2015 2015 Foreign currency translation adjustments $ $ $ Pension and post-retirement benefits Derivative instruments Total accumulated other comprehensive loss $ $ $ The components and activity of AOCL for the first nine months of fiscal 2016 are as follows: (Dollars in thousands) Foreign Currency Translation Adjustments Pension and Postretirement Benefits Cash Flow Derivative Instruments Total Balance as of October 31, 2015 $ $ $ $ Other comprehensive loss (income) before reclassifications ) Amounts reclassified from AOCL — — ) ) Net current period other comprehensive loss (income) ) Balance as of July 29, 2016 $ $ $ $ The components and activity of AOCL for the first nine months of fiscal 2015 are as follows: (Dollars in thousands) Foreign Currency Translation Adjustments Pension and Postretirement Benefits Cash Flow Derivative Instruments Total Balance as of October 31, 2014 $ $ $ ) $ Other comprehensive loss (income) before reclassifications ) ) Amounts reclassified from AOCL — — Net current period other comprehensive loss (income) ) Balance as of July 31, 2015 $ $ $ $

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jul. 29, 2016
Stock-Based Compensation
Stock-Based Compensation	Note 7 — Stock-Based Compensation Stock Option Awards Under The Toro Company Amended and Restated 2010 Equity and Incentive Plan, as amended (the “2010 plan”), stock options are granted with an exercise price equal to the closing price of the company’s common stock on the date of grant, as reported by the New York Stock Exchange. Options are generally granted to executive officers, other employees, and non-employee members of the company’s Board of Directors on an annual basis in the first quarter of the company’s fiscal year. Options generally vest one-third each year over a three-year period and have a ten-year term. Other options granted to certain employees vest in full on the three-year anniversary of the date of grant and have a ten-year term. Compensation expense equal to the grant date fair value is generally recognized for these awards over the vesting period. Stock options granted to executive officers and other employees are subject to accelerated expensing if the option holder meets the retirement definition set forth in the 2010 plan. In that case, the fair value of the options is expensed in the fiscal year of grant because the option holder must be employed as of the end of the fiscal year in which the options are granted in order for the options to continue to vest following retirement. Similarly, if a non-employee director has served on the company’s Board of Directors for ten full fiscal years or more, the awards vest immediately upon retirement, and therefore, the fair value of the options granted is fully expensed on the date of the grant. The fair value of each stock option is estimated on the date of grant using the Black-Scholes valuation method with the assumptions noted in the table below. The expected life is a significant assumption as it determines the period for which the risk-free interest rate, volatility, and dividend yield must be applied. The expected life is the average length of time in which executive officers, other employees, and non-employee directors are expected to exercise their stock options, which is primarily based on historical experience. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. Expected volatilities are based on the movement of the company’s common stock over the most recent historical period equivalent to the expected life of the option. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate over the expected life at the time of grant. Dividend yield is estimated over the expected life based on the company’s historical cash dividends paid, expected future cash dividends and dividend yield, and expected changes in the company’s stock price. The following table illustrates the assumptions for options granted in the following fiscal periods: Fiscal 2016 Fiscal 2015 Expected life of option in years 5.97 5.94 Expected stock price volatility 24.04% 29.67% Risk-free interest rate 1.80% 1.61% Expected dividend yield 1.24% 1.29% Grant date per share weighted-average fair value $17.58 $16.81 Performance Share Awards The company grants performance share awards to executive officers and other employees under which they are entitled to receive shares of the company’s common stock contingent on the achievement of performance goals of the company and businesses of the company, which are generally measured over a three-year period. The number of shares of common stock a participant receives will be increased (up to 200 percent of target levels) or reduced (down to zero) based on the level of achievement of performance goals and vest at the end of a three-year period. Performance share awards are generally granted on an annual basis in the first quarter of the company’s fiscal year. Compensation expense is recognized for these awards on a straight-line basis over the vesting period based on the per share fair value as of the date of grant and the probability of achieving each performance goal. The per share fair value of performance share awards granted during the first quarter of each of fiscal 2016 and 2015 was $77.77 and $65.68, respectively. No performance share awards were granted during the second or third quarters of fiscal 2016 or 2015. Restricted Stock and Restricted Stock Unit Awards Under the 2010 plan, restricted stock and restricted stock unit awards are generally granted to certain employees that are not executive officers. Occasionally, restricted stock or restricted stock unit awards may be granted, including to executive officers, in connection with hiring, mid-year promotions, leadership transition, or retention. Restricted stock and restricted stock unit awards generally vest one-third each year over a three-year period, or vest in full on the three-year anniversary of the date of grant. Such awards may have performance-based rather than time-based vesting requirements. Compensation expense equal to the grant date fair value, which is equal to the closing price of the company’s common stock on the date of grant multiplied by the number of shares subject to the restricted stock and restricted stock unit awards, is recognized for these awards over the vesting period. The per share weighted-average fair value of restricted stock and restricted stock unit awards granted during the first nine months of fiscal 2016 and 2015 was $83.67 and $66.10, respectively.

Per Share Data

Per Share Data	9 Months Ended
	Jul. 29, 2016
Per Share Data
Per Share Data	Note 8 — Per Share Data Reconciliations of basic and diluted weighted-average shares of common stock outstanding are as follows: Three Months Ended Nine Months Ended July 29, July 31, July 29, July 31, (Shares in thousands) 2016 2015 2016 2015 Basic Weighted-average number of shares of common stock Assumed issuance of contingent shares — — Weighted-average number of shares of common stock and assumed issuance of contingent shares Diluted Weighted-average number of shares of common stock and assumed issuance of contingent shares Effect of dilutive securities Weighted-average number of shares of common stock, assumed issuance of contingent shares, and effect of dilutive securities Incremental shares from options, restricted stock, and restricted stock units are computed by the treasury stock method. Options to purchase 16,768 and 157,299 shares of common stock during the third quarter of fiscal 2016 and 2015, respectively, were excluded from the diluted net earnings per share because they were anti-dilutive. For the year-to-date periods through the third quarter of fiscal 2016 and 2015, options to purchase 243,871 and 245,818 shares of common stock, respectively, were excluded from the diluted net earnings per share because they were anti-dilutive.

