Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Oct. 25, 2013 | Dec. 06, 2013 | Apr. 26, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 25-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'JOY | ' | ' |
Entity Registrant Name | 'JOY GLOBAL INC. | ' | ' |
Entity Central Index Key | '0000801898 | ' | ' |
Current Fiscal Year End Date | '--10-25 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 102,032,137 | ' |
Entity Public Float | ' | ' | $6 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $5,012,697 | $5,660,889 | $4,403,906 |
Cost of sales | 3,389,484 | 3,783,802 | 2,897,605 |
Product development, selling and administrative expenses | 680,001 | 736,776 | 602,010 |
Intangible asset impairment charges | 155,200 | 0 | 0 |
Other income | -33,649 | -32,248 | -15,888 |
Operating income | 821,661 | 1,172,559 | 920,179 |
Interest income | 8,781 | 5,831 | 13,869 |
Interest expense | -66,285 | -73,259 | -38,180 |
Reorganization items | 0 | 0 | -35 |
Income from continuing operations before income taxes | 764,157 | 1,105,131 | 895,833 |
Provision for income taxes | 230,219 | 337,870 | 264,831 |
Income from continuing operations | 533,938 | 767,261 | 631,002 |
Income from continuing operations attributable to non-controlling interest | 0 | -180 | 0 |
Income from continuing operations attributable to Joy Global Inc. | 533,938 | 767,081 | 631,002 |
Loss from discontinued operations, net of income taxes | -225 | -5,060 | -21,346 |
Net income | 533,713 | 762,201 | 609,656 |
Net income attributable to non-controlling interest | 0 | -180 | 0 |
Net income attributable to Joy Global Inc. | $533,713 | $762,021 | $609,656 |
Basic earnings per share: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $5.03 | $7.25 | $6.01 |
Loss from discontinued operations (in dollars per share) | $0 | ($0.05) | ($0.20) |
Net income (in dollars per share) | $5.03 | $7.20 | $5.81 |
Diluted earnings per share: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $4.99 | $7.18 | $5.92 |
Loss from discontinued operations (in dollars per share) | $0 | ($0.05) | ($0.20) |
Net income (in dollars per share) | $4.99 | $7.13 | $5.72 |
Dividends per share (in dollars per share) | $0.70 | $0.70 | $0.70 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 106,070 | 105,862 | 104,916 |
Diluted (in shares) | 106,996 | 106,889 | 106,537 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $533,713 | $762,201 | $609,656 |
Other comprehensive income (loss): | ' | ' | ' |
Change in unrecognized pension and other postretirement obligations, net of taxes | 19,336 | -103,158 | -20,190 |
Derivative instrument fair market value adjustment, net of taxes | 149 | 4,212 | -1,992 |
Foreign currency translation adjustment | -18,470 | -13,620 | 5,741 |
Total other comprehensive income (loss), net of taxes | 1,015 | -112,566 | -16,441 |
Comprehensive income | 534,728 | 649,635 | 593,215 |
Comprehensive loss attributable to noncontrolling interest | 0 | -180 | 0 |
Comprehensive income attributable to Joy Global Inc. | $534,728 | $649,455 | $593,215 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $405,709,000 | $263,873,000 |
Accounts receivable, net | 1,083,663,000 | 1,229,083,000 |
Inventories | 1,139,744,000 | 1,415,455,000 |
Other current assets | 193,328,000 | 247,666,000 |
Total current assets | 2,822,444,000 | 3,156,077,000 |
Property, plant and equipment: | ' | ' |
Land and improvements | 78,317,000 | 71,796,000 |
Buildings | 410,773,000 | 343,154,000 |
Machinery and equipment | 861,862,000 | 826,519,000 |
Software | 90,884,000 | 87,701,000 |
Gross property, plant and equipment | 1,441,836,000 | 1,329,170,000 |
Accumulated depreciation | -529,194,000 | -496,308,000 |
Total property, plant and equipment | 912,642,000 | 832,862,000 |
Other assets: | ' | ' |
Other intangible assets, net | 331,812,000 | 589,224,000 |
Goodwill | 1,480,519,000 | 1,382,358,000 |
Deferred income taxes | 41,532,000 | 67,101,000 |
Other non-current assets | 200,633,000 | 114,881,000 |
Total other assets | 2,054,496,000 | 2,153,564,000 |
Total assets | 5,789,582,000 | 6,142,503,000 |
Current liabilities: | ' | ' |
Short-term notes payable, including current portion of long-term obligations | 58,669,000 | 65,316,000 |
Trade accounts payable | 388,119,000 | 452,236,000 |
Employee compensation and benefits | 130,555,000 | 156,867,000 |
Advance payments and progress billings | 399,768,000 | 669,792,000 |
Accrued warranties | 85,732,000 | 100,646,000 |
Other accrued liabilities | 286,063,000 | 322,813,000 |
Current liabilities of discontinued operations | 11,684,000 | 13,147,000 |
Total current liabilities | 1,360,590,000 | 1,780,817,000 |
Long-term obligations | 1,256,927,000 | 1,306,625,000 |
Other non-current liabilities: | ' | ' |
Liabilities for postretirement benefits | 20,723,000 | 25,564,000 |
Accrued pension costs | 149,805,000 | 335,813,000 |
Other liabilities | 143,168,000 | 116,495,000 |
Total other non-current liabilities | 313,696,000 | 477,872,000 |
Commitments and contingencies | 0 | 0 |
Shareholders’ equity: | ' | ' |
Common stock, $1 par value (authorized 150,000,000 shares; 130,204,665 and 129,799,524 shares issued as of October 25, 2013 and October 26, 2012, respectively) | 130,205,000 | 129,800,000 |
Capital in excess of par value | 1,176,068,000 | 1,140,680,000 |
Retained earnings | 3,390,459,000 | 2,931,981,000 |
Treasury stock (27,978,159 and 23,873,159 shares as of October 25, 2013 and October 26, 2012, respectively) | -1,330,729,000 | -1,116,623,000 |
Accumulated other comprehensive loss | -507,634,000 | -508,649,000 |
Total shareholders’ equity | 2,858,369,000 | 2,577,189,000 |
Total liabilities and shareholders’ equity | $5,789,582,000 | $6,142,503,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 130,204,665 | 129,799,524 |
Treasury stock shares | 27,978,159 | 23,873,159 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Operating Activities: | ' | ' | ' |
Net income | $533,713 | $762,201 | $609,656 |
Loss from discontinued operations | 225 | 5,060 | 21,346 |
Adjustments to continuing operations: | ' | ' | ' |
Depreciation and amortization | 113,519 | 152,840 | 79,110 |
Intangible asset impairment charges | 155,200 | 0 | 0 |
Changes in deferred income taxes | 12,184 | 22,663 | 76,784 |
Contributions to defined benefit employee pension plans | -165,712 | -184,865 | -180,897 |
Defined benefit employee pension plan expense | 19,632 | 46,508 | 50,326 |
Gain on remeasurement of IMM shares upon obtaining control | 0 | -19,435 | 0 |
Share-based compensation expense | 29,006 | 27,381 | 25,507 |
Excess tax benefit from share-based compensation awards | -1,728 | -21,250 | -14,982 |
Changes in long-term receivables | -116,151 | -16,133 | -10,120 |
Other adjustments to continuing operations, net | 6,754 | -10,846 | 64 |
Changes in working capital items attributed to continuing operations, net of acquisitions: | ' | ' | ' |
Accounts receivable, net | 206,914 | -162,876 | -112,910 |
Inventories | 199,530 | -84,514 | -391,129 |
Other current assets | 18,597 | -27,696 | -42,798 |
Trade accounts payable | -55,087 | -81,517 | 120,745 |
Employee compensation and benefits | -24,465 | 6,227 | 7,608 |
Advance payments and progress billings | -249,752 | -91,378 | 301,818 |
Other accrued liabilities | -43,841 | 141,545 | -40,402 |
Net cash provided by operating activities of continuing operations | 638,538 | 463,915 | 499,726 |
Net cash (used) provided by operating activities of discontinued operations | -1,688 | -21,054 | 4,967 |
Net cash provided by operating activities | 636,850 | 442,861 | 504,693 |
Investing Activities: | ' | ' | ' |
Acquisition of businesses, net of cash acquired | 0 | -955,917 | -1,048,908 |
Property, plant and equipment acquired | -153,418 | -241,527 | -110,523 |
Proceeds from sale of property, plant and equipment | 3,555 | 7,917 | 6,160 |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | 0 | -56,270 | 375,000 |
Equity investment in IMM shares | 0 | 0 | -376,724 |
Withdrawals (deposits) of cash held in escrow | 0 | 866,000 | -866,000 |
Other investing activities, net | -112 | 1,468 | -882 |
Net cash used by investing activities | -149,975 | -378,329 | -2,021,877 |
Financing Activities: | ' | ' | ' |
Common stock issued | 7,575 | 12,148 | 53,341 |
Excess tax benefit from exercise of stock options | 1,728 | 21,250 | 14,982 |
Dividends paid | -74,325 | -73,961 | -73,262 |
Issuance of senior notes | 0 | 0 | 495,755 |
Borrowings under term loans | 0 | 250,000 | 500,000 |
Repayments of term loans | -50,000 | -281,250 | -6,250 |
Change in short and long-term obligations, net | -7,374 | -4,492 | 5,210 |
Financing fees | 0 | -5,304 | -13,060 |
Treasury stock purchased | -214,106 | 0 | 0 |
Net cash (used) provided by financing activities | -336,502 | -81,609 | 976,716 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -8,537 | -7,371 | 13,208 |
Increase (decrease) in Cash and Cash Equivalents | 141,836 | -24,448 | -527,260 |
Cash and Cash Equivalents at Beginning of Year | 263,873 | 288,321 | 815,581 |
Cash and Cash Equivalents at End of Year | 405,709 | 263,873 | 288,321 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 63,623 | 69,743 | 33,505 |
Income taxes paid | $262,705 | $178,729 | $217,418 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Oct. 29, 2010 | $1,342,366 | $127,403 | $1,002,169 | $1,709,059 | ($1,116,623) | ($379,642) | $0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 609,656 | ' | ' | 609,656 | ' | ' | 0 |
Change in unrecognized pension and other postretirement obligations, net of taxes | -20,190 | ' | ' | ' | ' | -20,190 | ' |
Derivative instrument fair market value adjustment, net of taxes | -1,992 | ' | ' | ' | ' | -1,992 | ' |
Currency translation adjustment | 5,741 | ' | ' | ' | ' | 5,741 | ' |
Share-based compensation expense | 25,507 | ' | 25,507 | ' | ' | ' | ' |
Dividends paid ($0.70 per share) | -73,262 | ' | 713 | -73,975 | ' | ' | ' |
Issuance of restricted stock units and performance shares | -4,521 | 141 | -4,662 | ' | ' | ' | ' |
Exercise of stock options | 52,733 | 1,431 | 51,302 | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 775 | 12 | 763 | ' | ' | ' | ' |
Excess tax benefit from share-based compensation awards | 14,982 | ' | 14,982 | ' | ' | ' | ' |
Ending Balance at Oct. 28, 2011 | 1,951,795 | 128,987 | 1,090,774 | 2,244,740 | -1,116,623 | -396,083 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Acquisition of controlling interest in IMM | 437,654 | ' | ' | ' | ' | ' | 437,654 |
Net income | 762,201 | ' | ' | 762,021 | ' | ' | 180 |
Change in unrecognized pension and other postretirement obligations, net of taxes | -103,158 | ' | ' | ' | ' | -103,158 | ' |
Derivative instrument fair market value adjustment, net of taxes | 4,212 | ' | ' | ' | ' | 4,212 | ' |
Currency translation adjustment | -13,620 | ' | ' | ' | ' | -13,620 | ' |
Purchase of IMM shares from non-controlling interest | -437,834 | ' | ' | ' | ' | ' | -437,834 |
Share-based compensation expense | 27,381 | ' | 27,381 | ' | ' | ' | ' |
Dividends paid ($0.70 per share) | -73,961 | ' | 819 | -74,780 | ' | ' | ' |
Issuance of restricted stock units and performance shares | -10,974 | 429 | -11,403 | ' | ' | ' | ' |
Exercise of stock options | 9,634 | 342 | 9,292 | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 2,609 | 42 | 2,567 | ' | ' | ' | ' |
Excess tax benefit from share-based compensation awards | 21,250 | ' | 21,250 | ' | ' | ' | ' |
Ending Balance at Oct. 26, 2012 | 2,577,189 | 129,800 | 1,140,680 | 2,931,981 | -1,116,623 | -508,649 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 533,713 | ' | ' | 533,713 | ' | ' | ' |
Change in unrecognized pension and other postretirement obligations, net of taxes | 19,336 | ' | ' | ' | ' | 19,336 | ' |
Derivative instrument fair market value adjustment, net of taxes | 149 | ' | ' | ' | ' | 149 | ' |
Currency translation adjustment | -18,470 | ' | ' | ' | ' | -18,470 | ' |
Treasury stock purchased | -214,106 | ' | ' | ' | -214,106 | ' | ' |
Share-based compensation expense | 29,006 | ' | 29,006 | ' | ' | ' | ' |
Dividends paid ($0.70 per share) | -74,325 | ' | 910 | -75,235 | ' | ' | ' |
Issuance of restricted stock units and performance shares | -3,722 | 178 | -3,900 | ' | ' | ' | ' |
Exercise of stock options | 4,270 | 160 | 4,110 | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 3,601 | 67 | 3,534 | ' | ' | ' | ' |
Excess tax benefit from share-based compensation awards | 1,728 | ' | 1,728 | ' | ' | ' | ' |
Ending Balance at Oct. 25, 2013 | $2,858,369 | $130,205 | $1,176,068 | $3,390,459 | ($1,330,729) | ($507,634) | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends per share (in dollars per share) | $0.70 | $0.70 | $0.70 |
Description_of_Business
Description of Business | 12 Months Ended |
Oct. 25, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Joy Global Inc. is a leading manufacturer and servicer of high productivity mining equipment for the extraction of coal and other minerals and ores. We manufacture and market original equipment and aftermarket parts and services for both underground and surface mining and certain industrial applications. Our equipment is used in major mining regions throughout the world to mine coal, copper, iron ore, oil sands, gold and other minerals. We operate in two business segments: Underground Mining Machinery and Surface Mining Equipment. We are a major manufacturer of underground mining machinery for the extraction of coal and other bedded minerals and offer comprehensive service locations near major mining regions worldwide. We are also a major producer of surface mining equipment for the extraction of ores and minerals and we provide extensive operational support for many types of equipment used in surface mining. Our principal manufacturing facilities are located in the United States, including facilities in Pennsylvania, Wisconsin, Texas and Alabama, and internationally, including facilities in China, the United Kingdom, South Africa and Australia. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||
Oct. 25, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Significant Accounting Policies | ' | |||||||||||
Significant Accounting Policies | ||||||||||||
Our significant accounting policies are as follows: | ||||||||||||
Basis of Presentation and Principles of Consolidation – The Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements include the accounts of Joy Global Inc. and its domestic and non-U.S. subsidiaries, all of which are wholly owned. All significant intercompany balances and transactions have been eliminated. | ||||||||||||
Use of Estimates – The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate realization of assets and settlement of liabilities in the future could differ from those estimates. | ||||||||||||
Cash Equivalents – All highly liquid investments with original maturities of three months or less when issued are considered cash equivalents. These primarily consist of money market funds and, to a lesser extent, certificates of deposit and commercial paper. Cash equivalents were $29.2 million and $49.5 million as of October 25, 2013 and October 26, 2012, respectively. | ||||||||||||
Inventories – Inventories are carried at the lower of cost or market using the first-in, first-out method for all inventories. Cost includes direct materials, direct labor and manufacturing overhead. We evaluate the need to record valuation adjustments for inventory on a regular basis. Our policy is to evaluate all inventories, including raw material, work-in-process and finished goods. Inventory in excess of our estimated usage requirements is written down to its estimated net realizable value. Inherent in the estimates of net realizable value are estimates related to our future manufacturing schedules, customer demand, possible alternative uses and ultimate realization of potentially excess inventory. | ||||||||||||
Property, Plant and Equipment – Property, plant and equipment are stated at historical cost. Expenditures for major renewals and improvements are capitalized, while maintenance and repair costs that do not significantly improve the related asset or extend its useful life are charged to expense as incurred. For financial reporting purposes, plant and equipment are depreciated primarily by the straight line method over the estimated useful lives of the assets which generally range from 5 to 50 years for land improvements, from 10 to 50 years for buildings, from 3 to 12 years for machinery and equipment and from 2 to 5 years for software. Depreciation expense was $99.9 million, $83.8 million and $59.5 million for fiscal 2013, 2012 and 2011, respectively. Depreciation claimed for income tax purposes is computed by accelerated methods. | ||||||||||||
Impairment of Long-Lived Assets – We assess the realizability of our held and used long-lived assets by evaluating such assets for impairment whenever events or circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows related to such assets are less than the carrying value. If impairment is determined to exist, any related impairment loss is calculated based on the fair value of the asset compared to its carrying value. No impairment was identified related to our long-lived assets in fiscal 2013, 2012 or 2011. | ||||||||||||
Goodwill and Intangible Assets – Intangible assets include engineering drawings, customer relationships, backlog, non-compete agreements, patents, unpatented technology and trademarks. Indefinite-lived intangible assets are composed of trademarks and are not amortized but are evaluated for impairment annually or more frequently if events or changes occur that suggest an impairment in carrying value, such as a significant adverse change in the business climate. Indefinite-lived intangible assets are evaluated for impairment by comparing each assets' fair value to its book value. We first determine qualitatively whether it is more likely than not that an indefinite-lived asset is impaired. If we conclude that it is more likely than not that an indefinite-lived asset is impaired, then we determine the fair value by using the discounted cash flow model based on royalties estimated to be derived in the future use of the asset were we to license the use of the indefinite-lived asset. See Note 7, Goodwill and Intangible Assets for details regarding the results of our indefinite-lived intangible asset impairment testing performed in fiscal 2013. No impairment was identified in fiscal 2012 or 2011. | ||||||||||||
Finite-lived intangible assets are amortized to reflect the pattern of economic benefits consumed, which is principally the straight-line method. Intangible assets that are subject to amortization are evaluated for potential impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. No impairment was identified related to our finite-lived intangible assets in fiscal 2013, 2012 or 2011. | ||||||||||||
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units, which we have identified as our operating segments, and is tested for impairment at least annually, during the fourth quarter of our fiscal year, or more frequently upon the occurrence of an event or when circumstances indicate that a reporting unit’s carrying amount is greater than its fair value. Goodwill is evaluated for impairment by comparing the fair value of each of our reporting units to their book value. We first determine, based on a qualitative assessment, whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we then determine the fair value of the reporting unit based on a discounted cash flow model. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, the impairment test continues by comparing the carrying value of the reporting unit’s goodwill to the implied fair value of goodwill. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. If goodwill is impaired, we recognize a non-cash impairment loss based on the amount by which the book value of goodwill exceeds its implied fair value. | ||||||||||||
The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Qualitative assessments regarding goodwill involve a high degree of judgment and can entail subjective considerations. The discounted cash flow model involves many assumptions, including operating results forecasts and discount rates. Inherent in the operating results forecasts are certain assumptions regarding revenue growth rates, projected cost saving initiatives and projected long-term growth rates in the determination of terminal values. We performed our goodwill impairment testing as of the first day of the fourth quarter of fiscal 2013, 2012 and 2011 and no impairment was identified. | ||||||||||||
Foreign Currency Transactions – Assets and liabilities of international operations that have a functional currency that is not the U.S. dollar are translated into U.S. dollars at year-end exchange rates, and revenue and expense items are translated using weighted average exchange rates. Any adjustments arising on translation are included in shareholders’ equity as an element of accumulated other comprehensive income (loss). | ||||||||||||
Assets and liabilities of operations which have the U.S. dollar as their functional currency, but which maintain their accounting records in local currency, have their values remeasured into U.S. dollars at year-end exchange rates, except for non-monetary items for which historical rates are used. Exchange gains or losses arising on remeasurement of the values into U.S. dollars are recognized in Cost of sales in our Consolidated Statements of Income. | ||||||||||||
Exchange gains or losses incurred on transactions conducted by one of our subsidiaries in a currency other than the subsidiary’s functional currency are normally reflected in Cost of sales in our Consolidated Statements of Income. An exception is made when the transaction is a long-term intercompany loan that is not expected to be repaid in the foreseeable future, in which case the exchange gains or losses are included in shareholders’ equity as an element of accumulated other comprehensive income (loss). | ||||||||||||
The pre-tax foreign exchange impact included in operating income was a loss of $4.4 million, a loss of $1.4 million and a gain of $1.2 million in fiscal 2013, 2012 and 2011, respectively. | ||||||||||||
Foreign Currency Hedging and Derivative Financial Instruments – We are exposed to certain foreign currency risks in the normal course of our global business operations. We enter into derivative contracts that are foreign currency forward contracts to hedge the risks of certain identified and anticipated transactions in currencies other than the functional currency of the respective operating unit. The types of risks hedged are those arising from the variability of future earnings and cash flows caused by fluctuations in foreign currency exchange rates. These contracts are for forecasted transactions and committed receivables and payables denominated in foreign currencies and are not entered into for speculative purposes. Consequently, any market-related loss on the forward contract would be offset by changes in the value of the hedged items, and, as a result, we are generally not exposed to net market risk associated with these instruments. | ||||||||||||
Each derivative is designated as either a cash flow hedge, a fair value hedge or an undesignated instrument. All derivatives are recorded at fair value in the balance sheet as assets or liabilities. Cash flows from fair value and cash flow hedges are classified within the same category as the item being hedged in the statement of cash flows. Cash flows from undesignated derivative instruments are included in operating activities on the statement of cash flows. | ||||||||||||
For derivative contracts that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss of the derivative contract is recorded as a component of other comprehensive income, net of tax. This amount is reclassified into the income statement in the period in which the hedged transaction affects earnings. Ineffectiveness related to these derivative contracts is recorded in the income statement. For derivative contracts that are designated and qualify as a fair value hedge and for derivative contracts entered into to hedge revaluation of net balance sheet exposures in non-functional currency that are not designated as a fair value hedge or a cash flow hedge, the gain or loss is recorded in the income statement. This gain or loss is offset by foreign exchange fluctuations of the underlying hedged item. | ||||||||||||
Revenue Recognition – We recognize revenue on aftermarket products and services when the following criteria are satisfied: persuasive evidence of a sales arrangement exists, product delivery and transfer of title and risk and rewards has occurred or services have been rendered, the price is fixed and determinable and collectability is reasonably assured. We recognize revenue on long-term contracts, such as contracts to manufacture mining shovels, draglines, roof support systems and conveyor systems, using the percentage-of-completion method. When using the percentage-of-completion method, sales and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. Sales and gross profit are adjusted prospectively for revisions in estimated total contract costs and contract values. Estimated losses are recognized in full when identified. | ||||||||||||
We have life cycle management contracts with customers to supply parts and service for terms of 1 to 17 years. These contracts are established based on the conditions in which the equipment will be operating, the time horizon that the contracts will cover, and the expected operating cycle that will be required for the equipment. Based on this information, a model is created representing the projected costs and revenues of servicing the respective machines over the specified contract terms. Accounting for these contracts requires us to make various estimates, including estimates of the relevant machine’s long-term maintenance requirements. Under these contracts, customers are generally billed monthly based on hours of operation or units of production achieved by the equipment, with the respective deferred revenues recorded when billed. Revenue is recognized in the period in which parts are supplied or services provided. These contracts are reviewed quarterly by comparison of actual results to original estimates or most recent analysis, with revenue recognition adjusted appropriately for future estimated costs. If a loss is expected at any time, the full amount of the loss is recognized immediately. | ||||||||||||
We have certain customer agreements that are considered multiple element arrangements. The agreements are assessed for multiple elements based on whether the delivered item has value to the customer on a standalone basis and whether delivery or performance of the undelivered item is considered probable and substantially in our control. If those criteria are met, revenue is allocated to each identified unit of accounting based on our estimate of their relative selling prices. | ||||||||||||
Revenue recognition involves judgments, including assessments of expected returns, the likelihood of nonpayment and estimates of expected costs and profits on long-term contracts. In determining when to recognize revenue, we analyze various factors, including the specifics of the transaction, historical experience, creditworthiness of the customer and current market and economic conditions. Changes in judgments on these factors could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. | ||||||||||||
Comprehensive Income – Comprehensive income includes disclosure of financial information that historically has not been recognized in the calculation of net income. Our comprehensive income encompasses net income, the change in unrecognized pension and other postretirement obligations, the derivative instrument fair market value adjustment and foreign currency translation. Comprehensive income is disclosed in our Consolidated Statements of Comprehensive Income. Accumulated other comprehensive loss is disclosed in our Consolidated Balance Sheets and our Consolidated Statements of Shareholders’ Equity. Accumulated other comprehensive loss consists of the following: | ||||||||||||
In millions | October 25, | October 26, | October 28, | |||||||||
2013 | 2012 | 2011 | ||||||||||
Change in unrecognized pension and other postretirement obligations | $ | (540,122 | ) | $ | (559,458 | ) | $ | (456,300 | ) | |||
Derivative instrument fair market value adjustment | 5,028 | 4,879 | 667 | |||||||||
Foreign currency translation adjustment | 27,460 | 45,930 | 59,550 | |||||||||
Accumulated other comprehensive loss | $ | (507,634 | ) | $ | (508,649 | ) | $ | (396,083 | ) | |||
The change in unrecognized pension and other postretirement obligations is net of a $140.3 million, $160.9 million and $118.5 million income tax benefit as of October 25, 2013, October 26, 2012 and October 28, 2011, respectively. The derivative instrument fair market value adjustment is net of $2.2 million, $2.6 million and $0.4 million of income tax effect as of October 25, 2013, October 26, 2012 and October 28, 2011, respectively. | ||||||||||||
Sales Incentives – We account for cash consideration (such as sales incentives and cash discounts) given to our customers or resellers as a reduction of net sales. | ||||||||||||
Allowance for Doubtful Accounts – We establish an allowance for doubtful accounts on a specific account identification basis through a review of several factors, including the aging status of our customers’ accounts, the financial condition of our customers and historical collection experience. | ||||||||||||
Shipping and Handling Fees and Costs – We report shipping costs billed to a customer in a sales transaction as net sales. We report the related costs incurred for shipping as cost of sales. | ||||||||||||
Research and Development Expenses – Research and development costs are expensed as incurred. Such costs incurred in the development of new products or significant improvements to existing products amounted to $49.0 million, $47.8 million and $40.4 million for fiscal 2013, 2012 and 2011, respectively. | ||||||||||||
Share-Based Compensation – We account for awards of stock by measuring the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. Compensation expense is recognized using the straight line method. | ||||||||||||
Income Taxes – Deferred taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using current statutory tax rates. Deferred income tax provisions are based on changes in the deferred tax assets and liabilities from period to period. Additionally, we analyze our ability to recognize the net deferred tax assets created in each jurisdiction in which we operate to determine if valuation allowances are necessary based on the “more likely than not” criteria. | ||||||||||||
As required under the application of fresh start accounting, the release of pre-emergence tax valuation reserves was not recorded in the income statement but instead was treated first as a reduction of excess reorganization value until exhausted, then intangible assets until exhausted, and thereafter reported as additional paid in capital. Consequently, a net tax charge will be incurred in future years when these tax assets are utilized. We will continue to monitor the appropriateness of the existing valuation allowances and determine annually the amount of valuation allowances that are required to be maintained. All future reversals of pre-emergence valuation allowances will be recorded to additional paid in capital. | ||||||||||||
We estimate the effective tax rate expected to be applicable for the full year on an interim basis. The estimated effective tax rate contemplates the expected jurisdiction where income is earned (e.g., United States compared to non-United States), as well as tax planning strategies. If the actual results are different from these estimates, adjustments to the effective tax rate may be required in the period such determination is made. Additionally, discrete items are treated separately from the effective rate analysis and are recorded separately as an income tax provision or benefit at the time they are recognized. To the extent recognized, these items will impact the effective tax rate in the aggregate but will not adjust the amount used for future periods within the same year. | ||||||||||||
Earnings Per Share – Basic earnings per share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from the assumed exercise of stock options, performance shares and restricted stock units, if dilutive. | ||||||||||||
New Accounting Pronouncements – In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU No. 2013-02 requires presentation, either in a single note or parenthetically on the face of the financial statements, of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, cross references to the related footnote for additional information would be appropriate. ASU 2013-02 will be effective for the first quarter of fiscal 2014. The adoption of this guidance will have no impact on our financial condition or results of operations but will impact the presentation of the financial statements. We are currently evaluating our presentation options. | ||||||||||||
In July 2012, the FASB issued ASU No. 2012-2, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” ASU No. 2012-2 provides us the option to perform a qualitative assessment to determine whether further indefinite-lived intangible asset impairment testing is necessary. If, as a result of the qualitative assessment, it is determined that it is more likely than not that an indefinite-lived intangible asset is impaired, the quantitative impairment test is required. Otherwise, no further testing is required. ASU 2012-2 was effective for the indefinite-lived impairment tests performed in the fourth quarter of fiscal 2013. The adoption of ASU No. 2012-2 did not have any impact on our financial condition or results of operations. | ||||||||||||
In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of shareholders’ equity or in the footnotes. All non-owner changes in shareholder's equity instead must be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 was effective beginning in the first quarter of fiscal 2013. The adoption of this guidance had no impact on our financial condition or results of operations but impacted the presentation of comprehensive income in the financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions | ' | |||||||
Acquisitions | ||||||||
Acquisition of IMM | ||||||||
On December 29, 2011, we completed the purchase of 534.8 million shares of IMM. IMM is a leading designer and manufacturer of underground coal mining equipment in China. The shares, which represented approximately 41.1% of IMM’s outstanding common stock, were purchased pursuant to a stock purchase agreement, dated July 11, 2011, as amended and restated on July 14, 2011. The shares were purchased for HKD8.50 per share, or approximately $584.6 million. As a result of this purchase and prior open market purchases, we acquired a controlling interest on such date of approximately 69.2% of IMM’s outstanding common stock and were required by Rule 26.1 of the Hong Kong Takeovers Code to commence a tender offer to purchase all of the outstanding shares of IMM common stock and options to purchase IMM common stock that we did not already own. The tender offer commenced on January 6, 2012 and we completed the tender offer on February 10, 2012. As a result of the tender offer, we beneficially owned approximately 98.9% of IMM’s outstanding common stock. On July 25, 2012, we effected the compulsory acquisition of the remaining shares under applicable provisions of the Cayman Island Companies Law, under which IMM is incorporated. We paid consideration of approximately $16.2 million to complete the compulsory acquisition. The combined effect of these transactions resulted in our beneficial ownership of 100% of the common stock of IMM. | ||||||||
Prior to obtaining control on December 29, 2011, our investment in IMM had been accounted for under the equity method. Upon obtaining control, we applied the acquisition method of accounting, re-measured the preexisting interest at fair value and recorded a gain of $19.4 million. The gain is reported in the Consolidated Statement of Income under the heading Other income for the period ended October 26, 2012. The results of operations for IMM have been included in the accompanying financial statements from December 29, 2011 forward as part of the Underground Mining Machinery segment. Prior to obtaining control, our share of income from IMM was reported in the Consolidated Statements of Income under the heading Other income and included in Corporate. | ||||||||
The determination of the fair value of the net assets acquired was finalized in the first quarter of fiscal 2013. The allocation of the purchase price to the assets acquired and liabilities assumed is based on the estimated fair values at the date of acquisition. The excess of the purchase price over the net tangible and identifiable intangible assets is reflected as goodwill. Adjustments have been made in the current year to reflect updated fair value estimates for intangible assets and to adjust for receivables and other liabilities. The following table summarizes the estimates of fair value of the assets acquired and the liabilities assumed as of the acquisition date: | ||||||||
(in thousands) | ||||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 72,912 | ||||||
Accounts receivable | 227,825 | |||||||
Inventories | 91,176 | |||||||
Other current assets | 15,622 | |||||||
Property, plant and equipment | 125,600 | |||||||
Other intangible assets and goodwill | 1,160,211 | |||||||
Other non-current assets | 34,078 | |||||||
Total assets acquired | 1,727,424 | |||||||
Liabilities Assumed: | ||||||||
Short-term notes payable | (14,666 | ) | ||||||
Accounts payable | (87,305 | ) | ||||||
Employee compensation and benefits | (6,458 | ) | ||||||
Advance payments and progress billings | (6,122 | ) | ||||||
Other accrued liabilities | (64,916 | ) | ||||||
Other non-current liabilities | (124,519 | ) | ||||||
Total liabilities assumed | (303,986 | ) | ||||||
$ | 1,423,438 | |||||||
The fair value for identified intangible assets was primarily determined based upon discounted expected cash flows. Of the $1.2 billion of intangible assets and goodwill, $72.5 million was assigned to indefinite-lived intangible assets. In addition, $80.0 million of the $1.2 billion of intangible assets and goodwill had been assigned to finite-lived intangible assets, which are being amortized over a weighted average life of 13.8 years. The determination of the useful life was based upon historical experience, economic factors and future cash flows of the assets acquired. | ||||||||
The intangible assets have been assigned to the following categories: | ||||||||
(In thousands) | ||||||||
Customer relationships | $ | 77,300 | ||||||
Backlog | 2,700 | |||||||
$ | 80,000 | |||||||
The inventory fair value adjustment of $20.9 million associated with the acquisition was expensed in fiscal 2012 through Cost of sales on the Consolidated Statement of Income as the corresponding inventory was sold. We incurred total acquisition costs of $24.8 million related to IMM, of which $0.6 million was recognized in fiscal 2013 and $15.6 million was recognized in fiscal 2012. All other acquisition costs were recognized prior to fiscal 2012. | ||||||||
The following unaudited pro forma financial information for the years ended October 26, 2012 and October 28, 2011 reflect the results of continuing operations of the Company as if the acquisition of IMM had been completed on October 29, 2011 and October 30, 2010, respectively. Pro forma adjustments have been made for changes in depreciation and amortization expenses related to the valuation of the acquired tangible and intangible assets at fair value, the elimination of non-recurring items and the addition of incremental costs related to debt used to finance the acquisition. | ||||||||
Years Ended | ||||||||
(in thousands, except per share data) | October 26, | October 28, | ||||||
2012 | 2011 | |||||||
Net sales | $ | 5,729,097 | $ | 4,723,808 | ||||
Income from continuing operations | $ | 770,921 | $ | 621,894 | ||||
Basic earnings per share from continuing operations | $ | 7.28 | $ | 5.93 | ||||
Diluted earnings per share from continuing operations | $ | 7.21 | $ | 5.84 | ||||
The unaudited pro forma financial information is presented for informational purposes only. It is not necessarily indicative of what our financial position or results of operations actually would have been had we completed the acquisition at the date indicated, nor does it purport to project the future financial position or operating results of the combined company. | ||||||||
Acquisition of LeTourneau | ||||||||
On June 22, 2011, we purchased all of the outstanding capital stock of LeTourneau for approximately $1.1 billion. LeTourneau designs, builds and supports equipment for the mining industry and has been a leader in the earthmoving equipment industry since the 1920s. LeTourneau historically operated in three business segments: mining equipment, steel products and drilling products. Through its mining equipment business, LeTourneau is the world's leading manufacturer of large wheel loaders for surface mining, providing the industry's largest model sizes and payload capacities. | ||||||||
Subsequent to the acquisition, we entered into a definitive agreement to sell the drilling products business of LeTourneau and that transaction closed on October 24, 2011. The results of operations for LeTourneau have been included in the accompanying financial statements from the acquisition date forward, with results of the drilling products business being included as results of discontinued operations. Results for the mining equipment and steel products business are included in continuing operations as part of the Surface Mining Equipment segment. | ||||||||
The purchase price for the acquisition was as follows: | ||||||||
(in thousands) | ||||||||
Cash consideration | $ | 1,100,000 | ||||||
Working capital purchase price adjustments | (46,323 | ) | ||||||
$ | 1,053,677 | |||||||
The determination of the fair value of the net assets acquired was finalized in fiscal 2012. The allocation of the purchase price to the assets acquired and liabilities assumed is based upon the estimated fair values at the date of acquisition. The excess of the purchase price over the net tangible and identifiable intangible assets is reflected as goodwill. The amount allocated to intangible assets and goodwill for tax purposes is expected to be tax deductible as a result of our election under Section 338(h)(10) of the Internal Revenue Code. The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date: | ||||||||
(in thousands) | ||||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 4,769 | ||||||
Accounts receivable | 52,910 | |||||||
Inventories | 200,050 | |||||||
Other current assets | 187 | |||||||
Current assets of discontinued operations | 331,412 | |||||||
Property, plant and equipment | 106,394 | |||||||
Other intangible assets and goodwill | 565,388 | |||||||
Other non-current assets | 14,459 | |||||||
Non-current assets of discontinued operations | 226,844 | |||||||
Total assets acquired | 1,502,413 | |||||||
Liabilities Assumed: | ||||||||
Accounts payable | (37,217 | ) | ||||||
Employee compensation and benefits | (10,576 | ) | ||||||
Advance payments and progress billings | (97,228 | ) | ||||||
Other accrued liabilities | (120,459 | ) | ||||||
Current liabilities of discontinued operations | (183,256 | ) | ||||||
Total liabilities assumed | (448,736 | ) | ||||||
$ | 1,053,677 | |||||||
The fair value for identified intangible assets was primarily determined based upon discounted expected cash flows. Of the $565.4 million of intangible assets and goodwill related to continuing operations, $37.2 million was assigned to indefinite-lived intangible assets. In addition, $181.2 million of the $565.4 million of intangible assets and goodwill has been assigned to finite-lived intangible assets, which are being amortized over a weighted average life of 18 years. The determination of the useful life was based on historical experience, economic factors and future cash flows of the assets acquired. The intangible assets have been assigned to the following categories: | ||||||||
(In thousands) | ||||||||
Customer relationships | $ | 76,500 | ||||||
Patents | 69,900 | |||||||
Unpatented technology | 31,600 | |||||||
Backlog | 3,200 | |||||||
$ | 181,200 | |||||||
Approximately $11.5 million and $7.7 million of the inventory fair value adjustment associated with the acquisition was expensed in fiscal 2012 and 2011, respectively, through Cost of sales on the Consolidated Statements of Income as the corresponding inventory was sold. We incurred total acquisition costs of $10.9 million related to LeTourneau, of which $0.5 million was recognized in fiscal 2012. All other acquisition costs were recognized prior to fiscal 2012. | ||||||||