Segment Data

Segment Data	9 Months Ended
	Jul. 29, 2016
Segment Data
Segment Data	Note 9 — Segment Data The presentation of segment information reflects the manner in which management organizes segments for making operating decisions and assessing performance. On this basis, the company has determined it has three reportable business segments: Professional, Residential, and Distribution. The Distribution segment, which consists of the company-owned domestic distributorship, has been combined with the company’s corporate activities and elimination of intersegment revenues and expenses that is shown as “Other” in the following tables due to the insignificance of the segment. The following table shows the summarized financial information concerning the company’s reportable segments: (Dollars in thousands) Three months ended July 29, 2016 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Three months ended July 31, 2015 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Nine months ended July 29, 2016 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Total assets Nine months ended July 31, 2015 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Total assets The following table summarizes the components of the loss before income taxes included in “Other” shown above: Three Months Ended Nine Months Ended July 29, July 31, July 29, July 31, (Dollars in thousands) 2016 2015 2016 2015 Corporate expenses $ ) $ ) $ ) $ ) Interest expense, net ) ) ) ) Other Total $ ) $ ) $ ) $ )

Contingencies - Litigation

Contingencies - Litigation	9 Months Ended
	Jul. 29, 2016
Contingencies - Litigation
Contingencies - Litigation	Note 10 — Contingencies — Litigation The company is party to litigation in the ordinary course of business. Such matters are generally subject to uncertainties and to outcomes that are not predictable with assurance and that may not be known for extended periods of time. Litigation occasionally involves claims for punitive, as well as compensatory, damages arising out of the use of the company’s products. Although the company is self-insured to some extent, the company maintains insurance against certain product liability losses. The company is also subject to litigation and administrative and judicial proceedings with respect to claims involving asbestos and the discharge of hazardous substances into the environment. Some of these claims assert damages and liability for personal injury, remedial investigations or clean up and other costs and damages. The company is also typically involved in commercial disputes, employment disputes, and patent litigation cases in which it is asserting or defending against patent infringement claims. To prevent possible infringement of the company’s patents by others, the company periodically reviews competitors’ products. To avoid potential liability with respect to others’ patents, the company regularly reviews certain patents issued by the United States Patent and Trademark Office and foreign patent offices. Management believes these activities help minimize its risk of being a defendant in patent infringement litigation. The company is currently involved in patent litigation cases, including cases by or against competitors, where it is asserting and defending against claims of patent infringement. Such cases are at varying stages in the litigation process. The company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, where the company has assessed that a loss is probable and an amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. In the opinion of management, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect its consolidated results of operations, financial position, or cash flows.

Warranty Guarantees

Warranty Guarantees	9 Months Ended
	Jul. 29, 2016
Warranty Guarantees
Warranty Guarantees	Note 11 — Warranty Guarantees The company’s products are warranted to ensure customer confidence in design, workmanship, and overall quality. Warranty coverage is for specified periods of time and on select products’ hours of usage, and generally covers parts, labor, and other expenses for non-maintenance repairs. Warranty coverage generally does not cover operator abuse or improper use. An authorized company distributor or dealer must perform warranty work. Distributors and dealers submit claims for warranty reimbursement and are credited for the cost of repairs, labor, and other expenses as long as the repairs meet prescribed standards. Warranty expense is accrued at the time of sale based on the estimated number of products under warranty, historical average costs incurred to service warranty claims, the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, and other minor factors. Special warranty reserves are also accrued for major rework campaigns. The company sells extended warranty coverage on select products for a prescribed period after the factory warranty period expires. Warranty provisions, claims, and changes in estimates for the first nine months of fiscal 2016 and 2015 were as follows: Nine Months Ended July 29, July 31, (Dollars in thousands) 2016 2015 Beginning balance $ $ Warranty provisions Warranty claims ) ) Changes in estimates ) Ending balance $ $

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Jul. 29, 2016
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 12 — Derivative Instruments and Hedging Activities The company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business, such as sales to third party customers, sales and loans to wholly owned foreign subsidiaries, foreign plant operations, and purchases from suppliers. The company actively manages the exposure of its foreign currency exchange rate market risk by entering into various hedging instruments, authorized under company policies that place controls on these activities, with counterparties that are highly rated financial institutions. The company’s hedging activities primarily involve the use of forward currency contracts, as well as cross currency swaps that are intended to offset intercompany loan exposures. The company uses derivative instruments only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings and cash flow volatility associated with foreign currency exchange rate changes. Decisions on whether to use such contracts are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency. The company’s policy does not allow the use of derivatives for trading or speculative purposes. The company also made an accounting policy election to use the portfolio exception with respect to measuring counterparty credit risk for derivative instruments, and to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position with each counterparty. The company’s primary currency exchange rate exposures are with the Euro, the Australian dollar, the Canadian dollar, the British pound, the Mexican peso, the Japanese yen, the Chinese Renminbi, and the Romanian New Leu against the U.S. dollar, as well as the Romanian New Leu against the Euro. Cash flow hedges. The company recognizes all derivative instruments as either assets or liabilities at fair value on the consolidated balance sheet and formally documents relationships between cash flow hedging instruments and hedged transactions, as well as its risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to the forecasted transactions, such as sales to third parties , foreign plant operations, and purchases from suppliers. Changes in fair values of outstanding cash flow hedge derivatives, except the ineffective portion, are recorded in other comprehensive income (“OCI”), until net earnings is affected by the variability of cash flows of the hedged transaction. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in net earnings. The consolidated statements of earnings classification of effective hedge results is the same as that of the underlying exposure. Results of hedges of sales and foreign plant operations are recorded in net sales and cost of sales, respectively, when the underlying hedged transaction affects net earnings. The maximum amount of time the company hedges its exposure to the variability in future cash flows for forecasted trade sales and purchases is two years. Results of hedges of intercompany loans are recorded in other income, net as an offset to the remeasurement of the foreign loan balance. The company formally assesses, at a hedge’s inception and on an ongoing basis, whether the derivatives that are designated as hedges have been highly effective in offsetting changes in the cash flows of the hedged transactions and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not, or has ceased to be, highly effective as a hedge, the company discontinues hedge accounting prospectively. When the company discontinues hedge accounting because it is no longer probable, but it is still reasonably possible that the forecasted transaction will occur by the end of the originally expected period or within an additional two-month period of time thereafter, the gain or loss on the derivative remains in AOCL and is reclassified to net earnings when the forecasted transaction affects net earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were in AOCL are recognized immediately in net earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the company carries the derivative at its fair value on the consolidated balance sheets, recognizing future changes in the fair value in other income, net. For the third quarter and year-to-date periods of fiscal 201 6 , there were immaterial losses on forward contracts reclassified into earnings as a result of the discontinuance of cash flow hedges . As of July 29 , 201 6 and July 3 1, 2015, the notional amount outstanding of forward contracts designated as cash flow hedges was $ 86 . 0 million and $10 2 .8 million, respectively. As of July 3 1, 2015, the company had one cross currency interest rate swap instrument outstanding for a fixed pay notional of 36 . 6 million Romanian New Leu and receive floating notional of 8 . 5 million Euros. During the third quarter of fiscal 2016, the company terminated its one cross currency interest rate swap instrument outstanding with gains on the instrument recorded in other income . Derivatives not designated as hedging instruments. The company also enters into foreign currency contracts that include forward currency contracts and cross currency swaps to mitigate the remeasurement of specific assets and liabilities on the consolidated balance sheet. These contracts are not designated as hedging instruments. Accordingly, changes in the fair value of hedges of recorded balance sheet positions, such as cash, receivables, payables, intercompany notes, and other various contractual claims to pay or receive foreign currencies other than the functional currency, are recognized immediately in other income, net, on the consolidated statements of earnings together with the transaction gain or loss from the hedged balance sheet position. The following table presents the fair value of the company’s derivatives and consolidated balance sheet location. Fair Value at Fair Value at Fair Value at (Dollars in thousands) July 29, 2016 July 31, 2015 October 31, 2015 Asset Derivatives Derivatives Designated as Hedging Instruments Prepaid expenses and other current assets Forward currency contracts $ $ $ Cross currency contract — — — Derivatives Not Designated as Hedging Instruments Prepaid expenses and other current assets Forward currency contracts Cross currency contract — Total Assets $ $ $ Liability Derivatives Derivatives Designated as Hedging Instruments Accrued liabilities Forward currency contracts $ $ $ Cross currency contract — Derivatives Not Designated as Hedging Instruments Accrued liabilities Forward currency contracts Cross currency contract — — — Total Liabilities $ $ $ The following table presents the impact of derivative instruments on the consolidated statements of earnings for the company’s derivatives designated as cash flow hedging instruments for the three and nine months ended July 29 , 201 6 and July 3 1, 2015, respectively. Effective Portion Ineffective Portion and excluded from Effectiveness Testing Gain (Loss) Location of Gain (Loss) Location of Gain (Loss) Recognized in OCI on Reclassified from AOCL Gain (Loss) Reclassified Recognized in Income on Gain (Loss) Recognized Derivatives into Income from AOCL into Income Derivatives in Income on Derivatives (Dollars in thousands) July 29, July 31, July 29, July 31, July 29, July 31, For the three months ended 2016 2015 2016 2015 2016 2015 Forward currency contracts $ $ ) Net sales $ ) $ Other income, net $ ) $ Forward currency contracts ) ) Cost of sales ) ) Cross currency contracts — Other income, net — ) Total derivatives designated as cash flow hedges $ $ ) Total $ ) $ Total $ ) $ July 29, July 31, July 29, July 31, July 29, July 31, For the nine months ended 2016 2015 2016 2015 2016 2015 Forward currency contracts $ ) $ ) Net sales $ $ Other income, net $ $ Forward currency contracts ) ) Cost of sales ) ) Cross currency contracts Other income, net ) ) Total derivatives designated as cash flow hedges $ ) $ ) Total $ ) $ Total $ $ As of July 29 , 201 6 , the company expects to reclassify approximately $ 1 . 6 million of gains from AOCL to earnings during the next twelve months. The following table presents the impact of derivative instruments on the consolidated statements of earnings for the company’s derivatives not designated as hedging instruments. Gain (Loss) Recognized in Net Earnings Location of Gain Three Months Ended Nine Months Ended (Loss) Recognized in July 29, July 31, July 29, July 31, (Dollars in thousands) Net Earnings 2016 2015 2016 2015 Forward currency contracts Other income, net $ $ ) $ ) $ Cross currency contracts Other income, net ) ) Total derivatives not designated as hedges $ $ ) $ ) $ The company entered into an International Swap Dealers Association (“ISDA”) Master Agreement with each counterparty that permits the net settlement of amounts owed under their respective contracts. The ISDA Master Agreement is an industry standardized contract that governs all derivative contracts entered into between the company and the respective counterparty. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable or receivable for contracts due on the same date or in the same currency for similar types of derivative transactions. The company records the fair value of its derivative contracts at the net amount in its consolidated balance sheets. The following tables show the effects of the master netting arrangements on the fair value of the company’s derivative contracts that are recorded in the consolidated balance sheets: (Dollars in thousands) July 29, 2016 July 31, 2015 October 31, 2015 Assets Forward currency contracts Gross Amounts of Recognized Assets $ $ $ Gross Liabilities Offset in the Balance Sheets ) ) ) Net Amounts of Assets Presented in the Balance Sheets Cross currency contracts Gross Amounts of Recognized Assets — Gross Liabilities Offset in the Balance Sheets — — — Net Amounts of Assets Presented in the Balance Sheets — Total Assets $ $ $ Liabilities Forward currency contracts Gross Amounts of Recognized Liabilities $ ) $ ) $ ) Gross Assets Offset in the Balance Sheets — Net Amounts of Liabilities Presented in the Balance Sheets ) ) ) Cross currency contracts Gross Amounts of Recognized Liabilities — ) ) Gross Assets Offset in the Balance Sheets — — — Net Amounts of Liabilities Presented in the Balance Sheets — ) ) Total Liabilities $ ) $ ) $ )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jul. 29, 2016
Fair Value Measurements
Fair Value Measurements	Note 13 — Fair Value Measurements The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value, and requires certain disclosures. The framework discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 : Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability. Cash balances are valued at their carrying amounts in the consolidated balance sheets, which are reasonable estimates of their fair value due to their short-term nature. Forward currency contracts are valued based on observable market transactions of forward currency prices and spot currency rates as of the reporting date. The fair value of cross currency contracts is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs such as interest rates and foreign currency exchange rates. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, such as collateral postings, thresholds, mutual puts, and guarantees, are incorporated in the fair values to account for potential nonperformance risk. The unfunded deferred compensation liability is primarily subject to changes in fixed-income investment contracts based on current yields. For accounts receivable and accounts payable, carrying amounts are a reasonable estimate of fair value given their short-term nature. Assets and liabilities measured at fair value on a recurring basis, as of July 29, 201 6 , July 3 1, 2015, and October 31, 2015 are summarized below: (Dollars in thousands) Fair Value Measurements Using Inputs Considered as: July 29, 2016 Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Forward currency contracts — — Cross currency contracts — — — — Total Assets $ $ $ $ — Liabilities: Forward currency contracts $ $ — $ $ — Cross currency contracts — — — — Deferred compensation liabilities — — Total Liabilities $ $ — $ $ — (Dollars in thousands) Fair Value Measurements Using Inputs Considered as: July 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Forward currency contracts — — Cross currency contracts — — Total Assets $ $ $ $ — Liabilities: Forward currency contracts $ $ — $ $ — Cross currency contracts — — Deferred compensation liabilities — — Total Liabilities $ $ — $ $ — (Dollars in thousands) Fair Value Measurements Using Inputs Considered as: October 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Forward currency contracts — — Cross currency contracts — — Total Assets $ $ $ $ — Liabilities: Forward currency contracts $ $ — $ $ — Cross currency contracts — — Deferred compensation liabilities — — Total Liabilities $ $ — $ $ — There were no transfers between Level 1 and Level 2 during the three and nine months ended July 29 , 201 6 and July 31, 2015 , or the twelve months ended October 31, 201 5 .