The following unaudited pro forma financial information for the year ended October 28, 2011 reflects the results of continuing operations of the Company as if the acquisition of LeTourneau had been completed on October 30, 2010. Pro forma adjustments have been made for changes in depreciation and amortization expenses related to the valuation of the acquired tangible and intangible assets at fair value, the elimination of non-recurring items, the addition of incremental costs related to debt used to finance the acquisition and the tax benefits related to the increased costs. | ||||||||
Year Ended | ||||||||
(in thousands, except per share data) | 28-Oct-11 | |||||||
Net sales | $ | 4,620,059 | ||||||
Income from continuing operations | $ | 913,474 | ||||||
Basic earnings per share from continuing operations | $ | 6.12 | ||||||
Diluted earnings per share from continuing operations | $ | 6.02 | ||||||
The unaudited pro forma financial information is presented for informational purposes only. It is not necessarily indicative of what our financial position or results of operations actually would have been had we completed the acquisition at the date indicated, nor does it purport to project the future financial position or operating results of the combined company. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Oct. 25, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
Discontinued operations of LeTourneau | ||||||||||||
On October 24, 2011, we completed the sale of LeTourneau Technologies Drilling Systems, Inc. to Cameron International Corporation for $375.0 million in cash, subject to a post-closing working capital adjustment of $56.3 million that we paid in fiscal 2012. The LeTourneau facilities in Houston, Texas and Vicksburg, Mississippi were sold to Cameron International Corporation in conjunction with this transaction. We entered into a Transition Manufacturing and Supply Agreement to allow for the orderly transfer of drilling products production from Longview, Texas and a Steel Supply Agreement to allow the buyer time to develop other sources. In conjunction with our entrance into the Transition Manufacturing and Supply Agreement, we recognized an upfront loss and related liability of $23.3 million on the supply agreements at the time of sale. The liability was utilized and adjusted during fiscal 2013 and 2012 to reflect actual results of performance under the agreements. The agreements expired in fiscal 2013. | ||||||||||||
The drilling products business is reflected as a discontinued operation and all results of operations have been reflected as discontinued operations in the Consolidated Statements of Income. Assets and liabilities that transferred after our fiscal year ends or remain our obligation are classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. | ||||||||||||
The operating results of the discontinued operations included in the Consolidated Financial Statements are as follows: | ||||||||||||
(in thousands) | October 25, | October 26, | October 28, | |||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | $ | — | $ | — | $ | 102,102 | ||||||
Loss before income taxes | (345 | ) | (6,120 | ) | (32,843 | ) | ||||||
Income tax benefit | 120 | 1,060 | 11,497 | |||||||||
Loss from discontinued operations, net of tax | $ | (225 | ) | $ | (5,060 | ) | $ | (21,346 | ) |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Consolidated accounts receivable consist of the following: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Trade receivables | $ | 936,799 | $ | 1,183,484 | ||||
Unbilled receivables (due within one year) | 231,053 | 164,740 | ||||||
Allowance for doubtful accounts | (84,189 | ) | (119,141 | ) | ||||
$ | 1,083,663 | $ | 1,229,083 | |||||
Inventories
Inventories | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Consolidated inventories consist of the following: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Finished goods | $ | 838,052 | $ | 762,853 | ||||
Work in process and purchased parts | 233,303 | 437,234 | ||||||
Raw materials | 68,389 | 215,368 | ||||||
Total inventories | $ | 1,139,744 | $ | 1,415,455 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill as of October 25, 2013 and October 26, 2012 are as follows: | ||||||||||||||||||
October 25, 2013 | October 26, 2012 | |||||||||||||||||
In thousands | Weighted | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Average | Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amortization | Amount | Amount | ||||||||||||||||
Period | ||||||||||||||||||
Finite lived other intangible assets: | ||||||||||||||||||
Backlog | 1 year | $ | 13,198 | $ | (13,198 | ) | $ | 17,018 | $ | (17,018 | ) | |||||||
Customer relationships | 17 years | 259,000 | (57,764 | ) | 340,200 | (46,630 | ) | |||||||||||
Engineering drawings | 6 years | 2,900 | (2,900 | ) | 2,900 | (2,900 | ) | |||||||||||
Non-compete agreements | 5 years | 5,800 | (5,800 | ) | 5,800 | (5,750 | ) | |||||||||||
Patents | 19 years | 91,076 | (19,109 | ) | 91,184 | (14,704 | ) | |||||||||||
Trademarks | 5 years | 12,200 | — | — | — | |||||||||||||
Unpatented technology | 20 years | 32,851 | (4,142 | ) | 32,836 | (2,512 | ) | |||||||||||
Subtotal | 16 years | 417,025 | (102,913 | ) | 489,938 | (89,514 | ) | |||||||||||
Indefinite-lived other intangible assets: | ||||||||||||||||||
Trademarks | 17,700 | — | 188,800 | — | ||||||||||||||
Total other intangible assets | $ | 434,725 | $ | (102,913 | ) | $ | 678,738 | $ | (89,514 | ) | ||||||||
In the first quarter of fiscal 2013, we finalized the determination of the fair value of net assets acquired of IMM. This resulted in an $81.2 million decrease in customer relationship intangibles, a $3.8 million decrease in backlog and a $3.7 million decrease in trademarks from fiscal 2012. | ||||||||||||||||||
In the fourth quarter of fiscal 2013, we reviewed our brand portfolio and developed a strategy to increase the visibility of our core brands in furtherance of our One Joy Global initiative. During this review we determined that the indefinite life assumption was no longer appropriate for most of our previously acquired trademarks. | ||||||||||||||||||
In connection with the review of our brand portfolio, we worked with a third party appraisal firm to develop new estimates of fair value of our trademark portfolio using discounted cash flow models. In connection with obtaining an independent third party valuation, management provided certain information and assumptions that were utilized in the fair value calculation. Assumptions critical to the process included forecasted financial information, discount rates, royalty rates and growth rates. Estimates of the fair value of each trademark were based on the best information currently available. However, further adjustments may be necessary in the future if conditions differ substantially from the assumptions utilized. | ||||||||||||||||||
The remaining value of the trademarks that are being replaced will be amortized over the new estimated useful life. For those trademarks that are not being replaced, our strategy is to co-brand these products, and we have revalued these trademarks based on that assumption. The co-branded trademarks will continue to have an indefinite life. As a result, a non-cash impairment charge of $155.2 million was recorded in the fourth quarter of fiscal 2013, of which $130.2 million was recorded by our Underground Mining Machinery segment and $25.0 million was recorded by our Surface Mining Equipment segment. This charge is recorded in the Consolidated Statement of Income under the heading Intangible asset impairment charges. Going forward, the amortization on the remaining carrying value associated with the trademarks that are being replaced will be recorded in the Consolidated Statements of Income under the heading Product development, selling and administrative expenses. | ||||||||||||||||||
Changes in the carrying amount of goodwill in fiscal 2013 and 2012 are as follows: | ||||||||||||||||||
In thousands | Underground | Surface | Consolidated | |||||||||||||||
Mining | Mining | |||||||||||||||||
Machinery | Equipment | |||||||||||||||||
Balance as of October 28, 2011 | $ | 115,704 | $ | 312,774 | $ | 428,478 | ||||||||||||
Goodwill acquired/adjusted during the year | 908,567 | 45,760 | 954,327 | |||||||||||||||
Translation adjustments | (57 | ) | (390 | ) | (447 | ) | ||||||||||||
Balance as of October 26, 2012 | 1,024,214 | 358,144 | 1,382,358 | |||||||||||||||
Goodwill adjusted during the year | 99,144 | — | 99,144 | |||||||||||||||
Translation adjustments | (175 | ) | (808 | ) | (983 | ) | ||||||||||||
Balance as of October 25, 2013 | $ | 1,123,183 | $ | 357,336 | $ | 1,480,519 | ||||||||||||
Amortization expense for finite-lived intangible assets was $13.6 million, $37.4 million and $12.6 million, for fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Estimated future annual amortization expense is as follows: | ||||||||||||||||||
In thousands | ||||||||||||||||||
For the fiscal year ending: | ||||||||||||||||||
2014 | $ | 24,976 | ||||||||||||||||
2015 | 24,926 | |||||||||||||||||
2016 | 24,830 | |||||||||||||||||
2017 | 23,744 | |||||||||||||||||
2018 | 23,493 | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Oct. 25, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
The provision for income taxes for continuing operations included in the Consolidated Statements of Income consists of the following: | ||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current provision | ||||||||||||||
Federal | $ | 127,069 | $ | 159,294 | $ | 94,024 | ||||||||
State | 6,621 | 16,410 | 7,357 | |||||||||||
Foreign | 69,564 | 105,073 | 86,647 | |||||||||||
Total current provision | 203,254 | 280,777 | 188,028 | |||||||||||
Deferred provision (benefit) | ||||||||||||||
Federal | 23,892 | 74,966 | 75,663 | |||||||||||
State | (1,331 | ) | 399 | 5,567 | ||||||||||
Foreign | 4,404 | (18,272 | ) | (4,427 | ) | |||||||||
Total deferred provision | 26,965 | 57,093 | 76,803 | |||||||||||
Total provision for income taxes | $ | 230,219 | $ | 337,870 | $ | 264,831 | ||||||||
The Federal deferred provision includes $10.0 million and $16.0 million of net operating losses used in fiscal 2012 and 2011, respectively. The Federal deferred provision also includes $4.9 million of general business credits in fiscal 2012 and $3.3 million and $1.1 million of alternative minimum tax carryforwards used in fiscal 2013 and 2012, respectively. The foreign deferred provision includes $0.1 million and $0.8 million of net operating losses used in fiscal 2012 and 2011, respectively. The Federal deferred provision also includes $14.2 million of foreign tax credit carryovers utilized in fiscal 2012. During fiscal 2013, 2012 and 2011, we recognized $0.3 million, $0.8 million and $1.8 million, respectively, of current tax benefit relating to a tax holiday in China. The tax holiday expired in fiscal 2013. | ||||||||||||||
The domestic and foreign components of income from continuing operations before income taxes are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||
2013 | 2012 | 2011 | ||||||||||||
Domestic income from continuing operations | $ | 444,667 | $ | 724,132 | $ | 531,888 | ||||||||
Foreign income from continuing operations | 319,490 | 380,999 | 363,945 | |||||||||||
Pre-tax income from continuing operations | $ | 764,157 | $ | 1,105,131 | $ | 895,833 | ||||||||
The reconciliation between the income tax provision recognized in our Consolidated Statements of Income and the income tax provision computed by applying the statutory federal income tax rate to the income from continuing operations are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||
2013 | 2012 | 2011 | ||||||||||||
Income tax computed at federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||||
Sub-part F income and foreign dividends, net of foreign tax credits | 0.2 | 0.3 | (0.9 | ) | ||||||||||
Differences in foreign and U.S. tax rates | (5.3 | ) | (4.2 | ) | (4.3 | ) | ||||||||
State income taxes, net of federal tax impact | 0.5 | 1 | 0.7 | |||||||||||
Resolution of prior years’ tax matters | — | — | 0.9 | |||||||||||
Valuation allowance | 1.1 | 0.1 | 0.1 | |||||||||||
IRC 199 manufacturing deduction | (2.0 | ) | (1.7 | ) | (1.4 | ) | ||||||||
Other items, net | 0.6 | 0.1 | (0.5 | ) | ||||||||||
Effective income tax rate | 30.1 | % | 30.6 | % | 29.6 | % | ||||||||
The components of the net deferred tax asset are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | ||||||||||||
2013 | 2012 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Employee benefit related items | $ | 101,200 | $ | 156,034 | ||||||||||
Tax credit carryforwards | 2,622 | 5,665 | ||||||||||||
Tax loss carryforwards | 128,357 | 122,895 | ||||||||||||
Inventories | 32,464 | 29,952 | ||||||||||||
Other deferred tax assets, net | 32,378 | 63,266 | ||||||||||||
Valuation allowance, current assets | (11,009 | ) | (5,281 | ) | ||||||||||
Valuation allowance, non-current assets | (119,556 | ) | (117,354 | ) | ||||||||||
Total deferred tax assets | 166,456 | 255,177 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Depreciation and amortization in excess of book expense | 59,651 | 56,218 | ||||||||||||
Intangibles | 48,388 | 109,788 | ||||||||||||
Total deferred tax liabilities | 108,039 | 166,006 | ||||||||||||
Net deferred tax asset | $ | 58,417 | $ | 89,171 | ||||||||||
The net deferred tax assets are reflected in the Consolidated Balance Sheets as follows: | ||||||||||||||
In thousands | October 25, | October 26, | ||||||||||||
2013 | 2012 | |||||||||||||
Current deferred tax assets, included in Other current assets | $ | 69,352 | $ | 90,510 | ||||||||||
Long-term deferred tax asset, included in Deferred income taxes | 41,532 | 67,101 | ||||||||||||
Current deferred tax liability, included in Other accrued liabilities | (2,087 | ) | (2,247 | ) | ||||||||||
Long-term deferred tax liability, included in Other liabilities | (50,380 | ) | (66,193 | ) | ||||||||||
Net deferred tax asset | $ | 58,417 | $ | 89,171 | ||||||||||
The following table summarizes the components of our loss and credit carryforward: | ||||||||||||||
Loss and Credit Carryforward Summary | ||||||||||||||
Amount | ||||||||||||||
Description - In millions | Gross | Benefit | Valuation | Expiration Date(s) | ||||||||||
Allowance | ||||||||||||||
Foreign capital losses | $ | 62.1 | $ | 12.5 | $ | 12.5 | None | |||||||
U.S. state operating losses | 1,967.00 | 101.4 | 98.4 | Various | ||||||||||
Foreign losses | 55.8 | 14.4 | 14.2 | $5.4 - None | ||||||||||
$9.0 - 2014 to 2018 | ||||||||||||||
State tax credits | N/A | 0.7 | 0.7 | Various | ||||||||||
Foreign tax credits | N/A | 1.5 | — | $1.4 - 2016 to 2018 | ||||||||||
$0.1 - 2021 | ||||||||||||||
Various international tax credits | N/A | 0.4 | 0.3 | None | ||||||||||
At least annually, we reassess our need for valuation allowances and adjust the allowance balances where it is appropriate based on past, current and projected profitability in the various geographic locations in which we conduct business and the available tax strategies. Additionally, the U.S. carryforwards were reduced upon emergence from bankruptcy due to the rules and regulations in the Internal Revenue Code related to cancellation of indebtedness income that is excluded from taxable income. These adjustments are included in the net operating loss values detailed above. | ||||||||||||||
Valuation allowances currently recorded that arose in pre-emergence years require us to apply fresh start accounting. As of October 25, 2013, there were $63.3 million of valuation reserves against pre-emergence net operating loss carryforwards. | ||||||||||||||
As of October 25, 2013, U.S. income taxes, net of foreign taxes paid or payable, have not been provided on the undistributed profits of foreign subsidiaries, as all undistributed profits of foreign subsidiaries are deemed to be permanently reinvested outside of the U.S. It is not practical to determine the United States federal income tax liability, if any, which would be payable if such earnings were not permanently reinvested. Such unremitted earnings of subsidiaries, which have been or are intended to be permanently reinvested, were $822.8 million as of October 25, 2013. | ||||||||||||||
Unrecognized tax benefits are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | ||||||||||||
2013 | 2012 | |||||||||||||
Balance, beginning of year | $ | 33,471 | $ | 10,370 | ||||||||||
Interest included in the beginning balance | — | (1,271 | ) | |||||||||||
Additions for current year tax positions and acquisition | 36 | 25,735 | ||||||||||||
Additions for prior year tax positions | 60,604 | 167 | ||||||||||||
Reductions for prior year tax positions | (16,693 | ) | (1,530 | ) | ||||||||||
Balance, end of year | $ | 77,418 | $ | 33,471 | ||||||||||
As of October 25, 2013, $76.6 million of the net unrecognized tax benefit would affect the effective tax rate if recognized. As of October 25, 2013 and October 26, 2012, total interest of approximately $10.3 million and $2.8 million, respectively, are classified in the Consolidated Balance Sheets as Other liabilities, while penalties of approximately $42.3 million and $1.0 million are included in the ending net unrecognized tax benefit above. It is expected that the total amount of unrecognized tax benefit will decrease by $4.9 million within the next twelve months relating to audits that will be effectively settled during fiscal 2014. | ||||||||||||||
With respect to tax years subject to examination by the domestic taxing authorities, the Company’s tax years prior to 2009 have been audited by the Internal Revenue Service and are closed. Additionally, due to the existence of tax loss carryforwards, the same relative periods exist for U.S. state purposes, although some earlier years also remain open. From a non-domestic perspective, the major locations in which we conduct business are as follows: United Kingdom – 2011 forward are open for examination; South Africa – 2008 forward are open for examination; Australia – 2009 forward are open for examination; Chile – 2009 forward are open for examination; China – 2008 forward are open for examination; and Canada – 2008 forward are open for examination (2008 through 2010 are currently under audit). There are a number of smaller entities in other countries that generally have open tax years ranging from 3 to 5 years. |
Warranties
Warranties | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Warranties | ' | |||||||
Warranties | ||||||||
We provide for the estimated costs that may be incurred under product warranties to remedy deficiencies of quality or performance of our products. Warranty costs are accrued at the time revenue is recognized. These product warranties extend over either a specified period of time, units of production or machine hours depending on the product subject to the warranty. We accrue a provision for estimated future warranty costs based on the historical relationship of warranty costs to sales. We periodically review the adequacy of the accrual for product warranties and adjust the warranty percentage and accrued warranty reserve for actual experience as necessary. | ||||||||
The following table reconciles the changes in the product warranty reserve: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Balance, beginning of year | $ | 100,646 | $ | 82,737 | ||||
Accrual for warranty expensed during the year | 57,610 | 49,268 | ||||||
Settlements made during the year | (72,981 | ) | (52,736 | ) | ||||
Effect of foreign currency translation | 457 | (520 | ) | |||||
Adjusted acquired warranty accrual | — | 21,897 | ||||||
Balance, end of year | $ | 85,732 | $ | 100,646 | ||||
Adjustments were made in fiscal 2012 to reflect a $16.1 million increase in the liability for pre-existing warranties related to the mining equipment business of LeTourneau. |
Borrowings_and_Credit_Faciliti
Borrowings and Credit Facilities | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings and Credit Facilities | ' | |||||||
Borrowings and Credit Facilities | ||||||||
On October 12, 2012, we entered into a $1.0 billion unsecured revolving credit facility that matures on November 12, 2017. Under the Credit Agreement, we also may request an increase of up to $250.0 million of additional aggregate revolving commitments, subject to the terms and conditions contained in the Credit Agreement. The Credit Agreement simultaneously replaced the $700.0 million revolving credit agreement dated October 27, 2010 that had been set to expire on November 3, 2014. Under the terms of the Credit Agreement, we pay a commitment fee ranging from 0.1% to 0.325% on the unused portion of the revolving credit facility based on our credit rating. Letters of credit issued under applicable provisions of the Credit Agreement represent an unfunded utilization of the Credit Agreement for purposes of calculating the periodic commitment fee due. Eurodollar rate loans will bear interest for a period from the applicable borrowing date until a date one or two weeks or one, two, three or six months thereafter, as selected by the Company, at the corresponding Eurodollar rate plus a margin of 1.0% to 2.0% depending on the Company’s credit rating. Base rate loans will bear interest from the applicable borrowing date at a rate equal to (i) the highest of (a) the federal funds rate plus 0.5%, (b) the rate of interest in effect for such day as publicly announced by the administrative agent as its “prime rate,” or (c) a daily rate equal to the Eurodollar rate plus 1.0%, plus (ii) a margin that varies according to the Company’s credit rating. Swing line loans will bear interest at either the base rate described above or the daily floating Eurodollar rate plus the applicable margin, as selected by the Company. The Credit Agreement requires the maintenance of certain financial covenants including leverage and interest coverage ratios. The Credit Agreement also restricts payment of dividends or other returns of capital when the consolidated leverage ratio exceeds a stated level amount. As of October 25, 2013, we were in compliance with all financial covenants of the Credit Agreement and had no restrictions on the payment of dividends or return of capital. | ||||||||
In connection with our entry into the Credit Agreement, we terminated the Prior Credit Agreement and used a portion of the proceeds available under the Credit Agreement to repay our $250.0 million term loan credit agreement, dated October 31, 2011 (the “Further Term Loan”), which was to have matured in June 2016. The Further Term Loan was drawn in full on February 10, 2012 in conjunction with the settlement of the IMM tender offer. Concurrent with our entry into the Credit Agreement, all amounts outstanding under the Prior Credit Agreement and Further Term Loan were repaid in full. | ||||||||
As of October 25, 2013, there were no direct borrowings under the Credit Agreement. Outstanding letters of credit issued under the Credit Agreement, which count toward the $1.0 billion credit limit, totaled $195.0 million. As of October 25, 2013, there was $805.0 million available for borrowings under the Credit Agreement. | ||||||||
On June 16, 2011, we entered into a credit agreement, which matures June 16, 2016, and provided for a $500.0 million term loan commitment, which was drawn in full to partially finance the acquisition of LeTourneau. The Term Loan requires quarterly principal payments and contains terms and conditions that are the same as the terms and conditions of the Credit Agreement. The Term Loan is guaranteed by each of our current and future material domestic subsidiaries and requires the maintenance of certain financial covenants, including leverage and interest coverage ratios. As of October 25, 2013, we were in compliance with all financial covenants of the Term Loan. | ||||||||
On October 12, 2011, we issued $500.0 million aggregate principal amount of 5.125% Senior Notes due in 2021 at a discount of $4.2 million in an offering that was registered under the Securities Act. Interest on the 2021 Notes is paid semi-annually in arrears on October 15 and April 15 of each year, and the 2021 Notes are guaranteed by each of our current and future material domestic subsidiaries. At our option, we may redeem some or all of the 2021 Notes at a redemption price of the greater of 100% of the principal amount of the 2021 Notes to be redeemed or the sum of the present values of the principal amounts and the remaining scheduled interest payments using a discount rate equal to the sum of a treasury rate of a comparable treasury issue plus 0.5%. | ||||||||
In November 2006, we issued $250.0 million aggregate principal amount of 6.0% Senior Notes due 2016 and $150.0 million aggregate principal amount of 6.625% Senior Notes due 2036. Interest on the 2016 Notes and 2036 Notes is paid semi-annually in arrears on May 15 and November 15 of each year, and the 2016 Notes and 2036 Notes are guaranteed by each of our current and future material domestic subsidiaries. The 2016 Notes and 2036 Notes were issued in a private placement under an exemption from registration provided by the Securities Act. In the second quarter of fiscal 2007, the 2016 Notes and 2036 Notes were exchanged for substantially identical notes in an exchange that was registered under the Securities Act. At our option, we may redeem some or all of the 2016 Notes and 2036 Notes at a redemption price of the greater of 100% of the principal amount of the 2016 Notes and 2036 Notes to be redeemed or the sum of the present values of the principal amounts and the remaining scheduled interest payments using a discount rate equal to the sum of a treasury rate of a comparable treasury issue plus 0.3% for the 2016 Notes and 0.375% for the 2036 Notes. | ||||||||
Direct borrowings and capital lease obligations consist of the following: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Domestic: | ||||||||
Term Loan due 2016 | $ | 412,500 | $ | 462,500 | ||||
6.0% Senior Notes due 2016 | 248,733 | 248,360 | ||||||
5.125% Senior Notes due 2021 | 496,438 | 496,088 | ||||||
6.625% Senior Notes due 2036 | 148,493 | 148,466 | ||||||
Other secured borrowings | 1,212 | 1,637 | ||||||
Foreign: | ||||||||
Capital leases | — | 41 | ||||||
Short-term borrowings | 8,220 | 14,849 | ||||||
Total obligations | 1,315,596 | 1,371,941 | ||||||
Less: Amounts due within one year | (58,669 | ) | (65,316 | ) | ||||
Long-term obligations | $ | 1,256,927 | $ | 1,306,625 | ||||
The aggregate maturities of debt for credit agreements in place as of October 25, 2013 consisted of the following (in thousands): | ||||||||
2014 | $ | 58,669 | ||||||
2015 | 50,474 | |||||||
2016 | 312,789 | |||||||
2017 | 248,733 | |||||||
2018 | — | |||||||
Thereafter | 644,931 | |||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Oct. 25, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
We have 150,000,000 shares of authorized common stock, par value $1.00 per share, 50,000,000 of which were distributed in connection with our July 12, 2001 emergence from bankruptcy. The last distribution of 1,233,423 shares (2,775,111 shares after January 21, 2005 and December 12, 2005 stock splits) was distributed starting on January 28, 2005, in accordance with the Plan of Reorganization. | |
On August 28, 2013, our Board of Directors authorized the Company to repurchase up to $1.0 billion in shares of common stock until August 19, 2016. Under the program, the Company may repurchase shares in the open market in accordance with applicable SEC rules and regulations. During fourth quarter of fiscal 2013, we purchased 4,105,000 shares of common stock for approximately $214.1 million. | |
Under our prior share repurchase program, management had repurchased 1,890,000 shares of common stock for $93.6 million in September 2008. These shares were held in a brokerage account at Lehman Brothers Inc. (“LBI”), which subsequently filed for liquidation on September 19, 2008. The liquidation of LBI was administered by a court-appointed trustee (“SIPA Trustee”), pursuant to the Securities Investors Protection Act of 1970 and Chapter 7 of the United States Bankruptcy Code. Our claim with respect to the shares in the LBI brokerage account, together with dividends paid on such shares, was allowed by the SIPA Trustee on March 25, 2009. These shares, along with the cash from dividends paid since September 19, 2008 totaling $6.0 million, were returned to us as part of these proceedings on June 13, 2013. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Our 2007 Stock Incentive Plan (the “Plan”) authorizes the grant of up to 10.0 million shares plus canceled and forfeited awards. The Plan allows for the issuance of non-qualified stock options, incentive stock options, performance shares, restricted stock units and other stock-based awards to officers, employees and directors. As of October 25, 2013, none of the options granted qualify as incentive stock options under the Internal Revenue Code. We have historically issued new common stock in order to satisfy share-based payment awards and plan to do so to satisfy future awards. | |||||||||||||||||
Total share-based compensation expense recognized for fiscal 2013, 2012 and 2011 was $29.0 million, $27.4 million and $25.5 million, respectively. The total share-based compensation expense is reflected in our Consolidated Statement of Cash Flows in operating activities. The corresponding deferred tax asset recognized related to the share-based compensation expense was $8.5 million, $8.0 million and $7.8 million for fiscal 2013, 2012 and 2011, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
We have granted non-qualified stock options to purchase our common stock at prices equal to the fair market value of the stock on the grant dates. Stock options vest ratably over three years beginning on the one-year anniversary date, and they expire ten years from the grant date. A summary of stock option activity follows: | |||||||||||||||||
Dollars in millions, except per share data | Number of Options | Weighted-Average | Weighted-Average Remaining Contractual Term | Weighted-Average | Aggregate Intrinsic Value | ||||||||||||
Exercise Price Per Share | Grant Date Fair Value Per Share | ||||||||||||||||
Outstanding as of October 29, 2010 | 2,846,686 | $ | 35.09 | 7.4 | $ | 102.1 | |||||||||||
Options granted | 509,500 | 80.64 | $ | 24.2 | |||||||||||||
Options exercised | (1,431,349 | ) | 36.84 | 73.6 | |||||||||||||
Options forfeited or cancelled | (90,489 | ) | 41.55 | ||||||||||||||
Outstanding as of October 28, 2011 | 1,834,348 | $ | 46.05 | 7.4 | 82.8 | ||||||||||||
Options granted | 459,500 | 87.31 | 27.93 | ||||||||||||||
Options exercised | (342,047 | ) | 28.16 | 18.9 | |||||||||||||
Options forfeited or cancelled | (57,956 | ) | 69.66 | ||||||||||||||
Outstanding as of October 26, 2012 | 1,893,845 | $ | 58.28 | 7.1 | 26.3 | ||||||||||||
Options granted | 655,600 | 57.03 | 15.49 | ||||||||||||||
Options exercised | (160,276 | ) | 26.64 | 5.6 | |||||||||||||
Options forfeited or cancelled | (144,094 | ) | 73.06 | ||||||||||||||
Outstanding as of October 25, 2013 | 2,245,075 | $ | 59.28 | 6.8 | 18.7 | ||||||||||||
Exercisable as of October 25, 2013 | 1,255,551 | $ | 52.67 | 5.4 | 17.6 | ||||||||||||
The fair value of the option awards is the estimated fair value at grant date using the Black Scholes valuation model and is recognized as expense on a straight line basis. The weighted-average assumptions are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk free interest rate | 0.34 | % | 0.4 | % | 0.77 | % | |||||||||||
Expected volatility | 42.76 | % | 44.92 | % | 41.07 | % | |||||||||||
Expected life in years | 3.1 | 3.7 | 3.8 | ||||||||||||||
Dividend yield | 1.27 | % | 0.9 | % | 0.9 | % | |||||||||||
The risk free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant for the respective expected life of the option. The expected volatility is based on a weighted average of historical and implied volatility of our common stock. The expected life is based on historical exercise and cancellation behavior and the projected exercises and cancellations of outstanding stock options. The expected dividend yield is based on the expected annual dividends divided by the grant date market value of our common stock. | |||||||||||||||||
As of October 25, 2013, there was $9.3 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
We grant restricted stock units to certain employees and to all non-employee members of our Board of Directors. The fair value of our restricted stock units is determined based on the closing price of our stock on the date of grant and is recognized as expense on a straight line basis. | |||||||||||||||||
Restricted stock units granted to employees vest over a five-year period with one-third vesting on the third, fourth, and fifth anniversaries of the grant date. These restricted stock units provide a number of shares of common stock equal to the number of vested units. These shares are delivered to the employee as the restricted stock units vest. | |||||||||||||||||
Restricted stock units granted to non-employee members of our Board of Directors vest one year from the grant date. These restricted stock units provide a number of shares of common stock equal to the number of vested units. The date the common stock is delivered to an individual director depends on the number of restricted stock units that the director has accumulated from prior grants. If a director has not yet accumulated 10,000 restricted stock units, the common stock will be delivered to the director one year after their service on the Board of Directors terminates. If a director has accumulated 10,000 restricted stock units, the common stock is either delivered on the vest date or will be deferred at the discretion of the director. Specific deferral elections are required to be completed prior to each grant. | |||||||||||||||||
Dividends accrue on all restricted stock units and vest consistent with the underlying award. In the event of a change in control, the units will be paid out in cash based on the market price of the common stock as of the change in control date. | |||||||||||||||||
A summary of restricted stock unit activity follows: | |||||||||||||||||
Dollars in millions, except per share data | Number of Units | Weighted-Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value | ||||||||||||||
Outstanding as of October 29, 2010 | 681,501 | $ | 35.03 | ||||||||||||||
Units granted | 295,606 | 81.95 | |||||||||||||||
Units earned from dividends | 7,137 | 85.63 | |||||||||||||||
Units settled | (34,450 | ) | 48.63 | $ | 2.8 | ||||||||||||
Units deferred | (16,031 | ) | 52.85 | 1.3 | |||||||||||||
Units forfeited | (65,789 | ) | 64.62 | ||||||||||||||
Outstanding as of October 28, 2011 | 867,974 | 48.32 | |||||||||||||||
Units granted | 325,588 | 79.08 | |||||||||||||||
Units earned from dividends | 10,520 | 66.04 | |||||||||||||||
Units settled | (112,744 | ) | 33.42 | 9.1 | |||||||||||||
Units deferred | (25,252 | ) | 34.87 | 2.2 | |||||||||||||
Units forfeited | (50,139 | ) | 52.12 | ||||||||||||||
Outstanding as of October 26, 2012 | 1,015,947 | 60.16 | |||||||||||||||
Units granted | 275,753 | 57.02 | |||||||||||||||
Units earned from dividends | 13,535 | 57.36 | |||||||||||||||
Units settled | (117,488 | ) | 45.78 | 6.7 | |||||||||||||
Units deferred | (18,230 | ) | 33.78 | 1 | |||||||||||||
Units forfeited | (102,601 | ) | 70.48 | ||||||||||||||
Outstanding as of October 25, 2013 | 1,066,916 | $ | 60.35 | ||||||||||||||
As of October 25, 2013 there was $29.9 million of unrecognized compensation expense related to restricted stock units that is expected to be recognized over a weighted-average period of 3.2 years. As of October 25, 2013 the balance of deferred restricted stock units is 86,945 shares. | |||||||||||||||||
Performance Shares | |||||||||||||||||
The performance share award programs under our stock incentive plans provide long-term incentive compensation opportunities to certain senior executives and other managers. The fair value of our performance shares is determined based on the closing price of our stock on the date of grant, reduced by the present value of the dividends expected to be paid on the underlying shares during the requisite service period, and is recognized as expense on a straight line basis. | |||||||||||||||||
Shares of common stock may be earned by the participants under the performance share award programs if at the end of a three-year award cycle our financial performance over the course of the cycle exceeds certain threshold amounts. For our 2013, 2012 and 2011 performance share award programs, the performance measure for executive officers is average return on equity, and the performance measure for all other participants is average diluted earnings per share for the three year cycle from fiscal 2013 through fiscal 2015, fiscal 2012 through fiscal 2014, and fiscal 2011 through fiscal 2013, respectively. Each performance share represents the right to earn one share of common stock. | |||||||||||||||||
Awards can range from 0% to 150% (or, in certain cases, 180%) of the target award opportunities, and may be paid out in company stock, cash or a combination of stock and cash as determined by the Human Resources and Nominating Committee of the Board of Directors. In the event of a change in control, the performance shares are paid out in cash based on the greater of actual performance or target award. The final awards for the fiscal 2011 performance share program amounted to 56,804 shares and the intent and historical practice is to pay out the award entirely in company stock on December 17, 2013. | |||||||||||||||||
A summary of performance share activity follows: | |||||||||||||||||
Dollars in millions, except per share data | Number of | Weighted- | Aggregate | ||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||
Grant Date | Value | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding as of October 29, 2010 | 762,611 | $ | 36.57 | ||||||||||||||
Shares granted | 75,000 | 80.69 | |||||||||||||||
Target adjustment | 21,266 | 87.5 | |||||||||||||||
Shares distributed | (158,970 | ) | 56.87 | $ | 13.7 | ||||||||||||
Shares forfeited | (30,158 | ) | 35.2 | ||||||||||||||
Outstanding as of October 28, 2011 | 669,749 | 38.38 | |||||||||||||||
Shares granted | 145,100 | 80.4 | |||||||||||||||
Target adjustment | (21,533 | ) | 78.69 | ||||||||||||||
Shares distributed | (450,855 | ) | 21.69 | 36.9 | |||||||||||||
Shares forfeited | (4,246 | ) | 55.17 | ||||||||||||||
Outstanding as of October 26, 2012 | 338,215 | 75.87 | |||||||||||||||
Shares granted | 262,750 | 54.9 | |||||||||||||||
Target adjustment | (107,275 | ) | 65.2 | ||||||||||||||
Shares distributed | (122,006 | ) | 50.85 | 7.6 | |||||||||||||
Shares forfeited | (27,295 | ) | 67.57 | ||||||||||||||
Outstanding as of October 25, 2013 | 344,389 | $ | 72.72 | ||||||||||||||
As of October 25, 2013 there was $9.6 million of unrecognized compensation expense related to performance shares that is expected to be recognized over a weighted-average period of 1.7 years. As of October 25, 2013 the balance of deferred performance shares is 112,642 shares. |
Retiree_Benefits
Retiree Benefits | 12 Months Ended | ||||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Retiree Benefits | ' | ||||||||||||||||||||||||||
Retiree Benefits | |||||||||||||||||||||||||||
The Company and its subsidiaries have a defined contribution plan (401(k) plan) and defined benefit plans (pension and other postretirement benefit plans). Benefits from these plans are based on factors that include various combinations of years of service, fixed monetary amounts per year of service, employee compensation during the last years of employment, the recipient’s social security benefit and pension freeze dates. For our qualified and non-qualified pension plans and the postretirement benefit plans, we use the last Friday in October as our measurement date, which coincides with our fiscal year end. | |||||||||||||||||||||||||||
Defined contribution plans | |||||||||||||||||||||||||||
Substantially every U.S. employee of the Company is eligible to participate in the Company's 401(k) plan. Under the terms of the plan, for eligible employees, the Company matches 25% to 50% of participant salary deferral contributions up to the first 6% of the participant’s compensation. In addition, for eligible employees, the Company contributes a defined contribution of 1% to 5% of eligible employee compensation depending on the employee group. The Company also makes contributions for certain foreign government-mandated contribution retirement plans. The total defined contribution expense was $63.2 million, $47.8 million and $30.4 million for fiscal 2013, 2012 and 2011, respectively. The fiscal 2013 and 2012 defined contribution expense included $12.6 million and $5.6 million, respectively, of costs associated with transitioning certain defined benefit plan participants to a defined contribution plan. | |||||||||||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||||||
We have both U.S. and non-U.S. pension plans. Our funding policy with respect to qualified pension plans is to contribute annually not less than the minimum required by applicable law and regulation nor more than the amount which can be deducted for income tax purposes. We also have an unfunded nonqualified supplemental pension plan that is based on credited years of service and compensation during the last years of employment. | |||||||||||||||||||||||||||
Certain plans outside the United States, which supplement or are coordinated with government plans, many of which require funding through mandatory government retirement or insurance company plans, have pension funds or balance sheet accruals which approximate the actuarially computed value of accumulated plan benefits as of October 25, 2013 and October 26, 2012. | |||||||||||||||||||||||||||
Total pension expense for all defined benefit plans is $19.6 million, $46.5 million and $50.3 million for fiscal 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||
Other postretirement benefit plans consist of welfare benefits plans. In 1993, our Board of Directors approved a general approach that culminated in the elimination of all Company contributions towards postretirement health care benefits. Increases in costs paid by the Company were capped for certain plans beginning in 1994 and extending through 1998, and Company contributions were eliminated as of January 11, 1999 for most employee groups, excluding certain Underground Mining Machinery employees, certain early retirees and specific discontinued operation groups. For certain Underground Mining Machinery employees, based on existing plan terms, future eligible retirees will participate in a premium cost-sharing arrangement which is based on age as of March 1, 1993 and position at the time of retirement. Active employees under age 45 as of March 1, 1993 and any new hires after April 1, 1993 will be required to pay 100% of the applicable premium. | |||||||||||||||||||||||||||
Net periodic pension costs for U.S. plans and plans of subsidiaries outside the United States include the following components: | |||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 28, | October 25, | October 26, | October 28, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 3,794 | $ | 9,975 | $ | 14,438 | $ | 7,491 | $ | 5,878 | $ | 6,099 | |||||||||||||||
Interest cost | 48,453 | 52,604 | 56,268 | 29,216 | 29,297 | 28,715 | |||||||||||||||||||||
Expected return on assets | (64,517 | ) | (61,420 | ) | (56,269 | ) | (37,347 | ) | (36,033 | ) | (35,529 | ) | |||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost | 610 | 1,307 | 1,374 | — | — | 10,051 | |||||||||||||||||||||
Actuarial loss | 22,773 | 20,324 | 25,179 | 9,159 | 13,085 | — | |||||||||||||||||||||
Curtailment loss | — | 11,491 | — | — | — | — | |||||||||||||||||||||
Total net periodic benefit cost | $ | 11,113 | $ | 34,281 | $ | 40,990 | $ | 8,519 | $ | 12,227 | $ | 9,336 | |||||||||||||||
In the second quarter of 2012, a modification was made to the Joy Global Pension Plan freezing benefits for all salaried and non-bargained hourly participants effective May 1, 2012. In addition, in the fourth quarter of 2012, a modification was made to the Joy Global Pension Plan freezing benefits for certain bargained hourly participants effective in 2013. We recorded curtailment charges of $1.1 million and $10.4 million in the second and fourth quarters of fiscal 2012, respectively, in conjunction with the freezes. | |||||||||||||||||||||||||||
The components of the net periodic benefit cost associated with our other postretirement benefit plans, all of which relate to operations in the U.S., are as follows: | |||||||||||||||||||||||||||
Other Postretirement Benefit Plans | |||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 28, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 1,083 | $ | 960 | $ | 981 | |||||||||||||||||||||
Interest cost | 1,168 | 1,371 | 1,540 | ||||||||||||||||||||||||