Related Party Transaction

Related Party Transaction	9 Months Ended
	Jul. 29, 2016
Related Party Transaction
Related Party Transaction	Note 14 — Related Party Transaction On November 14, 2014, during the first quarter of fiscal 2015, the company acquired substantially all of the assets (excluding accounts receivable) of the BOSS® professional snow and ice management business of privately held Northern Star Industries, Inc. The purchase price included a cash payment and issuance of an unsecured promissory note in the aggregate principal amount of $30 million. Under the terms of the note, interest will accrue at the rate of 4.0% per year and principal payments of $10 million each, together with accrued interest, will be payable on the first, second, and third anniversaries of the closing date of the acquisition, subject to certain conditions. Effective as of the closing of the acquisition on November 14, 2014 and through May 31, 2016 , the company employed David J. Brule II, who is also a minority shareholder of Northern Star Industries, Inc., as an executive officer of the company.

Subsequent Events

Subsequent Events	9 Months Ended
	Jul. 29, 2016
Subsequent Events
Subsequent Events	Note 15 — Subsequent Events On August 18, 2016, the Company’s Board of Directors declared a two-for-one split of the Company’s common stock, which will be effected in the form of a 100 percent stock dividend, and will be distributed September 16, 2016, to shareholders of record as of September 1, 2016 . The company evaluated all subsequent events and concluded that no additional subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jul. 29, 2016
Inventories
Schedule of Inventories	July 29, July 31, October 31, (Dollars in thousands) 2016 2015 2015 Raw materials and work in process $ $ $ Finished goods and service parts Total FIFO value Less: adjustment to LIFO value Total inventories, net $ $ $

Disclosure - Goodwill and Other

Disclosure - Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Jul. 29, 2016
Goodwill and Other Intangible Assets
Schedule of changes in net carrying amount of goodwill	Professional Residential (Dollars in thousands) Segment Segment Total Balance as of October 31, 2015 $ $ $ Translation adjustments ) ) ) Balance as of July 29, 2016 $ $ $
Schedule of components of other intangible assets	(Dollars in thousands) Gross Carrying Accumulated July 29, 2016 Amount Amortization Net Patents $ $ ) $ Non-compete agreements ) Customer-related ) Developed technology ) Trade names ) Other ) — Total amortizable ) Non-amortizable - trade names — Total other intangible assets, net $ $ ) $ (Dollars in thousands) Gross Carrying Accumulated October 31, 2015 Amount Amortization Net Patents $ $ ) $ Non-compete agreements ) Customer-related ) Developed technology ) Trade names ) Other ) — Total amortizable ) Non-amortizable - trade names — Total other intangible assets, net $ $ ) $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Jul. 29, 2016
Stockholders' Equity
Schedule of components of accumulated other comprehensive loss (AOCL), net of tax	July 29, July 31, October 31, (Dollars in thousands) 2016 2015 2015 Foreign currency translation adjustments $ $ $ Pension and post-retirement benefits Derivative instruments Total accumulated other comprehensive loss $ $ $
Schedule of components and activity of AOCL	(Dollars in thousands) Foreign Currency Translation Adjustments Pension and Postretirement Benefits Cash Flow Derivative Instruments Total Balance as of October 31, 2015 $ $ $ $ Other comprehensive loss (income) before reclassifications ) Amounts reclassified from AOCL — — ) ) Net current period other comprehensive loss (income) ) Balance as of July 29, 2016 $ $ $ $ (Dollars in thousands) Foreign Currency Translation Adjustments Pension and Postretirement Benefits Cash Flow Derivative Instruments Total Balance as of October 31, 2014 $ $ $ ) $ Other comprehensive loss (income) before reclassifications ) ) Amounts reclassified from AOCL — — Net current period other comprehensive loss (income) ) Balance as of July 31, 2015 $ $ $ $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jul. 29, 2016
Stock-Based Compensation
Schedule of assumptions for options granted	Fiscal 2016 Fiscal 2015 Expected life of option in years 5.97 5.94 Expected stock price volatility 24.04% 29.67% Risk-free interest rate 1.80% 1.61% Expected dividend yield 1.24% 1.29% Grant date per share weighted-average fair value $17.58 $16.81

Per Share Data (Tables)

Per Share Data (Tables)	9 Months Ended
	Jul. 29, 2016
Per Share Data
Reconciliations of basic and diluted weighted-average shares of common stock outstanding	Three Months Ended Nine Months Ended July 29, July 31, July 29, July 31, (Shares in thousands) 2016 2015 2016 2015 Basic Weighted-average number of shares of common stock Assumed issuance of contingent shares — — Weighted-average number of shares of common stock and assumed issuance of contingent shares Diluted Weighted-average number of shares of common stock and assumed issuance of contingent shares Effect of dilutive securities Weighted-average number of shares of common stock, assumed issuance of contingent shares, and effect of dilutive securities

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Jul. 29, 2016
Segment Data
Summarized financial information concerning reportable segments	(Dollars in thousands) Three months ended July 29, 2016 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Three months ended July 31, 2015 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Nine months ended July 29, 2016 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Total assets Nine months ended July 31, 2015 Professional Residential Other Total Net sales $ $ $ $ Intersegment gross sales ) — Earnings (loss) before income taxes ) Total assets
Summary of components of loss before income taxes included in Other segment	Three Months Ended Nine Months Ended July 29, July 31, July 29, July 31, (Dollars in thousands) 2016 2015 2016 2015 Corporate expenses $ ) $ ) $ ) $ ) Interest expense, net ) ) ) ) Other Total $ ) $ ) $ ) $ )

Warranty Guarantees (Tables)

Warranty Guarantees (Tables)	9 Months Ended
	Jul. 29, 2016
Warranty Guarantees
Schedule of warranty provisions, claims, and changes in estimates	Nine Months Ended July 29, July 31, (Dollars in thousands) 2016 2015 Beginning balance $ $ Warranty provisions Warranty claims ) ) Changes in estimates ) Ending balance $ $

Derivative Instruments and He30

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Jul. 29, 2016
Derivative Instruments and Hedging Activities
Schedule of fair value of derivatives and consolidated balance sheet location	Fair Value at Fair Value at Fair Value at (Dollars in thousands) July 29, 2016 July 31, 2015 October 31, 2015 Asset Derivatives Derivatives Designated as Hedging Instruments Prepaid expenses and other current assets Forward currency contracts $ $ $ Cross currency contract — — — Derivatives Not Designated as Hedging Instruments Prepaid expenses and other current assets Forward currency contracts Cross currency contract — Total Assets $ $ $ Liability Derivatives Derivatives Designated as Hedging Instruments Accrued liabilities Forward currency contracts $ $ $ Cross currency contract — Derivatives Not Designated as Hedging Instruments Accrued liabilities Forward currency contracts Cross currency contract — — — Total Liabilities $ $ $
Schedule of impact of derivative instruments on consolidated statements of earnings for derivatives designated as cash flow hedging instruments	Effective Portion Ineffective Portion and excluded from Effectiveness Testing Gain (Loss) Location of Gain (Loss) Location of Gain (Loss) Recognized in OCI on Reclassified from AOCL Gain (Loss) Reclassified Recognized in Income on Gain (Loss) Recognized Derivatives into Income from AOCL into Income Derivatives in Income on Derivatives (Dollars in thousands) July 29, July 31, July 29, July 31, July 29, July 31, For the three months ended 2016 2015 2016 2015 2016 2015 Forward currency contracts $ $ ) Net sales $ ) $ Other income, net $ ) $ Forward currency contracts ) ) Cost of sales ) ) Cross currency contracts — Other income, net — ) Total derivatives designated as cash flow hedges $ $ ) Total $ ) $ Total $ ) $ July 29, July 31, July 29, July 31, July 29, July 31, For the nine months ended 2016 2015 2016 2015 2016 2015 Forward currency contracts $ ) $ ) Net sales $ $ Other income, net $ $ Forward currency contracts ) ) Cost of sales ) ) Cross currency contracts Other income, net ) ) Total derivatives designated as cash flow hedges $ ) $ ) Total $ ) $ Total $ $
Schedule of impact of derivative instruments on consolidated statements of earnings for derivatives not designated as hedging instruments	Gain (Loss) Recognized in Net Earnings Location of Gain Three Months Ended Nine Months Ended (Loss) Recognized in July 29, July 31, July 29, July 31, (Dollars in thousands) Net Earnings 2016 2015 2016 2015 Forward currency contracts Other income, net $ $ ) $ ) $ Cross currency contracts Other income, net ) ) Total derivatives not designated as hedges $ $ ) $ ) $
Schedule of effects of master netting arrangements on fair value of derivative contracts recorded in consolidated balance sheets	(Dollars in thousands) July 29, 2016 July 31, 2015 October 31, 2015 Assets Forward currency contracts Gross Amounts of Recognized Assets $ $ $ Gross Liabilities Offset in the Balance Sheets ) ) ) Net Amounts of Assets Presented in the Balance Sheets Cross currency contracts Gross Amounts of Recognized Assets — Gross Liabilities Offset in the Balance Sheets — — — Net Amounts of Assets Presented in the Balance Sheets — Total Assets $ $ $ Liabilities Forward currency contracts Gross Amounts of Recognized Liabilities $ ) $ ) $ ) Gross Assets Offset in the Balance Sheets — Net Amounts of Liabilities Presented in the Balance Sheets ) ) ) Cross currency contracts Gross Amounts of Recognized Liabilities — ) ) Gross Assets Offset in the Balance Sheets — — — Net Amounts of Liabilities Presented in the Balance Sheets — ) ) Total Liabilities $ ) $ ) $ )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jul. 29, 2016
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	(Dollars in thousands) Fair Value Measurements Using Inputs Considered as: July 29, 2016 Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Forward currency contracts — — Cross currency contracts — — — — Total Assets $ $ $ $ — Liabilities: Forward currency contracts $ $ — $ $ — Cross currency contracts — — — — Deferred compensation liabilities — — Total Liabilities $ $ — $ $ — (Dollars in thousands) Fair Value Measurements Using Inputs Considered as: July 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Forward currency contracts — — Cross currency contracts — — Total Assets $ $ $ $ — Liabilities: Forward currency contracts $ $ — $ $ — Cross currency contracts — — Deferred compensation liabilities — — Total Liabilities $ $ — $ $ — (Dollars in thousands) Fair Value Measurements Using Inputs Considered as: October 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Forward currency contracts — — Cross currency contracts — — Total Assets $ $ $ $ — Liabilities: Forward currency contracts $ $ — $ $ — Cross currency contracts — — Deferred compensation liabilities — — Total Liabilities $ $ — $ $ —

Investment in Joint Venture (De

Investment in Joint Venture (Details) - USD ($)	9 Months Ended
	Jul. 31, 2016	Jul. 29, 2016	Jul. 31, 2015
Red Iron Acceptance, LLC
Schedule of Equity Method Investments
Period of unlimited automatic extensions after the initial term of joint venture		2 years
Period of notice to be given by parties under the joint venture for not extending the initial term or any subsequent term of joint venture		1 year
Portion owned by Toro (as a percent)		45.00%
Portion owned by TCFIF (as a percent)		55.00%
Investment in joint venture		$ 22,700,000
Maximum aggregate amount of products repossessed by Red Iron and the TCFIF Canadian affiliate, entity has agreed to repurchase in a calendar year		7,500,000
Net amount of new receivables financed for dealers and distributors	$ 1,389,500,000		$ 1,117,700,000
Summarized financial information for Red Iron
Total assets	447,000,000
Total liabilities	$ 396,500,000
Red Iron Acceptance, LLC | TCFIF secured revolving credit facility
Schedule of Equity Method Investments
Maximum borrowing capacity under credit facility		$ 450,000,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 29, 2016	Oct. 31, 2015	Jul. 31, 2015
Inventories
Raw materials and work in process	$ 88,581	$ 107,086	$ 102,580
Finished goods and service parts	302,573	291,468	315,110
Total FIFO value	391,154	398,554	417,690
Less: adjustment to LIFO value	64,040	64,040	67,496
Total inventories, net	$ 327,114	$ 334,514	$ 350,194