Expected return on assets | (427 | ) | (371 | ) | (342 | ) | |||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost | 69 | 52 | 48 | ||||||||||||||||||||||||
Actuarial gain | (833 | ) | (1,160 | ) | (1,308 | ) | |||||||||||||||||||||
Special termination benefits charge | — | 981 | — | ||||||||||||||||||||||||
Total net periodic benefit cost of continuing operations | $ | 1,060 | $ | 1,833 | $ | 919 | |||||||||||||||||||||
In conjunction with the fourth quarter fiscal 2012 modification of the Joy Global Pension Plan, additional postretirement benefits of $1.0 million were recorded as a special termination benefits charge. | |||||||||||||||||||||||||||
For other postretirement benefit obligation measurement purposes, the assumed annual rate of increase in the per capita cost of covered health care benefits is 7.0% for fiscal 2013. The per capita cost of covered health care benefits is assumed to decrease 0.25% per year to an ultimate rate of 5.0%. The effect of one percentage point increase in the assumed health care cost trend rates each year would increase the accumulated postretirement benefit obligation as of October 25, 2013 by $0.8 million. The service cost and interest cost components of the net periodic postretirement benefit cost for the year would increase by less than $0.1 million. A one percentage point decrease in the assumed health care cost trend rates each year would decrease the accumulated postretirement benefit obligation as of October 25, 2013 by $0.7 million. The service cost and interest cost components of the net periodic postretirement benefit cost for the year would decrease by less than $0.1 million. Postretirement life insurance benefits have a minimal effect on the total benefit obligation. | |||||||||||||||||||||||||||
The principal assumptions used in determining the funded status and net periodic benefit cost of our pension plans and other postretirement benefit plans are set forth in the following tables. The assumptions for non-U.S. plans were developed on a basis consistent with that for U.S. plans, adjusted to reflect prevailing economic conditions and interest rate environments. | |||||||||||||||||||||||||||
Significant assumptions used in determining net periodic benefit cost are as follows (in weighted averages): | |||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Postretirement | |||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate* | 3.95 | % | 5 | % | 5.6 | % | 4.28 | % | 5.28 | % | 5.24 | % | 3.6 | % | 4.65 | % | 4.85 | % | |||||||||
Expected return on plan assets** | 6.5 | % | 7 | % | 7.51 | % | 6.64 | % | 6.93 | % | 7.22 | % | 7.4 | % | 7.5 | % | 8 | % | |||||||||
Rate of compensation increase | — | % | 4.25 | % | 4.25 | % | 4.23 | % | 4.22 | % | 4.36 | % | — | % | — | % | — | % | |||||||||
* Due to mid-year curtailment and special termination benefit measurements, the 2012 weighted average discount rate ranged from 3.95% – 5.00% and 3.60% – 4.65% throughout the year for the U.S. pension plans and the other postretirement benefit plans, respectively. | |||||||||||||||||||||||||||
** Due to mid-year curtailment measurements, the 2012 weighted average expected return on plan assets ranged from 6.75% – 7.00% for the U.S. pension plans. | |||||||||||||||||||||||||||
The expected rate of return on pension plan assets for the U.S. pension plans is based on the investment policies adopted by our Pension and Investment Committee. We also used the results from a portfolio simulator as input into our decision. The simulator is based on U.S. capital market conditions as of the valuation date and projects returns based on the U.S. pension plans' current asset allocation. The simulation model calculates an expected rate of return for each asset class by forecasting a range of plausible economic conditions. The model starts with the capital market conditions prevailing at the start of the forecast period and trends the rates of return by asset class to its long-term average. A long-term average return is calculated using a blend of historical capital market data and future expectations. | |||||||||||||||||||||||||||
The expected rate of return on non-U.S. pension plans is based on the plan’s current asset allocation policy. An average long-term rate of return is developed for each asset class and the portfolio return represents the weighted average return based on the current asset allocation. | |||||||||||||||||||||||||||
Significant assumptions used in determining benefit obligations are as follows (in weighted averages): | |||||||||||||||||||||||||||
U.S. | Non-U.S. | Other Postretirement | |||||||||||||||||||||||||
Pension Plans | Pension Plans | Benefit Plans | |||||||||||||||||||||||||
October 25, | October 26, | October 25, | October 26, | October 25, | October 26, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.85 | % | 3.95 | % | 4.25 | % | 4.28 | % | 4.25 | % | 3.6 | % | |||||||||||||||
Rate of compensation increase | — | % | — | % | 4.21 | % | 4.23 | % | — | % | — | % | |||||||||||||||
Changes in the projected benefit obligations and pension plan assets relating to the Company’s defined benefit pension plans and other postretirement benefit plans, together with a summary of the amounts recognized in the Consolidated Balance Sheets are set forth in the following tables: | |||||||||||||||||||||||||||
U.S. Pension Plans | Non -U.S. Pension Plans | Other Postretirement | |||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 25, | October 26, | October 25, | October 26, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in Benefit Obligations | |||||||||||||||||||||||||||
Net benefit obligations at beginning of year | $ | 1,250,684 | $ | 1,108,386 | $ | 698,456 | $ | 573,608 | $ | 34,200 | $ | 32,078 | |||||||||||||||
Service cost | 3,794 | 9,975 | 7,491 | 5,878 | 1,083 | 960 | |||||||||||||||||||||
Interest cost | 48,453 | 52,604 | 29,216 | 29,297 | 1,168 | 1,371 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 1,144 | 1,164 | — | — | |||||||||||||||||||||
Plan amendments | — | 7,157 | — | — | (580 | ) | 813 | ||||||||||||||||||||
Actuarial loss (gain) | (115,528 | ) | 162,370 | 6,998 | 114,815 | (1,104 | ) | 674 | |||||||||||||||||||
Currency fluctuations | — | — | 2,507 | 2,449 | — | — | |||||||||||||||||||||
Curtailments | — | (37,796 | ) | — | — | — | — | ||||||||||||||||||||
Special termination benefits | — | — | — | — | — | 981 | |||||||||||||||||||||
Gross benefits paid | (55,129 | ) | (52,012 | ) | (33,551 | ) | (28,755 | ) | (3,409 | ) | (2,677 | ) | |||||||||||||||
Net benefit obligations at end of year | $ | 1,132,274 | $ | 1,250,684 | $ | 712,261 | $ | 698,456 | $ | 31,358 | $ | 34,200 | |||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,027,506 | $ | 833,849 | $ | 582,492 | $ | 513,528 | $ | 6,315 | $ | 5,370 | |||||||||||||||
Actual return on plan assets | (3,552 | ) | 104,729 | 4,005 | 50,986 | 1,045 | 526 | ||||||||||||||||||||
Currency fluctuations | — | — | 2,617 | 1,644 | — | — | |||||||||||||||||||||
Employer contributions | 83,829 | 140,940 | 81,883 | 43,925 | 4,450 | 3,096 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 1,144 | 1,164 | — | — | |||||||||||||||||||||
Gross benefits paid | (55,129 | ) | (52,012 | ) | (33,551 | ) | (28,755 | ) | (3,409 | ) | (2,677 | ) | |||||||||||||||
Fair value of plan assets at end of year | $ | 1,052,654 | $ | 1,027,506 | $ | 638,590 | $ | 582,492 | $ | 8,401 | $ | 6,315 | |||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Net amount recognized at end of year | $ | (79,620 | ) | $ | (223,178 | ) | $ | (73,671 | ) | $ | (115,964 | ) | $ | (22,957 | ) | $ | (27,885 | ) | |||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||||||||||||||||||||||||
Current liabilities | (2,755 | ) | (2,620 | ) | (731 | ) | (709 | ) | (2,234 | ) | (2,321 | ) | |||||||||||||||
Non-current liabilities | (76,865 | ) | (220,558 | ) | (72,940 | ) | (115,255 | ) | (20,723 | ) | (25,564 | ) | |||||||||||||||
Net amount recognized at end of year | $ | (79,620 | ) | $ | (223,178 | ) | $ | (73,671 | ) | $ | (115,964 | ) | $ | (22,957 | ) | $ | (27,885 | ) | |||||||||
Accumulated benefit obligation | $ | 1,132,274 | $ | 1,250,684 | $ | 692,135 | $ | 644,125 | $ | — | $ | — | |||||||||||||||
The projected benefit obligations, accumulated benefit obligations and fair value of plan assets for underfunded and overfunded plans have been combined for disclosure purposes. The projected benefit obligations, accumulated benefit obligations and fair value of assets for pension plans with an accumulated benefit obligation in excess of plan assets are as follows: | |||||||||||||||||||||||||||
U.S. Pension Plans | Non U.S. Pension Plans | ||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 25, | October 26, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 1,132,274 | $ | 1,250,684 | $ | 649,395 | $ | 655,010 | |||||||||||||||||||
Accumulated benefit obligation | 1,132,274 | 1,250,684 | 634,509 | 604,675 | |||||||||||||||||||||||
Fair value of plan assets | 1,052,654 | 1,027,506 | 576,016 | 539,669 | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) as of October 25, 2013 consist of: | |||||||||||||||||||||||||||
Pension Plans | Other | ||||||||||||||||||||||||||
In thousands | U.S. | Non U.S. | Postretirement Benefit Plans | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 388,421 | $ | 302,175 | $ | (12,857 | ) | ||||||||||||||||||||
Prior service cost | 1,980 | — | 735 | ||||||||||||||||||||||||
Deferred tax | (94,220 | ) | (50,626 | ) | 4,514 | ||||||||||||||||||||||
Total accumulated other comprehensive loss (income) | $ | 296,181 | $ | 251,549 | $ | (7,608 | ) | ||||||||||||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive loss (income) into net periodic benefit cost during fiscal 2014 are as follows: | |||||||||||||||||||||||||||
Pension Plans | Other | ||||||||||||||||||||||||||
In thousands | U.S. | Non U.S. | Postretirement Benefit Plans | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 13,096 | $ | 8,856 | $ | (904 | ) | ||||||||||||||||||||
Prior service cost | 531 | — | 132 | ||||||||||||||||||||||||
$ | 13,627 | $ | 8,856 | $ | (772 | ) | |||||||||||||||||||||
The defined benefit plans have the following target and actual asset allocations in fiscal 2013: | |||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | ||||||||||||||||||||||||||
Asset Category | Target | Actual | Target | Actual | |||||||||||||||||||||||
Allocation | Allocation | Allocation | Allocation | ||||||||||||||||||||||||
Equity securities | 20 | % | 20 | % | 30 | % | 28 | % | |||||||||||||||||||
Debt securities | 80 | % | 79 | % | 70 | % | 65 | % | |||||||||||||||||||
Other | — | % | 1 | % | — | % | 7 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
The U.S. plans' assets are invested to maintain funded ratios over the long-term, while managing the risk that funded ratios fall meaningfully below 100%. The Company has for some time been focused on a plan and objective to achieve an asset and liability duration match so that interim fluctuations in funded status should be limited by increasing the correlation between assets and liabilities. At this time, the plans' portfolio is significantly invested in duration matched fixed income securities. | |||||||||||||||||||||||||||
The Company's objectives with respect to its global pension plans are (1) to acquire suitable assets of appropriate liquidity, which, together with new contributions, will meet the cost of the current and future benefits which the plans provide; (2) to limit the risk of the assets failing to meet the liabilities over the long term; and (3) to minimize the long term costs of the plans by maximizing the correlation with plan liabilities. There is no assurance that these objectives will be met. | |||||||||||||||||||||||||||
The accounting guidance on fair value measurements specifies a fair value hierarchy based on the observability of inputs used in valuation techniques (Level 1, 2 and 3). See Note 17, Fair Value Measurements, for a discussion of the fair value hierarchy. | |||||||||||||||||||||||||||
Fair values are determined as follows: | |||||||||||||||||||||||||||
• | Equity securities are primarily based on the closing price for identical instruments in active markets or at the bid price for identical instruments in instances in which the security has not traded on the valuation date; | ||||||||||||||||||||||||||
• | Fixed income securities are primarily based on models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds; and | ||||||||||||||||||||||||||
• | Cash and cash equivalents, short-term investments, funds and other investments are based on the carrying amount, which approximates fair value, or on the fund’s net asset value. | ||||||||||||||||||||||||||
The following tables summarize the fair value of our pension and other postretirement benefit plan assets by category as of October 25, 2013 and October 26, 2012: | |||||||||||||||||||||||||||
In Thousands | October 25, 2013 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Assets | ||||||||||||||||||||||||
at Fair Value | |||||||||||||||||||||||||||
U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 146,927 | $ | 2,590 | $ | — | $ | 149,517 | |||||||||||||||||||
Non-U.S. equities | 54,502 | 6,829 | — | 61,331 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. government bonds | — | 343,215 | — | 343,215 | |||||||||||||||||||||||
Non-U.S. government bonds | — | 13,939 | — | 13,939 | |||||||||||||||||||||||
U.S. corporate bonds | — | 368,469 | — | 368,469 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 68,481 | — | 68,481 | |||||||||||||||||||||||
U.S. government mortgage backed securities | — | 8,286 | — | 8,286 | |||||||||||||||||||||||
U.S. non-government backed collateralized mortgage obligations | — | 8,498 | — | 8,498 | |||||||||||||||||||||||
U.S. asset backed securities | — | 23,227 | — | 23,227 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 5,337 | — | — | 5,337 | |||||||||||||||||||||||
Short term bills and notes | — | 2,600 | — | 2,600 | |||||||||||||||||||||||
Other investments | 432 | (678 | ) | — | (246 | ) | |||||||||||||||||||||
Total U.S. Pension Plans assets | $ | 207,198 | $ | 845,456 | $ | — | $ | 1,052,654 | |||||||||||||||||||
Non-U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 42,940 | $ | — | $ | 228 | $ | 43,168 | |||||||||||||||||||
Non-U.S. equities | 138,322 | — | 30 | 138,352 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Non-U.S. government bonds | — | 105,583 | — | 105,583 | |||||||||||||||||||||||
U.S. corporate bonds | — | 21,992 | — | 21,992 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 191,526 | — | 191,526 | |||||||||||||||||||||||
Non-U.S. asset backed securities | — | 1,141 | — | 1,141 | |||||||||||||||||||||||
Non-U.S. annuity insurance products | — | 94,315 | — | 94,315 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 46,407 | — | — | 46,407 | |||||||||||||||||||||||
Other investments | — | (3,894 | ) | — | (3,894 | ) | |||||||||||||||||||||
Total Non-U.S. Pension Plans assets | $ | 227,669 | $ | 410,663 | $ | 258 | $ | 638,590 | |||||||||||||||||||
Other Postretirement Benefits Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 4,461 | $ | — | $ | — | $ | 4,461 | |||||||||||||||||||
Non-U.S. equities | 1,101 | — | — | 1,101 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. corporate bonds | — | 2,769 | — | 2,769 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 70 | — | — | 70 | |||||||||||||||||||||||
Total Other Postretirement Benefit Plans | $ | 5,632 | $ | 2,769 | $ | — | $ | 8,401 | |||||||||||||||||||
In Thousands | October 26, 2012 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Assets | ||||||||||||||||||||||||
at Fair Value | |||||||||||||||||||||||||||
U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 158,095 | $ | — | $ | — | $ | 158,095 | |||||||||||||||||||
Non-U.S. equities | 62,918 | — | — | 62,918 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. government bonds | — | 347,981 | — | 347,981 | |||||||||||||||||||||||
Non-U.S. government bonds | — | 7,450 | — | 7,450 | |||||||||||||||||||||||
U.S. corporate bonds | — | 360,638 | 3,340 | 363,978 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 64,819 | — | 64,819 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 22,412 | — | — | 22,412 | |||||||||||||||||||||||
Other investments | — | (147 | ) | — | (147 | ) | |||||||||||||||||||||
Total U.S. Pension Plans assets | $ | 243,425 | $ | 780,741 | $ | 3,340 | $ | 1,027,506 | |||||||||||||||||||
Non-U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 2,806 | $ | — | $ | — | $ | 2,806 | |||||||||||||||||||
Non-U.S. equities | 6,705 | — | — | 6,705 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Non-U.S. government bonds | — | 219,877 | — | 219,877 | |||||||||||||||||||||||
U.S. corporate bonds | — | — | 216 | 216 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 2,495 | 181,821 | 184,316 | |||||||||||||||||||||||
Other fixed income securities | — | — | — | — | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 6,542 | — | — | 6,542 | |||||||||||||||||||||||
Hedge fund | — | — | 3,598 | 3,598 | |||||||||||||||||||||||
Insurance linked fund | — | — | 8,885 | 8,885 | |||||||||||||||||||||||
Multi-asset fund | — | — | 149,831 | 149,831 | |||||||||||||||||||||||
Other investments | — | (284 | ) | — | (284 | ) | |||||||||||||||||||||
Total Non-U.S. Pension Plans assets | $ | 16,053 | $ | 222,088 | $ | 344,351 | $ | 582,492 | |||||||||||||||||||
Other Postretirement Benefits Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 3,096 | $ | — | $ | — | $ | 3,096 | |||||||||||||||||||
Non-U.S. equities | 682 | — | — | 682 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. corporate bonds | — | 2,397 | — | 2,397 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 140 | — | — | 140 | |||||||||||||||||||||||
Total Other Postretirement Benefit Plans | $ | 3,918 | $ | 2,397 | $ | — | $ | 6,315 | |||||||||||||||||||
Below are roll-forwards of assets measured at fair value using Level 3 inputs for the years ended October 25, 2013 and October 26, 2012: | |||||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||||
Equities | Fixed Income | Other | |||||||||||||||||||||||||
U.S. Pension Plans | |||||||||||||||||||||||||||
Balance as of October 28, 2011 | $ | — | $ | — | $ | 1,283 | |||||||||||||||||||||
Unrealized gains | — | — | 841 | ||||||||||||||||||||||||
Realized losses | — | — | (840 | ) | |||||||||||||||||||||||
Sales | — | — | (1,284 | ) | |||||||||||||||||||||||
Purchases | — | 3,340 | — | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | — | — | — | ||||||||||||||||||||||||
Balance as of October 26, 2012 | $ | — | $ | 3,340 | $ | — | |||||||||||||||||||||
Unrealized losses | — | (478 | ) | — | |||||||||||||||||||||||
Realized losses | — | — | — | ||||||||||||||||||||||||
Sales | — | (181 | ) | — | |||||||||||||||||||||||
Purchases | — | — | — | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | — | (2,681 | ) | — | |||||||||||||||||||||||
Balance as of October 25, 2013 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Non-U.S. Pension Plans | |||||||||||||||||||||||||||
Balance as of October 28, 2011 | $ | 65,743 | $ | 222,420 | $ | — | |||||||||||||||||||||
Unrealized (losses) gains | (15,552 | ) | (12,945 | ) | 60,979 | ||||||||||||||||||||||
Realized gains | 14,401 | 40,969 | 214 | ||||||||||||||||||||||||
Sales | (59,191 | ) | (200,796 | ) | (3,952 | ) | |||||||||||||||||||||
Purchases | — | 132,147 | 99,672 | ||||||||||||||||||||||||
Transfers (out) and/or in of Level 3 | (5,401 | ) | 242 | 5,401 | |||||||||||||||||||||||
Balance as of October 26, 2012 | $ | — | $ | 182,037 | $ | 162,314 | |||||||||||||||||||||
Unrealized gains (losses) | (22 | ) | (18,932 | ) | (8,305 | ) | |||||||||||||||||||||
Realized gains | — | 28,133 | 21,704 | ||||||||||||||||||||||||
Sales | — | (194,799 | ) | (175,896 | ) | ||||||||||||||||||||||
Purchases | 280 | 3,561 | 1,709 | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | — | — | (1,526 | ) | |||||||||||||||||||||||
Balance as of October 25, 2013 | $ | 258 | $ | — | $ | — | |||||||||||||||||||||
The following pension and other postretirement benefit payments (which include expected future service) are expected to be paid in each of the following years: | |||||||||||||||||||||||||||
Pension Plan Payments | Other Postretirement Benefit Plan Payments | ||||||||||||||||||||||||||
In thousands | U.S. | Non-U.S. | Prior to | After | Impact of | ||||||||||||||||||||||
Medicare | Medicare | Medicare | |||||||||||||||||||||||||
Part D | Part D | Part D | |||||||||||||||||||||||||
2014 | $ | 62,658 | $ | 24,059 | $ | 3,842 | $ | 3,739 | $ | 103 | |||||||||||||||||
2015 | 62,891 | 24,774 | 3,416 | 3,318 | 98 | ||||||||||||||||||||||
2016 | 65,201 | 25,504 | 3,382 | 3,291 | 91 | ||||||||||||||||||||||
2017 | 67,767 | 26,225 | 3,374 | 3,290 | 84 | ||||||||||||||||||||||
2018 | 70,307 | 27,012 | 2,995 | 2,919 | 76 | ||||||||||||||||||||||
2019 - 2023 | 459,716 | 147,273 | 12,340 | 12,077 | 263 | ||||||||||||||||||||||
On December 8, 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. This Act introduced a prescription drug benefit under Medicare Part D, as well as a federal subsidy to sponsors of retiree health care benefit plans that provide a benefit that is at least actuarially equivalent to Medicare Part D. We currently sponsor two retiree welfare benefits plans that provide prescription drug benefits to our U.S. retirees. | |||||||||||||||||||||||||||
For fiscal 2014, we expect contributions to our employee pension plans not to exceed $50.0 million. |
Derivatives
Derivatives | 12 Months Ended | |||||||||
Oct. 25, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivatives | ' | |||||||||
Derivatives | ||||||||||
We are exposed to certain foreign currency risks in the normal course of our global business operations. We enter into derivative contracts that are foreign currency forward contracts to hedge the risks of certain identified and anticipated transactions in currencies other than the functional currency of the respective operating unit. The types of risks hedged are those arising from the variability of future earnings and cash flows caused by fluctuations in foreign currency exchange rates. These contracts are for forecasted transactions and committed receivables and payables denominated in foreign currencies and are not entered into for speculative purposes. Consequently, any market-related loss on the forward contract would be offset by changes in the value of the hedged item, and, as a result, we are generally not exposed to net market risk associated with these instruments. | ||||||||||
Each derivative is designated as either a cash flow hedge, a fair value hedge or an undesignated instrument. All derivatives are recorded at fair value on the Consolidated Balance Sheets under the heading Other current assets or under the heading Other accrued liabilities, as appropriate. Cash flows from fair value and cash flow hedges are classified within the same category as the item being hedged on the Consolidated Statements of Cash Flows. Cash flows from undesignated derivative instruments are included in operating activities on the Consolidated Statements of Cash Flows. | ||||||||||
For derivative contracts that are designated and qualify for a cash flow hedge, the effective portion of the gain or loss of the derivative contract is recorded as a component of other comprehensive income, net of tax. This amount is reclassified into the income statement on the line associated with the underlying transaction for the period(s) in which the hedged transaction affects earnings. The amounts recorded in accumulated other comprehensive income for existing cash flow hedges are generally expected to be reclassified into earnings within one year, and all of the existing hedges will be reclassified into earnings by January 2015. Ineffectiveness related to these derivative contracts was recorded in the Consolidated Statements of Income as a gain of $0.9 million and $3.0 million for the years ended October 25, 2013 and October 26, 2012, respectively. | ||||||||||
For derivative contracts that are designated and qualify as a fair value hedge, the gain or loss is recorded in the Consolidated Statements of Income under the heading Cost of sales. For the years ended October 25, 2013 and October 26, 2012, we recorded a loss of $0.8 million and $3.0 million, respectively, related to fair value hedges, which were offset by foreign exchange fluctuations of the underlying hedged item. | ||||||||||
For derivative contracts entered into to hedge revaluation of net balance sheet exposures in non-functional currency that are not designated as a fair value hedge or a cash flow hedge, the gain or loss is recorded in the Consolidated Statements of Income under the heading Cost of sales. For the years ended October 25, 2013 and October 26, 2012, we recorded a gain of less than $0.1 million and a loss of $3.1 million, respectively, related to undesignated hedges, which were offset by foreign exchange fluctuations. | ||||||||||
The following table summarizes the effect of cash flow hedges on the Consolidated Statements of Income: | ||||||||||
(in thousands) | Effective Portion | |||||||||
Amount of Gain/ (Loss) | Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | |||||||||
Recognized in Other | ||||||||||
Derivative Hedging Relationship | Comprehensive Income | Location | Amount | |||||||
Foreign currency forward contracts | ||||||||||
Year Ended October 25, 2013 | $ | 5,504 | Cost of sales | $ | (6,151 | ) | ||||
Sales | 364 | |||||||||
Year Ended October 26, 2012 | $ | 5,558 | Cost of sales | $ | (1,374 | ) | ||||
Sales | 460 | |||||||||
We are exposed to credit risk in the event of nonperformance by counterparties to the forward contracts. The contract amount, along with other terms of the forward, determines the amount and timing of amounts to be exchanged, and the contract is generally subject to credit risk only when it has a positive fair value. |
Operating_Leases
Operating Leases | 12 Months Ended | |||
Oct. 25, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Operating Leases | ' | |||
Operating Leases | ||||
We lease certain plant, office and warehouse space as well as machinery, vehicles, data processing and other equipment. Certain of the leases have renewal options at reduced rates and provisions requiring us to pay maintenance, property taxes and insurance. Amortization of assets reported as capital leases is included in depreciation expense. Generally, all rental payments are fixed. Our assets and obligations under capital lease arrangements are not significant. | ||||
Total rental expense under operating leases, excluding maintenance, taxes and insurance, was $47.9 million, $43.5 million, and $33.6 million for fiscal 2013, 2012 and 2011, respectively. | ||||
As of October 25, 2013, the future payments for all operating leases with remaining lease terms in excess of one year, excluding maintenance, taxes and insurance, were as follows: | ||||
In millions | ||||
2014 | $ | 34.9 | ||
2015 | 26.6 | |||
2016 | 20.2 | |||
2017 | 14 | |||
2018 | 10.8 | |||
Thereafter | 18 | |||
Total | $ | 124.5 | ||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Oct. 25, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share is computed by dividing net income attributable to the Company by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from the assumed exercise of stock options, performance shares and restricted stock units, if dilutive. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
In thousands, except share amounts | October 25, | October 26, | October 28, | |||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income from continuing operations available to common shareholders | $ | 533,938 | $ | 767,081 | $ | 631,002 | ||||||
Loss from discontinued operations available to common shareholders | (225 | ) | (5,060 | ) | (21,346 | ) | ||||||
Net income available to common shareholders | $ | 533,713 | $ | 762,021 | $ | 609,656 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding | 106,070 | 105,862 | 104,916 | |||||||||
Dilutive effect of stock options, performance shares and restricted stock units | 926 | 1,027 | 1,621 | |||||||||
Weighted average shares outstanding assuming dilution | 106,996 | 106,889 | 106,537 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 5.03 | $ | 7.25 | $ | 6.01 | ||||||
Discontinued operations | — | (0.05 | ) | (0.20 | ) | |||||||
Net income | $ | 5.03 | $ | 7.2 | $ | 5.81 | ||||||
Diluted earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 4.99 | $ | 7.18 | $ | 5.92 | ||||||
Discontinued operations | — | (0.05 | ) | (0.20 | ) | |||||||
Net income | $ | 4.99 | $ | 7.13 | $ | 5.72 | ||||||
Options to purchase a weighted average of 1.4 million, 0.8 million and 0.4 million shares were excluded from the calculations of diluted earnings per share for fiscal 2013, 2012 and 2011, respectively, as the effect would have been antidilutive. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Oct. 25, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
GAAP establishes a three level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows: | ||||||||||||||||
Level 1: Quoted prices in active markets for identical instruments; | ||||||||||||||||
Level 2: Inputs, other than quoted prices in active markets, that are observable for the instrument either directly or indirectly or quoted prices for similar instruments in active markets; and | ||||||||||||||||
Level 3: Unobservable inputs for the instrument where there is little or no market data, which requires the reporting entity to develop its own assumptions. | ||||||||||||||||
GAAP requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value and disclose the fair value of long-term obligations recorded at cost as of October 25, 2013 and October 26, 2012. As of October 25, 2013 and October 26, 2012 we did not have any Level 3 assets or liabilities. | ||||||||||||||||
Fair Value Measurements as of October 25, 2013 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 29,221 | $ | 29,221 | $ | 29,221 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 9,593 | $ | 9,593 | $ | — | $ | 9,593 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 6,608 | $ | 6,608 | $ | — | $ | 6,608 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 412,500 | $ | 432,952 | $ | — | $ | 432,952 | ||||||||
6.0 % Senior Notes due 2016 | $ | 248,733 | $ | 280,425 | $ | — | $ | 280,425 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,438 | $ | 531,400 | $ | — | $ | 531,400 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,493 | $ | 165,600 | $ | — | $ | 165,600 | ||||||||
Fair Value Measurements as of October 26, 2012 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 49,513 | $ | 49,513 | $ | 49,513 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 16,780 | $ | 16,780 | $ | — | $ | 16,780 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 7,095 | $ | 7,095 | $ | — | $ | 7,095 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 462,500 | $ | 458,954 | $ | — | $ | 458,954 | ||||||||
6.0 % Senior Notes due 2016 | $ | 248,360 | $ | 285,500 | $ | — | $ | 285,500 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,088 | $ | 552,150 | $ | — | $ | 552,150 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,466 | $ | 175,605 | $ | — | $ | 175,605 | ||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | ||||||||||||||||
Cash equivalents: The carrying value of cash equivalents approximates fair value based on the short-term nature of these instruments. | ||||||||||||||||
Derivatives: The fair value of forward foreign exchange contracts is based on a valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. | ||||||||||||||||
Term Loan: The fair value of the Term Loan is estimated using discounted cash flows and market conditions. | ||||||||||||||||
Senior Notes: The fair market value of the senior notes is estimated based on market quotations of similar instruments at the respective period end. |
Commitments_Contingencies_and_
Commitments, Contingencies and Off-Balance-Sheet Risks | 12 Months Ended |
Oct. 25, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies and Off-Balance-Sheet Risks | ' |
Commitments, Contingencies and Off-Balance-Sheet Risks | |
We and our subsidiaries are involved in various unresolved legal matters that arise in the normal course of operations, the most prevalent of which relate to product liability (including approximately 2,900 asbestos and silica-related cases), employment and commercial matters. We and our subsidiaries also become involved from time to time in proceedings relating to environmental matters. In addition, as a normal part of operations, our subsidiaries undertake contractual obligations, warranties and guarantees in connection with the sale of products or services. Although the outcome of these matters cannot be predicted with certainty and favorable or unfavorable resolutions may affect the results of operations on a quarter-to-quarter basis, we believe that the outcome of such legal and other matters will not have a materially adverse effect on our consolidated financial position, results of operations or liquidity. | |
As of October 25, 2013, we were contingently liable to banks, financial institutions and others for approximately $210.7 million for outstanding standby letters of credit, bank guarantees and surety bonds securing performance of sales contracts and other guarantees in the ordinary course of business. Of the $210.7 million, approximately $11.3 million relates to surety bonds and $4.2 million relates to outstanding letters of credit or other guarantees issued by non-U.S. banks for non-U.S. subsidiaries under locally provided credit facilities. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
We operate in two reportable segments: Underground Mining Machinery and Surface Mining Equipment. Crushing and conveying operating results related to surface applications are reported as part of the Surface Mining Equipment segment, while total crushing and conveying operating results are included with the Underground Mining Machinery segment. Eliminations consist of the surface applications of crushing and conveying included in both operating segments. On June 22, 2011, we acquired LeTourneau. LeTourneau historically operated in three business segments: mining equipment, steel products and drilling products. The results of operations for LeTourneau’s mining equipment and steel products have been included in the Surface Mining Equipment segment since June 22, 2011. The drilling products segment was sold on October 24, 2011, and the results of operations for the drilling products segment have been classified as discontinued operations. On December 29, 2011, we acquired control of IMM. IMM is a leading designer and manufacturer of underground coal mining equipment in China. The results of operations for IMM have been included in the Underground Mining Machinery segment since December 29, 2011. | ||||||||||||||||||||
Operating income (loss) of segments does not include interest income and expense, reorganization items, corporate administration expenses and the provision for income taxes. Identifiable assets are those used in our operations in each segment. Corporate assets consist primarily of cash and cash equivalents, property, plant and equipment and deferred financing costs. The accounting policies of the segments are the same as those described in Note 2, Significant Accounting Policies. | ||||||||||||||||||||
In thousands | Underground | Surface | Corporate | Eliminations | Total | |||||||||||||||
Mining | Mining | |||||||||||||||||||
Machinery | Equipment | |||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
Net sales | $ | 2,691,039 | $ | 2,494,678 | $ | — | $ | (173,020 | ) | $ | 5,012,697 | |||||||||
Operating income (loss) | $ | 367,233 | $ | 525,314 | $ | (25,652 | ) | $ | (45,234 | ) | $ | 821,661 | ||||||||
Interest income | — | — | 8,781 | — | 8,781 | |||||||||||||||
Interest expense | — | — | (66,285 | ) | — | (66,285 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 367,233 | $ | 525,314 | $ | (83,156 | ) | $ | (45,234 | ) | $ | 764,157 | ||||||||
Depreciation and amortization | $ | 60,042 | $ | 50,512 | $ | 2,965 | $ | — | $ | 113,519 | ||||||||||
Capital expenditures | $ | 73,286 | $ | 71,643 | $ | 8,489 | $ | — | $ | 153,418 | ||||||||||
Total assets | $ | 3,676,120 | $ | 1,917,717 | $ | 195,745 | $ | — | $ | 5,789,582 | ||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
Net sales | $ | 3,107,488 | $ | 2,737,488 | $ | — | $ | (184,087 | ) | $ | 5,660,889 | |||||||||
Operating income (loss) | $ | 671,797 | $ | 592,687 | $ | (51,079 | ) | $ | (40,846 | ) | $ | 1,172,559 | ||||||||
Interest income | — | — | 5,831 | — | 5,831 | |||||||||||||||
Interest expense | — | — | (73,259 | ) | — | (73,259 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 671,797 | $ | 592,687 | $ | (118,507 | ) | $ | (40,846 | ) | $ | 1,105,131 | ||||||||
Depreciation and amortization | $ | 90,339 | $ | 59,887 | $ | 2,614 | $ | — | $ | 152,840 | ||||||||||
Capital expenditures | $ | 129,928 | $ | 109,325 | $ | 2,274 | $ | — | $ | 241,527 | ||||||||||
Total assets | $ | 3,881,583 | $ | 2,158,405 | $ | 102,515 | $ | — | $ | 6,142,503 | ||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
Net sales | $ | 2,576,625 | $ | 1,959,353 | $ | — | $ | (132,072 | ) | $ | 4,403,906 | |||||||||
Operating income (loss) | $ | 595,262 | $ | 422,472 | $ | (65,693 | ) | $ | (31,862 | ) | $ | 920,179 | ||||||||
Interest Income | — | — | 13,869 | — | 13,869 | |||||||||||||||
Interest expense | — | — | (38,180 | ) | — | (38,180 | ) | |||||||||||||
Reorganization items | — | — | (35 | ) | — | (35 | ) | |||||||||||||
Income before income taxes | $ | 595,262 | $ | 422,472 | $ | (90,039 | ) | $ | (31,862 | ) | $ | 895,833 | ||||||||
Depreciation and amortization | $ | 40,537 | $ | 38,339 | $ | 234 | $ | — | $ | 79,110 | ||||||||||
Capital expenditures | $ | 50,701 | $ | 59,022 | $ | 800 | $ | — | $ | 110,523 | ||||||||||
Total assets | $ | 2,022,553 | $ | 1,936,246 | $ | 1,467,555 | $ | — | $ | 5,426,354 | ||||||||||
Geographical Information | ||||||||||||||||||||
In thousands | Total | Interarea | Sales to | Operating | Long | |||||||||||||||
Sales | Sales | Unaffiliated | Income (Loss) | Lived | ||||||||||||||||
Customers | Assets | |||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
United States | $ | 2,801,138 | $ | (840,823 | ) | $ | 1,960,315 | $ | 345,862 | $ | 493,379 | |||||||||
Europe | 725,835 | (439,274 | ) | 286,561 | 62,480 | 65,739 | ||||||||||||||
Australia | 963,842 | (24,375 | ) | 939,467 | 154,518 | 116,563 | ||||||||||||||
Other Foreign Locations | 1,948,886 | (122,532 | ) | 1,826,354 | 329,687 | 412,493 | ||||||||||||||
Interarea Eliminations | (1,427,004 | ) | 1,427,004 | — | (45,234 | ) | — | |||||||||||||
$ | 5,012,697 | $ | — | $ | 5,012,697 | $ | 847,313 | $ | 1,088,174 | |||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
United States | $ | 3,238,196 | $ | (940,980 | ) | $ | 2,297,216 | $ | 586,808 | $ | 411,734 | |||||||||
Europe | 684,704 | (281,797 | ) | 402,907 | 83,887 | 50,837 | ||||||||||||||
Australia | 1,088,654 | (26,887 | ) | 1,061,767 | 181,914 | 74,484 | ||||||||||||||
Other Foreign Locations | 2,001,149 | (102,150 | ) | 1,898,999 | 411,875 | 382,931 | ||||||||||||||
Interarea Eliminations | (1,351,814 | ) | 1,351,814 | — | (40,846 | ) | — | |||||||||||||
$ | 5,660,889 | $ | — | $ | 5,660,889 | $ | 1,223,638 | $ | 919,986 | |||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
United States | $ | 2,815,722 | $ | (804,206 | ) | $ | 2,011,516 | $ | 589,837 | $ | 332,892 | |||||||||
Europe | 515,817 | (190,188 | ) | 325,629 | 74,085 | 42,470 | ||||||||||||||
Australia | 727,598 | (23,282 | ) | 704,316 | 121,883 | 46,038 | ||||||||||||||
Other Foreign Locations | 1,425,999 | (63,554 | ) | 1,362,445 | 311,901 | 159,894 | ||||||||||||||
Interarea Eliminations | (1,081,230 | ) | 1,081,230 | — | (111,834 | ) | — | |||||||||||||
$ | 4,403,906 | $ | — | $ | 4,403,906 | $ | 985,872 | $ | 581,294 | |||||||||||
Product Information | ||||||||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Original equipment | $ | 2,254,400 | $ | 2,709,944 | $ | 1,785,380 | ||||||||||||||
Aftermarket | 2,758,297 | 2,950,945 | 2,618,526 | |||||||||||||||||
Total revenues | $ | 5,012,697 | $ | 5,660,889 | $ | 4,403,906 | ||||||||||||||
Subsidiary_Guarantors
Subsidiary Guarantors (Subsidiary Guarantors) | 12 Months Ended | |||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||
Subsidiary Guarantors | ||||||||||||||||||||
The following tables present condensed consolidated financial information of continuing operations for fiscal 2013, 2012 and 2011 for: (a) the Company; (b) on a combined basis, the guarantors of the Term Loan and of the 2016 Senior Notes and 2036 Senior Notes issued in November 2006, which include the significant domestic operations of Joy Global Underground Mining LLC (formerly known as Joy Technologies LLC), Joy Global Surface Mining Inc. (formerly known as P&H Mining Equipment Inc.), N.E.S. Investment Co., Joy Global Conveyors Inc. (formerly known as Continental Crushing & Conveying Inc.), Joy Global Longview Operations LLC (formerly known as LeTourneau Technologies LLC) and certain immaterial wholly owned subsidiaries of Joy Global Longview Operations LLC (the “Subsidiary Guarantors”); and (c) on a combined basis, the non-guarantors, which include all of our foreign subsidiaries and a number of small domestic subsidiaries (the “Non-Guarantor Subsidiaries”). | ||||||||||||||||||||
The borrowings are fully and unconditionally guaranteed on a joint and several unsecured basis by the Subsidiary Guarantors, which are direct and indirect 100% owned subsidiaries of the Company. We conduct all of our business and derive essentially all of our income from our subsidiaries. Therefore, our ability to make payments on the obligations is dependent on the earnings and distribution of funds from our subsidiaries. There are no restrictions on the ability of any of our domestic subsidiaries to transfer funds to the parent company. Separate financial statements of the Subsidiary Guarantors are not presented because we believe such separate statements or disclosures would not be useful to investors. | ||||||||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 2,756,869 | $ | 3,691,072 | $ | (1,435,244 | ) | $ | 5,012,697 | |||||||||
Cost of sales | — | 1,930,332 | 2,644,416 | (1,185,264 | ) | 3,389,484 | ||||||||||||||
Product development, selling and administrative expenses | 53,051 | 307,113 | 319,837 | — | 680,001 | |||||||||||||||
Intangible asset impairment charge | — | 100,400 | 54,800 | — | 155,200 | |||||||||||||||
Other (income) and expense | (15,000 | ) | 34,267 | (52,916 | ) | — | (33,649 | ) | ||||||||||||
Operating income (loss) | (38,051 | ) | 384,757 | 724,935 | (249,980 | ) | 821,661 | |||||||||||||
Intercompany items | 114,784 | (79,519 | ) | (151,571 | ) | 116,306 | — | |||||||||||||
Interest (expense) income, net | (64,665 | ) | 3,266 | 3,895 | — | (57,504 | ) | |||||||||||||
Income from continuing operations before income taxes and equity | 12,068 | 308,504 | 577,259 | (133,674 | ) | 764,157 | ||||||||||||||
Provision (benefit) for income taxes | (50,908 | ) | 207,825 | 73,302 | — | 230,219 | ||||||||||||||
Equity in income of subsidiaries | 470,962 | 397,610 | — | (868,572 | ) | — | ||||||||||||||
Income from continuing operations | $ | 533,938 | $ | 498,289 | $ | 503,957 | $ | (1,002,246 | ) | $ | 533,938 | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 3,322,522 | $ | 3,805,096 | $ | (1,466,729 | ) | $ | 5,660,889 | |||||||||
Cost of sales | — | 2,285,279 | 2,694,336 | (1,195,813 | ) | 3,783,802 | ||||||||||||||
Product development, selling and administrative expenses | 69,012 | 335,205 | 332,559 | — | 736,776 | |||||||||||||||
Other (income) and expense | — | 26,896 | (59,144 | ) | — | (32,248 | ) | |||||||||||||
Operating income (loss) | (69,012 | ) | 675,142 | 837,345 | (270,916 | ) | 1,172,559 | |||||||||||||
Intercompany items | 66,366 | (53,331 | ) | (113,029 | ) | 99,994 | — | |||||||||||||
Interest (expense) income, net | (52,244 | ) | 834 | (16,018 | ) | — | (67,428 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity | (54,890 | ) | 622,645 | 708,298 | (170,922 | ) | 1,105,131 | |||||||||||||
Provision (benefit) for income taxes | (65,450 | ) | 309,207 | 94,113 | — | 337,870 | ||||||||||||||
Equity in income of subsidiaries | 756,701 | 388,709 | — | (1,145,410 | ) | — | ||||||||||||||
Income from continuing operations | $ | 767,261 | $ | 702,147 | $ | 614,185 | $ | (1,316,332 | ) | $ | 767,261 | |||||||||
Income from continuing operations attributable to non-controlling interest | (180 | ) | — | (180 | ) | 180 | (180 | ) | ||||||||||||
Income from continuing operations attributable to Joy Global Inc. | $ | 767,081 | $ | 702,147 | $ | 614,005 | $ | (1,316,152 | ) | $ | 767,081 | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 2,782,132 | $ | 2,718,355 | $ | (1,096,581 | ) | $ | 4,403,906 | |||||||||