Goodwill and Other Intangible34

Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Jul. 29, 2016USD ($)
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period	$ 195,533
Translation adjustments	(517)
Goodwill as of the end of the fiscal period	195,016
Professional
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period	184,766
Translation adjustments	(296)
Goodwill as of the end of the fiscal period	184,470
Residential
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period	10,767
Translation adjustments	(221)
Goodwill as of the end of the fiscal period	$ 10,546

Goodwill and Other Intangible35

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Oct. 31, 2015
Other Intangible Assets
Gross Carrying Amount	$ 164,689		$ 165,031
Accumulated Amortization	(58,346)		(50,852)
Net	106,343		114,179
Non-amortizable - trade names	4,442		4,831
Total other intangible assets, gross	169,131		169,862
Total other intangible assets, net	110,785	$ 121,804	119,010
Amortization expense for intangible assets	8,100	$ 10,000
Estimated amortization expense
Fiscal 2016 (remainder)	2,500
Fiscal 2,017	9,500
Fiscal 2,018	7,400
Fiscal 2,019	6,600
Fiscal 2,020	6,000
Fiscal 2,021	5,600
After 2,021	68,700
Patents
Other Intangible Assets
Gross Carrying Amount	15,159		15,191
Accumulated Amortization	(10,692)		(10,175)
Net	4,467		5,016
Non-compete agreements
Other Intangible Assets
Gross Carrying Amount	6,894		6,922
Accumulated Amortization	(6,588)		(6,206)
Net	306		716
Customer-related
Other Intangible Assets
Gross Carrying Amount	84,427		84,599
Accumulated Amortization	(13,448)		(10,316)
Net	70,979		74,283
Developed technology
Other Intangible Assets
Gross Carrying Amount	28,694		28,804
Accumulated Amortization	(22,923)		(20,530)
Net	5,771		8,274
Trade names
Other Intangible Assets
Gross Carrying Amount	28,715		28,715
Accumulated Amortization	(3,895)		(2,825)
Net	24,820		25,890
Other
Other Intangible Assets
Gross Carrying Amount	800		800
Accumulated Amortization	$ (800)		$ (800)

Stockholders' Equity - Componen

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jul. 29, 2016	Oct. 31, 2015	Jul. 31, 2015
Accumulated other comprehensive loss (AOCL)
Foreign currency translation adjustments	$ 29,636	$ 24,328	$ 23,255
Pension and post-retirement benefits	4,881	5,386	5,195
Derivative instruments	2,054	129	297
Total accumulated other comprehensive loss	$ 36,571	$ 29,843	$ 28,747

Stockholders' Equity - Compon37

Stockholders' Equity - Components and Activity of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period			$ (462,165)
Net current period other comprehensive loss (income)	$ 5,086	$ 4,589	6,728	$ 13,042
Balance as of the end of the fiscal period	(577,850)	(465,173)	(577,850)	(465,173)
Accumulated Other Comprehensive Loss
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period			29,843	15,705
Other comprehensive loss before reclassifications			6,943	3,954
Amounts reclassified from AOCL			(215)	9,088
Net current period other comprehensive loss (income)			6,728	13,042
Balance as of the end of the fiscal period	36,571	28,747	36,571	28,747
Foreign Currency Translation Adjustments
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period			24,328	12,536
Other comprehensive loss before reclassifications			5,308	10,719
Net current period other comprehensive loss (income)			5,308	10,719
Balance as of the end of the fiscal period	29,636	23,255	29,636	23,255
Pension and Postretirement Benefits
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period			5,386	5,266
Other comprehensive loss before reclassifications			(505)	(71)
Net current period other comprehensive loss (income)			(505)	(71)
Balance as of the end of the fiscal period	4,881	5,195	4,881	5,195
Cash Flow Derivative Instruments
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period			129	(2,097)
Other comprehensive loss before reclassifications			2,140	(6,694)
Amounts reclassified from AOCL			(215)	9,088
Net current period other comprehensive loss (income)			1,925	2,394
Balance as of the end of the fiscal period	$ 2,054	$ 297	$ 2,054	$ 297

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Awards (Details) - $ / shares	9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015
Employee Stock Option Awards | Executive officers
Stock-Based Compensation
Frequency of grants	On an annual basis in the first quarter of the company's fiscal year
Term of award	10 years
Employee Stock Option Awards | Executive officers | Graded vesting
Stock-Based Compensation
Vesting (as a percent)	33.333%
Award vesting period	3 years
Employee Stock Option Awards | Other employees
Stock-Based Compensation
Frequency of grants	On an annual basis in the first quarter of the company's fiscal year
Term of award	10 years
Employee Stock Option Awards | Other employees | Graded vesting
Stock-Based Compensation
Vesting (as a percent)	33.333%
Award vesting period	3 years
Employee Stock Option Awards | Certain employees
Stock-Based Compensation
Term of award	10 years
Employee Stock Option Awards | Certain employees | Cliff vesting
Stock-Based Compensation
Award vesting period	3 years
Stock Option Awards
Assumptions for options granted
Expected life of option	5 years 11 months 19 days	5 years 11 months 9 days
Expected stock price volatility (as a percent)	24.04%	29.67%
Risk-free interest rate (as a percent)	1.80%	1.61%
Expected dividend yield (as a percent)	1.24%	1.29%
Grant date per share weighted average fair value (in dollars per share)	$ 17.58	$ 16.81
Stock Option Awards | Non-employee members of Board of Directors
Stock-Based Compensation
Frequency of grants	On an annual basis in the first quarter of the company's fiscal year
Term of award	10 years
Requisite service period for non-employee director after which fair value of options granted is fully expensed on the date of grant	10 years
Stock Option Awards | Non-employee members of Board of Directors | Graded vesting
Stock-Based Compensation
Vesting (as a percent)	33.333%
Award vesting period	3 years