Cost of sales | — | 1,861,215 | 1,886,857 | (850,467 | ) | 2,897,605 | ||||||||||||||
Product development, selling and administrative expenses | 65,239 | 290,044 | 246,727 | — | 602,010 | |||||||||||||||
Other (income) and expense | — | 19,038 | (34,748 | ) | (178 | ) | (15,888 | ) | ||||||||||||
Operating income (loss) | (65,239 | ) | 611,835 | 619,519 | (245,936 | ) | 920,179 | |||||||||||||
Intercompany items | 46,179 | (37,107 | ) | (123,156 | ) | 114,084 | — | |||||||||||||
Interest (expense) income, net | (35,487 | ) | 2,285 | 8,891 | — | (24,311 | ) | |||||||||||||
Reorganization items | (35 | ) | — | — | — | (35 | ) | |||||||||||||
Income (loss) from operations before income taxes and equity | (54,582 | ) | 577,013 | 505,254 | (131,852 | ) | 895,833 | |||||||||||||
Provision (benefit) for income taxes | (66,365 | ) | 240,118 | 91,078 | — | 264,831 | ||||||||||||||
Equity in income of subsidiaries | 619,219 | 140,514 | — | (759,733 | ) | — | ||||||||||||||
Income from continuing operations | $ | 631,002 | $ | 477,409 | $ | 414,176 | $ | (891,585 | ) | $ | 631,002 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 191,693 | $ | 904,591 | $ | 1,862,376 | $ | (136,216 | ) | $ | 2,822,444 | |||||||||
Property, plant and equipment, net | 18,081 | 375,026 | 519,535 | — | 912,642 | |||||||||||||||
Goodwill and other intangible assets, net | — | 701,399 | 1,110,932 | — | 1,812,331 | |||||||||||||||
Other assets | 4,119,523 | 2,065,239 | 4,059,130 | (10,001,727 | ) | 242,165 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 87,190 | $ | 459,333 | $ | 832,621 | $ | (18,554 | ) | $ | 1,360,590 | |||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other liabilities | (9,312 | ) | 8,693 | 164,510 | — | 163,891 | ||||||||||||||
Shareholders’ equity | 2,858,369 | 3,571,781 | 6,547,608 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 26, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 97,443 | $ | 1,145,051 | $ | 2,134,636 | $ | (221,053 | ) | $ | 3,156,077 | |||||||||
Property, plant and equipment, net | 12,515 | 378,274 | 442,073 | — | 832,862 | |||||||||||||||
Goodwill and other intangible assets, net | — | 818,435 | 1,153,147 | — | 1,971,582 | |||||||||||||||
Other assets | 4,178,760 | 2,528,849 | 1,803,046 | (8,328,673 | ) | 181,982 | ||||||||||||||
Total assets | $ | 4,288,718 | $ | 4,870,609 | $ | 5,532,902 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 106,207 | $ | 750,884 | $ | 1,005,205 | $ | (81,479 | ) | $ | 1,780,817 | |||||||||
Long-term obligations | 1,305,413 | 1,212 | — | — | 1,306,625 | |||||||||||||||
Accrued pension costs | 322,310 | 6,589 | 6,914 | — | 335,813 | |||||||||||||||
Other liabilities | (22,401 | ) | 10,205 | 154,255 | — | 142,059 | ||||||||||||||
Shareholders’ equity | 2,577,189 | 4,101,719 | 4,366,528 | (8,468,247 | ) | 2,577,189 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,288,718 | $ | 4,870,609 | $ | 5,532,902 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 457,171 | $ | 58,565 | $ | 122,802 | $ | 638,538 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (1,688 | ) | — | (1,688 | ) | ||||||||||||||
Net cash provided by operating activities | 457,171 | 56,877 | 122,802 | 636,850 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (8,489 | ) | (43,830 | ) | (101,099 | ) | (153,418 | ) | ||||||||||||
Other investing activities | (112 | ) | 1,111 | 2,444 | 3,443 | |||||||||||||||
Net cash used by investing activities | (8,601 | ) | (42,719 | ) | (98,655 | ) | (149,975 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (74,325 | ) | — | — | (74,325 | ) | ||||||||||||||
Treasury stock purchased | (214,106 | ) | — | — | (214,106 | ) | ||||||||||||||
Other financing activities | (40,697 | ) | (425 | ) | (6,949 | ) | (48,071 | ) | ||||||||||||
Net cash used by financing activities | (329,128 | ) | (425 | ) | (6,949 | ) | (336,502 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (8,537 | ) | (8,537 | ) | ||||||||||||||
Increase in cash and cash equivalents | 119,442 | 13,733 | 8,661 | 141,836 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 3,459 | 6,628 | 253,786 | 263,873 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | 405,709 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 145,654 | $ | 177,098 | $ | 141,163 | $ | 463,915 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (21,054 | ) | — | (21,054 | ) | ||||||||||||||
Net cash provided by operating activities | 145,654 | 156,044 | 141,163 | 442,861 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,028,829 | ) | — | 72,912 | (955,917 | ) | ||||||||||||||
Property, plant and equipment acquired | (2,274 | ) | (113,735 | ) | (125,518 | ) | (241,527 | ) | ||||||||||||
Working capital adjustment from sale of LeTourneau Technologies Drilling Systems, Inc. | — | (56,270 | ) | — | (56,270 | ) | ||||||||||||||
Withdrawals of cash held in escrow | 866,000 | — | — | 866,000 | ||||||||||||||||
Other investing activities | (155 | ) | 4,841 | 4,699 | 9,385 | |||||||||||||||
Net cash used by investing activities | (165,258 | ) | (165,164 | ) | (47,907 | ) | (378,329 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (73,961 | ) | — | — | (73,961 | ) | ||||||||||||||
Borrowings under term loans | 250,000 | — | — | 250,000 | ||||||||||||||||
Repayments of term loans | (281,250 | ) | — | — | (281,250 | ) | ||||||||||||||
Other financing activities | 28,093 | (404 | ) | (4,087 | ) | 23,602 | ||||||||||||||
Net cash used by financing activities | (77,118 | ) | (404 | ) | (4,087 | ) | (81,609 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (7,371 | ) | (7,371 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (96,722 | ) | (9,524 | ) | 81,798 | (24,448 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 100,181 | 16,152 | 171,988 | 288,321 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 3,459 | $ | 6,628 | $ | 253,786 | $ | 263,873 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net cash provided (used) by operating activities of continuing operations | $ | 982,185 | $ | (318,788 | ) | $ | (163,671 | ) | $ | 499,726 | ||||||||||
Net cash provided by operating activities of discontinued operations | — | 4,967 | — | 4,967 | ||||||||||||||||
Net cash provided (used) by operating activities | 982,185 | (313,821 | ) | (163,671 | ) | 504,693 | ||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,048,908 | ) | — | — | (1,048,908 | ) | ||||||||||||||
Property, plant and equipment acquired | (800 | ) | (64,803 | ) | (44,920 | ) | (110,523 | ) | ||||||||||||
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | — | 375,000 | — | 375,000 | ||||||||||||||||
Equity investment in IMM shares | (376,724 | ) | — | — | (376,724 | ) | ||||||||||||||
Deposits of cash held in escrow | (866,000 | ) | — | — | (866,000 | ) | ||||||||||||||
Other investing activities | (373 | ) | 1,473 | 4,178 | 5,278 | |||||||||||||||
Net cash (used) provided by investing activities | (2,292,805 | ) | 311,670 | (40,742 | ) | (2,021,877 | ) | |||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 53,341 | — | — | 53,341 | ||||||||||||||||
Dividends paid | (73,262 | ) | — | — | (73,262 | ) | ||||||||||||||
Issuance of senior notes | 495,755 | — | — | 495,755 | ||||||||||||||||
Borrowings under term loans | 500,000 | — | — | 500,000 | ||||||||||||||||
Other financing activities | (4,328 | ) | 2,041 | 3,169 | 882 | |||||||||||||||
Net cash provided by financing activities | 971,506 | 2,041 | 3,169 | 976,716 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 13,208 | 13,208 | ||||||||||||||||
(Decrease) increase in cash and cash equivalents | (339,114 | ) | (110 | ) | (188,036 | ) | (527,260 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 439,295 | 16,262 | 360,024 | 815,581 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 100,181 | $ | 16,152 | $ | 171,988 | $ | 288,321 | ||||||||||||
Supplemental_Subsidiary_Guaran
Supplemental Subsidiary Guarantors (Supplemental Guarantor Subsidiaries) | 12 Months Ended | |||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||
Supplemental Guarantor Subsidiaries | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Supplemental Subsidiary Guarantors | ' | |||||||||||||||||||
Supplemental Subsidiary Guarantors | ||||||||||||||||||||
The following tables present condensed consolidated financial information of continuing operations for fiscal 2013, 2012 and 2011 for: (a) the Company; (b) on a combined basis, the guarantors of the Credit Agreement and the 2021 Notes issued in October 2011, which include Joy Global Underground Mining LLC (formerly known as Joy Technologies LLC), Joy Global Surface Mining Inc. (formerly known as P&H Mining Equipment Inc.), N.E.S. Investment Co., Joy Global Conveyors Inc. (formerly known as Continental Crushing & Conveying Inc.) and Joy Global Longview Operations LLC (formerly known as LeTourneau Technologies LLC) (the “Supplemental Subsidiary Guarantors”); and (c) on a combined basis, the non-guarantors, which include all of our foreign subsidiaries and a number of small domestic subsidiaries ("Supplemental Non-Guarantor Subsidiaries”). | ||||||||||||||||||||
The borrowings are fully and unconditionally guaranteed on a joint and several unsecured basis by the Supplemental Subsidiary Guarantors, which are direct and indirect 100% owned subsidiaries of the Company. We conduct all of our business and derive essentially all of our income from our subsidiaries. Therefore, our ability to make payments on the obligations is dependent on the earnings and distribution of funds from our subsidiaries. There are no restrictions on the ability of any of our domestic subsidiaries to transfer funds to the parent company. Separate financial statements of the Supplemental Subsidiary Guarantors are not presented because we believe such separate statements or disclosures would not be useful to investors. | ||||||||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 2,745,565 | $ | 3,702,376 | $ | (1,435,244 | ) | $ | 5,012,697 | |||||||||
Cost of sales | — | 1,915,612 | 2,659,136 | (1,185,264 | ) | 3,389,484 | ||||||||||||||
Product development, selling and administrative expenses | 53,051 | 306,249 | 320,701 | — | 680,001 | |||||||||||||||
Intangible asset impairment charges | — | 100,400 | 54,800 | — | 155,200 | |||||||||||||||
Other (income) and expense | (15,000 | ) | 34,101 | (52,750 | ) | — | (33,649 | ) | ||||||||||||
Operating income (loss) | (38,051 | ) | 389,203 | 720,489 | (249,980 | ) | 821,661 | |||||||||||||
Intercompany items | 114,784 | (79,519 | ) | (151,571 | ) | 116,306 | — | |||||||||||||
Interest (expense) income, net | (64,665 | ) | 3,225 | 3,936 | — | (57,504 | ) | |||||||||||||
Income from continuing operations before income taxes and equity | 12,068 | 312,909 | 572,854 | (133,674 | ) | 764,157 | ||||||||||||||
Provision (benefit) for income taxes | (50,908 | ) | 207,181 | 73,946 | — | 230,219 | ||||||||||||||
Equity in income of subsidiaries | 470,962 | 397,610 | — | (868,572 | ) | — | ||||||||||||||
Income from continuing operations | 533,938 | 503,338 | 498,908 | (1,002,246 | ) | 533,938 | ||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 3,275,658 | $ | 3,851,960 | $ | (1,466,729 | ) | $ | 5,660,889 | |||||||||
Cost of sales | — | 2,249,895 | 2,729,720 | (1,195,813 | ) | 3,783,802 | ||||||||||||||
Product development, selling and administrative expenses | 69,012 | 328,486 | 339,278 | — | 736,776 | |||||||||||||||
Other (income) and expense | — | 26,730 | (58,978 | ) | — | (32,248 | ) | |||||||||||||
Operating income (loss) | (69,012 | ) | 670,547 | 841,940 | (270,916 | ) | 1,172,559 | |||||||||||||
Intercompany items | 66,366 | (53,331 | ) | (113,029 | ) | 99,994 | — | |||||||||||||
Interest (expense) income, net | (52,244 | ) | 892 | (16,076 | ) | — | (67,428 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity | (54,890 | ) | 618,108 | 712,835 | (170,922 | ) | 1,105,131 | |||||||||||||
Provision (benefit) for income taxes | (65,450 | ) | 309,207 | 94,113 | — | 337,870 | ||||||||||||||
Equity in income of subsidiaries | 756,701 | 393,246 | — | (1,149,947 | ) | — | ||||||||||||||
Income from continuing operations | 767,261 | 702,147 | 618,722 | (1,320,869 | ) | 767,261 | ||||||||||||||
Income from continuing operations attributable to non-controlling interest | (180 | ) | — | (180 | ) | 180 | (180 | ) | ||||||||||||
Income from continuing operations attributable to Joy Global Inc. | $ | 767,081 | $ | 702,147 | $ | 618,542 | $ | (1,320,689 | ) | $ | 767,081 | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 2,761,635 | $ | 2,738,852 | $ | (1,096,581 | ) | $ | 4,403,906 | |||||||||
Cost of sales | — | 1,847,957 | 1,900,115 | (850,467 | ) | 2,897,605 | ||||||||||||||
Product development, selling and administrative expenses | 65,239 | 286,328 | 250,443 | — | 602,010 | |||||||||||||||
Other (income) and expense | — | 19,007 | (34,717 | ) | (178 | ) | (15,888 | ) | ||||||||||||
Operating income (loss) | (65,239 | ) | 608,343 | 623,011 | (245,936 | ) | 920,179 | |||||||||||||
Intercompany items | 46,179 | (37,107 | ) | (123,156 | ) | 114,084 | — | |||||||||||||
Interest (expense) income, net | (35,487 | ) | 2,248 | 8,928 | — | (24,311 | ) | |||||||||||||
Reorganization items | (35 | ) | — | — | — | (35 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity | (54,582 | ) | 573,484 | 508,783 | (131,852 | ) | 895,833 | |||||||||||||
Provision (benefit) for income taxes | (66,365 | ) | 240,107 | 91,089 | — | 264,831 | ||||||||||||||
Equity in income of subsidiaries | 619,219 | 140,514 | — | (759,733 | ) | — | ||||||||||||||
Income from continuing operations | $ | 631,002 | $ | 473,891 | $ | 417,694 | $ | (891,585 | ) | $ | 631,002 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 191,693 | $ | 895,984 | $ | 1,870,983 | $ | (136,216 | ) | $ | 2,822,444 | |||||||||
Property, plant and equipment, net | 18,081 | 373,235 | 521,326 | — | 912,642 | |||||||||||||||
Goodwill and other intangible assets, net | — | 701,399 | 1,110,932 | — | 1,812,331 | |||||||||||||||
Other assets | 4,119,523 | 2,070,239 | 4,054,130 | (10,001,727 | ) | 242,165 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 87,190 | $ | 458,687 | $ | 833,267 | $ | (18,554 | ) | $ | 1,360,590 | |||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other liabilities | (9,312 | ) | 8,693 | 164,510 | — | 163,891 | ||||||||||||||
Shareholders’ equity | 2,858,369 | 3,567,029 | 6,552,360 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 97,443 | $ | 1,129,867 | $ | 2,149,820 | $ | (221,053 | ) | $ | 3,156,077 | |||||||||
Property, plant and equipment, net | 12,515 | 374,324 | 446,023 | — | 832,862 | |||||||||||||||
Goodwill and other intangible assets, net | — | 818,435 | 1,153,147 | — | 1,971,582 | |||||||||||||||
Other assets | 4,178,760 | 2,517,019 | 1,814,876 | (8,328,673 | ) | 181,982 | ||||||||||||||
Total assets | $ | 4,288,718 | $ | 4,839,645 | $ | 5,563,866 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 106,207 | $ | 748,369 | $ | 1,007,720 | $ | (81,479 | ) | $ | 1,780,817 | |||||||||
Long-term obligations | 1,305,413 | 1,212 | — | — | 1,306,625 | |||||||||||||||
Accrued pension costs | 322,310 | 6,589 | 6,914 | — | 335,813 | |||||||||||||||
Other liabilities | (22,401 | ) | 10,205 | 154,255 | — | 142,059 | ||||||||||||||
Shareholders’ equity | 2,577,189 | 4,073,270 | 4,394,977 | (8,468,247 | ) | 2,577,189 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,288,718 | $ | 4,839,645 | $ | 5,563,866 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Consolidated | |||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 457,171 | $ | 59,845 | $ | 121,522 | $ | 638,538 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (1,688 | ) | — | (1,688 | ) | ||||||||||||||
Net cash provided by operating activities | 457,171 | 58,157 | 121,522 | 636,850 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (8,489 | ) | (43,789 | ) | (101,140 | ) | (153,418 | ) | ||||||||||||
Other investing activities | (112 | ) | 1,111 | 2,444 | 3,443 | |||||||||||||||
Net cash used by investing activities | (8,601 | ) | (42,678 | ) | (98,696 | ) | (149,975 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (74,325 | ) | — | — | (74,325 | ) | ||||||||||||||
Treasury stock purchased | (214,106 | ) | — | — | (214,106 | ) | ||||||||||||||
Other financing activities | (40,697 | ) | (425 | ) | (6,949 | ) | (48,071 | ) | ||||||||||||
Net cash used by financing activities | (329,128 | ) | (425 | ) | (6,949 | ) | (336,502 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (8,537 | ) | (8,537 | ) | ||||||||||||||
Increase in cash and cash equivalents | 119,442 | 15,054 | 7,340 | 141,836 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 3,459 | 5,307 | 255,107 | 263,873 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | 405,709 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Consolidated | |||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 145,654 | $ | 178,700 | $ | 139,561 | $ | 463,915 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (21,054 | ) | — | (21,054 | ) | ||||||||||||||
Net cash provided by operating activities | 145,654 | 157,646 | 139,561 | 442,861 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,028,829 | ) | — | 72,912 | (955,917 | ) | ||||||||||||||
Property, plant and equipment acquired | (2,274 | ) | (113,650 | ) | (125,603 | ) | (241,527 | ) | ||||||||||||
Working capital adjustment from sale of LeTourneau Technologies Drilling Systems, Inc. | — | (56,270 | ) | — | (56,270 | ) | ||||||||||||||
Withdrawals of cash held in escrow | 866,000 | — | — | 866,000 | ||||||||||||||||
Other investing activities | (155 | ) | 1,833 | 7,707 | 9,385 | |||||||||||||||
Net cash used by investing activities | (165,258 | ) | (168,087 | ) | (44,984 | ) | (378,329 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (73,961 | ) | — | — | (73,961 | ) | ||||||||||||||
Borrowings under term loans | 250,000 | — | — | 250,000 | ||||||||||||||||
Repayments of term loans | (281,250 | ) | — | — | (281,250 | ) | ||||||||||||||
Other financing activities | 28,093 | (404 | ) | (4,087 | ) | 23,602 | ||||||||||||||
Net cash used by financing activities | (77,118 | ) | (404 | ) | (4,087 | ) | (81,609 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (7,371 | ) | (7,371 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (96,722 | ) | (10,845 | ) | 83,119 | (24,448 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 100,181 | 16,152 | 171,988 | 288,321 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 3,459 | $ | 5,307 | $ | 255,107 | $ | 263,873 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Consolidated | |||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided (used) by operating activities of continuing operations | $ | 982,185 | $ | (319,102 | ) | $ | (163,357 | ) | $ | 499,726 | ||||||||||
Net cash provided by operating activities of discontinued operations | — | 4,967 | — | 4,967 | ||||||||||||||||
Net cash provided (used) by operating activities | 982,185 | (314,135 | ) | (163,357 | ) | 504,693 | ||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,048,908 | ) | — | — | (1,048,908 | ) | ||||||||||||||
Property, plant and equipment acquired | (800 | ) | (64,489 | ) | (45,234 | ) | (110,523 | ) | ||||||||||||
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | — | 375,000 | — | 375,000 | ||||||||||||||||
Equity investment in IMM shares | (376,724 | ) | — | — | (376,724 | ) | ||||||||||||||
Deposits of cash held in escrow | (866,000 | ) | — | — | (866,000 | ) | ||||||||||||||
Other investing activities | (373 | ) | 1,473 | 4,178 | 5,278 | |||||||||||||||
Net cash (used) provided by investing activities | (2,292,805 | ) | 311,984 | (41,056 | ) | (2,021,877 | ) | |||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 53,341 | — | — | 53,341 | ||||||||||||||||
Dividends paid | (73,262 | ) | — | — | (73,262 | ) | ||||||||||||||
Issuance of senior notes | 495,755 | — | — | 495,755 | ||||||||||||||||
Borrowings under term loans | 500,000 | — | — | 500,000 | ||||||||||||||||
Other financing activities | (4,328 | ) | 2,041 | 3,169 | 882 | |||||||||||||||
Net cash provided by financing activities | 971,506 | 2,041 | 3,169 | 976,716 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 13,208 | 13,208 | ||||||||||||||||
(Decrease) increase in cash and cash equivalents | (339,114 | ) | (110 | ) | (188,036 | ) | (527,260 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 439,295 | 16,262 | 360,024 | 815,581 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 100,181 | $ | 16,152 | $ | 171,988 | $ | 288,321 | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Oct. 25, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On November 18, 2013, our Board of Directors declared a cash dividend of $0.175 per outstanding share of common stock. The dividend will be paid on December 18, 2013 to all shareholders of record at the close of business on December 4, 2013. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ' | |||||||||||||||||||||||
JOY GLOBAL INC. | ||||||||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance at | Additions | Deductions (1) | Currency | Acquisitions / | Balance | |||||||||||||||||||
Beginning | Charged | Translation | Discontinued | at End | ||||||||||||||||||||
of Year | to Expense | Effects | Operations (2) | of Year | ||||||||||||||||||||
Allowance Deducted from Accounts Receivable in Consolidated Balance Sheets: | ||||||||||||||||||||||||
Fiscal 2013 | $ | 119,141 | $ | 2,658 | $ | (7,278 | ) | (249 | ) | $ | (30,083 | ) | $ | 84,189 | ||||||||||
Fiscal 2012 | $ | 9,549 | $ | 9,542 | $ | (5,493 | ) | (23 | ) | $ | 105,566 | $ | 119,141 | |||||||||||
Fiscal 2011 | $ | 9,881 | $ | 2,766 | $ | (3,376 | ) | $ | 131 | $ | 147 | $ | 9,549 | |||||||||||
-1 | Represents write-off of bad debts, net of recoveries. | |||||||||||||||||||||||
-2 | Fiscal 2013 has been adjusted to reflect the finalization of IMM's purchase accounting and the reclassification of a portion of IMM's allowance from short-term to long-term. | |||||||||||||||||||||||
Balance at | Allocated | Reclass to | Balance | |||||||||||||||||||||
Beginning | to Tax | Long Term Deferred | at End | |||||||||||||||||||||
of Year | Expense | Tax Assets | of Year | |||||||||||||||||||||
Allowance Deducted from Deferred Tax Assets in Consolidated Balance Sheets: | ||||||||||||||||||||||||
Fiscal 2013 | $ | 122,635 | $ | 10,716 | $ | (2,786 | ) | 130,565 | ||||||||||||||||
Fiscal 2012 | $ | 123,052 | $ | (2,739 | ) | $ | 2,322 | 122,635 | ||||||||||||||||
Fiscal 2011 | $ | 123,512 | $ | 995 | $ | (1,455 | ) | $ | 123,052 | |||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 25, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation – The Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements include the accounts of Joy Global Inc. and its domestic and non-U.S. subsidiaries, all of which are wholly owned. All significant intercompany balances and transactions have been eliminated. | |
Use of Estimates | ' |
Use of Estimates – The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate realization of assets and settlement of liabilities in the future could differ from those estimates. | |
Cash Equivalents | ' |
Cash Equivalents – All highly liquid investments with original maturities of three months or less when issued are considered cash equivalents. These primarily consist of money market funds and, to a lesser extent, certificates of deposit and commercial paper. | |
Inventories | ' |
Inventories – Inventories are carried at the lower of cost or market using the first-in, first-out method for all inventories. Cost includes direct materials, direct labor and manufacturing overhead. We evaluate the need to record valuation adjustments for inventory on a regular basis. Our policy is to evaluate all inventories, including raw material, work-in-process and finished goods. Inventory in excess of our estimated usage requirements is written down to its estimated net realizable value. Inherent in the estimates of net realizable value are estimates related to our future manufacturing schedules, customer demand, possible alternative uses and ultimate realization of potentially excess inventory. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment – Property, plant and equipment are stated at historical cost. Expenditures for major renewals and improvements are capitalized, while maintenance and repair costs that do not significantly improve the related asset or extend its useful life are charged to expense as incurred. For financial reporting purposes, plant and equipment are depreciated primarily by the straight line method over the estimated useful lives of the assets which generally range from 5 to 50 years for land improvements, from 10 to 50 years for buildings, from 3 to 12 years for machinery and equipment and from 2 to 5 years for software. Depreciation expense was $99.9 million, $83.8 million and $59.5 million for fiscal 2013, 2012 and 2011, respectively. Depreciation claimed for income tax purposes is computed by accelerated methods. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets – We assess the realizability of our held and used long-lived assets by evaluating such assets for impairment whenever events or circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows related to such assets are less than the carrying value. If impairment is determined to exist, any related impairment loss is calculated based on the fair value of the asset compared to its carrying value. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets – Intangible assets include engineering drawings, customer relationships, backlog, non-compete agreements, patents, unpatented technology and trademarks. Indefinite-lived intangible assets are composed of trademarks and are not amortized but are evaluated for impairment annually or more frequently if events or changes occur that suggest an impairment in carrying value, such as a significant adverse change in the business climate. Indefinite-lived intangible assets are evaluated for impairment by comparing each assets' fair value to its book value. We first determine qualitatively whether it is more likely than not that an indefinite-lived asset is impaired. If we conclude that it is more likely than not that an indefinite-lived asset is impaired, then we determine the fair value by using the discounted cash flow model based on royalties estimated to be derived in the future use of the asset were we to license the use of the indefinite-lived asset. See Note 7, Goodwill and Intangible Assets for details regarding the results of our indefinite-lived intangible asset impairment testing performed in fiscal 2013. No impairment was identified in fiscal 2012 or 2011. | |
Finite-lived intangible assets are amortized to reflect the pattern of economic benefits consumed, which is principally the straight-line method. Intangible assets that are subject to amortization are evaluated for potential impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. No impairment was identified related to our finite-lived intangible assets in fiscal 2013, 2012 or 2011. | |
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units, which we have identified as our operating segments, and is tested for impairment at least annually, during the fourth quarter of our fiscal year, or more frequently upon the occurrence of an event or when circumstances indicate that a reporting unit’s carrying amount is greater than its fair value. Goodwill is evaluated for impairment by comparing the fair value of each of our reporting units to their book value. We first determine, based on a qualitative assessment, whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we then determine the fair value of the reporting unit based on a discounted cash flow model. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, the impairment test continues by comparing the carrying value of the reporting unit’s goodwill to the implied fair value of goodwill. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. If goodwill is impaired, we recognize a non-cash impairment loss based on the amount by which the book value of goodwill exceeds its implied fair value. | |
The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Qualitative assessments regarding goodwill involve a high degree of judgment and can entail subjective considerations. The discounted cash flow model involves many assumptions, including operating results forecasts and discount rates. Inherent in the operating results forecasts are certain assumptions regarding revenue growth rates, projected cost saving initiatives and projected long-term growth rates in the determination of terminal values. We performed our goodwill impairment testing as of the first day of the fourth quarter of fiscal 2013, 2012 and 2011 and no impairment was identified. | |
Foreign Currency Transactions | ' |
Foreign Currency Transactions – Assets and liabilities of international operations that have a functional currency that is not the U.S. dollar are translated into U.S. dollars at year-end exchange rates, and revenue and expense items are translated using weighted average exchange rates. Any adjustments arising on translation are included in shareholders’ equity as an element of accumulated other comprehensive income (loss). | |
Assets and liabilities of operations which have the U.S. dollar as their functional currency, but which maintain their accounting records in local currency, have their values remeasured into U.S. dollars at year-end exchange rates, except for non-monetary items for which historical rates are used. Exchange gains or losses arising on remeasurement of the values into U.S. dollars are recognized in Cost of sales in our Consolidated Statements of Income. | |
Exchange gains or losses incurred on transactions conducted by one of our subsidiaries in a currency other than the subsidiary’s functional currency are normally reflected in Cost of sales in our Consolidated Statements of Income. An exception is made when the transaction is a long-term intercompany loan that is not expected to be repaid in the foreseeable future, in which case the exchange gains or losses are included in shareholders’ equity as an element of accumulated other comprehensive income (loss). | |
Foreign Currency Hedging and Derivative Financial Instruments | ' |
Foreign Currency Hedging and Derivative Financial Instruments – We are exposed to certain foreign currency risks in the normal course of our global business operations. We enter into derivative contracts that are foreign currency forward contracts to hedge the risks of certain identified and anticipated transactions in currencies other than the functional currency of the respective operating unit. The types of risks hedged are those arising from the variability of future earnings and cash flows caused by fluctuations in foreign currency exchange rates. These contracts are for forecasted transactions and committed receivables and payables denominated in foreign currencies and are not entered into for speculative purposes. Consequently, any market-related loss on the forward contract would be offset by changes in the value of the hedged items, and, as a result, we are generally not exposed to net market risk associated with these instruments. | |
Each derivative is designated as either a cash flow hedge, a fair value hedge or an undesignated instrument. All derivatives are recorded at fair value in the balance sheet as assets or liabilities. Cash flows from fair value and cash flow hedges are classified within the same category as the item being hedged in the statement of cash flows. Cash flows from undesignated derivative instruments are included in operating activities on the statement of cash flows. | |
For derivative contracts that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss of the derivative contract is recorded as a component of other comprehensive income, net of tax. This amount is reclassified into the income statement in the period in which the hedged transaction affects earnings. Ineffectiveness related to these derivative contracts is recorded in the income statement. For derivative contracts that are designated and qualify as a fair value hedge and for derivative contracts entered into to hedge revaluation of net balance sheet exposures in non-functional currency that are not designated as a fair value hedge or a cash flow hedge, the gain or loss is recorded in the income statement. This gain or loss is offset by foreign exchange fluctuations of the underlying hedged item. | |
Revenue Recognition | ' |
Revenue Recognition – We recognize revenue on aftermarket products and services when the following criteria are satisfied: persuasive evidence of a sales arrangement exists, product delivery and transfer of title and risk and rewards has occurred or services have been rendered, the price is fixed and determinable and collectability is reasonably assured. We recognize revenue on long-term contracts, such as contracts to manufacture mining shovels, draglines, roof support systems and conveyor systems, using the percentage-of-completion method. When using the percentage-of-completion method, sales and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. Sales and gross profit are adjusted prospectively for revisions in estimated total contract costs and contract values. Estimated losses are recognized in full when identified. | |
We have life cycle management contracts with customers to supply parts and service for terms of 1 to 17 years. These contracts are established based on the conditions in which the equipment will be operating, the time horizon that the contracts will cover, and the expected operating cycle that will be required for the equipment. Based on this information, a model is created representing the projected costs and revenues of servicing the respective machines over the specified contract terms. Accounting for these contracts requires us to make various estimates, including estimates of the relevant machine’s long-term maintenance requirements. Under these contracts, customers are generally billed monthly based on hours of operation or units of production achieved by the equipment, with the respective deferred revenues recorded when billed. Revenue is recognized in the period in which parts are supplied or services provided. These contracts are reviewed quarterly by comparison of actual results to original estimates or most recent analysis, with revenue recognition adjusted appropriately for future estimated costs. If a loss is expected at any time, the full amount of the loss is recognized immediately. | |
We have certain customer agreements that are considered multiple element arrangements. The agreements are assessed for multiple elements based on whether the delivered item has value to the customer on a standalone basis and whether delivery or performance of the undelivered item is considered probable and substantially in our control. If those criteria are met, revenue is allocated to each identified unit of accounting based on our estimate of their relative selling prices. | |
Revenue recognition involves judgments, including assessments of expected returns, the likelihood of nonpayment and estimates of expected costs and profits on long-term contracts. In determining when to recognize revenue, we analyze various factors, including the specifics of the transaction, historical experience, creditworthiness of the customer and current market and economic conditions. Changes in judgments on these factors could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. | |
Comprehensive Income | ' |
Comprehensive Income – Comprehensive income includes disclosure of financial information that historically has not been recognized in the calculation of net income. Our comprehensive income encompasses net income, the change in unrecognized pension and other postretirement obligations, the derivative instrument fair market value adjustment and foreign currency translation. Comprehensive income is disclosed in our Consolidated Statements of Comprehensive Income. | |
Sales Incentives | ' |
Sales Incentives – We account for cash consideration (such as sales incentives and cash discounts) given to our customers or resellers as a reduction of net sales. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts – We establish an allowance for doubtful accounts on a specific account identification basis through a review of several factors, including the aging status of our customers’ accounts, the financial condition of our customers and historical collection experience. | |
Shipping and Handling Fees and Costs | ' |
Shipping and Handling Fees and Costs – We report shipping costs billed to a customer in a sales transaction as net sales. We report the related costs incurred for shipping as cost of sales. | |
Research and Development Expenses | ' |
Research and Development Expenses – Research and development costs are expensed as incurred. | |
Share-Based Compensation | ' |
Share-Based Compensation – We account for awards of stock by measuring the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. Compensation expense is recognized using the straight line method. | |
Income Taxes | ' |
Income Taxes – Deferred taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using current statutory tax rates. Deferred income tax provisions are based on changes in the deferred tax assets and liabilities from period to period. Additionally, we analyze our ability to recognize the net deferred tax assets created in each jurisdiction in which we operate to determine if valuation allowances are necessary based on the “more likely than not” criteria. | |
As required under the application of fresh start accounting, the release of pre-emergence tax valuation reserves was not recorded in the income statement but instead was treated first as a reduction of excess reorganization value until exhausted, then intangible assets until exhausted, and thereafter reported as additional paid in capital. Consequently, a net tax charge will be incurred in future years when these tax assets are utilized. We will continue to monitor the appropriateness of the existing valuation allowances and determine annually the amount of valuation allowances that are required to be maintained. All future reversals of pre-emergence valuation allowances will be recorded to additional paid in capital. | |
We estimate the effective tax rate expected to be applicable for the full year on an interim basis. The estimated effective tax rate contemplates the expected jurisdiction where income is earned (e.g., United States compared to non-United States), as well as tax planning strategies. If the actual results are different from these estimates, adjustments to the effective tax rate may be required in the period such determination is made. Additionally, discrete items are treated separately from the effective rate analysis and are recorded separately as an income tax provision or benefit at the time they are recognized. To the extent recognized, these items will impact the effective tax rate in the aggregate but will not adjust the amount used for future periods within the same year. | |
Earnings Per Share | ' |
Earnings Per Share – Basic earnings per share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from the assumed exercise of stock options, performance shares and restricted stock units, if dilutive. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements – In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU No. 2013-02 requires presentation, either in a single note or parenthetically on the face of the financial statements, of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, cross references to the related footnote for additional information would be appropriate. ASU 2013-02 will be effective for the first quarter of fiscal 2014. The adoption of this guidance will have no impact on our financial condition or results of operations but will impact the presentation of the financial statements. We are currently evaluating our presentation options. | |
In July 2012, the FASB issued ASU No. 2012-2, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” ASU No. 2012-2 provides us the option to perform a qualitative assessment to determine whether further indefinite-lived intangible asset impairment testing is necessary. If, as a result of the qualitative assessment, it is determined that it is more likely than not that an indefinite-lived intangible asset is impaired, the quantitative impairment test is required. Otherwise, no further testing is required. ASU 2012-2 was effective for the indefinite-lived impairment tests performed in the fourth quarter of fiscal 2013. The adoption of ASU No. 2012-2 did not have any impact on our financial condition or results of operations. | |
In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of shareholders’ equity or in the footnotes. All non-owner changes in shareholder's equity instead must be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 was effective beginning in the first quarter of fiscal 2013. The adoption of this guidance had no impact on our financial condition or results of operations but impacted the presentation of comprehensive income in the financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Oct. 25, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Accumulated other comprehensive loss | ' | |||||||||||
Accumulated other comprehensive loss consists of the following: | ||||||||||||
In millions | October 25, | October 26, | October 28, | |||||||||
2013 | 2012 | 2011 | ||||||||||
Change in unrecognized pension and other postretirement obligations | $ | (540,122 | ) | $ | (559,458 | ) | $ | (456,300 | ) | |||
Derivative instrument fair market value adjustment | 5,028 | 4,879 | 667 | |||||||||
Foreign currency translation adjustment | 27,460 | 45,930 | 59,550 | |||||||||
Accumulated other comprehensive loss | $ | (507,634 | ) | $ | (508,649 | ) | $ | (396,083 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
International Mining Machinery Holdings Ltd. | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Preliminary Fair Value of Assets Acquired Liabilities Assumed | ' | |||||||
The following table summarizes the estimates of fair value of the assets acquired and the liabilities assumed as of the acquisition date: | ||||||||
(in thousands) | ||||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 72,912 | ||||||
Accounts receivable | 227,825 | |||||||
Inventories | 91,176 | |||||||
Other current assets | 15,622 | |||||||
Property, plant and equipment | 125,600 | |||||||
Other intangible assets and goodwill | 1,160,211 | |||||||
Other non-current assets | 34,078 | |||||||
Total assets acquired | 1,727,424 | |||||||
Liabilities Assumed: | ||||||||
Short-term notes payable | (14,666 | ) | ||||||
Accounts payable | (87,305 | ) | ||||||
Employee compensation and benefits | (6,458 | ) | ||||||
Advance payments and progress billings | (6,122 | ) | ||||||
Other accrued liabilities | (64,916 | ) | ||||||
Other non-current liabilities | (124,519 | ) | ||||||
Total liabilities assumed | (303,986 | ) | ||||||
$ | 1,423,438 | |||||||
Finite-lived Intangible Assets Acquired As Part Business Combination | ' | |||||||
The intangible assets have been assigned to the following categories: | ||||||||
(In thousands) | ||||||||
Customer relationships | $ | 77,300 | ||||||
Backlog | 2,700 | |||||||
$ | 80,000 | |||||||
Unaudited Pro forma Financial Information | ' | |||||||
Pro forma adjustments have been made for changes in depreciation and amortization expenses related to the valuation of the acquired tangible and intangible assets at fair value, the elimination of non-recurring items and the addition of incremental costs related to debt used to finance the acquisition. | ||||||||
Years Ended | ||||||||
(in thousands, except per share data) | October 26, | October 28, | ||||||
2012 | 2011 | |||||||
Net sales | $ | 5,729,097 | $ | 4,723,808 | ||||
Income from continuing operations | $ | 770,921 | $ | 621,894 | ||||
Basic earnings per share from continuing operations | $ | 7.28 | $ | 5.93 | ||||
Diluted earnings per share from continuing operations | $ | 7.21 | $ | 5.84 | ||||
LeTourneau Technologies, Inc. | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Preliminary Fair Value of Assets Acquired Liabilities Assumed | ' | |||||||
The purchase price for the acquisition was as follows: | ||||||||
(in thousands) | ||||||||
Cash consideration | $ | 1,100,000 | ||||||
Working capital purchase price adjustments | (46,323 | ) | ||||||
$ | 1,053,677 | |||||||
The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date: | ||||||||
(in thousands) | ||||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 4,769 | ||||||
Accounts receivable | 52,910 | |||||||
Inventories | 200,050 | |||||||
Other current assets | 187 | |||||||
Current assets of discontinued operations | 331,412 | |||||||
Property, plant and equipment | 106,394 | |||||||
Other intangible assets and goodwill | 565,388 | |||||||
Other non-current assets | 14,459 | |||||||
Non-current assets of discontinued operations | 226,844 | |||||||
Total assets acquired | 1,502,413 | |||||||