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Share Awards and Restricted Stock and Restricted Stock Unit Awards (Details) - $ / shares	3 Months Ended						9 Months Ended
	Jul. 29, 2016	Apr. 29, 2016	Jan. 29, 2016	Jul. 31, 2015	May 01, 2015	Jan. 30, 2015	Jul. 29, 2016	Jul. 31, 2015
Performance Share Awards
Stock-Based Compensation
Frequency of grants							On an annual basis in the first quarter of the company's fiscal year
Performance goal period							3 years
Award vesting period							3 years
Unvested awards
Granted (in shares)	0	0		0	0
Weighted-Average Fair Value at Date of Grant
Granted (in dollars per share)			$ 77.77			$ 65.68
Performance Share Awards | Maximum
Stock-Based Compensation
Vesting (as a percent)							200.00%
Performance Share Awards | Minimum
Stock-Based Compensation
Vesting (as a percent)							0.00%
Restricted Stock and Restricted Stock Unit Awards
Weighted-Average Fair Value at Date of Grant
Granted (in dollars per share)							$ 83.67	$ 66.10
Restricted Stock and Restricted Stock Unit Awards | Graded vesting
Stock-Based Compensation
Vesting (as a percent)							33.333%
Award vesting period							3 years
Restricted Stock and Restricted Stock Unit Awards | Cliff vesting
Stock-Based Compensation
Award vesting period							3 years

Per Share Data (Details)

Per Share Data (Details) - shares	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Basic
Weighted-average number of shares of common stock	54,983,000	55,310,000	54,955,000	55,724,000
Assumed issuance of contingent shares			18,000	15,000
Weighted-average number of shares of common stock and assumed issuance of contingent shares	54,983,000	55,310,000	54,973,000	55,739,000
Diluted
Weighted-average number of shares of common stock and assumed issuance of contingent shares	54,983,000	55,310,000	54,973,000	55,739,000
Effect of dilutive securities (in shares)	1,073,000	1,242,000	1,104,000	1,214,000
Weighted-average number of shares of common stock, assumed issuance of contingent shares, and effect of dilutive securities	56,056,000	56,552,000	56,077,000	56,953,000
Options, restricted stock, and restricted stock units, excluded from the diluted earnings per share	16,768	157,299	243,871	245,818

Segment Data - Summarized Finan

Segment Data - Summarized Financial Information of Reportable Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016USD ($)	Jul. 31, 2015USD ($)	Jul. 29, 2016USD ($)segment	Jul. 31, 2015USD ($)	Oct. 31, 2015USD ($)
Financial information concerning reportable segments
Number of reportable business segments | segment			3
Net sales	$ 600,980	$ 609,615	$ 1,923,819	$ 1,910,068
Earnings (loss) before income taxes	80,787	77,616	288,726	255,726
Total assets	1,467,462	1,359,951	1,467,462	1,359,951	$ 1,303,658
Professional
Financial information concerning reportable segments
Net sales	427,784	421,994	1,361,829	1,314,474
Earnings (loss) before income taxes	89,096	82,253	292,311	258,727
Total assets	803,414	846,400	803,414	846,400
Residential
Financial information concerning reportable segments
Net sales	167,815	175,977	550,330	578,587
Earnings (loss) before income taxes	12,767	20,566	64,494	69,131
Total assets	215,509	226,835	215,509	226,835
Other
Financial information concerning reportable segments
Net sales	5,381	11,644	11,660	17,007
Earnings (loss) before income taxes	(21,076)	(25,203)	(68,079)	(72,132)
Total assets	448,539	286,716	448,539	286,716
Intersegment | Professional
Financial information concerning reportable segments
Gross sales	6,134	10,365	24,100	38,651
Intersegment | Residential
Financial information concerning reportable segments
Gross sales	92	222	289	410
Intersegment | Other
Financial information concerning reportable segments
Gross sales	$ (6,226)	$ (10,587)	$ (24,389)	$ (39,061)

Segment Data - Components of Lo

Segment Data - Components of Loss before Income Taxes Included in Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Components of the loss before income taxes included in "Other"
Interest expense, net	$ (4,646)	$ (4,587)	$ (14,021)	$ (14,071)
Other income, net	3,480	2,798	11,865	7,515
Earnings before income taxes	80,787	77,616	288,726	255,726
Other
Components of the loss before income taxes included in "Other"
Corporate expenses	(19,872)	(26,989)	(68,270)	(68,434)
Interest expense, net	(4,646)	(4,587)	(14,021)	(14,071)
Other income, net	3,442	6,373	14,212	10,373
Earnings before income taxes	$ (21,076)	$ (25,203)	$ (68,079)	$ (72,132)

Warranty Guarantees (Details)

Warranty Guarantees (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015
Warranty provisions, claims, and changes in estimates
Beginning balance	$ 70,734	$ 71,080
Warranty provisions	36,673	34,532
Warranty claims	(28,596)	(26,728)
Changes in estimates	2,602	(221)
Ending balance	$ 81,413	$ 78,663

Derivative Instruments and He44

Derivative Instruments and Hedging Activities - General, Notional Amount and Fair Value (Details) $ in Thousands, € in Millions, RON in Millions	3 Months Ended	9 Months Ended
	Jul. 29, 2016USD ($)instrument	Jul. 29, 2016USD ($)	Oct. 31, 2015USD ($)	Jul. 31, 2015USD ($)instrument	Jul. 31, 2015RONinstrument	Jul. 31, 2015EUR (€)instrument
Fair value of derivatives
Maximum time limit for cash flow hedge		2 years
Asset Derivatives	$ 646	$ 646	$ 5,309	$ 7,799
Liability Derivatives	2,472	2,472	1,845	2,231
Forward currency contracts
Fair value of derivatives
Asset Derivatives	646	646	3,173	5,620
Liability Derivatives	2,472	2,472	1,711	1,988
Forward currency contracts | Derivatives Designated as Hedging Instruments
Fair value of derivatives
Notional amount	86,000	86,000		102,800
Forward currency contracts | Derivatives Designated as Hedging Instruments | Prepaid expenses and other current assets
Fair value of derivatives
Asset Derivatives	114	114	2,102	2,957
Forward currency contracts | Derivatives Designated as Hedging Instruments | Accrued liabilities
Fair value of derivatives
Liability Derivatives	2,070	2,070	1,363	1,986
Forward currency contracts | Derivatives Not Designated as Hedging Instruments | Prepaid expenses and other current assets
Fair value of derivatives
Asset Derivatives	532	532	1,071	2,663
Forward currency contracts | Derivatives Not Designated as Hedging Instruments | Accrued liabilities
Fair value of derivatives
Liability Derivatives	$ 402	$ 402	348	2
Cross currency contracts
Fair value of derivatives
Asset Derivatives			2,136	2,179
Liability Derivatives			134	$ 243
Cross currency contracts | Derivatives Designated as Hedging Instruments
Fair value of derivatives
Number of derivative contracts held | instrument				1	1	1
Notional amount					RON 36.6	€ 8.5
Number of derivative contracts terminated | instrument	1
Cross currency contracts | Derivatives Designated as Hedging Instruments | Accrued liabilities
Fair value of derivatives
Liability Derivatives			134	$ 243
Cross currency contracts | Derivatives Not Designated as Hedging Instruments | Prepaid expenses and other current assets
Fair value of derivatives
Asset Derivatives			$ 2,136	$ 2,179

Derivative Instruments and He45

Derivative Instruments and Hedging Activities - Impact on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 29, 2016	Jul. 31, 2015	Jul. 29, 2016	Jul. 31, 2015
Derivative Instruments and Hedging Activities
Expected reclassification of gains from AOCL to earnings during the next twelve months			$ 1,600
Derivatives Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in Net Earnings	$ 780	$ (2,752)	(744)	$ 9,900
Forward currency contracts | Derivatives Not Designated as Hedging Instruments | Other income, net
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in Net Earnings	788	(2,891)	(553)	8,459
Cross currency contracts | Derivatives Not Designated as Hedging Instruments | Other income, net
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in Net Earnings	(8)	139	(191)	1,441
Cash flow hedging
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI on Derivatives, Effective Portion	666	(1,056)	(1,929)	(2,398)
Gain (Loss) Reclassified from AOCL into Income Effective Portion	(1,123)	2,356	(215)	9,088
Gain (Loss) Recognized in Income on Derivatives Ineffective Portion and Excluded from Effectiveness Testing	(69)	280	162	563
Cash flow hedging | Forward currency contracts | Net sales
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI on Derivatives, Effective Portion	983	(654)	(1,647)	(950)
Gain (Loss) Reclassified from AOCL into Income Effective Portion	(192)	3,258	1,809	11,188
Cash flow hedging | Forward currency contracts | Cost of sales
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI on Derivatives, Effective Portion	(317)	(433)	(537)	(1,615)
Gain (Loss) Reclassified from AOCL into Income Effective Portion	(931)	(817)	(1,930)	(1,808)
Cash flow hedging | Forward currency contracts | Other income, net
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in Income on Derivatives Ineffective Portion and Excluded from Effectiveness Testing	$ (69)	280	162	563
Cash flow hedging | Cross currency contracts | Other income, net
Derivative Instruments and Hedging Activities
Gain (Loss) Recognized in OCI on Derivatives, Effective Portion		31	255	167
Gain (Loss) Reclassified from AOCL into Income Effective Portion		$ (85)	$ (94)	$ (292)

Derivative Instruments and He46

Derivative Instruments and Hedging Activities - Effects of Master Netting Arrangements (Details) - USD ($) $ in Thousands	Jul. 29, 2016	Oct. 31, 2015	Jul. 31, 2015
Assets
Net Amounts of Assets Presented in the Balance Sheets	$ 646	$ 5,309	$ 7,799
Liabilities
Net Amounts of Liabilities Presented in the Balance Sheets	(2,472)	(1,845)	(2,231)
Forward currency contracts
Assets
Gross Amounts of Recognized Assets	885	3,380	5,855
Gross Liabilities Offset in the Balance Sheets	(239)	(207)	(235)
Net Amounts of Assets Presented in the Balance Sheets	646	3,173	5,620
Liabilities
Gross Amounts of Recognized Liabilities	(2,475)	(1,711)	(2,220)
Gross Assets Offset in the Balance Sheets	3		232
Net Amounts of Liabilities Presented in the Balance Sheets	$ (2,472)	(1,711)	(1,988)
Cross currency contracts
Assets
Gross Amounts of Recognized Assets		2,136	2,179
Net Amounts of Assets Presented in the Balance Sheets		2,136	2,179
Liabilities
Gross Amounts of Recognized Liabilities		(134)	(243)
Net Amounts of Liabilities Presented in the Balance Sheets		$ (134)	$ (243)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 29, 2016	Oct. 31, 2015	Jul. 31, 2015
Assets:
Derivative assets	$ 646	$ 5,309	$ 7,799
Liabilities:
Derivative liabilities	2,472	1,845	2,231
Transfer of assets from level 1 to level 2	0	0	0
Transfer of assets from level 2 to level 1	0	0	0
Transfer of liabilities from level 1 to level 2	0	0	0
Transfer of liabilities from level 2 to level 1	0	0	0
Forward currency contracts
Assets:
Derivative assets	646	3,173	5,620
Liabilities:
Derivative liabilities	2,472	1,711	1,988
Cross currency contracts
Assets:
Derivative assets		2,136	2,179
Liabilities:
Derivative liabilities		134	243
Measured on a recurring basis
Assets:
Cash and cash equivalents	277,243	126,275	110,335
Total assets	277,889	131,584	118,134
Liabilities:
Deferred compensation liabilities	1,275	1,652	1,775
Total liabilities	3,747	3,497	4,006
Measured on a recurring basis | Forward currency contracts
Assets:
Derivative assets	646	3,173	5,620
Liabilities:
Derivative liabilities	2,472	1,711	1,988
Measured on a recurring basis | Cross currency contracts
Assets:
Derivative assets		2,136	2,179
Liabilities:
Derivative liabilities		134	243
Measured on a recurring basis | Level 1
Assets:
Cash and cash equivalents	277,243	126,275	110,335
Total assets	277,243	126,275	110,335
Measured on a recurring basis | Level 2
Assets:
Total assets	646	5,309	7,799
Liabilities:
Deferred compensation liabilities	1,275	1,652	1,775
Total liabilities	3,747	3,497	4,006
Measured on a recurring basis | Level 2 | Forward currency contracts
Assets:
Derivative assets	646	3,173	5,620
Liabilities:
Derivative liabilities	$ 2,472	1,711	1,988
Measured on a recurring basis | Level 2 | Cross currency contracts
Assets:
Derivative assets		2,136	2,179
Liabilities:
Derivative liabilities		$ 134	$ 243

Related Party Transaction (Deta

Related Party Transaction (Details) - 4% Unsecured Note, due November14, 2017	Nov. 14, 2014USD ($)
Debt
Aggregate principal amount of notes issued	$ 30,000,000
Interest rate percentage	4.00%
Principal payment on each anniversary date	$ 10,000,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event - Common Stock	Aug. 18, 2016	Sep. 16, 2016
Subsequent event disclosures
Stock split, conversion ratio	2
Expected
Subsequent event disclosures
Percentage of common stock dividend to be distributed as a result of stock split		100.00%