Liabilities Assumed: | ||||||||
Accounts payable | (37,217 | ) | ||||||
Employee compensation and benefits | (10,576 | ) | ||||||
Advance payments and progress billings | (97,228 | ) | ||||||
Other accrued liabilities | (120,459 | ) | ||||||
Current liabilities of discontinued operations | (183,256 | ) | ||||||
Total liabilities assumed | (448,736 | ) | ||||||
$ | 1,053,677 | |||||||
Finite-lived Intangible Assets Acquired As Part Business Combination | ' | |||||||
The determination of the useful life was based on historical experience, economic factors and future cash flows of the assets acquired. The intangible assets have been assigned to the following categories: | ||||||||
(In thousands) | ||||||||
Customer relationships | $ | 76,500 | ||||||
Patents | 69,900 | |||||||
Unpatented technology | 31,600 | |||||||
Backlog | 3,200 | |||||||
$ | 181,200 | |||||||
Unaudited Pro forma Financial Information | ' | |||||||
Pro forma adjustments have been made for changes in depreciation and amortization expenses related to the valuation of the acquired tangible and intangible assets at fair value, the elimination of non-recurring items, the addition of incremental costs related to debt used to finance the acquisition and the tax benefits related to the increased costs. | ||||||||
Year Ended | ||||||||
(in thousands, except per share data) | 28-Oct-11 | |||||||
Net sales | $ | 4,620,059 | ||||||
Income from continuing operations | $ | 913,474 | ||||||
Basic earnings per share from continuing operations | $ | 6.12 | ||||||
Diluted earnings per share from continuing operations | $ | 6.02 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Oct. 25, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Operating Results of Discontinued Operations Included In Consolidated Financial Statements | ' | |||||||||||
The operating results of the discontinued operations included in the Consolidated Financial Statements are as follows: | ||||||||||||
(in thousands) | October 25, | October 26, | October 28, | |||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | $ | — | $ | — | $ | 102,102 | ||||||
Loss before income taxes | (345 | ) | (6,120 | ) | (32,843 | ) | ||||||
Income tax benefit | 120 | 1,060 | 11,497 | |||||||||
Loss from discontinued operations, net of tax | $ | (225 | ) | $ | (5,060 | ) | $ | (21,346 | ) |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Consolidated Accounts Receivable | ' | |||||||
Consolidated accounts receivable consist of the following: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Trade receivables | $ | 936,799 | $ | 1,183,484 | ||||
Unbilled receivables (due within one year) | 231,053 | 164,740 | ||||||
Allowance for doubtful accounts | (84,189 | ) | (119,141 | ) | ||||
$ | 1,083,663 | $ | 1,229,083 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Consolidated Inventories | ' | |||||||
Consolidated inventories consist of the following: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Finished goods | $ | 838,052 | $ | 762,853 | ||||
Work in process and purchased parts | 233,303 | 437,234 | ||||||
Raw materials | 68,389 | 215,368 | ||||||
Total inventories | $ | 1,139,744 | $ | 1,415,455 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill | ' | |||||||||||||||||
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill as of October 25, 2013 and October 26, 2012 are as follows: | ||||||||||||||||||
October 25, 2013 | October 26, 2012 | |||||||||||||||||
In thousands | Weighted | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Average | Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amortization | Amount | Amount | ||||||||||||||||
Period | ||||||||||||||||||
Finite lived other intangible assets: | ||||||||||||||||||
Backlog | 1 year | $ | 13,198 | $ | (13,198 | ) | $ | 17,018 | $ | (17,018 | ) | |||||||
Customer relationships | 17 years | 259,000 | (57,764 | ) | 340,200 | (46,630 | ) | |||||||||||
Engineering drawings | 6 years | 2,900 | (2,900 | ) | 2,900 | (2,900 | ) | |||||||||||
Non-compete agreements | 5 years | 5,800 | (5,800 | ) | 5,800 | (5,750 | ) | |||||||||||
Patents | 19 years | 91,076 | (19,109 | ) | 91,184 | (14,704 | ) | |||||||||||
Trademarks | 5 years | 12,200 | — | — | — | |||||||||||||
Unpatented technology | 20 years | 32,851 | (4,142 | ) | 32,836 | (2,512 | ) | |||||||||||
Subtotal | 16 years | 417,025 | (102,913 | ) | 489,938 | (89,514 | ) | |||||||||||
Indefinite-lived other intangible assets: | ||||||||||||||||||
Trademarks | 17,700 | — | 188,800 | — | ||||||||||||||
Total other intangible assets | $ | 434,725 | $ | (102,913 | ) | $ | 678,738 | $ | (89,514 | ) | ||||||||
Changes In Carrying Amount of Goodwill | ' | |||||||||||||||||
Changes in the carrying amount of goodwill in fiscal 2013 and 2012 are as follows: | ||||||||||||||||||
In thousands | Underground | Surface | Consolidated | |||||||||||||||
Mining | Mining | |||||||||||||||||
Machinery | Equipment | |||||||||||||||||
Balance as of October 28, 2011 | $ | 115,704 | $ | 312,774 | $ | 428,478 | ||||||||||||
Goodwill acquired/adjusted during the year | 908,567 | 45,760 | 954,327 | |||||||||||||||
Translation adjustments | (57 | ) | (390 | ) | (447 | ) | ||||||||||||
Balance as of October 26, 2012 | 1,024,214 | 358,144 | 1,382,358 | |||||||||||||||
Goodwill adjusted during the year | 99,144 | — | 99,144 | |||||||||||||||
Translation adjustments | (175 | ) | (808 | ) | (983 | ) | ||||||||||||
Balance as of October 25, 2013 | $ | 1,123,183 | $ | 357,336 | $ | 1,480,519 | ||||||||||||
Estimated Future Annual Amortization Expense | ' | |||||||||||||||||
Estimated future annual amortization expense is as follows: | ||||||||||||||||||
In thousands | ||||||||||||||||||
For the fiscal year ending: | ||||||||||||||||||
2014 | $ | 24,976 | ||||||||||||||||
2015 | 24,926 | |||||||||||||||||
2016 | 24,830 | |||||||||||||||||
2017 | 23,744 | |||||||||||||||||
2018 | 23,493 | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Oct. 25, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Provision For Income Taxes | ' | |||||||||||||
The provision for income taxes for continuing operations included in the Consolidated Statements of Income consists of the following: | ||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current provision | ||||||||||||||
Federal | $ | 127,069 | $ | 159,294 | $ | 94,024 | ||||||||
State | 6,621 | 16,410 | 7,357 | |||||||||||
Foreign | 69,564 | 105,073 | 86,647 | |||||||||||
Total current provision | 203,254 | 280,777 | 188,028 | |||||||||||
Deferred provision (benefit) | ||||||||||||||
Federal | 23,892 | 74,966 | 75,663 | |||||||||||
State | (1,331 | ) | 399 | 5,567 | ||||||||||
Foreign | 4,404 | (18,272 | ) | (4,427 | ) | |||||||||
Total deferred provision | 26,965 | 57,093 | 76,803 | |||||||||||
Total provision for income taxes | $ | 230,219 | $ | 337,870 | $ | 264,831 | ||||||||
Domestic and Foreign Components of Income From Continuing Operations Before Income Taxes | ' | |||||||||||||
The domestic and foreign components of income from continuing operations before income taxes are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||
2013 | 2012 | 2011 | ||||||||||||
Domestic income from continuing operations | $ | 444,667 | $ | 724,132 | $ | 531,888 | ||||||||
Foreign income from continuing operations | 319,490 | 380,999 | 363,945 | |||||||||||
Pre-tax income from continuing operations | $ | 764,157 | $ | 1,105,131 | $ | 895,833 | ||||||||
Income Tax Reconciliation | ' | |||||||||||||
The reconciliation between the income tax provision recognized in our Consolidated Statements of Income and the income tax provision computed by applying the statutory federal income tax rate to the income from continuing operations are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||
2013 | 2012 | 2011 | ||||||||||||
Income tax computed at federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||||
Sub-part F income and foreign dividends, net of foreign tax credits | 0.2 | 0.3 | (0.9 | ) | ||||||||||
Differences in foreign and U.S. tax rates | (5.3 | ) | (4.2 | ) | (4.3 | ) | ||||||||
State income taxes, net of federal tax impact | 0.5 | 1 | 0.7 | |||||||||||
Resolution of prior years’ tax matters | — | — | 0.9 | |||||||||||
Valuation allowance | 1.1 | 0.1 | 0.1 | |||||||||||
IRC 199 manufacturing deduction | (2.0 | ) | (1.7 | ) | (1.4 | ) | ||||||||
Other items, net | 0.6 | 0.1 | (0.5 | ) | ||||||||||
Effective income tax rate | 30.1 | % | 30.6 | % | 29.6 | % | ||||||||
Net Deferred Tax Asset | ' | |||||||||||||
The components of the net deferred tax asset are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | ||||||||||||
2013 | 2012 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Employee benefit related items | $ | 101,200 | $ | 156,034 | ||||||||||
Tax credit carryforwards | 2,622 | 5,665 | ||||||||||||
Tax loss carryforwards | 128,357 | 122,895 | ||||||||||||
Inventories | 32,464 | 29,952 | ||||||||||||
Other deferred tax assets, net | 32,378 | 63,266 | ||||||||||||
Valuation allowance, current assets | (11,009 | ) | (5,281 | ) | ||||||||||
Valuation allowance, non-current assets | (119,556 | ) | (117,354 | ) | ||||||||||
Total deferred tax assets | 166,456 | 255,177 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Depreciation and amortization in excess of book expense | 59,651 | 56,218 | ||||||||||||
Intangibles | 48,388 | 109,788 | ||||||||||||
Total deferred tax liabilities | 108,039 | 166,006 | ||||||||||||
Net deferred tax asset | $ | 58,417 | $ | 89,171 | ||||||||||
The net deferred tax assets are reflected in the Consolidated Balance Sheets as follows: | ||||||||||||||
In thousands | October 25, | October 26, | ||||||||||||
2013 | 2012 | |||||||||||||
Current deferred tax assets, included in Other current assets | $ | 69,352 | $ | 90,510 | ||||||||||
Long-term deferred tax asset, included in Deferred income taxes | 41,532 | 67,101 | ||||||||||||
Current deferred tax liability, included in Other accrued liabilities | (2,087 | ) | (2,247 | ) | ||||||||||
Long-term deferred tax liability, included in Other liabilities | (50,380 | ) | (66,193 | ) | ||||||||||
Net deferred tax asset | $ | 58,417 | $ | 89,171 | ||||||||||
Loss and Credit Carryforward Summary | ' | |||||||||||||
The following table summarizes the components of our loss and credit carryforward: | ||||||||||||||
Loss and Credit Carryforward Summary | ||||||||||||||
Amount | ||||||||||||||
Description - In millions | Gross | Benefit | Valuation | Expiration Date(s) | ||||||||||
Allowance | ||||||||||||||
Foreign capital losses | $ | 62.1 | $ | 12.5 | $ | 12.5 | None | |||||||
U.S. state operating losses | 1,967.00 | 101.4 | 98.4 | Various | ||||||||||
Foreign losses | 55.8 | 14.4 | 14.2 | $5.4 - None | ||||||||||
$9.0 - 2014 to 2018 | ||||||||||||||
State tax credits | N/A | 0.7 | 0.7 | Various | ||||||||||
Foreign tax credits | N/A | 1.5 | — | $1.4 - 2016 to 2018 | ||||||||||
$0.1 - 2021 | ||||||||||||||
Various international tax credits | N/A | 0.4 | 0.3 | None | ||||||||||
Net Unrecognized Tax Benefit | ' | |||||||||||||
Unrecognized tax benefits are as follows: | ||||||||||||||
In thousands | October 25, | October 26, | ||||||||||||
2013 | 2012 | |||||||||||||
Balance, beginning of year | $ | 33,471 | $ | 10,370 | ||||||||||
Interest included in the beginning balance | — | (1,271 | ) | |||||||||||
Additions for current year tax positions and acquisition | 36 | 25,735 | ||||||||||||
Additions for prior year tax positions | 60,604 | 167 | ||||||||||||
Reductions for prior year tax positions | (16,693 | ) | (1,530 | ) | ||||||||||
Balance, end of year | $ | 77,418 | $ | 33,471 | ||||||||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Changes In Product Warranty Reserve | ' | |||||||
The following table reconciles the changes in the product warranty reserve: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Balance, beginning of year | $ | 100,646 | $ | 82,737 | ||||
Accrual for warranty expensed during the year | 57,610 | 49,268 | ||||||
Settlements made during the year | (72,981 | ) | (52,736 | ) | ||||
Effect of foreign currency translation | 457 | (520 | ) | |||||
Adjusted acquired warranty accrual | — | 21,897 | ||||||
Balance, end of year | $ | 85,732 | $ | 100,646 | ||||
Borrowings_and_Credit_Faciliti1
Borrowings and Credit Facilities (Tables) | 12 Months Ended | |||||||
Oct. 25, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Direct Borrowings and Capital Lease Obligations | ' | |||||||
Direct borrowings and capital lease obligations consist of the following: | ||||||||
In thousands | October 25, | October 26, | ||||||
2013 | 2012 | |||||||
Domestic: | ||||||||
Term Loan due 2016 | $ | 412,500 | $ | 462,500 | ||||
6.0% Senior Notes due 2016 | 248,733 | 248,360 | ||||||
5.125% Senior Notes due 2021 | 496,438 | 496,088 | ||||||
6.625% Senior Notes due 2036 | 148,493 | 148,466 | ||||||
Other secured borrowings | 1,212 | 1,637 | ||||||
Foreign: | ||||||||
Capital leases | — | 41 | ||||||
Short-term borrowings | 8,220 | 14,849 | ||||||
Total obligations | 1,315,596 | 1,371,941 | ||||||
Less: Amounts due within one year | (58,669 | ) | (65,316 | ) | ||||
Long-term obligations | $ | 1,256,927 | $ | 1,306,625 | ||||
Aggregate Maturities of Debt for Credit Agreements | ' | |||||||
The aggregate maturities of debt for credit agreements in place as of October 25, 2013 consisted of the following (in thousands): | ||||||||
2014 | $ | 58,669 | ||||||
2015 | 50,474 | |||||||
2016 | 312,789 | |||||||
2017 | 248,733 | |||||||
2018 | — | |||||||
Thereafter | 644,931 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Weighted-Average Assumptions Used To Estimate Fair Value Option Awards | ' | ||||||||||||||||
The weighted-average assumptions are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk free interest rate | 0.34 | % | 0.4 | % | 0.77 | % | |||||||||||
Expected volatility | 42.76 | % | 44.92 | % | 41.07 | % | |||||||||||
Expected life in years | 3.1 | 3.7 | 3.8 | ||||||||||||||
Dividend yield | 1.27 | % | 0.9 | % | 0.9 | % | |||||||||||
Stock incentive plan stock options | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Summary Stock Option Activity, Restricted Stock Unit Activity, And Performance Share Activity | ' | ||||||||||||||||
A summary of stock option activity follows: | |||||||||||||||||
Dollars in millions, except per share data | Number of Options | Weighted-Average | Weighted-Average Remaining Contractual Term | Weighted-Average | Aggregate Intrinsic Value | ||||||||||||
Exercise Price Per Share | Grant Date Fair Value Per Share | ||||||||||||||||
Outstanding as of October 29, 2010 | 2,846,686 | $ | 35.09 | 7.4 | $ | 102.1 | |||||||||||
Options granted | 509,500 | 80.64 | $ | 24.2 | |||||||||||||
Options exercised | (1,431,349 | ) | 36.84 | 73.6 | |||||||||||||
Options forfeited or cancelled | (90,489 | ) | 41.55 | ||||||||||||||
Outstanding as of October 28, 2011 | 1,834,348 | $ | 46.05 | 7.4 | 82.8 | ||||||||||||
Options granted | 459,500 | 87.31 | 27.93 | ||||||||||||||
Options exercised | (342,047 | ) | 28.16 | 18.9 | |||||||||||||
Options forfeited or cancelled | (57,956 | ) | 69.66 | ||||||||||||||
Outstanding as of October 26, 2012 | 1,893,845 | $ | 58.28 | 7.1 | 26.3 | ||||||||||||
Options granted | 655,600 | 57.03 | 15.49 | ||||||||||||||
Options exercised | (160,276 | ) | 26.64 | 5.6 | |||||||||||||
Options forfeited or cancelled | (144,094 | ) | 73.06 | ||||||||||||||
Outstanding as of October 25, 2013 | 2,245,075 | $ | 59.28 | 6.8 | 18.7 | ||||||||||||
Exercisable as of October 25, 2013 | 1,255,551 | $ | 52.67 | 5.4 | 17.6 | ||||||||||||
Stock incentive plan restricted stock units | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Summary Stock Option Activity, Restricted Stock Unit Activity, And Performance Share Activity | ' | ||||||||||||||||
A summary of restricted stock unit activity follows: | |||||||||||||||||
Dollars in millions, except per share data | Number of Units | Weighted-Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value | ||||||||||||||
Outstanding as of October 29, 2010 | 681,501 | $ | 35.03 | ||||||||||||||
Units granted | 295,606 | 81.95 | |||||||||||||||
Units earned from dividends | 7,137 | 85.63 | |||||||||||||||
Units settled | (34,450 | ) | 48.63 | $ | 2.8 | ||||||||||||
Units deferred | (16,031 | ) | 52.85 | 1.3 | |||||||||||||
Units forfeited | (65,789 | ) | 64.62 | ||||||||||||||
Outstanding as of October 28, 2011 | 867,974 | 48.32 | |||||||||||||||
Units granted | 325,588 | 79.08 | |||||||||||||||
Units earned from dividends | 10,520 | 66.04 | |||||||||||||||
Units settled | (112,744 | ) | 33.42 | 9.1 | |||||||||||||
Units deferred | (25,252 | ) | 34.87 | 2.2 | |||||||||||||
Units forfeited | (50,139 | ) | 52.12 | ||||||||||||||
Outstanding as of October 26, 2012 | 1,015,947 | 60.16 | |||||||||||||||
Units granted | 275,753 | 57.02 | |||||||||||||||
Units earned from dividends | 13,535 | 57.36 | |||||||||||||||
Units settled | (117,488 | ) | 45.78 | 6.7 | |||||||||||||
Units deferred | (18,230 | ) | 33.78 | 1 | |||||||||||||
Units forfeited | (102,601 | ) | 70.48 | ||||||||||||||
Outstanding as of October 25, 2013 | 1,066,916 | $ | 60.35 | ||||||||||||||
Stock incentive plan performance shares | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Summary Stock Option Activity, Restricted Stock Unit Activity, And Performance Share Activity | ' | ||||||||||||||||
A summary of performance share activity follows: | |||||||||||||||||
Dollars in millions, except per share data | Number of | Weighted- | Aggregate | ||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||
Grant Date | Value | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding as of October 29, 2010 | 762,611 | $ | 36.57 | ||||||||||||||
Shares granted | 75,000 | 80.69 | |||||||||||||||
Target adjustment | 21,266 | 87.5 | |||||||||||||||
Shares distributed | (158,970 | ) | 56.87 | $ | 13.7 | ||||||||||||
Shares forfeited | (30,158 | ) | 35.2 | ||||||||||||||
Outstanding as of October 28, 2011 | 669,749 | 38.38 | |||||||||||||||
Shares granted | 145,100 | 80.4 | |||||||||||||||
Target adjustment | (21,533 | ) | 78.69 | ||||||||||||||
Shares distributed | (450,855 | ) | 21.69 | 36.9 | |||||||||||||
Shares forfeited | (4,246 | ) | 55.17 | ||||||||||||||
Outstanding as of October 26, 2012 | 338,215 | 75.87 | |||||||||||||||
Shares granted | 262,750 | 54.9 | |||||||||||||||
Target adjustment | (107,275 | ) | 65.2 | ||||||||||||||
Shares distributed | (122,006 | ) | 50.85 | 7.6 | |||||||||||||
Shares forfeited | (27,295 | ) | 67.57 | ||||||||||||||
Outstanding as of October 25, 2013 | 344,389 | $ | 72.72 | ||||||||||||||
Retiree_Benefits_Tables
Retiree Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||
Net periodic pension costs for U.S. plans and plans of subsidiaries outside the United States include the following components: | |||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 28, | October 25, | October 26, | October 28, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 3,794 | $ | 9,975 | $ | 14,438 | $ | 7,491 | $ | 5,878 | $ | 6,099 | |||||||||||||||
Interest cost | 48,453 | 52,604 | 56,268 | 29,216 | 29,297 | 28,715 | |||||||||||||||||||||
Expected return on assets | (64,517 | ) | (61,420 | ) | (56,269 | ) | (37,347 | ) | (36,033 | ) | (35,529 | ) | |||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost | 610 | 1,307 | 1,374 | — | — | 10,051 | |||||||||||||||||||||
Actuarial loss | 22,773 | 20,324 | 25,179 | 9,159 | 13,085 | — | |||||||||||||||||||||
Curtailment loss | — | 11,491 | — | — | — | — | |||||||||||||||||||||
Total net periodic benefit cost | $ | 11,113 | $ | 34,281 | $ | 40,990 | $ | 8,519 | $ | 12,227 | $ | 9,336 | |||||||||||||||
The components of the net periodic benefit cost associated with our other postretirement benefit plans, all of which relate to operations in the U.S., are as follows: | |||||||||||||||||||||||||||
Other Postretirement Benefit Plans | |||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 28, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 1,083 | $ | 960 | $ | 981 | |||||||||||||||||||||
Interest cost | 1,168 | 1,371 | 1,540 | ||||||||||||||||||||||||
Expected return on assets | (427 | ) | (371 | ) | (342 | ) | |||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost | 69 | 52 | 48 | ||||||||||||||||||||||||
Actuarial gain | (833 | ) | (1,160 | ) | (1,308 | ) | |||||||||||||||||||||
Special termination benefits charge | — | 981 | — | ||||||||||||||||||||||||
Total net periodic benefit cost of continuing operations | $ | 1,060 | $ | 1,833 | $ | 919 | |||||||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||||
Significant assumptions used in determining net periodic benefit cost are as follows (in weighted averages): | |||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Postretirement | |||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate* | 3.95 | % | 5 | % | 5.6 | % | 4.28 | % | 5.28 | % | 5.24 | % | 3.6 | % | 4.65 | % | 4.85 | % | |||||||||
Expected return on plan assets** | 6.5 | % | 7 | % | 7.51 | % | 6.64 | % | 6.93 | % | 7.22 | % | 7.4 | % | 7.5 | % | 8 | % | |||||||||
Rate of compensation increase | — | % | 4.25 | % | 4.25 | % | 4.23 | % | 4.22 | % | 4.36 | % | — | % | — | % | — | % | |||||||||
* Due to mid-year curtailment and special termination benefit measurements, the 2012 weighted average discount rate ranged from 3.95% – 5.00% and 3.60% – 4.65% throughout the year for the U.S. pension plans and the other postretirement benefit plans, respectively. | |||||||||||||||||||||||||||
** Due to mid-year curtailment measurements, the 2012 weighted average expected return on plan assets ranged from 6.75% – 7.00% for the U.S. pension plans. | |||||||||||||||||||||||||||
Significant assumptions used in determining benefit obligations are as follows (in weighted averages): | |||||||||||||||||||||||||||
U.S. | Non-U.S. | Other Postretirement | |||||||||||||||||||||||||
Pension Plans | Pension Plans | Benefit Plans | |||||||||||||||||||||||||
October 25, | October 26, | October 25, | October 26, | October 25, | October 26, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.85 | % | 3.95 | % | 4.25 | % | 4.28 | % | 4.25 | % | 3.6 | % | |||||||||||||||
Rate of compensation increase | — | % | — | % | 4.21 | % | 4.23 | % | — | % | — | % | |||||||||||||||
Change In Benefit Obligations Change In Plan Assets Funded Status Amounts Recognized In Consolidated Balance Sheet and Accumulated Benefit Obligation | ' | ||||||||||||||||||||||||||
Changes in the projected benefit obligations and pension plan assets relating to the Company’s defined benefit pension plans and other postretirement benefit plans, together with a summary of the amounts recognized in the Consolidated Balance Sheets are set forth in the following tables: | |||||||||||||||||||||||||||
U.S. Pension Plans | Non -U.S. Pension Plans | Other Postretirement | |||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 25, | October 26, | October 25, | October 26, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in Benefit Obligations | |||||||||||||||||||||||||||
Net benefit obligations at beginning of year | $ | 1,250,684 | $ | 1,108,386 | $ | 698,456 | $ | 573,608 | $ | 34,200 | $ | 32,078 | |||||||||||||||
Service cost | 3,794 | 9,975 | 7,491 | 5,878 | 1,083 | 960 | |||||||||||||||||||||
Interest cost | 48,453 | 52,604 | 29,216 | 29,297 | 1,168 | 1,371 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 1,144 | 1,164 | — | — | |||||||||||||||||||||
Plan amendments | — | 7,157 | — | — | (580 | ) | 813 | ||||||||||||||||||||
Actuarial loss (gain) | (115,528 | ) | 162,370 | 6,998 | 114,815 | (1,104 | ) | 674 | |||||||||||||||||||
Currency fluctuations | — | — | 2,507 | 2,449 | — | — | |||||||||||||||||||||
Curtailments | — | (37,796 | ) | — | — | — | — | ||||||||||||||||||||
Special termination benefits | — | — | — | — | — | 981 | |||||||||||||||||||||
Gross benefits paid | (55,129 | ) | (52,012 | ) | (33,551 | ) | (28,755 | ) | (3,409 | ) | (2,677 | ) | |||||||||||||||
Net benefit obligations at end of year | $ | 1,132,274 | $ | 1,250,684 | $ | 712,261 | $ | 698,456 | $ | 31,358 | $ | 34,200 | |||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,027,506 | $ | 833,849 | $ | 582,492 | $ | 513,528 | $ | 6,315 | $ | 5,370 | |||||||||||||||
Actual return on plan assets | (3,552 | ) | 104,729 | 4,005 | 50,986 | 1,045 | 526 | ||||||||||||||||||||
Currency fluctuations | — | — | 2,617 | 1,644 | — | — | |||||||||||||||||||||
Employer contributions | 83,829 | 140,940 | 81,883 | 43,925 | 4,450 | 3,096 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 1,144 | 1,164 | — | — | |||||||||||||||||||||
Gross benefits paid | (55,129 | ) | (52,012 | ) | (33,551 | ) | (28,755 | ) | (3,409 | ) | (2,677 | ) | |||||||||||||||
Fair value of plan assets at end of year | $ | 1,052,654 | $ | 1,027,506 | $ | 638,590 | $ | 582,492 | $ | 8,401 | $ | 6,315 | |||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Net amount recognized at end of year | $ | (79,620 | ) | $ | (223,178 | ) | $ | (73,671 | ) | $ | (115,964 | ) | $ | (22,957 | ) | $ | (27,885 | ) | |||||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||||||||||||||||||||||||
Current liabilities | (2,755 | ) | (2,620 | ) | (731 | ) | (709 | ) | (2,234 | ) | (2,321 | ) | |||||||||||||||
Non-current liabilities | (76,865 | ) | (220,558 | ) | (72,940 | ) | (115,255 | ) | (20,723 | ) | (25,564 | ) | |||||||||||||||
Net amount recognized at end of year | $ | (79,620 | ) | $ | (223,178 | ) | $ | (73,671 | ) | $ | (115,964 | ) | $ | (22,957 | ) | $ | (27,885 | ) | |||||||||
Accumulated benefit obligation | $ | 1,132,274 | $ | 1,250,684 | $ | 692,135 | $ | 644,125 | $ | — | $ | — | |||||||||||||||
Pension Plans With Accumulated Benefit Obligation In Excess of Plan Assets | ' | ||||||||||||||||||||||||||
The projected benefit obligations, accumulated benefit obligations and fair value of assets for pension plans with an accumulated benefit obligation in excess of plan assets are as follows: | |||||||||||||||||||||||||||
U.S. Pension Plans | Non U.S. Pension Plans | ||||||||||||||||||||||||||
In thousands | October 25, | October 26, | October 25, | October 26, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 1,132,274 | $ | 1,250,684 | $ | 649,395 | $ | 655,010 | |||||||||||||||||||
Accumulated benefit obligation | 1,132,274 | 1,250,684 | 634,509 | 604,675 | |||||||||||||||||||||||
Fair value of plan assets | 1,052,654 | 1,027,506 | 576,016 | 539,669 | |||||||||||||||||||||||
Amounts Recognized In Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) as of October 25, 2013 consist of: | |||||||||||||||||||||||||||
Pension Plans | Other | ||||||||||||||||||||||||||
In thousands | U.S. | Non U.S. | Postretirement Benefit Plans | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 388,421 | $ | 302,175 | $ | (12,857 | ) | ||||||||||||||||||||
Prior service cost | 1,980 | — | 735 | ||||||||||||||||||||||||
Deferred tax | (94,220 | ) | (50,626 | ) | 4,514 | ||||||||||||||||||||||
Total accumulated other comprehensive loss (income) | $ | 296,181 | $ | 251,549 | $ | (7,608 | ) | ||||||||||||||||||||
Estimated Amounts That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive loss (income) into net periodic benefit cost during fiscal 2014 are as follows: | |||||||||||||||||||||||||||
Pension Plans | Other | ||||||||||||||||||||||||||
In thousands | U.S. | Non U.S. | Postretirement Benefit Plans | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 13,096 | $ | 8,856 | $ | (904 | ) | ||||||||||||||||||||
Prior service cost | 531 | — | 132 | ||||||||||||||||||||||||
$ | 13,627 | $ | 8,856 | $ | (772 | ) | |||||||||||||||||||||
Target Allocation and Weighted Average Asset Allocation | ' | ||||||||||||||||||||||||||
The defined benefit plans have the following target and actual asset allocations in fiscal 2013: | |||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | ||||||||||||||||||||||||||
Asset Category | Target | Actual | Target | Actual | |||||||||||||||||||||||
Allocation | Allocation | Allocation | Allocation | ||||||||||||||||||||||||
Equity securities | 20 | % | 20 | % | 30 | % | 28 | % | |||||||||||||||||||
Debt securities | 80 | % | 79 | % | 70 | % | 65 | % | |||||||||||||||||||
Other | — | % | 1 | % | — | % | 7 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Fair Value Pension Plan Assets By Category | ' | ||||||||||||||||||||||||||
The following tables summarize the fair value of our pension and other postretirement benefit plan assets by category as of October 25, 2013 and October 26, 2012: | |||||||||||||||||||||||||||
In Thousands | October 25, 2013 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Assets | ||||||||||||||||||||||||
at Fair Value | |||||||||||||||||||||||||||
U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 146,927 | $ | 2,590 | $ | — | $ | 149,517 | |||||||||||||||||||
Non-U.S. equities | 54,502 | 6,829 | — | 61,331 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. government bonds | — | 343,215 | — | 343,215 | |||||||||||||||||||||||
Non-U.S. government bonds | — | 13,939 | — | 13,939 | |||||||||||||||||||||||
U.S. corporate bonds | — | 368,469 | — | 368,469 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 68,481 | — | 68,481 | |||||||||||||||||||||||
U.S. government mortgage backed securities | — | 8,286 | — | 8,286 | |||||||||||||||||||||||
U.S. non-government backed collateralized mortgage obligations | — | 8,498 | — | 8,498 | |||||||||||||||||||||||
U.S. asset backed securities | — | 23,227 | — | 23,227 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 5,337 | — | — | 5,337 | |||||||||||||||||||||||
Short term bills and notes | — | 2,600 | — | 2,600 | |||||||||||||||||||||||
Other investments | 432 | (678 | ) | — | (246 | ) | |||||||||||||||||||||
Total U.S. Pension Plans assets | $ | 207,198 | $ | 845,456 | $ | — | $ | 1,052,654 | |||||||||||||||||||
Non-U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 42,940 | $ | — | $ | 228 | $ | 43,168 | |||||||||||||||||||
Non-U.S. equities | 138,322 | — | 30 | 138,352 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Non-U.S. government bonds | — | 105,583 | — | 105,583 | |||||||||||||||||||||||
U.S. corporate bonds | — | 21,992 | — | 21,992 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 191,526 | — | 191,526 | |||||||||||||||||||||||
Non-U.S. asset backed securities | — | 1,141 | — | 1,141 | |||||||||||||||||||||||
Non-U.S. annuity insurance products | — | 94,315 | — | 94,315 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 46,407 | — | — | 46,407 | |||||||||||||||||||||||
Other investments | — | (3,894 | ) | — | (3,894 | ) | |||||||||||||||||||||
Total Non-U.S. Pension Plans assets | $ | 227,669 | $ | 410,663 | $ | 258 | $ | 638,590 | |||||||||||||||||||
Other Postretirement Benefits Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 4,461 | $ | — | $ | — | $ | 4,461 | |||||||||||||||||||
Non-U.S. equities | 1,101 | — | — | 1,101 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. corporate bonds | — | 2,769 | — | 2,769 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 70 | — | — | 70 | |||||||||||||||||||||||
Total Other Postretirement Benefit Plans | $ | 5,632 | $ | 2,769 | $ | — | $ | 8,401 | |||||||||||||||||||
In Thousands | October 26, 2012 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Assets | ||||||||||||||||||||||||
at Fair Value | |||||||||||||||||||||||||||
U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 158,095 | $ | — | $ | — | $ | 158,095 | |||||||||||||||||||
Non-U.S. equities | 62,918 | — | — | 62,918 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. government bonds | — | 347,981 | — | 347,981 | |||||||||||||||||||||||
Non-U.S. government bonds | — | 7,450 | — | 7,450 | |||||||||||||||||||||||
U.S. corporate bonds | — | 360,638 | 3,340 | 363,978 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 64,819 | — | 64,819 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 22,412 | — | — | 22,412 | |||||||||||||||||||||||
Other investments | — | (147 | ) | — | (147 | ) | |||||||||||||||||||||
Total U.S. Pension Plans assets | $ | 243,425 | $ | 780,741 | $ | 3,340 | $ | 1,027,506 | |||||||||||||||||||
Non-U.S. Pension Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 2,806 | $ | — | $ | — | $ | 2,806 | |||||||||||||||||||
Non-U.S. equities | 6,705 | — | — | 6,705 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Non-U.S. government bonds | — | 219,877 | — | 219,877 | |||||||||||||||||||||||
U.S. corporate bonds | — | — | 216 | 216 | |||||||||||||||||||||||
Non-U.S. corporate bonds | — | 2,495 | 181,821 | 184,316 | |||||||||||||||||||||||
Other fixed income securities | — | — | — | — | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 6,542 | — | — | 6,542 | |||||||||||||||||||||||
Hedge fund | — | — | 3,598 | 3,598 | |||||||||||||||||||||||
Insurance linked fund | — | — | 8,885 | 8,885 | |||||||||||||||||||||||
Multi-asset fund | — | — | 149,831 | 149,831 | |||||||||||||||||||||||
Other investments | — | (284 | ) | — | (284 | ) | |||||||||||||||||||||
Total Non-U.S. Pension Plans assets | $ | 16,053 | $ | 222,088 | $ | 344,351 | $ | 582,492 | |||||||||||||||||||
Other Postretirement Benefits Plans | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. equities | $ | 3,096 | $ | — | $ | — | $ | 3,096 | |||||||||||||||||||
Non-U.S. equities | 682 | — | — | 682 | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
U.S. corporate bonds | — | 2,397 | — | 2,397 | |||||||||||||||||||||||
Other plan assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | 140 | — | — | 140 | |||||||||||||||||||||||
Total Other Postretirement Benefit Plans | $ | 3,918 | $ | 2,397 | $ | — | $ | 6,315 | |||||||||||||||||||
Roll Forwards of Assets Measured At Fair Value Using Level 3 Inputs | ' | ||||||||||||||||||||||||||
Below are roll-forwards of assets measured at fair value using Level 3 inputs for the years ended October 25, 2013 and October 26, 2012: | |||||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||||
Equities | Fixed Income | Other | |||||||||||||||||||||||||
U.S. Pension Plans | |||||||||||||||||||||||||||
Balance as of October 28, 2011 | $ | — | $ | — | $ | 1,283 | |||||||||||||||||||||
Unrealized gains | — | — | 841 | ||||||||||||||||||||||||
Realized losses | — | — | (840 | ) | |||||||||||||||||||||||
Sales | — | — | (1,284 | ) | |||||||||||||||||||||||
Purchases | — | 3,340 | — | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | — | — | — | ||||||||||||||||||||||||
Balance as of October 26, 2012 | $ | — | $ | 3,340 | $ | — | |||||||||||||||||||||
Unrealized losses | — | (478 | ) | — | |||||||||||||||||||||||
Realized losses | — | — | — | ||||||||||||||||||||||||
Sales | — | (181 | ) | — | |||||||||||||||||||||||
Purchases | — | — | — | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | — | (2,681 | ) | — | |||||||||||||||||||||||
Balance as of October 25, 2013 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Non-U.S. Pension Plans | |||||||||||||||||||||||||||
Balance as of October 28, 2011 | $ | 65,743 | $ | 222,420 | $ | — | |||||||||||||||||||||
Unrealized (losses) gains | (15,552 | ) | (12,945 | ) | 60,979 | ||||||||||||||||||||||
Realized gains | 14,401 | 40,969 | 214 | ||||||||||||||||||||||||
Sales | (59,191 | ) | (200,796 | ) | (3,952 | ) | |||||||||||||||||||||
Purchases | — | 132,147 | 99,672 | ||||||||||||||||||||||||
Transfers (out) and/or in of Level 3 | (5,401 | ) | 242 | 5,401 | |||||||||||||||||||||||
Balance as of October 26, 2012 | $ | — | $ | 182,037 | $ | 162,314 | |||||||||||||||||||||
Unrealized gains (losses) | (22 | ) | (18,932 | ) | (8,305 | ) | |||||||||||||||||||||
Realized gains | — | 28,133 | 21,704 | ||||||||||||||||||||||||
Sales | — | (194,799 | ) | (175,896 | ) | ||||||||||||||||||||||
Purchases | 280 | 3,561 | 1,709 | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | — | — | (1,526 | ) | |||||||||||||||||||||||
Balance as of October 25, 2013 | $ | 258 | $ | — | $ | — | |||||||||||||||||||||
Expected Pension and Other Postretirement Benefit Payments | ' | ||||||||||||||||||||||||||
The following pension and other postretirement benefit payments (which include expected future service) are expected to be paid in each of the following years: | |||||||||||||||||||||||||||
Pension Plan Payments | Other Postretirement Benefit Plan Payments | ||||||||||||||||||||||||||
In thousands | U.S. | Non-U.S. | Prior to | After | Impact of | ||||||||||||||||||||||
Medicare | Medicare | Medicare | |||||||||||||||||||||||||
Part D | Part D | Part D | |||||||||||||||||||||||||
2014 | $ | 62,658 | $ | 24,059 | $ | 3,842 | $ | 3,739 | $ | 103 | |||||||||||||||||
2015 | 62,891 | 24,774 | 3,416 | 3,318 | 98 | ||||||||||||||||||||||
2016 | 65,201 | 25,504 | 3,382 | 3,291 | 91 | ||||||||||||||||||||||
2017 | 67,767 | 26,225 | 3,374 | 3,290 | 84 | ||||||||||||||||||||||
2018 | 70,307 | 27,012 | 2,995 | 2,919 | 76 | ||||||||||||||||||||||
2019 - 2023 | 459,716 | 147,273 | 12,340 | 12,077 | 263 | ||||||||||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||
Oct. 25, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Effect of Cash Flow Hedges On Consolidated Statement of Income | ' | |||||||||
The following table summarizes the effect of cash flow hedges on the Consolidated Statements of Income: | ||||||||||
(in thousands) | Effective Portion | |||||||||
Amount of Gain/ (Loss) | Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | |||||||||
Recognized in Other | ||||||||||
Derivative Hedging Relationship | Comprehensive Income | Location | Amount | |||||||
Foreign currency forward contracts | ||||||||||
Year Ended October 25, 2013 | $ | 5,504 | Cost of sales | $ | (6,151 | ) | ||||
Sales | 364 | |||||||||
Year Ended October 26, 2012 | $ | 5,558 | Cost of sales | $ | (1,374 | ) | ||||
Sales | 460 | |||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Oct. 25, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Future Payments Due | ' | |||
As of October 25, 2013, the future payments for all operating leases with remaining lease terms in excess of one year, excluding maintenance, taxes and insurance, were as follows: | ||||
In millions | ||||
2014 | $ | 34.9 | ||
2015 | 26.6 | |||
2016 | 20.2 | |||
2017 | 14 | |||
2018 | 10.8 | |||
Thereafter | 18 | |||
Total | $ | 124.5 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Oct. 25, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and Diluted Earnings Per Share Computations | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
In thousands, except share amounts | October 25, | October 26, | October 28, | |||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Income from continuing operations available to common shareholders | $ | 533,938 | $ | 767,081 | $ | 631,002 | ||||||
Loss from discontinued operations available to common shareholders | (225 | ) | (5,060 | ) | (21,346 | ) | ||||||
Net income available to common shareholders | $ | 533,713 | $ | 762,021 | $ | 609,656 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding | 106,070 | 105,862 | 104,916 | |||||||||
Dilutive effect of stock options, performance shares and restricted stock units | 926 | 1,027 | 1,621 | |||||||||
Weighted average shares outstanding assuming dilution | 106,996 | 106,889 | 106,537 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 5.03 | $ | 7.25 | $ | 6.01 | ||||||
Discontinued operations | — | (0.05 | ) | (0.20 | ) | |||||||
Net income | $ | 5.03 | $ | 7.2 | $ | 5.81 | ||||||
Diluted earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 4.99 | $ | 7.18 | $ | 5.92 | ||||||
Discontinued operations | — | (0.05 | ) | (0.20 | ) | |||||||
Net income | $ | 4.99 | $ | 7.13 | $ | 5.72 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Oct. 25, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | |||||||||||||||
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value and disclose the fair value of long-term obligations recorded at cost as of October 25, 2013 and October 26, 2012. As of October 25, 2013 and October 26, 2012 we did not have any Level 3 assets or liabilities. | ||||||||||||||||
Fair Value Measurements as of October 25, 2013 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 29,221 | $ | 29,221 | $ | 29,221 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 9,593 | $ | 9,593 | $ | — | $ | 9,593 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 6,608 | $ | 6,608 | $ | — | $ | 6,608 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 412,500 | $ | 432,952 | $ | — | $ | 432,952 | ||||||||
6.0 % Senior Notes due 2016 | $ | 248,733 | $ | 280,425 | $ | — | $ | 280,425 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,438 | $ | 531,400 | $ | — | $ | 531,400 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,493 | $ | 165,600 | $ | — | $ | 165,600 | ||||||||
Fair Value Measurements as of October 26, 2012 | ||||||||||||||||
In thousands | Carrying | Total Fair | Level 1 | Level 2 | ||||||||||||
Value | Value | |||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 49,513 | $ | 49,513 | $ | 49,513 | $ | — | ||||||||
Other Current Assets | ||||||||||||||||
Derivatives | $ | 16,780 | $ | 16,780 | $ | — | $ | 16,780 | ||||||||
Other Accrued Liabilities | ||||||||||||||||
Derivatives | $ | 7,095 | $ | 7,095 | $ | — | $ | 7,095 | ||||||||
Long-term Obligations Including Amounts due within One Year | ||||||||||||||||
Term Loan due 2016 | $ | 462,500 | $ | 458,954 | $ | — | $ | 458,954 | ||||||||
6.0 % Senior Notes due 2016 | $ | 248,360 | $ | 285,500 | $ | — | $ | 285,500 | ||||||||
5.125% Senior Notes due 2021 | $ | 496,088 | $ | 552,150 | $ | — | $ | 552,150 | ||||||||
6.625% Senior Notes due 2036 | $ | 148,466 | $ | 175,605 | $ | — | $ | 175,605 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||||||||||
In thousands | Underground | Surface | Corporate | Eliminations | Total | |||||||||||||||
Mining | Mining | |||||||||||||||||||
Machinery | Equipment | |||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
Net sales | $ | 2,691,039 | $ | 2,494,678 | $ | — | $ | (173,020 | ) | $ | 5,012,697 | |||||||||
Operating income (loss) | $ | 367,233 | $ | 525,314 | $ | (25,652 | ) | $ | (45,234 | ) | $ | 821,661 | ||||||||
Interest income | — | — | 8,781 | — | 8,781 | |||||||||||||||
Interest expense | — | — | (66,285 | ) | — | (66,285 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 367,233 | $ | 525,314 | $ | (83,156 | ) | $ | (45,234 | ) | $ | 764,157 | ||||||||
Depreciation and amortization | $ | 60,042 | $ | 50,512 | $ | 2,965 | $ | — | $ | 113,519 | ||||||||||
Capital expenditures | $ | 73,286 | $ | 71,643 | $ | 8,489 | $ | — | $ | 153,418 | ||||||||||
Total assets | $ | 3,676,120 | $ | 1,917,717 | $ | 195,745 | $ | — | $ | 5,789,582 | ||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
Net sales | $ | 3,107,488 | $ | 2,737,488 | $ | — | $ | (184,087 | ) | $ | 5,660,889 | |||||||||
Operating income (loss) | $ | 671,797 | $ | 592,687 | $ | (51,079 | ) | $ | (40,846 | ) | $ | 1,172,559 | ||||||||
Interest income | — | — | 5,831 | — | 5,831 | |||||||||||||||
Interest expense | — | — | (73,259 | ) | — | (73,259 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 671,797 | $ | 592,687 | $ | (118,507 | ) | $ | (40,846 | ) | $ | 1,105,131 | ||||||||
Depreciation and amortization | $ | 90,339 | $ | 59,887 | $ | 2,614 | $ | — | $ | 152,840 | ||||||||||
Capital expenditures | $ | 129,928 | $ | 109,325 | $ | 2,274 | $ | — | $ | 241,527 | ||||||||||
Total assets | $ | 3,881,583 | $ | 2,158,405 | $ | 102,515 | $ | — | $ | 6,142,503 | ||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
Net sales | $ | 2,576,625 | $ | 1,959,353 | $ | — | $ | (132,072 | ) | $ | 4,403,906 | |||||||||
Operating income (loss) | $ | 595,262 | $ | 422,472 | $ | (65,693 | ) | $ | (31,862 | ) | $ | 920,179 | ||||||||
Interest Income | — | — | 13,869 | — | 13,869 | |||||||||||||||
Interest expense | — | — | (38,180 | ) | — | (38,180 | ) | |||||||||||||
Reorganization items | — | — | (35 | ) | — | (35 | ) | |||||||||||||
Income before income taxes | $ | 595,262 | $ | 422,472 | $ | (90,039 | ) | $ | (31,862 | ) | $ | 895,833 | ||||||||
Depreciation and amortization | $ | 40,537 | $ | 38,339 | $ | 234 | $ | — | $ | 79,110 | ||||||||||
Capital expenditures | $ | 50,701 | $ | 59,022 | $ | 800 | $ | — | $ | 110,523 | ||||||||||
Total assets | $ | 2,022,553 | $ | 1,936,246 | $ | 1,467,555 | $ | — | $ | 5,426,354 | ||||||||||
Geographical Information | ' | |||||||||||||||||||
Geographical Information | ||||||||||||||||||||
In thousands | Total | Interarea | Sales to | Operating | Long | |||||||||||||||
Sales | Sales | Unaffiliated | Income (Loss) | Lived | ||||||||||||||||
Customers | Assets | |||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
United States | $ | 2,801,138 | $ | (840,823 | ) | $ | 1,960,315 | $ | 345,862 | $ | 493,379 | |||||||||
Europe | 725,835 | (439,274 | ) | 286,561 | 62,480 | 65,739 | ||||||||||||||
Australia | 963,842 | (24,375 | ) | 939,467 | 154,518 | 116,563 | ||||||||||||||
Other Foreign Locations | 1,948,886 | (122,532 | ) | 1,826,354 | 329,687 | 412,493 | ||||||||||||||
Interarea Eliminations | (1,427,004 | ) | 1,427,004 | — | (45,234 | ) | — | |||||||||||||
$ | 5,012,697 | $ | — | $ | 5,012,697 | $ | 847,313 | $ | 1,088,174 | |||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
United States | $ | 3,238,196 | $ | (940,980 | ) | $ | 2,297,216 | $ | 586,808 | $ | 411,734 | |||||||||
Europe | 684,704 | (281,797 | ) | 402,907 | 83,887 | 50,837 | ||||||||||||||
Australia | 1,088,654 | (26,887 | ) | 1,061,767 | 181,914 | 74,484 | ||||||||||||||
Other Foreign Locations | 2,001,149 | (102,150 | ) | 1,898,999 | 411,875 | 382,931 | ||||||||||||||
Interarea Eliminations | (1,351,814 | ) | 1,351,814 | — | (40,846 | ) | — | |||||||||||||
$ | 5,660,889 | $ | — | $ | 5,660,889 | $ | 1,223,638 | $ | 919,986 | |||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
United States | $ | 2,815,722 | $ | (804,206 | ) | $ | 2,011,516 | $ | 589,837 | $ | 332,892 | |||||||||
Europe | 515,817 | (190,188 | ) | 325,629 | 74,085 | 42,470 | ||||||||||||||
Australia | 727,598 | (23,282 | ) | 704,316 | 121,883 | 46,038 | ||||||||||||||
Other Foreign Locations | 1,425,999 | (63,554 | ) | 1,362,445 | 311,901 | 159,894 | ||||||||||||||
Interarea Eliminations | (1,081,230 | ) | 1,081,230 | — | (111,834 | ) | — | |||||||||||||
$ | 4,403,906 | $ | — | $ | 4,403,906 | $ | 985,872 | $ | 581,294 | |||||||||||
Product Information | ' | |||||||||||||||||||
Product Information | ||||||||||||||||||||
In thousands | October 25, | October 26, | October 28, | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Original equipment | $ | 2,254,400 | $ | 2,709,944 | $ | 1,785,380 | ||||||||||||||
Aftermarket | 2,758,297 | 2,950,945 | 2,618,526 | |||||||||||||||||
Total revenues | $ | 5,012,697 | $ | 5,660,889 | $ | 4,403,906 | ||||||||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) (Subsidiary Guarantors) | 12 Months Ended | |||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Subsidiary Guarantor Condensed Consolidated Statement of Income | ' | |||||||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 2,756,869 | $ | 3,691,072 | $ | (1,435,244 | ) | $ | 5,012,697 | |||||||||
Cost of sales | — | 1,930,332 | 2,644,416 | (1,185,264 | ) | 3,389,484 | ||||||||||||||
Product development, selling and administrative expenses | 53,051 | 307,113 | 319,837 | — | 680,001 | |||||||||||||||
Intangible asset impairment charge | — | 100,400 | 54,800 | — | 155,200 | |||||||||||||||
Other (income) and expense | (15,000 | ) | 34,267 | (52,916 | ) | — | (33,649 | ) | ||||||||||||
Operating income (loss) | (38,051 | ) | 384,757 | 724,935 | (249,980 | ) | 821,661 | |||||||||||||
Intercompany items | 114,784 | (79,519 | ) | (151,571 | ) | 116,306 | — | |||||||||||||
Interest (expense) income, net | (64,665 | ) | 3,266 | 3,895 | — | (57,504 | ) | |||||||||||||
Income from continuing operations before income taxes and equity | 12,068 | 308,504 | 577,259 | (133,674 | ) | 764,157 | ||||||||||||||
Provision (benefit) for income taxes | (50,908 | ) | 207,825 | 73,302 | — | 230,219 | ||||||||||||||
Equity in income of subsidiaries | 470,962 | 397,610 | — | (868,572 | ) | — | ||||||||||||||
Income from continuing operations | $ | 533,938 | $ | 498,289 | $ | 503,957 | $ | (1,002,246 | ) | $ | 533,938 | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 3,322,522 | $ | 3,805,096 | $ | (1,466,729 | ) | $ | 5,660,889 | |||||||||
Cost of sales | — | 2,285,279 | 2,694,336 | (1,195,813 | ) | 3,783,802 | ||||||||||||||
Product development, selling and administrative expenses | 69,012 | 335,205 | 332,559 | — | 736,776 | |||||||||||||||
Other (income) and expense | — | 26,896 | (59,144 | ) | — | (32,248 | ) | |||||||||||||
Operating income (loss) | (69,012 | ) | 675,142 | 837,345 | (270,916 | ) | 1,172,559 | |||||||||||||
Intercompany items | 66,366 | (53,331 | ) | (113,029 | ) | 99,994 | — | |||||||||||||
Interest (expense) income, net | (52,244 | ) | 834 | (16,018 | ) | — | (67,428 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity | (54,890 | ) | 622,645 | 708,298 | (170,922 | ) | 1,105,131 | |||||||||||||
Provision (benefit) for income taxes | (65,450 | ) | 309,207 | 94,113 | — | 337,870 | ||||||||||||||
Equity in income of subsidiaries | 756,701 | 388,709 | — | (1,145,410 | ) | — | ||||||||||||||
Income from continuing operations | $ | 767,261 | $ | 702,147 | $ | 614,185 | $ | (1,316,332 | ) | $ | 767,261 | |||||||||
Income from continuing operations attributable to non-controlling interest | (180 | ) | — | (180 | ) | 180 | (180 | ) | ||||||||||||
Income from continuing operations attributable to Joy Global Inc. | $ | 767,081 | $ | 702,147 | $ | 614,005 | $ | (1,316,152 | ) | $ | 767,081 | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net sales | $ | — | $ | 2,782,132 | $ | 2,718,355 | $ | (1,096,581 | ) | $ | 4,403,906 | |||||||||
Cost of sales | — | 1,861,215 | 1,886,857 | (850,467 | ) | 2,897,605 | ||||||||||||||
Product development, selling and administrative expenses | 65,239 | 290,044 | 246,727 | — | 602,010 | |||||||||||||||
Other (income) and expense | — | 19,038 | (34,748 | ) | (178 | ) | (15,888 | ) | ||||||||||||
Operating income (loss) | (65,239 | ) | 611,835 | 619,519 | (245,936 | ) | 920,179 | |||||||||||||
Intercompany items | 46,179 | (37,107 | ) | (123,156 | ) | 114,084 | — | |||||||||||||
Interest (expense) income, net | (35,487 | ) | 2,285 | 8,891 | — | (24,311 | ) | |||||||||||||
Reorganization items | (35 | ) | — | — | — | (35 | ) | |||||||||||||
Income (loss) from operations before income taxes and equity | (54,582 | ) | 577,013 | 505,254 | (131,852 | ) | 895,833 | |||||||||||||
Provision (benefit) for income taxes | (66,365 | ) | 240,118 | 91,078 | — | 264,831 | ||||||||||||||
Equity in income of subsidiaries | 619,219 | 140,514 | — | (759,733 | ) | — | ||||||||||||||
Income from continuing operations | $ | 631,002 | $ | 477,409 | $ | 414,176 | $ | (891,585 | ) | $ | 631,002 | |||||||||
Subsidiary Guarantor Condensed Consolidated Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 191,693 | $ | 904,591 | $ | 1,862,376 | $ | (136,216 | ) | $ | 2,822,444 | |||||||||
Property, plant and equipment, net | 18,081 | 375,026 | 519,535 | — | 912,642 | |||||||||||||||
Goodwill and other intangible assets, net | — | 701,399 | 1,110,932 | — | 1,812,331 | |||||||||||||||
Other assets | 4,119,523 | 2,065,239 | 4,059,130 | (10,001,727 | ) | 242,165 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 87,190 | $ | 459,333 | $ | 832,621 | $ | (18,554 | ) | $ | 1,360,590 | |||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other liabilities | (9,312 | ) | 8,693 | 164,510 | — | 163,891 | ||||||||||||||
Shareholders’ equity | 2,858,369 | 3,571,781 | 6,547,608 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,046,255 | $ | 7,551,973 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 26, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 97,443 | $ | 1,145,051 | $ | 2,134,636 | $ | (221,053 | ) | $ | 3,156,077 | |||||||||
Property, plant and equipment, net | 12,515 | 378,274 | 442,073 | — | 832,862 | |||||||||||||||
Goodwill and other intangible assets, net | — | 818,435 | 1,153,147 | — | 1,971,582 | |||||||||||||||
Other assets | 4,178,760 | 2,528,849 | 1,803,046 | (8,328,673 | ) | 181,982 | ||||||||||||||
Total assets | $ | 4,288,718 | $ | 4,870,609 | $ | 5,532,902 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 106,207 | $ | 750,884 | $ | 1,005,205 | $ | (81,479 | ) | $ | 1,780,817 | |||||||||
Long-term obligations | 1,305,413 | 1,212 | — | — | 1,306,625 | |||||||||||||||
Accrued pension costs | 322,310 | 6,589 | 6,914 | — | 335,813 | |||||||||||||||
Other liabilities | (22,401 | ) | 10,205 | 154,255 | — | 142,059 | ||||||||||||||
Shareholders’ equity | 2,577,189 | 4,101,719 | 4,366,528 | (8,468,247 | ) | 2,577,189 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,288,718 | $ | 4,870,609 | $ | 5,532,902 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
Subsidiary Guarantor Condensed Consolidated Statement of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 457,171 | $ | 58,565 | $ | 122,802 | $ | 638,538 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (1,688 | ) | — | (1,688 | ) | ||||||||||||||
Net cash provided by operating activities | 457,171 | 56,877 | 122,802 | 636,850 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (8,489 | ) | (43,830 | ) | (101,099 | ) | (153,418 | ) | ||||||||||||
Other investing activities | (112 | ) | 1,111 | 2,444 | 3,443 | |||||||||||||||
Net cash used by investing activities | (8,601 | ) | (42,719 | ) | (98,655 | ) | (149,975 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (74,325 | ) | — | — | (74,325 | ) | ||||||||||||||
Treasury stock purchased | (214,106 | ) | — | — | (214,106 | ) | ||||||||||||||
Other financing activities | (40,697 | ) | (425 | ) | (6,949 | ) | (48,071 | ) | ||||||||||||
Net cash used by financing activities | (329,128 | ) | (425 | ) | (6,949 | ) | (336,502 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (8,537 | ) | (8,537 | ) | ||||||||||||||
Increase in cash and cash equivalents | 119,442 | 13,733 | 8,661 | 141,836 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 3,459 | 6,628 | 253,786 | 263,873 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | 405,709 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 145,654 | $ | 177,098 | $ | 141,163 | $ | 463,915 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (21,054 | ) | — | (21,054 | ) | ||||||||||||||
Net cash provided by operating activities | 145,654 | 156,044 | 141,163 | 442,861 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,028,829 | ) | — | 72,912 | (955,917 | ) | ||||||||||||||
Property, plant and equipment acquired | (2,274 | ) | (113,735 | ) | (125,518 | ) | (241,527 | ) | ||||||||||||
Working capital adjustment from sale of LeTourneau Technologies Drilling Systems, Inc. | — | (56,270 | ) | — | (56,270 | ) | ||||||||||||||
Withdrawals of cash held in escrow | 866,000 | — | — | 866,000 | ||||||||||||||||
Other investing activities | (155 | ) | 4,841 | 4,699 | 9,385 | |||||||||||||||
Net cash used by investing activities | (165,258 | ) | (165,164 | ) | (47,907 | ) | (378,329 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (73,961 | ) | — | — | (73,961 | ) | ||||||||||||||
Borrowings under term loans | 250,000 | — | — | 250,000 | ||||||||||||||||
Repayments of term loans | (281,250 | ) | — | — | (281,250 | ) | ||||||||||||||
Other financing activities | 28,093 | (404 | ) | (4,087 | ) | 23,602 | ||||||||||||||
Net cash used by financing activities | (77,118 | ) | (404 | ) | (4,087 | ) | (81,609 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (7,371 | ) | (7,371 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (96,722 | ) | (9,524 | ) | 81,798 | (24,448 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 100,181 | 16,152 | 171,988 | 288,321 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 3,459 | $ | 6,628 | $ | 253,786 | $ | 263,873 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Guarantors | Subsidiaries | ||||||||||||||||||
Net cash provided (used) by operating activities of continuing operations | $ | 982,185 | $ | (318,788 | ) | $ | (163,671 | ) | $ | 499,726 | ||||||||||
Net cash provided by operating activities of discontinued operations | — | 4,967 | — | 4,967 | ||||||||||||||||
Net cash provided (used) by operating activities | 982,185 | (313,821 | ) | (163,671 | ) | 504,693 | ||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,048,908 | ) | — | — | (1,048,908 | ) | ||||||||||||||
Property, plant and equipment acquired | (800 | ) | (64,803 | ) | (44,920 | ) | (110,523 | ) | ||||||||||||
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | — | 375,000 | — | 375,000 | ||||||||||||||||
Equity investment in IMM shares | (376,724 | ) | — | — | (376,724 | ) | ||||||||||||||
Deposits of cash held in escrow | (866,000 | ) | — | — | (866,000 | ) | ||||||||||||||
Other investing activities | (373 | ) | 1,473 | 4,178 | 5,278 | |||||||||||||||
Net cash (used) provided by investing activities | (2,292,805 | ) | 311,670 | (40,742 | ) | (2,021,877 | ) | |||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 53,341 | — | — | 53,341 | ||||||||||||||||
Dividends paid | (73,262 | ) | — | — | (73,262 | ) | ||||||||||||||
Issuance of senior notes | 495,755 | — | — | 495,755 | ||||||||||||||||
Borrowings under term loans | 500,000 | — | — | 500,000 | ||||||||||||||||
Other financing activities | (4,328 | ) | 2,041 | 3,169 | 882 | |||||||||||||||
Net cash provided by financing activities | 971,506 | 2,041 | 3,169 | 976,716 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 13,208 | 13,208 | ||||||||||||||||
(Decrease) increase in cash and cash equivalents | (339,114 | ) | (110 | ) | (188,036 | ) | (527,260 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 439,295 | 16,262 | 360,024 | 815,581 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 100,181 | $ | 16,152 | $ | 171,988 | $ | 288,321 | ||||||||||||
Supplemental_Subsidiary_Guaran1
Supplemental Subsidiary Guarantors (Tables) (Supplemental Guarantor Subsidiaries) | 12 Months Ended | |||||||||||||||||||
Oct. 25, 2013 | ||||||||||||||||||||
Supplemental Guarantor Subsidiaries | ' | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||
Supplementary Subsidiary Guarantor Condensed Consolidated Statement of Income | ' | |||||||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 2,745,565 | $ | 3,702,376 | $ | (1,435,244 | ) | $ | 5,012,697 | |||||||||
Cost of sales | — | 1,915,612 | 2,659,136 | (1,185,264 | ) | 3,389,484 | ||||||||||||||
Product development, selling and administrative expenses | 53,051 | 306,249 | 320,701 | — | 680,001 | |||||||||||||||
Intangible asset impairment charges | — | 100,400 | 54,800 | — | 155,200 | |||||||||||||||
Other (income) and expense | (15,000 | ) | 34,101 | (52,750 | ) | — | (33,649 | ) | ||||||||||||
Operating income (loss) | (38,051 | ) | 389,203 | 720,489 | (249,980 | ) | 821,661 | |||||||||||||
Intercompany items | 114,784 | (79,519 | ) | (151,571 | ) | 116,306 | — | |||||||||||||
Interest (expense) income, net | (64,665 | ) | 3,225 | 3,936 | — | (57,504 | ) | |||||||||||||
Income from continuing operations before income taxes and equity | 12,068 | 312,909 | 572,854 | (133,674 | ) | 764,157 | ||||||||||||||
Provision (benefit) for income taxes | (50,908 | ) | 207,181 | 73,946 | — | 230,219 | ||||||||||||||
Equity in income of subsidiaries | 470,962 | 397,610 | — | (868,572 | ) | — | ||||||||||||||
Income from continuing operations | 533,938 | 503,338 | 498,908 | (1,002,246 | ) | 533,938 | ||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 3,275,658 | $ | 3,851,960 | $ | (1,466,729 | ) | $ | 5,660,889 | |||||||||
Cost of sales | — | 2,249,895 | 2,729,720 | (1,195,813 | ) | 3,783,802 | ||||||||||||||
Product development, selling and administrative expenses | 69,012 | 328,486 | 339,278 | — | 736,776 | |||||||||||||||
Other (income) and expense | — | 26,730 | (58,978 | ) | — | (32,248 | ) | |||||||||||||
Operating income (loss) | (69,012 | ) | 670,547 | 841,940 | (270,916 | ) | 1,172,559 | |||||||||||||
Intercompany items | 66,366 | (53,331 | ) | (113,029 | ) | 99,994 | — | |||||||||||||
Interest (expense) income, net | (52,244 | ) | 892 | (16,076 | ) | — | (67,428 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and equity | (54,890 | ) | 618,108 | 712,835 | (170,922 | ) | 1,105,131 | |||||||||||||
Provision (benefit) for income taxes | (65,450 | ) | 309,207 | 94,113 | — | 337,870 | ||||||||||||||
Equity in income of subsidiaries | 756,701 | 393,246 | — | (1,149,947 | ) | — | ||||||||||||||
Income from continuing operations | 767,261 | 702,147 | 618,722 | (1,320,869 | ) | 767,261 | ||||||||||||||
Income from continuing operations attributable to non-controlling interest | (180 | ) | — | (180 | ) | 180 | (180 | ) | ||||||||||||
Income from continuing operations attributable to Joy Global Inc. | $ | 767,081 | $ | 702,147 | $ | 618,542 | $ | (1,320,689 | ) | $ | 767,081 | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
Fiscal Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 2,761,635 | $ | 2,738,852 | $ | (1,096,581 | ) | $ | 4,403,906 | |||||||||
Cost of sales | — | 1,847,957 | 1,900,115 | (850,467 | ) | 2,897,605 | ||||||||||||||
Product development, selling and administrative expenses | 65,239 | 286,328 | 250,443 | — | 602,010 | |||||||||||||||
Other (income) and expense | — | 19,007 | (34,717 | ) | (178 | ) | (15,888 | ) | ||||||||||||
Operating income (loss) | (65,239 | ) | 608,343 | 623,011 | (245,936 | ) | 920,179 | |||||||||||||
Intercompany items | 46,179 | (37,107 | ) | (123,156 | ) | 114,084 | — | |||||||||||||
Interest (expense) income, net | (35,487 | ) | 2,248 | 8,928 | — | (24,311 | ) | |||||||||||||
Reorganization items | (35 | ) | — | — | — | (35 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and equity | (54,582 | ) | 573,484 | 508,783 | (131,852 | ) | 895,833 | |||||||||||||
Provision (benefit) for income taxes | (66,365 | ) | 240,107 | 91,089 | — | 264,831 | ||||||||||||||
Equity in income of subsidiaries | 619,219 | 140,514 | — | (759,733 | ) | — | ||||||||||||||
Income from continuing operations | $ | 631,002 | $ | 473,891 | $ | 417,694 | $ | (891,585 | ) | $ | 631,002 | |||||||||
Supplementary Subsidiary Guarantor Condensed Consolidated Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 191,693 | $ | 895,984 | $ | 1,870,983 | $ | (136,216 | ) | $ | 2,822,444 | |||||||||
Property, plant and equipment, net | 18,081 | 373,235 | 521,326 | — | 912,642 | |||||||||||||||
Goodwill and other intangible assets, net | — | 701,399 | 1,110,932 | — | 1,812,331 | |||||||||||||||
Other assets | 4,119,523 | 2,070,239 | 4,054,130 | (10,001,727 | ) | 242,165 | ||||||||||||||
Total assets | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 87,190 | $ | 458,687 | $ | 833,267 | $ | (18,554 | ) | $ | 1,360,590 | |||||||||
Long-term obligations | 1,256,164 | 763 | — | — | 1,256,927 | |||||||||||||||
Accrued pension costs | 136,886 | 5,685 | 7,234 | — | 149,805 | |||||||||||||||
Other liabilities | (9,312 | ) | 8,693 | 164,510 | — | 163,891 | ||||||||||||||
Shareholders’ equity | 2,858,369 | 3,567,029 | 6,552,360 | (10,119,389 | ) | 2,858,369 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,329,297 | $ | 4,040,857 | $ | 7,557,371 | $ | (10,137,943 | ) | $ | 5,789,582 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | $ | 97,443 | $ | 1,129,867 | $ | 2,149,820 | $ | (221,053 | ) | $ | 3,156,077 | |||||||||
Property, plant and equipment, net | 12,515 | 374,324 | 446,023 | — | 832,862 | |||||||||||||||
Goodwill and other intangible assets, net | — | 818,435 | 1,153,147 | — | 1,971,582 | |||||||||||||||
Other assets | 4,178,760 | 2,517,019 | 1,814,876 | (8,328,673 | ) | 181,982 | ||||||||||||||
Total assets | $ | 4,288,718 | $ | 4,839,645 | $ | 5,563,866 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities | $ | 106,207 | $ | 748,369 | $ | 1,007,720 | $ | (81,479 | ) | $ | 1,780,817 | |||||||||
Long-term obligations | 1,305,413 | 1,212 | — | — | 1,306,625 | |||||||||||||||
Accrued pension costs | 322,310 | 6,589 | 6,914 | — | 335,813 | |||||||||||||||
Other liabilities | (22,401 | ) | 10,205 | 154,255 | — | 142,059 | ||||||||||||||
Shareholders’ equity | 2,577,189 | 4,073,270 | 4,394,977 | (8,468,247 | ) | 2,577,189 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,288,718 | $ | 4,839,645 | $ | 5,563,866 | $ | (8,549,726 | ) | $ | 6,142,503 | |||||||||
Supplementary Subsidiary Guarantor Condensed Consolidated Statement of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 25, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Consolidated | |||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 457,171 | $ | 59,845 | $ | 121,522 | $ | 638,538 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (1,688 | ) | — | (1,688 | ) | ||||||||||||||
Net cash provided by operating activities | 457,171 | 58,157 | 121,522 | 636,850 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Property, plant and equipment acquired | (8,489 | ) | (43,789 | ) | (101,140 | ) | (153,418 | ) | ||||||||||||
Other investing activities | (112 | ) | 1,111 | 2,444 | 3,443 | |||||||||||||||
Net cash used by investing activities | (8,601 | ) | (42,678 | ) | (98,696 | ) | (149,975 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (74,325 | ) | — | — | (74,325 | ) | ||||||||||||||
Treasury stock purchased | (214,106 | ) | — | — | (214,106 | ) | ||||||||||||||
Other financing activities | (40,697 | ) | (425 | ) | (6,949 | ) | (48,071 | ) | ||||||||||||
Net cash used by financing activities | (329,128 | ) | (425 | ) | (6,949 | ) | (336,502 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (8,537 | ) | (8,537 | ) | ||||||||||||||
Increase in cash and cash equivalents | 119,442 | 15,054 | 7,340 | 141,836 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 3,459 | 5,307 | 255,107 | 263,873 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 122,901 | $ | 20,361 | $ | 262,447 | $ | 405,709 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 26, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Consolidated | |||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided by operating activities of continuing operations | $ | 145,654 | $ | 178,700 | $ | 139,561 | $ | 463,915 | ||||||||||||
Net cash used by operating activities of discontinued operations | — | (21,054 | ) | — | (21,054 | ) | ||||||||||||||
Net cash provided by operating activities | 145,654 | 157,646 | 139,561 | 442,861 | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,028,829 | ) | — | 72,912 | (955,917 | ) | ||||||||||||||
Property, plant and equipment acquired | (2,274 | ) | (113,650 | ) | (125,603 | ) | (241,527 | ) | ||||||||||||
Working capital adjustment from sale of LeTourneau Technologies Drilling Systems, Inc. | — | (56,270 | ) | — | (56,270 | ) | ||||||||||||||
Withdrawals of cash held in escrow | 866,000 | — | — | 866,000 | ||||||||||||||||
Other investing activities | (155 | ) | 1,833 | 7,707 | 9,385 | |||||||||||||||
Net cash used by investing activities | (165,258 | ) | (168,087 | ) | (44,984 | ) | (378,329 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Dividends paid | (73,961 | ) | — | — | (73,961 | ) | ||||||||||||||
Borrowings under term loans | 250,000 | — | — | 250,000 | ||||||||||||||||
Repayments of term loans | (281,250 | ) | — | — | (281,250 | ) | ||||||||||||||
Other financing activities | 28,093 | (404 | ) | (4,087 | ) | 23,602 | ||||||||||||||
Net cash used by financing activities | (77,118 | ) | (404 | ) | (4,087 | ) | (81,609 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (7,371 | ) | (7,371 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (96,722 | ) | (10,845 | ) | 83,119 | (24,448 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 100,181 | 16,152 | 171,988 | 288,321 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 3,459 | $ | 5,307 | $ | 255,107 | $ | 263,873 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended October 28, 2011 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Supplemental | Supplemental | Consolidated | |||||||||||||||||
Company | Subsidiary | Non-Guarantor | ||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Net cash provided (used) by operating activities of continuing operations | $ | 982,185 | $ | (319,102 | ) | $ | (163,357 | ) | $ | 499,726 | ||||||||||
Net cash provided by operating activities of discontinued operations | — | 4,967 | — | 4,967 | ||||||||||||||||
Net cash provided (used) by operating activities | 982,185 | (314,135 | ) | (163,357 | ) | 504,693 | ||||||||||||||
Investing Activities: | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,048,908 | ) | — | — | (1,048,908 | ) | ||||||||||||||
Property, plant and equipment acquired | (800 | ) | (64,489 | ) | (45,234 | ) | (110,523 | ) | ||||||||||||
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | — | 375,000 | — | 375,000 | ||||||||||||||||
Equity investment in IMM shares | (376,724 | ) | — | — | (376,724 | ) | ||||||||||||||
Deposits of cash held in escrow | (866,000 | ) | — | — | (866,000 | ) | ||||||||||||||
Other investing activities | (373 | ) | 1,473 | 4,178 | 5,278 | |||||||||||||||
Net cash (used) provided by investing activities | (2,292,805 | ) | 311,984 | (41,056 | ) | (2,021,877 | ) | |||||||||||||
Financing Activities: | ||||||||||||||||||||
Common stock issued | 53,341 | — | — | 53,341 | ||||||||||||||||
Dividends paid | (73,262 | ) | — | — | (73,262 | ) | ||||||||||||||
Issuance of senior notes | 495,755 | — | — | 495,755 | ||||||||||||||||
Borrowings under term loans | 500,000 | — | — | 500,000 | ||||||||||||||||
Other financing activities | (4,328 | ) | 2,041 | 3,169 | 882 | |||||||||||||||
Net cash provided by financing activities | 971,506 | 2,041 | 3,169 | 976,716 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 13,208 | 13,208 | ||||||||||||||||
(Decrease) increase in cash and cash equivalents | (339,114 | ) | (110 | ) | (188,036 | ) | (527,260 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 439,295 | 16,262 | 360,024 | 815,581 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 100,181 | $ | 16,152 | $ | 171,988 | $ | 288,321 | ||||||||||||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 12 Months Ended |
Oct. 25, 2013 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of business segments | 2 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash equivalents | $29,221,000 | $29,221,000 | $49,513,000 | ' |
Depreciation expense | ' | 99,900,000 | 83,800,000 | 59,500,000 |
Impairment of long-lived assets | ' | 0 | 0 | 0 |
Impairment of indefinite intangibles | 155,200,000 | 155,200,000 | 0 | 0 |
Impairment of finite intangibles | ' | 0 | 0 | 0 |
Impairment of goodwill | ' | 0 | 0 | 0 |
Pre-tax foreign exchange gains (losses) included in operating income | ' | -4,400,000 | -1,400,000 | 1,200,000 |
Term of life cycle management contracts low range (in years) | ' | '1 year | ' | ' |
Term of life cycle management contracts high range (in years) | ' | '17 years | ' | ' |
Income tax benefits of change in unrecognized pension and other postretirement obligation | 140,300,000 | 140,300,000 | 160,900,000 | 118,500,000 |
Income tax benefits of derivative instrument fair market value adjustment | 2,200,000 | 2,200,000 | 2,600,000 | 400,000 |
Research and development expenses | ' | $49,000,000 | $47,800,000 | $40,400,000 |
Land Improvements | Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '5 years | ' | ' |
Land Improvements | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '50 years | ' | ' |
Building | Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '10 years | ' | ' |
Building | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '50 years | ' | ' |
Machinery and Equipment | Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '3 years | ' | ' |
Machinery and Equipment | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '12 years | ' | ' |
Software | Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '2 years | ' | ' |
Software | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life, maximum (in years) | ' | '5 years | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
In Thousands, unless otherwise specified | |||
Accounting Policies [Abstract] | ' | ' | ' |
Change in unrecognized pension and other postretirement obligations | ($540,122) | ($559,458) | ($456,300) |
Derivative instrument fair market value adjustment | 5,028 | 4,879 | 667 |
Foreign currency translation adjustment | 27,460 | 45,930 | 59,550 |
Accumulated other comprehensive loss | ($507,634) | ($508,649) | ($396,083) |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Details) | 0 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | 27 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 29, 2011 | Dec. 29, 2011 | Dec. 29, 2011 | Feb. 10, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Jul. 25, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Jun. 22, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | |
USD ($) | USD ($) | HKD | USD ($) | USD ($) | USD ($) | USD ($) | Cost of sales | USD ($) | USD ($) | USD ($) | |||
USD ($) | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date of acquisition | ' | ' | ' | ' | 29-Dec-11 | ' | ' | ' | ' | ' | 22-Jun-11 | ' | ' |
Number of shares purchased | 534.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding common stock acquired | 41.10% | 41.10% | 41.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share price of shares purchased for acquisition | ' | ' | 8.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased, value | $584,600,000 | $584,600,000 | ' | ' | ' | ' | $16,200,000 | ' | ' | $1,100,000,000 | ' | ' | ' |
Percentage of beneficial ownership interest after tender offer purchase | ' | 69.20% | 69.20% | 98.90% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Gain on preexisting interest | 19,400,000 | 19,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets acquired as part of business combination | 1,160,211,000 | 1,160,211,000 | ' | ' | ' | ' | ' | ' | ' | 565,388,000 | ' | ' | ' |
Indefinite-lived intangible assets | 72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 37,200,000 | ' | ' | ' |
Amortized intangible assets | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 181,200,000 | ' | ' | ' |
Weighted average useful life, in years | '13 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | '18 years | ' | ' | ' |
Inventory fair value adjustment associated with the acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 20,900,000 | ' | ' | 11,500,000 | 7,700,000 |
Acquisition cost | ' | ' | ' | ' | $600,000 | $15,600,000 | ' | $24,800,000 | ' | ' | ' | $500,000 | $10,900,000 |
Acquisitions_Preliminary_Fair_
Acquisitions - Preliminary Fair Value of Assets and Liabilities (Details) (USD $) | Dec. 29, 2011 | Jun. 22, 2011 |
In Thousands, unless otherwise specified | International Mining Machinery Holdings Ltd. | LeTourneau Technologies, Inc. |
Assets Acquired: | ' | ' |
Cash and cash equivalents | $72,912 | $4,769 |
Accounts receivable | 227,825 | 52,910 |
Inventories | 91,176 | 200,050 |
Other current assets | 15,622 | 187 |
Current assets of discontinued operations | ' | 331,412 |
Property, plant and equipment | 125,600 | 106,394 |
Other intangible assets and goodwill | 1,160,211 | 565,388 |
Other non-current assets | 34,078 | 14,459 |
Non-current assets of discontinued operations | ' | 226,844 |
Total assets acquired | 1,727,424 | 1,502,413 |
Liabilities Assumed: | ' | ' |
Short-term notes payable | -14,666 | ' |
Accounts payable | -87,305 | -37,217 |
Employee compensation and benefits | -6,458 | -10,576 |
Advance payments and progress billings | -6,122 | -97,228 |
Other accrued liabilities | -64,916 | -120,459 |
Current liabilities of discontinued operations | ' | -183,256 |
Other non-current liabilities | -124,519 | ' |
Total liabilities assumed | -303,986 | -448,736 |
Net assets acquired | $1,423,438 | $1,053,677 |
Acquisitions_Unaudited_Proform
Acquisitions - Unaudited Proforma Financial Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 26, 2012 | Oct. 28, 2011 | Dec. 29, 2011 | Dec. 29, 2011 | Dec. 29, 2011 | Oct. 28, 2011 | Jun. 22, 2011 | Jun. 22, 2011 | Jun. 22, 2011 | Jun. 22, 2011 | Jun. 22, 2011 |
International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | LeTourneau Technologies, Inc. | |
Customer relationships | Backlog | Customer relationships | Patents | Unpatented technology | Backlog | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets acquired as part of business combination | ' | ' | $80,000 | $77,300 | $2,700 | ' | $181,200 | $76,500 | $69,900 | $31,600 | $3,200 |
Net sales | 5,729,097 | 4,723,808 | ' | ' | ' | 4,620,059 | ' | ' | ' | ' | ' |
Income from continuing operations | $770,921 | $621,894 | ' | ' | ' | $913,474 | ' | ' | ' | ' | ' |
Basic earnings per share from continuing operations (in dollars per share) | $7.28 | $5.93 | ' | ' | ' | $6.12 | ' | ' | ' | ' | ' |
Diluted earnings per share from continuing operations (in dollars per share) | $7.21 | $5.84 | ' | ' | ' | $6.02 | ' | ' | ' | ' | ' |
Acquisitions_Purchase_Price_fo
Acquisitions - Purchase Price for Acquisition (Details) (LeTourneau Technologies, Inc., USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 22, 2011 |
LeTourneau Technologies, Inc. | ' |
Business Acquisition [Line Items] | ' |
Cash consideration | $1,100,000 |
Working capital purchase price adjustments | -46,323 |
Total purchase price | $1,053,677 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Details) (LeTourneau Technologies, Inc., USD $) | 0 Months Ended | 12 Months Ended |
Oct. 24, 2011 | Oct. 26, 2012 | |
LeTourneau Technologies, Inc. | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | $375,000,000 | ' |
Payment for post closing working capital adjustment | ' | 56,300,000 |
Loss on sale of supply agreements | $23,300,000 | ' |
Discontinued_Operations_Operat
Discontinued Operations - Operating Results (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Loss from discontinued operations, net of income taxes | ($225) | ($5,060) | ($21,346) |
LeTourneau Technologies, Inc. | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net sales | 0 | 102,102 | ' |
Loss before income taxes | -345 | -6,120 | -32,843 |
Income tax benefit | 120 | 1,060 | 11,497 |
Loss from discontinued operations, net of income taxes | ($225) | ($5,060) | ($21,346) |
Accounts_Receivable_Consolidat
Accounts Receivable - Consolidated Accounts Receivable (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables | $936,799 | $1,183,484 |
Unbilled receivables (due within one year) | 231,053 | 164,740 |
Allowance for doubtful accounts | -84,189 | -119,141 |
Accounts receivables | $1,083,663 | $1,229,083 |
Inventories_Consolidated_Inven
Inventories - Consolidated Inventories Consist (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $838,052 | $762,853 |
Work in process and purchased parts | 233,303 | 437,234 |
Raw materials | 68,389 | 215,368 |
Total inventories | $1,139,744 | $1,415,455 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization Intangible Assets Other Than Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '16 years | ' |
Gross Carrying Amount | $417,025 | $489,938 |
Total other intangible assets | 434,725 | 678,738 |
Accumulated Amortization | -102,913 | -89,514 |
Trademarks | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Indefinite-lived other intangible assets: | 17,700 | 188,800 |
Backlog | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '1 year | ' |
Gross Carrying Amount | 13,198 | 17,018 |
Accumulated Amortization | -13,198 | -17,018 |
Customer relationships | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '17 years | ' |
Gross Carrying Amount | 259,000 | 340,200 |
Accumulated Amortization | -57,764 | -46,630 |
Engineering drawings | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '6 years | ' |
Gross Carrying Amount | 2,900 | 2,900 |
Accumulated Amortization | -2,900 | -2,900 |
Non-compete agreements | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '5 years | ' |
Gross Carrying Amount | 5,800 | 5,800 |
Accumulated Amortization | -5,800 | -5,750 |
Patents | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '19 years | ' |
Gross Carrying Amount | 91,076 | 91,184 |
Accumulated Amortization | -19,109 | -14,704 |
Trademarks | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '5 years | ' |
Gross Carrying Amount | 12,200 | 0 |
Accumulated Amortization | 0 | 0 |
Unpatented technology | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '20 years | ' |
Gross Carrying Amount | 32,851 | 32,836 |
Accumulated Amortization | ($4,142) | ($2,512) |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 25, 2013 | Jan. 25, 2013 | Jan. 25, 2013 | Jan. 25, 2013 | |
Underground Mining Machinery | Surface Mining Equipment | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | International Mining Machinery Holdings Ltd. | |||||
Customer relationships | Backlog | Trademarks | |||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in Intangible Assets | ' | ' | ' | ' | ' | ' | $81,200,000 | $3,800,000 | $3,700,000 |
Intangible asset impairment charges | 155,200,000 | 155,200,000 | 0 | 0 | 130,200,000 | 25,000,000 | ' | ' | ' |
Amortization expense for finite-lived intangible assets | ' | $13,600,000 | $37,400,000 | $12,600,000 | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Changes In Carrying Amount Of Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | $1,382,358 | $428,478 |
Goodwill acquired/adjusted during the year | ' | 954,327 |
Goodwill adjusted during the year | 99,144 | ' |
Translation adjustments | -983 | -447 |
Ending balance | 1,480,519 | 1,382,358 |
Underground Mining Machinery | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 1,024,214 | 115,704 |
Goodwill acquired/adjusted during the year | ' | 908,567 |
Goodwill adjusted during the year | 99,144 | ' |
Translation adjustments | -175 | -57 |
Ending balance | 1,123,183 | 1,024,214 |
Surface Mining Equipment | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 358,144 | 312,774 |
Goodwill acquired/adjusted during the year | ' | 45,760 |
Goodwill adjusted during the year | 0 | ' |
Translation adjustments | -808 | -390 |
Ending balance | $357,336 | $358,144 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Estimated Future Annual Amortization Expense (Details) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $24,976 |
2015 | 24,926 |
2016 | 24,830 |
2017 | 23,744 |
2018 | $23,493 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes for Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Current provision | ' | ' | ' |
Federal | $127,069 | $159,294 | $94,024 |
State | 6,621 | 16,410 | 7,357 |
Foreign | 69,564 | 105,073 | 86,647 |
Total current provision | 203,254 | 280,777 | 188,028 |
Deferred provision (benefit) | ' | ' | ' |
Federal | 23,892 | 74,966 | 75,663 |
State | -1,331 | 399 | 5,567 |
Foreign | 4,404 | -18,272 | -4,427 |
Total deferred provision | 26,965 | 57,093 | 76,803 |
Total provision for income taxes | $230,219 | $337,870 | $264,831 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Utilization of foreign tax credits, included in federal deferred provision | ' | $14.20 | ' |
Current tax benefit relating to a tax holiday in China | 0.3 | 0.8 | 1.8 |
Valuation reserves against pre-emergence net operating loss carry forwards. | 63.3 | ' | ' |
Unremitted earnings of subsidiaries, which have been or are intended to be permanently reinvested | 822.8 | ' | ' |
Unrecognized tax benefit would affect the effective tax rate | 76.6 | ' | ' |
Total interest reclassified to other liabilities | 10.3 | 2.8 | ' |
Penalties included in net unrecognized tax | 42.3 | 1 | ' |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 4.9 | ' | ' |
Internal Revenue Service (IRS) | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Net operating losses used, included in federal deferred provision | ' | 10 | 16 |
General business credits | ' | 4.9 | ' |
Alternative minimum tax carryforwards | 3.3 | 1.1 | ' |
Net operating losses used, included in federal deferred provision | ' | $0.10 | $0.80 |
United Kingdom Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '2011 forward | ' | ' |
South Africa Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '2008 forward | ' | ' |
Australia Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '2009 forward | ' | ' |
Chile Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '2009 forward | ' | ' |
China Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '2008 forward | ' | ' |
Canada Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '2008 forward | ' | ' |
Other Countries Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Year(s) under examination | '3 to 5 years | ' | ' |
Income_Taxes_Domestic_and_Fore
Income Taxes - Domestic and Foreign Components of Income from Continuing Operations Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic income from continuing operations | $444,667 | $724,132 | $531,888 |
Foreign income from continuing operations | 319,490 | 380,999 | 363,945 |
Income from continuing operations before income taxes | $764,157 | $1,105,131 | $895,833 |
Income_Taxes_Reconciliation_Be
Income Taxes - Reconciliation Between Income Tax Provision (Details) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax computed at federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Sub-part F income and foreign dividends, net of foreign tax credits | 0.20% | 0.30% | -0.90% |
Differences in foreign and U.S. tax rates | -5.30% | -4.20% | -4.30% |
State income taxes, net of federal tax impact | 0.50% | 1.00% | 0.70% |
Resolution of prior yearsb tax matters | 0.00% | 0.00% | 0.90% |
Valuation allowance | 1.10% | 0.10% | 0.10% |
IRC 199 manufacturing deduction | -2.00% | -1.70% | -1.40% |
Other items, net | 0.60% | 0.10% | -0.50% |
Effective income tax rate | 30.10% | 30.60% | 29.60% |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Asset (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Employee benefit related items | $101,200 | $156,034 |
Tax credit carryforwards | 2,622 | 5,665 |
Tax loss carryforwards | 128,357 | 122,895 |
Inventories | 32,464 | 29,952 |
Other deferred tax assets, net | 32,378 | 63,266 |
Valuation allowance, current assets | -11,009 | -5,281 |
Valuation allowance, non-current assets | -119,556 | -117,354 |
Total deferred tax assets | 166,456 | 255,177 |
Deferred tax liabilities: | ' | ' |
Depreciation and amortization in excess of book expense | 59,651 | 56,218 |
Intangibles | 48,388 | 109,788 |
Total deferred tax liabilities | 108,039 | 166,006 |
Current deferred tax assets, included in Other current assets | 69,352 | 90,510 |
Long-term deferred tax asset, included in Deferred income taxes | 41,532 | 67,101 |
Current deferred tax liability, included in Other accrued liabilities | -2,087 | -2,247 |
Long-term deferred tax liability, included in Other liabilities | -50,380 | -66,193 |
Net deferred tax asset | $58,417 | $89,171 |
Income_Taxes_Components_of_Los
Income Taxes - Components of Loss and Credit Carry forward (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | $2,622,000 | $5,665,000 |
Foreign Tax Authority | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Foreign capital losses, Gross | 62,100,000 | ' |
Foreign losses, Gross | 55,800,000 | ' |
Foreign losses, Benefit | 14,400,000 | ' |
Valuation Allowance | 14,200,000 | ' |
Foreign Tax Authority | No Expiration Date | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Foreign losses, Benefit | 5,400,000 | ' |
Foreign Tax Authority | Expiring Years 2014 to 2018 | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Foreign losses, Benefit | 9,000,000 | ' |
Foreign Tax Authority | Capital losses | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | 12,500,000 | ' |
Valuation Allowance | 12,500,000 | ' |
Foreign Tax Authority | General business tax credit carryforward | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | 1,500,000 | ' |
Valuation Allowance | 0 | ' |
Foreign Tax Authority | General business tax credit carryforward | Expiring Years 2016 to 2018 | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | 1,400,000 | ' |
Foreign Tax Authority | General business tax credit carryforward | Expiring Year 2021 | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | 100,000 | ' |
Foreign Tax Authority | Various international tax credits | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | 400,000 | ' |
Valuation Allowance | 300,000 | ' |
State and Local Jurisdiction | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
U.S. state operating losses, Gross | 1,967,000,000 | ' |
U.S. state operating losses, Benefit | 101,400,000 | ' |
Valuation Allowance | 98,400,000 | ' |
State and Local Jurisdiction | General business tax credit carryforward | ' | ' |
Loss and Tax Credit Carryforward [Line Items] | ' | ' |
Tax credits, Benefit | 700,000 | ' |
Valuation Allowance | $700,000 | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefit (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance, beginning of year | $33,471 | $10,370 |
Interest included in the beginning balance | 0 | -1,271 |
Additions for current year tax positions and acquisition | 36 | 25,735 |
Additions for prior year tax positions | 60,604 | 167 |
Reductions for prior year tax positions | -16,693 | -1,530 |
Balance, end of year | $77,418 | $33,471 |
Warranties_Changes_in_Product_
Warranties - Changes in Product Warranty Reserve (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance, beginning of year | $100,646 | $82,737 |
Accrual for warranty expensed during the year | 57,610 | 49,268 |
Settlements made during the year | -72,981 | -52,736 |
Effect of foreign currency translation | 457 | -520 |
Adjusted acquired warranty accrual | 0 | 21,897 |
Balance, end of year | $85,732 | $100,646 |
Warranties_Additional_Informat
Warranties - Additional Information (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 26, 2012 |
Product Warranties Disclosures [Abstract] | ' |
Increase in liability for pre-existing warranties related to the mining equipment | $16.10 |
Borrowings_and_Credit_Faciliti2
Borrowings and Credit Facilities - Additional Information (Details) (USD $) | Oct. 25, 2013 | Oct. 31, 2011 | Oct. 12, 2012 | Oct. 27, 2010 | Oct. 12, 2012 | Oct. 12, 2012 | Jun. 16, 2011 | Oct. 12, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2006 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2006 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 12, 2011 | Nov. 30, 2006 | Nov. 30, 2006 |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Term Loan due 2016 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | Eurodollar | Eurodollar | Eurodollar | Eurodollar interest period one | Eurodollar interest period two | Eurodollar interest period three | Eurodollar interest period four | Eurodollar interest period five | Eurodollar interest period six | Federal Funds Rate | Treasury Rate | Treasury Rate | Treasury Rate | |||
Minimum | Maximum | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | 5.125% Senior Notes due 2021 | 6.0% Senior Notes due 2016 | 6.625% Senior Notes due 2036 | |||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility (Credit Agreement), maximum borrowing capacity | ' | ' | $1,000,000,000 | $700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional aggregate revolving commitments | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | ' | ' | 0.10% | 0.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 days | '14 days | '1 month | '2 months | '3 months | '6 months | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 0.30% | 0.38% |
Principal amount | ' | 250,000,000 | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | ' | 250,000,000 | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit issued under the Credit Agreement | 195,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | 805,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 5.13% | 5.13% | 5.13% | 6.00% | 6.00% | 6.00% | 6.63% | 6.63% | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on note payable | ' | ' | ' | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount of notes to be redeemed at company's option (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_and_Credit_Faciliti3
Borrowings and Credit Facilities - Direct Borrowings and Capital Lease Obligations (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Carrying amount | $1,315,596 | $1,371,941 |
Less: amounts due within one year | -58,669 | -65,316 |
Long-term obligations | 1,256,927 | 1,306,625 |
Term Loan due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | 412,500 | 462,500 |
6.0% Senior Notes due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | 248,733 | 248,360 |
5.125% Senior Notes due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | 496,438 | 496,088 |
6.625% Senior Notes due 2036 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | 148,493 | 148,466 |
Other secured borrowings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | 1,212 | 1,637 |
Capital leases | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | 0 | 41 |
Short-term borrowings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount | $8,220 | $14,849 |
Borrowings_and_Credit_Faciliti4
Borrowings and Credit Facilities - Direct Borrowings and Capital Lease Obligations (Parenthetical) (Details) | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2006 | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2006 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 12, 2011 |
6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 6.00% | 6.00% | 6.00% | 6.63% | 6.63% | 6.63% | 5.13% | 5.13% | 5.13% |
Borrowings_and_Credit_Faciliti5
Borrowings and Credit Facilities - Aggregate Maturities of Debt for Credit Agreements (Details) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $58,669 |
2015 | 50,474 |
2016 | 312,789 |
2017 | 248,733 |
2018 | 0 |
Thereafter | $644,931 |
Shareholders_Equity_Additional
Shareholder's Equity - Additional Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2008 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Aug. 28, 2013 | Dec. 12, 2005 | Jan. 28, 2005 | Jul. 12, 2001 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | ' | 150,000,000 | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | ' | $1 | $1 | $1 | ' | ' | ' | ' | $1 |
Shares distributed | ' | ' | ' | ' | ' | ' | ' | 1,233,423 | 50,000,000 |
Common stock shares distributed in accordance with the Plan of Reorganization, adjusted for stock splits (in shares) | ' | ' | ' | ' | ' | ' | 2,775,111 | ' | ' |
Stock repurchase program, number of shares authorized to be repurchased | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' |
Purchase of treasury stock, shares (in shares) | 1,890,000 | 4,105,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | $214,106,000 | ' | ' | ' | ' | ' | ' |
Treasury stock purchased | -93,600,000 | ' | -214,106,000 | 0 | 0 | ' | ' | ' | ' |
Value of shares and dividends claimed from liquidation | ' | $6,000,000 | $6,000,000 | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Dec. 17, 2013 | |
Minimum | Maximum | Stock incentive plan stock options | Stock incentive plan restricted stock units | Stock incentive plan restricted stock units | Stock incentive plan performance shares | Stock incentive plan performance shares | Stock incentive plan performance shares | Stock incentive plan performance shares | ||||
Director | Subsequent Event | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under the 2007 Stock Incentive Plan (in shares) | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $29,006,000 | $27,381,000 | $25,507,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset recognized related to the stock-based compensation expense | 8,500,000 | 8,000,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | '3 years | '5 years | '1 year | ' | ' | ' | ' |
Option award fair value method used | 'Black Scholes valuation model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | $9,300,000 | $29,900,000 | ' | $9,600,000 | ' | ' | ' |
Unrecognized compensation expense, weighted-average period of recognition | ' | ' | ' | ' | ' | '1 year 8 months 12 days | '3 years 2 months 12 days | ' | '1 year 8 months 12 days | ' | ' | ' |
Award accumulation threshold (in shares) | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' |
Number of deferred shares (in shares) | ' | ' | ' | ' | ' | ' | 86,945 | ' | 112,642 | ' | ' | ' |
Performance shares, award cycle | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock represented by each performance share (in shares) | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of target award opportunities | ' | ' | ' | 0.00% | 150.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of target award opportunities, maximum, in certain cases | ' | ' | ' | ' | 180.00% | ' | ' | ' | ' | ' | ' | ' |
Final awards earned for the performance share program | ' | ' | ' | ' | ' | ' | ' | ' | 122,006 | 450,855 | 158,970 | 56,804 |
Expected life in years | '3 years 1 month 6 days | '3 years 8 months 12 days | '3 years 9 months 18 days | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary Stock Option Activity Restricted Stock Unit Activity And Performance Share Activity (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 29, 2010 |
Stock incentive plan stock options | ' | ' | ' | ' |
Number of Options | ' | ' | ' | ' |
Options outstanding at beginning of year | 1,893,845 | 1,834,348 | 2,846,686 | ' |
Options granted | 655,600 | 459,500 | 509,500 | ' |
Options exercised | -160,276 | -342,047 | -1,431,349 | ' |
Options forfeited or cancelled | -144,094 | -57,956 | -90,489 | ' |
Options outstanding at end of year | 2,245,075 | 1,893,845 | 1,834,348 | 2,846,686 |
Exercisable as of October 25, 2013 | 1,255,551 | ' | ' | ' |
Weighted-Average Exercise Price Per Share | ' | ' | ' | ' |
Weighted-average exercise price of options outstanding at beginning of year (in dollars per share) | $58.28 | $46.05 | $35.09 | ' |
Weighted-average exercise price of options granted (in dollars per share) | $57.03 | $87.31 | $80.64 | ' |
Weighted-average exercise price of options exercised (in dollars per share) | $26.64 | $28.16 | $36.84 | ' |
Weighted average exercise price of options forfeited or cancelled (in dollars per share) | $73.06 | $69.66 | $41.55 | ' |
Weighted-average exercise price of options outstanding at end of year (in dollars per share) | $59.28 | $58.28 | $46.05 | $35.09 |
Weighted-average exercise price of options exercisable (in dollars per share) | $52.67 | ' | ' | ' |
Weighted-average remaining contractual term exercisable | '6 years 9 months 18 days | '7 years 1 month 6 days | '7 years 4 months 24 days | '7 years 4 months 24 days |
Weighted-average remaining contractual term outstanding | '5 years 4 months 24 days | ' | ' | ' |
Weighted-average grant date fair value of options granted (in dollars per share) | $15.49 | $27.93 | $24.20 | ' |
Aggregate intrinsic value of options outstanding (in dollars) | $18.70 | $26.30 | $82.80 | $102.10 |
Aggregate intrinsic value of options exercised (in dollars) | 5.6 | 18.9 | 73.6 | ' |
Aggregate intrinsic value of options exercisable (in dollars) | 17.6 | ' | ' | ' |
Stock incentive plan restricted stock units | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Outstanding shares at beginning of year | 1,015,947 | 867,974 | 681,501 | ' |
Shares granted | 275,753 | 325,588 | 295,606 | ' |
Units earned from dividends | 13,535 | 10,520 | 7,137 | ' |
Units settled | -117,488 | -112,744 | -34,450 | ' |
Units deferred | -18,230 | -25,252 | -16,031 | ' |
Shares forfeited | -102,601 | -50,139 | -65,789 | ' |
Outstanding shares at end of year | 1,066,916 | 1,015,947 | 867,974 | ' |
Weighted-Average Grant Date Fair Value Per Share | ' | ' | ' | ' |
Weighted-average grant date fair value of shares outstanding at beginning of year (in dollars per share) | $60.16 | $48.32 | $35.03 | ' |
Weighted-average grant date fair value of units granted (in dollars per share) | $57.02 | $79.08 | $81.95 | ' |
Weighted-average grant date fair value of units earned from dividends (in dollars per share) | $57.36 | $66.04 | $85.63 | ' |
Weighted-average grant date fair value of units settled (in dollars per share) | $45.78 | $33.42 | $48.63 | ' |
Weighted-average grant date fair value of units deferred (in dollars per share) | $33.78 | $34.87 | $52.85 | ' |
Weighted average grant date fair value of shares forfeited (in dollars per share) | $70.48 | $52.12 | $64.62 | ' |
Weighted-average grant date fair value of shares outstanding at end of year (in dollars per share) | $60.35 | $60.16 | $48.32 | ' |
Aggregate intrinsic value of units settled (in dollars) | 6.7 | 9.1 | 2.8 | ' |
Aggregate intrinsic value of units deferred (in dollars) | 1 | 2.2 | 1.3 | ' |
Stock incentive plan performance shares | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Outstanding shares at beginning of year | 338,215 | 669,749 | 762,611 | ' |
Shares granted | 262,750 | 145,100 | 75,000 | ' |
Target adjustment | -107,275 | -21,533 | 21,266 | ' |
Shares distributed | -122,006 | -450,855 | -158,970 | ' |
Shares forfeited | -27,295 | -4,246 | -30,158 | ' |
Outstanding shares at end of year | 344,389 | 338,215 | 669,749 | ' |
Weighted-Average Grant Date Fair Value Per Share | ' | ' | ' | ' |
Weighted-average grant date fair value of shares outstanding at beginning of year (in dollars per share) | $75.87 | $38.38 | $36.57 | ' |
Weighted-average grant date fair value of units granted (in dollars per share) | $54.90 | $80.40 | $80.69 | ' |
Weighted-average grant date fair value of target adjustment (in dollars per share) | $65.20 | $78.69 | $87.50 | ' |
Weighted-average grant date fair value of shares distributed (in dollars per share) | $50.85 | $21.69 | $56.87 | ' |
Weighted average grant date fair value of shares forfeited (in dollars per share) | $67.57 | $55.17 | $35.20 | ' |
Weighted-average grant date fair value of shares outstanding at end of year (in dollars per share) | $72.72 | $75.87 | $38.38 | ' |
Aggregate intrinsic value of shares distributed (in dollars) | $7.60 | $36.90 | $13.70 | ' |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted-Average Assumptions Used To Estimate Fair Value Option Awards (Details) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk free interest rate | 0.34% | 0.40% | 0.77% |
Expected volatility | 42.76% | 44.92% | 41.07% |
Expected life in years | '3 years 1 month 6 days | '3 years 8 months 12 days | '3 years 9 months 18 days |
Dividend yield | 1.27% | 0.90% | 0.90% |
Retiree_Benefits_Additional_In
Retiree Benefits - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Oct. 26, 2012 | Apr. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage of participant's compensation matched by employer | ' | ' | 6.00% | ' | ' |
Defined contribution expense | ' | ' | $63,200,000 | $47,800,000 | $30,400,000 |
Defined benefit contribution plan expense | ' | ' | 12,600,000 | 5,600,000 | ' |
Defined benefit employee pension plan expense | ' | ' | 19,632,000 | 46,508,000 | 50,326,000 |
Curtailment charges | 10,400,000 | 1,100,000 | ' | ' | ' |
Assumed annual rate of increase in the per capita cost of covered health care benefits | ' | ' | 7.00% | ' | ' |
Description of the change in the per capita cost of covered health care benefits rate | ' | ' | 'The per capita cost of covered health care benefits is assumed to decrease 0.25%B per year to an ultimate rate of 5.0%. | ' | ' |
Assumed percentage decrease in per capita cost of covered health care benefits rate | ' | ' | 0.25% | ' | ' |
Ultimate health care cost trend rate | ' | ' | 5.00% | ' | ' |
Effect of one percentage point increase in the assumed health care cost trend rates on accumulated postretirement benefit obligation | ' | ' | 800,000 | ' | ' |
Effect of one percentage point increase in the assumed health care cost trend rates on service cost and interest cost components | ' | ' | 100,000 | ' | ' |
Effect of one percentage point decrease in the assumed health care cost trend rates on accumulated postretirement benefit obligation | ' | ' | 700,000 | ' | ' |
Effect of one percentage point decrease in the assumed health care cost trend rates on service cost and interest cost components | ' | ' | 100,000 | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Percentage of participant salary deferral contributions matched by employer | ' | ' | 50.00% | ' | ' |
Additional defined benefit contribution percentage of eligible employee compensation | ' | ' | 5.00% | ' | ' |
Expected contributions to employee pension plans for 2014 | ' | ' | 50,000,000 | ' | ' |
Minimum | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Percentage of participant salary deferral contributions matched by employer | ' | ' | 25.00% | ' | ' |
Additional defined benefit contribution percentage of eligible employee compensation | ' | ' | 1.00% | ' | ' |
Expected contributions to employee pension plans for 2014 | ' | ' | 40,000,000 | ' | ' |
U.S. Pension Plans | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Curtailment charges | ' | ' | 0 | 37,796,000 | ' |
Discount rate | ' | ' | 3.95% | 5.00% | 5.60% |
Expected return on plan assets | ' | ' | 6.50% | 7.00% | 7.51% |
Investment goals | ' | ' | 'The U.S. plans' assets are invested to maintain funded ratios over the long-term, while managing the risk that funded ratios fall meaningfully below 100%. The Company has for some time been focused on a plan and objective to achieve an asset and liability duration match so that interim fluctuations in funded status should be limited by increasing the correlation between assets and liabilities. At this time, the plans' portfolio is significantly invested in duration matched fixed income securities. | ' | ' |
Maximum funded ratios | ' | ' | 100.00% | ' | ' |
U.S. Pension Plans | Maximum | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 5.00% | ' |
Expected return on plan assets | ' | ' | ' | 7.00% | ' |
U.S. Pension Plans | Minimum | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 3.95% | ' |
Expected return on plan assets | ' | ' | ' | 6.75% | ' |
Non-U.S. Pension Plans | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Curtailment charges | ' | ' | 0 | 0 | ' |
Discount rate | ' | ' | 4.28% | 5.28% | 5.24% |
Expected return on plan assets | ' | ' | 6.64% | 6.93% | 7.22% |
Investment goals | ' | ' | 'The Company's objectives with respect to its global pension plans are (1) to acquire suitable assets of appropriate liquidity, which, together with new contributions, will meet the cost of the current and future benefits which the plans provide; (2) to limit the risk of the assets failing to meet the liabilities over the long term; and (3) to minimize the long term costs of the plans by maximizing the correlation with plan liabilities. There is no assurance that these objectives will be met. | ' | ' |
Other Postretirement Benefit Plans | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum age of active employees required to pay all applicable premium for postretirement healthcare benefits | ' | ' | '45 years | ' | ' |
Percentage of premium for postretirement healthcare benefits required to be paid | ' | ' | 100.00% | ' | ' |
Curtailment charges | ' | ' | 0 | 0 | ' |
Special termination benefits charge | $1,000,000 | ' | $0 | $981,000 | $0 |
Discount rate | ' | ' | 3.60% | 4.65% | 4.85% |
Expected return on plan assets | ' | ' | 7.40% | 7.50% | 8.00% |
Other Postretirement Benefit Plans | Maximum | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 4.65% | ' |
Other Postretirement Benefit Plans | Minimum | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 3.60% | ' |
Retiree_Benefits_Pension_and_O
Retiree Benefits - Pension and Other Postretirement Benefit Expense (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
U.S. Pension Plans | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | ' | $3,794 | $9,975 | $14,438 |
Interest cost | ' | 48,453 | 52,604 | 56,268 |
Expected return on assets | ' | -64,517 | -61,420 | -56,269 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | ' | 610 | 1,307 | 1,374 |
Actuarial loss | ' | 22,773 | 20,324 | 25,179 |
Curtailment loss | ' | 0 | 11,491 | 0 |
Total net periodic benefit cost | ' | 11,113 | 34,281 | 40,990 |
Non-U.S. Pension Plans | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | ' | 7,491 | 5,878 | 6,099 |
Interest cost | ' | 29,216 | 29,297 | 28,715 |
Expected return on assets | ' | -37,347 | -36,033 | -35,529 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | ' | 0 | 0 | 10,051 |
Actuarial loss | ' | 9,159 | 13,085 | 0 |
Curtailment loss | ' | 0 | 0 | 0 |
Total net periodic benefit cost | ' | 8,519 | 12,227 | 9,336 |
Other Postretirement Benefit Plans | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | ' | 1,083 | 960 | 981 |
Interest cost | ' | 1,168 | 1,371 | 1,540 |
Expected return on assets | ' | -427 | -371 | -342 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | ' | 69 | 52 | 48 |
Actuarial loss | ' | -833 | -1,160 | -1,308 |
Special termination benefits charge | 1,000 | 0 | 981 | 0 |
Total net periodic benefit cost | ' | $1,060 | $1,833 | $919 |
Retiree_Benefits_Significant_A
Retiree Benefits - Significant Assumptions Used In Determining Net Periodic Benefit Cost and Benefit Obligations (Details) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Discount rate | 3.95% | 5.00% | 5.60% |
Expected return on plan assets | 6.50% | 7.00% | 7.51% |
Rate of compensation increase | 0.00% | 4.25% | 4.25% |
Discount rate | 4.85% | 3.95% | ' |
Rate of compensation increase | 0.00% | 0.00% | ' |
Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Discount rate | 4.28% | 5.28% | 5.24% |
Expected return on plan assets | 6.64% | 6.93% | 7.22% |
Rate of compensation increase | 4.23% | 4.22% | 4.36% |
Discount rate | 4.25% | 4.28% | ' |
Rate of compensation increase | 4.21% | 4.23% | ' |
Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Discount rate | 3.60% | 4.65% | 4.85% |
Expected return on plan assets | 7.40% | 7.50% | 8.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Discount rate | 4.25% | 3.60% | ' |
Rate of compensation increase | 0.00% | 0.00% | ' |
Retiree_Benefits_Changes_In_Be
Retiree Benefits - Changes In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet, and Accumulated Benefit Obligation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 26, 2012 | Apr. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | |||
Change in Benefit Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net benefit obligations at beginning of year | ' | ' | $1,250,684 | $1,108,386 | ' | $698,456 | $573,608 | ' | $34,200 | $32,078 | ' |
Service cost | ' | ' | 3,794 | 9,975 | 14,438 | 7,491 | 5,878 | 6,099 | 1,083 | 960 | 981 |
Interest cost | ' | ' | 48,453 | 52,604 | 56,268 | 29,216 | 29,297 | 28,715 | 1,168 | 1,371 | 1,540 |
Plan participantsb contributions | ' | ' | 0 | 0 | ' | 1,144 | 1,164 | ' | 0 | 0 | ' |
Plan amendments | ' | ' | 0 | 7,157 | ' | 0 | 0 | ' | -580 | 813 | ' |
Actuarial loss (gain) | ' | ' | -115,528 | 162,370 | ' | 6,998 | 114,815 | ' | -1,104 | 674 | ' |
Currency fluctuations | ' | ' | 0 | 0 | ' | 2,507 | 2,449 | ' | 0 | 0 | ' |
Curtailments | -10,400 | -1,100 | 0 | -37,796 | ' | 0 | 0 | ' | 0 | 0 | ' |
Special termination benefits | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 981 | ' |
Gross benefits paid | ' | ' | -55,129 | -52,012 | ' | -33,551 | -28,755 | ' | -3,409 | -2,677 | ' |
Net benefit obligations at end of year | 34,200 | ' | 1,132,274 | 1,250,684 | 1,108,386 | 712,261 | 698,456 | 573,608 | 31,358 | 34,200 | 32,078 |
Change in Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | 1,027,506 | 833,849 | ' | 582,492 | 513,528 | ' | 6,315 | 5,370 | ' |
Actual return on plan assets | ' | ' | -3,552 | 104,729 | ' | 4,005 | 50,986 | ' | 1,045 | 526 | ' |
Currency fluctuations | ' | ' | 0 | 0 | ' | 2,617 | 1,644 | ' | 0 | 0 | ' |
Employer contributions | ' | ' | 83,829 | 140,940 | ' | 81,883 | 43,925 | ' | 4,450 | 3,096 | ' |
Plan participantsb contributions | ' | ' | 0 | 0 | ' | 1,144 | 1,164 | ' | 0 | 0 | ' |
Gross benefits paid | ' | ' | -55,129 | -52,012 | ' | -33,551 | -28,755 | ' | -3,409 | -2,677 | ' |
Fair value of plan assets at end of year | ' | ' | 1,052,654 | 1,027,506 | 833,849 | 638,590 | 582,492 | 513,528 | 8,401 | 6,315 | 5,370 |
Funded Status | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net amount recognized at end of year | ' | ' | -79,620 | -223,178 | ' | -73,671 | -115,964 | ' | -22,957 | -27,885 | ' |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | -2,755 | -2,620 | ' | -731 | -709 | ' | -2,234 | -2,321 | ' |
Non-current liabilities | ' | ' | -76,865 | -220,558 | ' | -72,940 | -115,255 | ' | -20,723 | -25,564 | ' |
Net amount recognized at end of year | ' | ' | -79,620 | -223,178 | ' | -73,671 | -115,964 | ' | -22,957 | -27,885 | ' |
Accumulated benefit obligation | ' | ' | $1,132,274 | $1,250,684 | ' | $692,135 | $644,125 | ' | $0 | $0 | ' |
Retiree_Benefits_Pension_Plans
Retiree Benefits - Pension Plans With Accumulated Benefit Obligation In Excess of Plan Assets (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
U.S. Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $1,132,274 | $1,250,684 |
Accumulated benefit obligation | 1,132,274 | 1,250,684 |
Fair value of plan assets | 1,052,654 | 1,027,506 |
Non-U.S. Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | 649,395 | 655,010 |
Accumulated benefit obligation | 634,509 | 604,675 |
Fair value of plan assets | $576,016 | $539,669 |
Retiree_Benefits_Amounts_Recog
Retiree Benefits - Amounts Recognized in Accumulated Other Comprehensive (Gain) Loss (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
In Thousands, unless otherwise specified | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total accumulated other comprehensive loss (income) | $540,122 | $559,458 | $456,300 |
U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | 388,421 | ' | ' |
Prior service cost | 1,980 | ' | ' |
Deferred tax | -94,220 | ' | ' |
Total accumulated other comprehensive loss (income) | 296,181 | ' | ' |
Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | 302,175 | ' | ' |
Prior service cost | 0 | ' | ' |
Deferred tax | -50,626 | ' | ' |
Total accumulated other comprehensive loss (income) | 251,549 | ' | ' |
Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | -12,857 | ' | ' |
Prior service cost | 735 | ' | ' |
Deferred tax | 4,514 | ' | ' |
Total accumulated other comprehensive loss (income) | ($7,608) | ' | ' |
Retiree_Benefits_Estimated_Amo
Retiree Benefits - Estimated Amounts That Will Be Amortized From Accumulated Other Comprehensive Loss into Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 25, 2013 |
U.S. Pension Plans | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' |
Net actuarial loss (gain) | $13,096 |
Prior service cost | 531 |
Estimated amounts that will be amortized from accumulated other comprehensive loss in next fiscal year | 13,627 |
Non-U.S. Pension Plans | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' |
Net actuarial loss (gain) | 8,856 |
Prior service cost | 0 |
Estimated amounts that will be amortized from accumulated other comprehensive loss in next fiscal year | 8,856 |
Other Postretirement Benefit Plans | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' |
Net actuarial loss (gain) | -904 |
Prior service cost | 132 |
Estimated amounts that will be amortized from accumulated other comprehensive loss in next fiscal year | ($772) |
Retiree_Benefits_Target_Alloca
Retiree Benefits - Target Allocation and Weighted Average Asset Allocation (Details) | 12 Months Ended |
Oct. 25, 2013 | |
U.S. Pension Plans | ' |
Asset category, target allocation | ' |
Securities | 100.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 100.00% |
U.S. Pension Plans | Equity securities | ' |
Asset category, target allocation | ' |
Securities | 20.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 20.00% |
U.S. Pension Plans | Debt securities | ' |
Asset category, target allocation | ' |
Securities | 80.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 79.00% |
U.S. Pension Plans | Other | ' |
Asset category, target allocation | ' |
Securities | 0.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 1.00% |
Non-U.S. Pension Plans | ' |
Asset category, target allocation | ' |
Securities | 100.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 100.00% |
Non-U.S. Pension Plans | Equity securities | ' |
Asset category, target allocation | ' |
Securities | 30.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 28.00% |
Non-U.S. Pension Plans | Debt securities | ' |
Asset category, target allocation | ' |
Securities | 70.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 65.00% |
Non-U.S. Pension Plans | Other | ' |
Asset category, target allocation | ' |
Securities | 0.00% |
Asset category, weighted-average asset allocation | ' |
Securities | 7.00% |
Retiree_Benefits_Fair_Value_Pe
Retiree Benefits - Fair Value Pension Plan Assets by Category (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
In Thousands, unless otherwise specified | |||
U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | $1,052,654 | $1,027,506 | $833,849 |
Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 638,590 | 582,492 | 513,528 |
Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 8,401 | 6,315 | 5,370 |
U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 149,517 | 158,095 | ' |
U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 43,168 | 2,806 | ' |
U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 4,461 | 3,096 | ' |
Non-U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 61,331 | 62,918 | ' |
Non-U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 138,352 | 6,705 | ' |
Non-U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 1,101 | 682 | ' |
U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 343,215 | 347,981 | ' |
Non-U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 13,939 | 7,450 | ' |
Non-U.S. government bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 105,583 | 219,877 | ' |
U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 368,469 | 363,978 | ' |
U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 21,992 | 216 | ' |
U.S. corporate bonds | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 2,769 | 2,397 | ' |
Non-U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 68,481 | 64,819 | ' |
Non-U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 191,526 | 184,316 | ' |
U.S. government mortgage backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 8,286 | ' | ' |
U.S. non-government backed collateralized mortgage obligations | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 8,498 | ' | ' |
Asset backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 23,227 | ' | ' |
Asset backed securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 1,141 | ' | ' |
Other fixed income securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Cash and cash equivalents | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 5,337 | 22,412 | ' |
Cash and cash equivalents | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 46,407 | 6,542 | ' |
Cash and cash equivalents | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 70 | 140 | ' |
Non-U.S. annuity insurance products | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 94,315 | ' | ' |
Short term bills and notes | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 2,600 | ' | ' |
Other investments | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | -246 | -147 | ' |
Other investments | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | -3,894 | -284 | ' |
Hedge fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 3,598 | ' |
Insurance linked fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 8,885 | ' |
Multi-asset fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 149,831 | ' |
Level 1 | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 207,198 | 243,425 | ' |
Level 1 | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 227,669 | 16,053 | ' |
Level 1 | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 5,632 | 3,918 | ' |
Level 1 | U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 146,927 | 158,095 | ' |
Level 1 | U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 42,940 | 2,806 | ' |
Level 1 | U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 4,461 | 3,096 | ' |
Level 1 | Non-U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 54,502 | 62,918 | ' |
Level 1 | Non-U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 138,322 | 6,705 | ' |
Level 1 | Non-U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 1,101 | 682 | ' |
Level 1 | U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | Non-U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | Non-U.S. government bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | U.S. corporate bonds | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | Non-U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | Non-U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | U.S. government mortgage backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 1 | U.S. non-government backed collateralized mortgage obligations | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 1 | Asset backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 1 | Asset backed securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 1 | Other fixed income securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 1 | Cash and cash equivalents | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 5,337 | 22,412 | ' |
Level 1 | Cash and cash equivalents | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 46,407 | 6,542 | ' |
Level 1 | Cash and cash equivalents | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 70 | 140 | ' |
Level 1 | Non-U.S. annuity insurance products | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 1 | Short term bills and notes | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 1 | Other investments | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 432 | 0 | ' |
Level 1 | Other investments | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 1 | Hedge fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 1 | Insurance linked fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 1 | Multi-asset fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 2 | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 845,456 | 780,741 | ' |
Level 2 | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 410,663 | 222,088 | ' |
Level 2 | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 2,769 | 2,397 | ' |
Level 2 | U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 2,590 | 0 | ' |
Level 2 | U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | Non-U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 6,829 | 0 | ' |
Level 2 | Non-U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | Non-U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 343,215 | 347,981 | ' |
Level 2 | Non-U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 13,939 | 7,450 | ' |
Level 2 | Non-U.S. government bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 105,583 | 219,877 | ' |
Level 2 | U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 368,469 | 360,638 | ' |
Level 2 | U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 21,992 | 0 | ' |
Level 2 | U.S. corporate bonds | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 2,769 | 2,397 | ' |
Level 2 | Non-U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 68,481 | 64,819 | ' |
Level 2 | Non-U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 191,526 | 2,495 | ' |
Level 2 | U.S. government mortgage backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 8,286 | ' | ' |
Level 2 | U.S. non-government backed collateralized mortgage obligations | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 8,498 | ' | ' |
Level 2 | Asset backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 23,227 | ' | ' |
Level 2 | Asset backed securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 1,141 | ' | ' |
Level 2 | Other fixed income securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 2 | Cash and cash equivalents | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | Cash and cash equivalents | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | Cash and cash equivalents | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 2 | Non-U.S. annuity insurance products | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 94,315 | ' | ' |
Level 2 | Short term bills and notes | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 2,600 | ' | ' |
Level 2 | Other investments | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | -678 | -147 | ' |
Level 2 | Other investments | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | -3,894 | -284 | ' |
Level 2 | Hedge fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 2 | Insurance linked fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 2 | Multi-asset fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 3 | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 3,340 | ' |
Level 3 | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 258 | 344,351 | ' |
Level 3 | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 228 | 0 | ' |
Level 3 | U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. equities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. equities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 30 | 0 | ' |
Level 3 | Non-U.S. equities | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. government bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. government bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 3,340 | ' |
Level 3 | U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 216 | ' |
Level 3 | U.S. corporate bonds | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. corporate bonds | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. corporate bonds | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 181,821 | ' |
Level 3 | U.S. government mortgage backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 3 | U.S. non-government backed collateralized mortgage obligations | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 3 | Asset backed securities | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 3 | Asset backed securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 3 | Other fixed income securities | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 0 | ' |
Level 3 | Cash and cash equivalents | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Cash and cash equivalents | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Cash and cash equivalents | Other Postretirement Benefit Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Non-U.S. annuity insurance products | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 3 | Short term bills and notes | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | ' | ' |
Level 3 | Other investments | U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Other investments | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | 0 | 0 | ' |
Level 3 | Hedge fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 3,598 | ' |
Level 3 | Insurance linked fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | 8,885 | ' |
Level 3 | Multi-asset fund | Non-U.S. Pension Plans | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Total Pension and Other Postretirement Plans Assets | ' | $149,831 | ' |
Retiree_Benefits_Roll_Forwards
Retiree Benefits - Roll Forwards of Assets Measured At Fair Value Using Level 3 Inputs (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | Equity securities | Equity securities | Equity securities | Equity securities | Fixed income securities | Fixed income securities | Fixed income securities | Fixed income securities | Other plan assets | Other plan assets | Other plan assets | Other plan assets |
U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | Non-U.S. Pension Plans | |||||||
Change in Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $1,052,654 | $1,027,506 | $833,849 | $638,590 | $582,492 | $513,528 | $0 | $0 | $0 | $65,743 | $3,340 | $0 | $182,037 | $222,420 | $0 | $1,283 | $162,314 | $0 |
Unrealized gains (losses) | ' | ' | ' | ' | ' | ' | 0 | 0 | -22 | -15,552 | -478 | 0 | -18,932 | -12,945 | 0 | 841 | -8,305 | 60,979 |
Realized gains (losses) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 14,401 | 0 | 0 | 28,133 | 40,969 | 0 | -840 | 21,704 | 214 |
Sales | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | -59,191 | -181 | 0 | -194,799 | -200,796 | 0 | -1,284 | -175,896 | -3,952 |
Purchases | ' | ' | ' | ' | ' | ' | 0 | 0 | 280 | 0 | 0 | 3,340 | 3,561 | 132,147 | 0 | 0 | 1,709 | 99,672 |
Transfers in and/or (out) of Level 3 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | -5,401 | -2,681 | 0 | 0 | 242 | 0 | 0 | -1,526 | 5,401 |
Fair value of plan assets at end of year | $1,052,654 | $1,027,506 | $833,849 | $638,590 | $582,492 | $513,528 | $0 | $0 | $258 | $0 | $0 | $3,340 | $0 | $182,037 | $0 | $0 | $0 | $162,314 |
Retiree_Benefits_Expected_Pens
Retiree Benefits - Expected Pension and Other Post Retirement Benefit Payments (Details) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
U.S. Pension Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $62,658 |
2015 | 62,891 |
2016 | 65,201 |
2017 | 67,767 |
2018 | 70,307 |
2019 - 2023 | 459,716 |
Non-U.S. Pension Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 24,059 |
2015 | 24,774 |
2016 | 25,504 |
2017 | 26,225 |
2018 | 27,012 |
2019 - 2023 | 147,273 |
Other Postretirement Benefit Plans | Prior to Medicare Part D | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 3,842 |
2015 | 3,416 |
2016 | 3,382 |
2017 | 3,374 |
2018 | 2,995 |
2019 - 2023 | 12,340 |
Other Postretirement Benefit Plans | After Medicare Part D | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 3,739 |
2015 | 3,318 |
2016 | 3,291 |
2017 | 3,290 |
2018 | 2,919 |
2019 - 2023 | 12,077 |
Other Postretirement Benefit Plans | Impact of Medicare Part D | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 103 |
2015 | 98 |
2016 | 91 |
2017 | 84 |
2018 | 76 |
2019 - 2023 | $263 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Description of reclassification of foreign currency cash flow hedge gain (loss) | 'For derivative contracts that are designated and qualify for a cash flow hedge, the effective portion of the gain or loss of the derivative contract is recorded as a component of other comprehensive income, net of tax. This amount is reclassified into the income statement on the line associated with the underlying transaction for the period(s) in which the hedged transaction affects earnings. The amounts recorded in accumulated other comprehensive income for existing cash flow hedges are generally expected to be reclassified into earnings within one year, and all of the existing hedges will be reclassified into earnings by January 2015. | ' |
Gain on foreign currency cash flow hedge ineffectiveness | $0.90 | $3 |
Loss on foreign currency forward contracts designated and qualifying as fair value hedges | 0.8 | 3 |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $0.10 | ($3.10) |
Derivatives_Effect_of_Cash_Flo
Derivatives - Effect of Cash Flow Hedges (Details) (Cash Flow Hedging, Foreign currency forward contracts, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Cost of sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | ($6,151) | ($1,374) |
Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | 364 | 460 |
Amount of Gain/ (Loss) Recognized in Other Comprehensive Income | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain/ (Loss) Recognized in Other Comprehensive Income | $5,504 | $5,558 |
Operating_Leases_Additional_In
Operating Leases - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Total rental expense under operating leases, excluding maintenance, taxes and insurance | $47.90 | $43.50 | $33.60 |
Operating_Leases_Future_Paymen
Operating Leases - Future Payments for All Operating Leases (Details) (USD $) | Oct. 25, 2013 |
In Millions, unless otherwise specified | |
Leases, Operating [Abstract] | ' |
2014 | $34.90 |
2015 | 26.6 |
2016 | 20.2 |
2017 | 14 |
2018 | 10.8 |
Thereafter | 18 |
Total | $124.50 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share Computations (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Numerator: | ' | ' | ' |
Income from continuing operations available to common shareholders | $533,938 | $767,081 | $631,002 |
Loss from discontinued operations available to common shareholders | -225 | -5,060 | -21,346 |
Net income attributable to Joy Global Inc. | $533,713 | $762,021 | $609,656 |
Denominator: | ' | ' | ' |
Weighted average shares outstanding (in shares) | 106,070 | 105,862 | 104,916 |
Dilutive effect of stock options, performance shares and restricted stock units (in shares) | 926 | 1,027 | 1,621 |
Weighted average shares outstanding assuming dilution (in shares) | 106,996 | 106,889 | 106,537 |
Basic earnings (loss) per share: | ' | ' | ' |
Continuing operations (in dollars per share) | $5.03 | $7.25 | $6.01 |
Discontinued operations (in dollars per share) | $0 | ($0.05) | ($0.20) |
Net income (in dollars per share) | $5.03 | $7.20 | $5.81 |
Diluted earnings (loss) per share: | ' | ' | ' |
Continuing operations (in dollars per share) | $4.99 | $7.18 | $5.92 |
Discontinued operations (in dollars per share) | $0 | ($0.05) | ($0.20) |
Net income (in dollars per share) | $4.99 | $7.13 | $5.72 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Shares excluded from the calculation of diluted earnings per share | 1.4 | 0.8 | 0.4 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash equivalents | $29,221 | $49,513 |
Carrying Value | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 29,221 | 49,513 |
Other Current Assets | ' | ' |
Derivatives | 9,593 | 16,780 |
Other Accrued Liabilities | ' | ' |
Derivatives | 6,608 | 7,095 |
Total Fair Value | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 29,221 | 49,513 |
Other Current Assets | ' | ' |
Derivatives | 9,593 | 16,780 |
Other Accrued Liabilities | ' | ' |
Derivatives | 6,608 | 7,095 |
Level 1 | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 29,221 | 49,513 |
Other Current Assets | ' | ' |
Derivatives | 0 | 0 |
Other Accrued Liabilities | ' | ' |
Derivatives | 0 | 0 |
Level 2 | ' | ' |
Current Assets | ' | ' |
Cash equivalents | 0 | 0 |
Other Current Assets | ' | ' |
Derivatives | 9,593 | 16,780 |
Other Accrued Liabilities | ' | ' |
Derivatives | 6,608 | 7,095 |
Term Loan due 2016 | Carrying Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 412,500 | 462,500 |
Term Loan due 2016 | Total Fair Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 432,952 | 458,954 |
Term Loan due 2016 | Level 1 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 0 | 0 |
Term Loan due 2016 | Level 2 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 432,952 | 458,954 |
6.0% Senior Notes due 2016 | Carrying Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 248,733 | 248,360 |
6.0% Senior Notes due 2016 | Total Fair Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 280,425 | 285,500 |
6.0% Senior Notes due 2016 | Level 1 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 0 | 0 |
6.0% Senior Notes due 2016 | Level 2 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 280,425 | 285,500 |
5.125% Senior Notes due 2021 | Carrying Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 496,438 | 496,088 |
5.125% Senior Notes due 2021 | Total Fair Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 531,400 | 552,150 |
5.125% Senior Notes due 2021 | Level 1 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 0 | 0 |
5.125% Senior Notes due 2021 | Level 2 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 531,400 | 552,150 |
6.625% Senior Notes due 2036 | Carrying Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 148,493 | 148,466 |
6.625% Senior Notes due 2036 | Total Fair Value | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 165,600 | 175,605 |
6.625% Senior Notes due 2036 | Level 1 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | 0 | 0 |
6.625% Senior Notes due 2036 | Level 2 | ' | ' |
Long-term Obligations Including Amounts due within One Year | ' | ' |
Long-term Obligations | $165,600 | $175,605 |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Parenthetical) (Details) | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2006 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 12, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2006 |
6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 6.0% Senior Notes due 2016 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 5.125% Senior Notes due 2021 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | 6.625% Senior Notes due 2036 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 6.00% | 6.00% | 6.00% | 5.13% | 5.13% | 5.13% | 6.63% | 6.63% | 6.63% |
Commitments_Contingencies_and_1
Commitments, Contingencies and Off-Balance-Sheet Risks (Narrative) (Details) (USD $) | Oct. 25, 2013 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Line Items] | ' |
Contingent liability | $210.70 |
Surety Bond | ' |
Commitments And Contingencies Disclosure [Line Items] | ' |
Contingent liability | 11.3 |
Other Guarantees | ' |
Commitments And Contingencies Disclosure [Line Items] | ' |
Contingent liability | $4.20 |
Damages from Product Defects | ' |
Commitments And Contingencies Disclosure [Line Items] | ' |
Number of unresolved asbestos and silica related product liability cases | 2,900 |
Segment_Information_Additional
Segment Information - Additional Information (Details) | 12 Months Ended |
Oct. 25, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of Reportable Segments | 2 |
LeTourneau Technologies, Inc. | ' |
Segment Reporting Information [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 22-Jun-11 |
International Mining Machinery Holdings Ltd. | ' |
Segment Reporting Information [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 29-Dec-11 |
Segment_Information_Segment_In
Segment Information - Segment Information Mining (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $5,012,697 | $5,660,889 | $4,403,906 |
Operating income (loss) | 821,661 | 1,172,559 | 920,179 |
Interest income | 8,781 | 5,831 | 13,869 |
Interest expense | -66,285 | -73,259 | -38,180 |
Reorganization items | 0 | 0 | -35 |
Income from continuing operations before income taxes | 764,157 | 1,105,131 | 895,833 |
Depreciation and amortization | 113,519 | 152,840 | 79,110 |
Capital expenditures | 153,418 | 241,527 | 110,523 |
Total assets | 5,789,582 | 6,142,503 | 5,426,354 |
Eliminations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | -173,020 | -184,087 | -132,072 |
Operating income (loss) | -45,234 | -40,846 | -31,862 |
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Reorganization items | ' | ' | 0 |
Income from continuing operations before income taxes | -45,234 | -40,846 | -31,862 |
Depreciation and amortization | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Underground Mining Machinery | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 2,691,039 | 3,107,488 | 2,576,625 |
Operating income (loss) | 367,233 | 671,797 | 595,262 |
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Reorganization items | ' | ' | 0 |
Income from continuing operations before income taxes | 367,233 | 671,797 | 595,262 |
Depreciation and amortization | 60,042 | 90,339 | 40,537 |
Capital expenditures | 73,286 | 129,928 | 50,701 |
Total assets | 3,676,120 | 3,881,583 | 2,022,553 |
Surface Mining Equipment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 2,494,678 | 2,737,488 | 1,959,353 |
Operating income (loss) | 525,314 | 592,687 | 422,472 |
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Reorganization items | ' | ' | 0 |
Income from continuing operations before income taxes | 525,314 | 592,687 | 422,472 |
Depreciation and amortization | 50,512 | 59,887 | 38,339 |
Capital expenditures | 71,643 | 109,325 | 59,022 |
Total assets | 1,917,717 | 2,158,405 | 1,936,246 |
Corporate | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 0 | 0 | 0 |
Operating income (loss) | -25,652 | -51,079 | -65,693 |
Interest income | 8,781 | 5,831 | 13,869 |
Interest expense | -66,285 | -73,259 | -38,180 |
Reorganization items | ' | ' | -35 |
Income from continuing operations before income taxes | -83,156 | -118,507 | -90,039 |
Depreciation and amortization | 2,965 | 2,614 | 234 |
Capital expenditures | 8,489 | 2,274 | 800 |
Total assets | $195,745 | $102,515 | $1,467,555 |
Segment_Information_Geographic
Segment Information - Geographical Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | $5,012,697 | $5,660,889 | $4,403,906 |
Operating Income (Loss) | 847,313 | 1,223,638 | 985,872 |
Long Lived Assets | 1,088,174 | 919,986 | 581,294 |
Total Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | -1,427,004 | -1,351,814 | -1,081,230 |
Interarea Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 1,427,004 | 1,351,814 | 1,081,230 |
Operating Income (Loss) | -45,234 | -40,846 | -111,834 |
United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 1,960,315 | 2,297,216 | 2,011,516 |
Operating Income (Loss) | 345,862 | 586,808 | 589,837 |
Long Lived Assets | 493,379 | 411,734 | 332,892 |
United States | Total Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 2,801,138 | 3,238,196 | 2,815,722 |
United States | Interarea Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | -840,823 | -940,980 | -804,206 |
Europe | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 286,561 | 402,907 | 325,629 |
Operating Income (Loss) | 62,480 | 83,887 | 74,085 |
Long Lived Assets | 65,739 | 50,837 | 42,470 |
Europe | Total Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 725,835 | 684,704 | 515,817 |
Europe | Interarea Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | -439,274 | -281,797 | -190,188 |
Australia | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 939,467 | 1,061,767 | 704,316 |
Operating Income (Loss) | 154,518 | 181,914 | 121,883 |
Long Lived Assets | 116,563 | 74,484 | 46,038 |
Australia | Total Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 963,842 | 1,088,654 | 727,598 |
Australia | Interarea Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | -24,375 | -26,887 | -23,282 |
Other Foreign Locations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 1,826,354 | 1,898,999 | 1,362,445 |
Operating Income (Loss) | 329,687 | 411,875 | 311,901 |
Long Lived Assets | 412,493 | 382,931 | 159,894 |
Other Foreign Locations | Total Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | 1,948,886 | 2,001,149 | 1,425,999 |
Other Foreign Locations | Interarea Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Sales | ($122,532) | ($102,150) | ($63,554) |
Segment_Information_Product_In
Segment Information - Product Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $5,012,697 | $5,660,889 | $4,403,906 |
Original equipment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 2,254,400 | 2,709,944 | 1,785,380 |
Aftermarket | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $2,758,297 | $2,950,945 | $2,618,526 |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors - Condensed Consolidated Statements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2008 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 29, 2010 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | $5,012,697 | $5,660,889 | $4,403,906 | ' |
Cost of sales | ' | ' | 3,389,484 | 3,783,802 | 2,897,605 | ' |
Product development, selling and administrative expenses | ' | ' | 680,001 | 736,776 | 602,010 | ' |
Intangible asset impairment charges | ' | 155,200 | 155,200 | 0 | 0 | ' |
Operating income | ' | ' | 821,661 | 1,172,559 | 920,179 | ' |
Reorganization items | ' | ' | 0 | 0 | -35 | ' |
Income from continuing operations before income taxes | ' | ' | 764,157 | 1,105,131 | 895,833 | ' |
Provision (benefit) for income taxes | ' | ' | 230,219 | 337,870 | 264,831 | ' |
Income from continuing operations | ' | ' | 533,938 | 767,261 | 631,002 | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | 0 | -180 | 0 | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 533,938 | 767,081 | 631,002 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 2,822,444 | 2,822,444 | 3,156,077 | ' | ' |
Property, plant and equipment, net | ' | 912,642 | 912,642 | 832,862 | ' | ' |
Total assets | ' | 5,789,582 | 5,789,582 | 6,142,503 | 5,426,354 | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 1,360,590 | 1,360,590 | 1,780,817 | ' | ' |
Long-term obligations | ' | 1,256,927 | 1,256,927 | 1,306,625 | ' | ' |
Accrued pension costs | ' | 149,805 | 149,805 | 335,813 | ' | ' |
Shareholdersb equity | ' | 2,858,369 | 2,858,369 | 2,577,189 | 1,951,795 | 1,342,366 |
Total liabilities and shareholdersb equity | ' | 5,789,582 | 5,789,582 | 6,142,503 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 638,538 | 463,915 | 499,726 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | -1,688 | -21,054 | 4,967 | ' |
Net cash provided by operating activities | ' | ' | 636,850 | 442,861 | 504,693 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | 0 | -955,917 | -1,048,908 | ' |
Property, plant and equipment acquired | ' | ' | -153,418 | -241,527 | -110,523 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | 0 | -56,270 | 375,000 | ' |
Equity investment in IMM shares | ' | ' | 0 | 0 | -376,724 | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | 0 | 866,000 | -866,000 | ' |
Other investing activities | ' | ' | -112 | 1,468 | -882 | ' |
Net cash used by investing activities | ' | ' | -149,975 | -378,329 | -2,021,877 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 7,575 | 12,148 | 53,341 | ' |
Dividends paid | ' | ' | -74,325 | -73,961 | -73,262 | ' |
Issuance of senior notes | ' | ' | 0 | 0 | 495,755 | ' |
Borrowings under term loans | ' | ' | 0 | 250,000 | 500,000 | ' |
Repayments of term loans | ' | ' | -50,000 | -281,250 | -6,250 | ' |
Treasury stock purchased | -93,600 | ' | -214,106 | 0 | 0 | ' |
Net cash (used) provided by financing activities | ' | ' | -336,502 | -81,609 | 976,716 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -8,537 | -7,371 | 13,208 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 141,836 | -24,448 | -527,260 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 263,873 | 288,321 | 815,581 | ' |
Cash and Cash Equivalents at End of Year | ' | 405,709 | 405,709 | 263,873 | 288,321 | ' |
Parent Company | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 0 | 0 | 0 | ' |
Cost of sales | ' | ' | 0 | 0 | 0 | ' |
Product development, selling and administrative expenses | ' | ' | 53,051 | 69,012 | 65,239 | ' |
Intangible asset impairment charges | ' | ' | 0 | ' | ' | ' |
Other (income) and expense | ' | ' | -15,000 | 0 | 0 | ' |
Operating income | ' | ' | -38,051 | -69,012 | -65,239 | ' |
Intercompany items | ' | ' | 114,784 | 66,366 | 46,179 | ' |
Interest (expense) income, net | ' | ' | -64,665 | -52,244 | -35,487 | ' |
Reorganization items | ' | ' | ' | ' | -35 | ' |
Income from continuing operations before income taxes | ' | ' | 12,068 | -54,890 | -54,582 | ' |
Provision (benefit) for income taxes | ' | ' | -50,908 | -65,450 | -66,365 | ' |
Equity in income of subsidiaries | ' | ' | 470,962 | 756,701 | 619,219 | ' |
Income from continuing operations | ' | ' | ' | 767,261 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | -180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 533,938 | 767,081 | 631,002 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 191,693 | 191,693 | 97,443 | ' | ' |
Property, plant and equipment, net | ' | 18,081 | 18,081 | 12,515 | ' | ' |
Goodwill and other intangible assets, net | ' | 0 | 0 | 0 | ' | ' |
Other assets | ' | 4,119,523 | 4,119,523 | 4,178,760 | ' | ' |
Total assets | ' | 4,329,297 | 4,329,297 | 4,288,718 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 87,190 | 87,190 | 106,207 | ' | ' |
Long-term obligations | ' | 1,256,164 | 1,256,164 | 1,305,413 | ' | ' |
Accrued pension costs | ' | 136,886 | 136,886 | 322,310 | ' | ' |
Other liabilities | ' | -9,312 | -9,312 | -22,401 | ' | ' |
Shareholdersb equity | ' | 2,858,369 | 2,858,369 | 2,577,189 | ' | ' |
Total liabilities and shareholdersb equity | ' | 4,329,297 | 4,329,297 | 4,288,718 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 457,171 | 145,654 | 982,185 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | 0 | 0 | 0 | ' |
Net cash provided by operating activities | ' | ' | 457,171 | 145,654 | 982,185 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | -1,028,829 | -1,048,908 | ' |
Property, plant and equipment acquired | ' | ' | -8,489 | -2,274 | -800 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | 0 | ' | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 0 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | -376,724 | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 866,000 | -866,000 | ' |
Other investing activities | ' | ' | -112 | -155 | -373 | ' |
Net cash used by investing activities | ' | ' | -8,601 | -165,258 | -2,292,805 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 53,341 | ' |
Dividends paid | ' | ' | -74,325 | -73,961 | -73,262 | ' |
Issuance of senior notes | ' | ' | ' | ' | 495,755 | ' |
Borrowings under term loans | ' | ' | ' | 250,000 | 500,000 | ' |
Repayments of term loans | ' | ' | ' | -281,250 | ' | ' |
Treasury stock purchased | ' | ' | -214,106 | ' | ' | ' |
Other financing activities | ' | ' | -40,697 | 28,093 | -4,328 | ' |
Net cash (used) provided by financing activities | ' | ' | -329,128 | -77,118 | 971,506 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 | 0 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 119,442 | -96,722 | -339,114 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 3,459 | 100,181 | 439,295 | ' |
Cash and Cash Equivalents at End of Year | ' | 122,901 | 122,901 | 3,459 | 100,181 | ' |
Subsidiary Guarantors | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 2,756,869 | 3,322,522 | 2,782,132 | ' |
Cost of sales | ' | ' | 1,930,332 | 2,285,279 | 1,861,215 | ' |
Product development, selling and administrative expenses | ' | ' | 307,113 | 335,205 | 290,044 | ' |
Intangible asset impairment charges | ' | ' | 100,400 | ' | ' | ' |
Other (income) and expense | ' | ' | 34,267 | 26,896 | 19,038 | ' |
Operating income | ' | ' | 384,757 | 675,142 | 611,835 | ' |
Intercompany items | ' | ' | -79,519 | -53,331 | -37,107 | ' |
Interest (expense) income, net | ' | ' | 3,266 | 834 | 2,285 | ' |
Reorganization items | ' | ' | ' | ' | 0 | ' |
Income from continuing operations before income taxes | ' | ' | 308,504 | 622,645 | 577,013 | ' |
Provision (benefit) for income taxes | ' | ' | 207,825 | 309,207 | 240,118 | ' |
Equity in income of subsidiaries | ' | ' | 397,610 | 388,709 | 140,514 | ' |
Income from continuing operations | ' | ' | ' | 702,147 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | 0 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 498,289 | 702,147 | 477,409 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 904,591 | 904,591 | 1,145,051 | ' | ' |
Property, plant and equipment, net | ' | 375,026 | 375,026 | 378,274 | ' | ' |
Goodwill and other intangible assets, net | ' | 701,399 | 701,399 | 818,435 | ' | ' |
Other assets | ' | 2,065,239 | 2,065,239 | 2,528,849 | ' | ' |
Total assets | ' | 4,046,255 | 4,046,255 | 4,870,609 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 459,333 | 459,333 | 750,884 | ' | ' |
Long-term obligations | ' | 763 | 763 | 1,212 | ' | ' |
Accrued pension costs | ' | 5,685 | 5,685 | 6,589 | ' | ' |
Other liabilities | ' | 8,693 | 8,693 | 10,205 | ' | ' |
Shareholdersb equity | ' | 3,571,781 | 3,571,781 | 4,101,719 | ' | ' |
Total liabilities and shareholdersb equity | ' | 4,046,255 | 4,046,255 | 4,870,609 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 58,565 | 177,098 | -318,788 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | -1,688 | -21,054 | 4,967 | ' |
Net cash provided by operating activities | ' | ' | 56,877 | 156,044 | -313,821 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | 0 | 0 | ' |
Property, plant and equipment acquired | ' | ' | -43,830 | -113,735 | -64,803 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | -56,270 | ' | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 375,000 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | 0 | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 0 | 0 | ' |
Other investing activities | ' | ' | 1,111 | 4,841 | 1,473 | ' |
Net cash used by investing activities | ' | ' | -42,719 | -165,164 | 311,670 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | 0 | ' |
Issuance of senior notes | ' | ' | ' | ' | 0 | ' |
Borrowings under term loans | ' | ' | ' | 0 | 0 | ' |
Repayments of term loans | ' | ' | ' | 0 | ' | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' |
Other financing activities | ' | ' | -425 | -404 | 2,041 | ' |
Net cash (used) provided by financing activities | ' | ' | -425 | -404 | 2,041 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 | 0 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 13,733 | -9,524 | -110 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 6,628 | 16,152 | 16,262 | ' |
Cash and Cash Equivalents at End of Year | ' | 20,361 | 20,361 | 6,628 | 16,152 | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 3,691,072 | 3,805,096 | 2,718,355 | ' |
Cost of sales | ' | ' | 2,644,416 | 2,694,336 | 1,886,857 | ' |
Product development, selling and administrative expenses | ' | ' | 319,837 | 332,559 | 246,727 | ' |
Intangible asset impairment charges | ' | ' | 54,800 | ' | ' | ' |
Other (income) and expense | ' | ' | -52,916 | -59,144 | -34,748 | ' |
Operating income | ' | ' | 724,935 | 837,345 | 619,519 | ' |
Intercompany items | ' | ' | -151,571 | -113,029 | -123,156 | ' |
Interest (expense) income, net | ' | ' | 3,895 | -16,018 | 8,891 | ' |
Reorganization items | ' | ' | ' | ' | 0 | ' |
Income from continuing operations before income taxes | ' | ' | 577,259 | 708,298 | 505,254 | ' |
Provision (benefit) for income taxes | ' | ' | 73,302 | 94,113 | 91,078 | ' |
Equity in income of subsidiaries | ' | ' | 0 | 0 | 0 | ' |
Income from continuing operations | ' | ' | ' | 614,185 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | -180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 503,957 | 614,005 | 414,176 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 1,862,376 | 1,862,376 | 2,134,636 | ' | ' |
Property, plant and equipment, net | ' | 519,535 | 519,535 | 442,073 | ' | ' |
Goodwill and other intangible assets, net | ' | 1,110,932 | 1,110,932 | 1,153,147 | ' | ' |
Other assets | ' | 4,059,130 | 4,059,130 | 1,803,046 | ' | ' |
Total assets | ' | 7,551,973 | 7,551,973 | 5,532,902 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 832,621 | 832,621 | 1,005,205 | ' | ' |
Long-term obligations | ' | 0 | 0 | 0 | ' | ' |
Accrued pension costs | ' | 7,234 | 7,234 | 6,914 | ' | ' |
Other liabilities | ' | 164,510 | 164,510 | 154,255 | ' | ' |
Shareholdersb equity | ' | 6,547,608 | 6,547,608 | 4,366,528 | ' | ' |
Total liabilities and shareholdersb equity | ' | 7,551,973 | 7,551,973 | 5,532,902 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 122,802 | 141,163 | -163,671 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | 0 | 0 | 0 | ' |
Net cash provided by operating activities | ' | ' | 122,802 | 141,163 | -163,671 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | 72,912 | 0 | ' |
Property, plant and equipment acquired | ' | ' | -101,099 | -125,518 | -44,920 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | 0 | ' | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 0 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | 0 | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 0 | 0 | ' |
Other investing activities | ' | ' | 2,444 | 4,699 | 4,178 | ' |
Net cash used by investing activities | ' | ' | -98,655 | -47,907 | -40,742 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | 0 | ' |
Issuance of senior notes | ' | ' | ' | ' | 0 | ' |
Borrowings under term loans | ' | ' | ' | 0 | 0 | ' |
Repayments of term loans | ' | ' | ' | 0 | ' | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' |
Other financing activities | ' | ' | -6,949 | -4,087 | 3,169 | ' |
Net cash (used) provided by financing activities | ' | ' | -6,949 | -4,087 | 3,169 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -8,537 | -7,371 | 13,208 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 8,661 | 81,798 | -188,036 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 253,786 | 171,988 | 360,024 | ' |
Cash and Cash Equivalents at End of Year | ' | 262,447 | 262,447 | 253,786 | 171,988 | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | -1,435,244 | -1,466,729 | -1,096,581 | ' |
Cost of sales | ' | ' | -1,185,264 | -1,195,813 | -850,467 | ' |
Product development, selling and administrative expenses | ' | ' | 0 | 0 | 0 | ' |
Intangible asset impairment charges | ' | ' | 0 | ' | ' | ' |
Other (income) and expense | ' | ' | 0 | 0 | -178 | ' |
Operating income | ' | ' | -249,980 | -270,916 | -245,936 | ' |
Intercompany items | ' | ' | 116,306 | 99,994 | 114,084 | ' |
Interest (expense) income, net | ' | ' | 0 | 0 | 0 | ' |
Reorganization items | ' | ' | ' | ' | 0 | ' |
Income from continuing operations before income taxes | ' | ' | -133,674 | -170,922 | -131,852 | ' |
Provision (benefit) for income taxes | ' | ' | 0 | 0 | 0 | ' |
Equity in income of subsidiaries | ' | ' | -868,572 | -1,145,410 | -759,733 | ' |
Income from continuing operations | ' | ' | ' | -1,316,332 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | 180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | -1,002,246 | -1,316,152 | -891,585 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | -136,216 | -136,216 | -221,053 | ' | ' |
Property, plant and equipment, net | ' | 0 | 0 | 0 | ' | ' |
Goodwill and other intangible assets, net | ' | 0 | 0 | 0 | ' | ' |
Other assets | ' | -10,001,727 | -10,001,727 | -8,328,673 | ' | ' |
Total assets | ' | -10,137,943 | -10,137,943 | -8,549,726 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | -18,554 | -18,554 | -81,479 | ' | ' |
Long-term obligations | ' | 0 | 0 | 0 | ' | ' |
Accrued pension costs | ' | 0 | 0 | 0 | ' | ' |
Other liabilities | ' | 0 | 0 | 0 | ' | ' |
Shareholdersb equity | ' | -10,119,389 | -10,119,389 | -8,468,247 | ' | ' |
Total liabilities and shareholdersb equity | ' | -10,137,943 | -10,137,943 | -8,549,726 | ' | ' |
Consolidated | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 5,012,697 | 5,660,889 | 4,403,906 | ' |
Cost of sales | ' | ' | 3,389,484 | 3,783,802 | 2,897,605 | ' |
Product development, selling and administrative expenses | ' | ' | 680,001 | 736,776 | 602,010 | ' |
Intangible asset impairment charges | ' | ' | 155,200 | ' | ' | ' |
Other (income) and expense | ' | ' | -33,649 | -32,248 | -15,888 | ' |
Operating income | ' | ' | 821,661 | 1,172,559 | 920,179 | ' |
Intercompany items | ' | ' | 0 | 0 | 0 | ' |
Interest (expense) income, net | ' | ' | -57,504 | -67,428 | -24,311 | ' |
Reorganization items | ' | ' | ' | ' | -35 | ' |
Income from continuing operations before income taxes | ' | ' | 764,157 | 1,105,131 | 895,833 | ' |
Provision (benefit) for income taxes | ' | ' | 230,219 | 337,870 | 264,831 | ' |
Equity in income of subsidiaries | ' | ' | 0 | 0 | 0 | ' |
Income from continuing operations | ' | ' | ' | 767,261 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | -180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 533,938 | 767,081 | 631,002 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 2,822,444 | 2,822,444 | 3,156,077 | ' | ' |
Property, plant and equipment, net | ' | 912,642 | 912,642 | 832,862 | ' | ' |
Goodwill and other intangible assets, net | ' | 1,812,331 | 1,812,331 | 1,971,582 | ' | ' |
Other assets | ' | 242,165 | 242,165 | 181,982 | ' | ' |
Total assets | ' | 5,789,582 | 5,789,582 | 6,142,503 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 1,360,590 | 1,360,590 | 1,780,817 | ' | ' |
Long-term obligations | ' | 1,256,927 | 1,256,927 | 1,306,625 | ' | ' |
Accrued pension costs | ' | 149,805 | 149,805 | 335,813 | ' | ' |
Other liabilities | ' | 163,891 | 163,891 | 142,059 | ' | ' |
Shareholdersb equity | ' | 2,858,369 | 2,858,369 | 2,577,189 | ' | ' |
Total liabilities and shareholdersb equity | ' | 5,789,582 | 5,789,582 | 6,142,503 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 638,538 | 463,915 | 499,726 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | -1,688 | -21,054 | 4,967 | ' |
Net cash provided by operating activities | ' | ' | 636,850 | 442,861 | 504,693 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | -955,917 | -1,048,908 | ' |
Property, plant and equipment acquired | ' | ' | -153,418 | -241,527 | -110,523 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | -56,270 | ' | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 375,000 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | -376,724 | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 866,000 | -866,000 | ' |
Other investing activities | ' | ' | 3,443 | 9,385 | 5,278 | ' |
Net cash used by investing activities | ' | ' | -149,975 | -378,329 | -2,021,877 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 53,341 | ' |
Dividends paid | ' | ' | -74,325 | -73,961 | -73,262 | ' |
Issuance of senior notes | ' | ' | ' | ' | 495,755 | ' |
Borrowings under term loans | ' | ' | ' | 250,000 | 500,000 | ' |
Repayments of term loans | ' | ' | ' | -281,250 | ' | ' |
Treasury stock purchased | ' | ' | -214,106 | ' | ' | ' |
Other financing activities | ' | ' | -48,071 | 23,602 | 882 | ' |
Net cash (used) provided by financing activities | ' | ' | -336,502 | -81,609 | 976,716 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -8,537 | -7,371 | 13,208 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 141,836 | -24,448 | -527,260 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 263,873 | 288,321 | 815,581 | ' |
Cash and Cash Equivalents at End of Year | ' | $405,709 | $405,709 | $263,873 | $288,321 | ' |
Supplemental_Subsidiary_Guaran2
Supplemental Subsidiary Guarantors - Supplement Condensed Consolidated Statements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2008 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 29, 2010 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | $5,012,697 | $5,660,889 | $4,403,906 | ' |
Cost of sales | ' | ' | 3,389,484 | 3,783,802 | 2,897,605 | ' |
Product development, selling and administrative expenses | ' | ' | 680,001 | 736,776 | 602,010 | ' |
Intangible asset impairment charges | ' | 155,200 | 155,200 | 0 | 0 | ' |
Operating income (loss) | ' | ' | 821,661 | 1,172,559 | 920,179 | ' |
Reorganization items | ' | ' | 0 | 0 | -35 | ' |
Income from continuing operations before income taxes | ' | ' | 764,157 | 1,105,131 | 895,833 | ' |
Provision (benefit) for income taxes | ' | ' | 230,219 | 337,870 | 264,831 | ' |
Income from continuing operations | ' | ' | 533,938 | 767,261 | 631,002 | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | 0 | -180 | 0 | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 533,938 | 767,081 | 631,002 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 2,822,444 | 2,822,444 | 3,156,077 | ' | ' |
Property, plant and equipment, net | ' | 912,642 | 912,642 | 832,862 | ' | ' |
Total assets | ' | 5,789,582 | 5,789,582 | 6,142,503 | 5,426,354 | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 1,360,590 | 1,360,590 | 1,780,817 | ' | ' |
Long-term obligations | ' | 1,256,927 | 1,256,927 | 1,306,625 | ' | ' |
Accrued pension costs | ' | 149,805 | 149,805 | 335,813 | ' | ' |
Shareholdersb equity | ' | 2,858,369 | 2,858,369 | 2,577,189 | 1,951,795 | 1,342,366 |
Total liabilities and shareholdersb equity | ' | 5,789,582 | 5,789,582 | 6,142,503 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 638,538 | 463,915 | 499,726 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | -1,688 | -21,054 | 4,967 | ' |
Net cash provided by operating activities | ' | ' | 636,850 | 442,861 | 504,693 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | 0 | -955,917 | -1,048,908 | ' |
Property, plant and equipment acquired | ' | ' | -153,418 | -241,527 | -110,523 | ' |
Equity investment in IMM shares | ' | ' | 0 | 0 | -376,724 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | 0 | -56,270 | 375,000 | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | 0 | 866,000 | -866,000 | ' |
Other investing activities | ' | ' | -112 | 1,468 | -882 | ' |
Net cash used by investing activities | ' | ' | -149,975 | -378,329 | -2,021,877 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 7,575 | 12,148 | 53,341 | ' |
Dividends paid | ' | ' | -74,325 | -73,961 | -73,262 | ' |
Borrowings under term loans | ' | ' | 0 | 250,000 | 500,000 | ' |
Repayments of term loans | ' | ' | -50,000 | -281,250 | -6,250 | ' |
Issuance of senior notes | ' | ' | 0 | 0 | 495,755 | ' |
Treasury stock purchased | -93,600 | ' | -214,106 | 0 | 0 | ' |
Net cash (used) provided by financing activities | ' | ' | -336,502 | -81,609 | 976,716 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -8,537 | -7,371 | 13,208 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 141,836 | -24,448 | -527,260 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 263,873 | 288,321 | 815,581 | ' |
Cash and Cash Equivalents at End of Year | ' | 405,709 | 405,709 | 263,873 | 288,321 | ' |
Parent Company | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 0 | 0 | 0 | ' |
Cost of sales | ' | ' | 0 | 0 | 0 | ' |
Product development, selling and administrative expenses | ' | ' | 53,051 | 69,012 | 65,239 | ' |
Intangible asset impairment charges | ' | ' | 0 | ' | ' | ' |
Other (income) and expense | ' | ' | -15,000 | 0 | 0 | ' |
Operating income (loss) | ' | ' | -38,051 | -69,012 | -65,239 | ' |
Intercompany items | ' | ' | 114,784 | 66,366 | 46,179 | ' |
Interest (expense) income, net | ' | ' | -64,665 | -52,244 | -35,487 | ' |
Reorganization items | ' | ' | ' | ' | -35 | ' |
Income from continuing operations before income taxes | ' | ' | 12,068 | -54,890 | -54,582 | ' |
Provision (benefit) for income taxes | ' | ' | -50,908 | -65,450 | -66,365 | ' |
Equity in income of subsidiaries | ' | ' | 470,962 | 756,701 | 619,219 | ' |
Income from continuing operations | ' | ' | ' | 767,261 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | -180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 533,938 | 767,081 | 631,002 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 191,693 | 191,693 | 97,443 | ' | ' |
Property, plant and equipment, net | ' | 18,081 | 18,081 | 12,515 | ' | ' |
Goodwill and other intangible assets, net | ' | 0 | 0 | 0 | ' | ' |
Other assets | ' | 4,119,523 | 4,119,523 | 4,178,760 | ' | ' |
Total assets | ' | 4,329,297 | 4,329,297 | 4,288,718 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 87,190 | 87,190 | 106,207 | ' | ' |
Long-term obligations | ' | 1,256,164 | 1,256,164 | 1,305,413 | ' | ' |
Accrued pension costs | ' | 136,886 | 136,886 | 322,310 | ' | ' |
Other liabilities | ' | -9,312 | -9,312 | -22,401 | ' | ' |
Shareholdersb equity | ' | 2,858,369 | 2,858,369 | 2,577,189 | ' | ' |
Total liabilities and shareholdersb equity | ' | 4,329,297 | 4,329,297 | 4,288,718 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 457,171 | 145,654 | 982,185 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | 0 | 0 | 0 | ' |
Net cash provided by operating activities | ' | ' | 457,171 | 145,654 | 982,185 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | -1,028,829 | -1,048,908 | ' |
Property, plant and equipment acquired | ' | ' | -8,489 | -2,274 | -800 | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 0 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | -376,724 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | 0 | ' | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 866,000 | -866,000 | ' |
Other investing activities | ' | ' | -112 | -155 | -373 | ' |
Net cash used by investing activities | ' | ' | -8,601 | -165,258 | -2,292,805 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 53,341 | ' |
Dividends paid | ' | ' | -74,325 | -73,961 | -73,262 | ' |
Borrowings under term loans | ' | ' | ' | 250,000 | 500,000 | ' |
Repayments of term loans | ' | ' | ' | -281,250 | ' | ' |
Issuance of senior notes | ' | ' | ' | ' | 495,755 | ' |
Borrowings under term loans | ' | ' | ' | ' | 500,000 | ' |
Treasury stock purchased | ' | ' | -214,106 | ' | ' | ' |
Other financing activities | ' | ' | -40,697 | 28,093 | -4,328 | ' |
Net cash (used) provided by financing activities | ' | ' | -329,128 | -77,118 | 971,506 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 | 0 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 119,442 | -96,722 | -339,114 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 3,459 | 100,181 | 439,295 | ' |
Cash and Cash Equivalents at End of Year | ' | 122,901 | 122,901 | 3,459 | 100,181 | ' |
Supplemental Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 2,745,565 | 3,275,658 | 2,761,635 | ' |
Cost of sales | ' | ' | 1,915,612 | 2,249,895 | 1,847,957 | ' |
Product development, selling and administrative expenses | ' | ' | 306,249 | 328,486 | 286,328 | ' |
Intangible asset impairment charges | ' | ' | 100,400 | ' | ' | ' |
Other (income) and expense | ' | ' | 34,101 | 26,730 | 19,007 | ' |
Operating income (loss) | ' | ' | 389,203 | 670,547 | 608,343 | ' |
Intercompany items | ' | ' | -79,519 | -53,331 | -37,107 | ' |
Interest (expense) income, net | ' | ' | 3,225 | 892 | 2,248 | ' |
Reorganization items | ' | ' | ' | ' | 0 | ' |
Income from continuing operations before income taxes | ' | ' | 312,909 | 618,108 | 573,484 | ' |
Provision (benefit) for income taxes | ' | ' | 207,181 | 309,207 | 240,107 | ' |
Equity in income of subsidiaries | ' | ' | 397,610 | 393,246 | 140,514 | ' |
Income from continuing operations | ' | ' | ' | 702,147 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | 0 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 503,338 | 702,147 | 473,891 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 895,984 | 895,984 | 1,129,867 | ' | ' |
Property, plant and equipment, net | ' | 373,235 | 373,235 | 374,324 | ' | ' |
Goodwill and other intangible assets, net | ' | 701,399 | 701,399 | 818,435 | ' | ' |
Other assets | ' | 2,070,239 | 2,070,239 | 2,517,019 | ' | ' |
Total assets | ' | 4,040,857 | 4,040,857 | 4,839,645 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 458,687 | 458,687 | 748,369 | ' | ' |
Long-term obligations | ' | 763 | 763 | 1,212 | ' | ' |
Accrued pension costs | ' | 5,685 | 5,685 | 6,589 | ' | ' |
Other liabilities | ' | 8,693 | 8,693 | 10,205 | ' | ' |
Shareholdersb equity | ' | 3,567,029 | 3,567,029 | 4,073,270 | ' | ' |
Total liabilities and shareholdersb equity | ' | 4,040,857 | 4,040,857 | 4,839,645 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 59,845 | 178,700 | -319,102 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | -1,688 | -21,054 | 4,967 | ' |
Net cash provided by operating activities | ' | ' | 58,157 | 157,646 | -314,135 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | 0 | 0 | ' |
Property, plant and equipment acquired | ' | ' | -43,789 | -113,650 | -64,489 | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 375,000 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | 0 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | -56,270 | ' | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 0 | 0 | ' |
Other investing activities | ' | ' | 1,111 | 1,833 | 1,473 | ' |
Net cash used by investing activities | ' | ' | -42,678 | -168,087 | 311,984 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | 0 | ' |
Borrowings under term loans | ' | ' | ' | 0 | ' | ' |
Repayments of term loans | ' | ' | ' | 0 | ' | ' |
Issuance of senior notes | ' | ' | ' | ' | 0 | ' |
Borrowings under term loans | ' | ' | ' | ' | 0 | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' |
Other financing activities | ' | ' | -425 | -404 | 2,041 | ' |
Net cash (used) provided by financing activities | ' | ' | -425 | -404 | 2,041 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 | 0 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 15,054 | -10,845 | -110 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 5,307 | 16,152 | 16,262 | ' |
Cash and Cash Equivalents at End of Year | ' | 20,361 | 20,361 | 5,307 | 16,152 | ' |
Non-Guarantor Subsidiaries Supplemental Subsidiary Guarantors | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 3,702,376 | 3,851,960 | 2,738,852 | ' |
Cost of sales | ' | ' | 2,659,136 | 2,729,720 | 1,900,115 | ' |
Product development, selling and administrative expenses | ' | ' | 320,701 | 339,278 | 250,443 | ' |
Intangible asset impairment charges | ' | ' | 54,800 | ' | ' | ' |
Other (income) and expense | ' | ' | -52,750 | -58,978 | -34,717 | ' |
Operating income (loss) | ' | ' | 720,489 | 841,940 | 623,011 | ' |
Intercompany items | ' | ' | -151,571 | -113,029 | -123,156 | ' |
Interest (expense) income, net | ' | ' | 3,936 | -16,076 | 8,928 | ' |
Reorganization items | ' | ' | ' | ' | 0 | ' |
Income from continuing operations before income taxes | ' | ' | 572,854 | 712,835 | 508,783 | ' |
Provision (benefit) for income taxes | ' | ' | 73,946 | 94,113 | 91,089 | ' |
Equity in income of subsidiaries | ' | ' | 0 | 0 | 0 | ' |
Income from continuing operations | ' | ' | ' | 618,722 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | -180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 498,908 | 618,542 | 417,694 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 1,870,983 | 1,870,983 | 2,149,820 | ' | ' |
Property, plant and equipment, net | ' | 521,326 | 521,326 | 446,023 | ' | ' |
Goodwill and other intangible assets, net | ' | 1,110,932 | 1,110,932 | 1,153,147 | ' | ' |
Other assets | ' | 4,054,130 | 4,054,130 | 1,814,876 | ' | ' |
Total assets | ' | 7,557,371 | 7,557,371 | 5,563,866 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 833,267 | 833,267 | 1,007,720 | ' | ' |
Long-term obligations | ' | 0 | 0 | 0 | ' | ' |
Accrued pension costs | ' | 7,234 | 7,234 | 6,914 | ' | ' |
Other liabilities | ' | 164,510 | 164,510 | 154,255 | ' | ' |
Shareholdersb equity | ' | 6,552,360 | 6,552,360 | 4,394,977 | ' | ' |
Total liabilities and shareholdersb equity | ' | 7,557,371 | 7,557,371 | 5,563,866 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 121,522 | 139,561 | -163,357 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | 0 | 0 | 0 | ' |
Net cash provided by operating activities | ' | ' | 121,522 | 139,561 | -163,357 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | 72,912 | 0 | ' |
Property, plant and equipment acquired | ' | ' | -101,140 | -125,603 | -45,234 | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 0 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | 0 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | 0 | ' | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 0 | 0 | ' |
Other investing activities | ' | ' | 2,444 | 7,707 | 4,178 | ' |
Net cash used by investing activities | ' | ' | -98,696 | -44,984 | -41,056 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | 0 | ' |
Borrowings under term loans | ' | ' | ' | 0 | ' | ' |
Repayments of term loans | ' | ' | ' | 0 | ' | ' |
Issuance of senior notes | ' | ' | ' | ' | 0 | ' |
Borrowings under term loans | ' | ' | ' | ' | 0 | ' |
Treasury stock purchased | ' | ' | 0 | ' | ' | ' |
Other financing activities | ' | ' | -6,949 | -4,087 | 3,169 | ' |
Net cash (used) provided by financing activities | ' | ' | -6,949 | -4,087 | 3,169 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -8,537 | -7,371 | 13,208 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 7,340 | 83,119 | -188,036 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 255,107 | 171,988 | 360,024 | ' |
Cash and Cash Equivalents at End of Year | ' | 262,447 | 262,447 | 255,107 | 171,988 | ' |
Eliminations Supplemental Subsidiary Guarantors | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | -1,435,244 | -1,466,729 | -1,096,581 | ' |
Cost of sales | ' | ' | -1,185,264 | -1,195,813 | -850,467 | ' |
Product development, selling and administrative expenses | ' | ' | 0 | 0 | 0 | ' |
Intangible asset impairment charges | ' | ' | 0 | ' | ' | ' |
Other (income) and expense | ' | ' | 0 | 0 | -178 | ' |
Operating income (loss) | ' | ' | -249,980 | -270,916 | -245,936 | ' |
Intercompany items | ' | ' | 116,306 | 99,994 | 114,084 | ' |
Interest (expense) income, net | ' | ' | 0 | 0 | 0 | ' |
Reorganization items | ' | ' | ' | ' | 0 | ' |
Income from continuing operations before income taxes | ' | ' | -133,674 | -170,922 | -131,852 | ' |
Provision (benefit) for income taxes | ' | ' | 0 | 0 | 0 | ' |
Equity in income of subsidiaries | ' | ' | -868,572 | -1,149,947 | -759,733 | ' |
Income from continuing operations | ' | ' | ' | -1,320,869 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | 180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | -1,002,246 | -1,320,689 | -891,585 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | -136,216 | -136,216 | -221,053 | ' | ' |
Property, plant and equipment, net | ' | 0 | 0 | 0 | ' | ' |
Goodwill and other intangible assets, net | ' | 0 | 0 | 0 | ' | ' |
Other assets | ' | -10,001,727 | -10,001,727 | -8,328,673 | ' | ' |
Total assets | ' | -10,137,943 | -10,137,943 | -8,549,726 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | -18,554 | -18,554 | -81,479 | ' | ' |
Long-term obligations | ' | 0 | 0 | 0 | ' | ' |
Accrued pension costs | ' | 0 | 0 | 0 | ' | ' |
Other liabilities | ' | 0 | 0 | 0 | ' | ' |
Shareholdersb equity | ' | -10,119,389 | -10,119,389 | -8,468,247 | ' | ' |
Total liabilities and shareholdersb equity | ' | -10,137,943 | -10,137,943 | -8,549,726 | ' | ' |
Consolidated | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 5,012,697 | 5,660,889 | 4,403,906 | ' |
Cost of sales | ' | ' | 3,389,484 | 3,783,802 | 2,897,605 | ' |
Product development, selling and administrative expenses | ' | ' | 680,001 | 736,776 | 602,010 | ' |
Intangible asset impairment charges | ' | ' | 155,200 | ' | ' | ' |
Other (income) and expense | ' | ' | -33,649 | -32,248 | -15,888 | ' |
Operating income (loss) | ' | ' | 821,661 | 1,172,559 | 920,179 | ' |
Intercompany items | ' | ' | 0 | 0 | 0 | ' |
Interest (expense) income, net | ' | ' | -57,504 | -67,428 | -24,311 | ' |
Reorganization items | ' | ' | ' | ' | -35 | ' |
Income from continuing operations before income taxes | ' | ' | 764,157 | 1,105,131 | 895,833 | ' |
Provision (benefit) for income taxes | ' | ' | 230,219 | 337,870 | 264,831 | ' |
Equity in income of subsidiaries | ' | ' | 0 | 0 | 0 | ' |
Income from continuing operations | ' | ' | ' | 767,261 | ' | ' |
Income from continuing operations attributable to non-controlling interest | ' | ' | ' | -180 | ' | ' |
Income from continuing operations attributable to Joy Global Inc. | ' | ' | 533,938 | 767,081 | 631,002 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Current assets | ' | 2,822,444 | 2,822,444 | 3,156,077 | ' | ' |
Property, plant and equipment, net | ' | 912,642 | 912,642 | 832,862 | ' | ' |
Goodwill and other intangible assets, net | ' | 1,812,331 | 1,812,331 | 1,971,582 | ' | ' |
Other assets | ' | 242,165 | 242,165 | 181,982 | ' | ' |
Total assets | ' | 5,789,582 | 5,789,582 | 6,142,503 | ' | ' |
LIABILITIES AND SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | 1,360,590 | 1,360,590 | 1,780,817 | ' | ' |
Long-term obligations | ' | 1,256,927 | 1,256,927 | 1,306,625 | ' | ' |
Accrued pension costs | ' | 149,805 | 149,805 | 335,813 | ' | ' |
Other liabilities | ' | 163,891 | 163,891 | 142,059 | ' | ' |
Shareholdersb equity | ' | 2,858,369 | 2,858,369 | 2,577,189 | ' | ' |
Total liabilities and shareholdersb equity | ' | 5,789,582 | 5,789,582 | 6,142,503 | ' | ' |
Net cash provided (used) by operating activities of continuing operations | ' | ' | 638,538 | 463,915 | 499,726 | ' |
Net cash provided (used) by operating activities of discontinued operations | ' | ' | -1,688 | -21,054 | 4,967 | ' |
Net cash provided by operating activities | ' | ' | 636,850 | 442,861 | 504,693 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' | -955,917 | -1,048,908 | ' |
Property, plant and equipment acquired | ' | ' | -153,418 | -241,527 | -110,523 | ' |
Proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | ' | 375,000 | ' |
Equity investment in IMM shares | ' | ' | ' | ' | -376,724 | ' |
(Working capital adjustment) proceeds from sale of LeTourneau Technologies Drilling Systems, Inc. | ' | ' | ' | -56,270 | ' | ' |
Withdrawals (deposits) of cash held in escrow | ' | ' | ' | 866,000 | -866,000 | ' |
Other investing activities | ' | ' | 3,443 | 9,385 | 5,278 | ' |
Net cash used by investing activities | ' | ' | -149,975 | -378,329 | -2,021,877 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | 53,341 | ' |
Dividends paid | ' | ' | -74,325 | -73,961 | -73,262 | ' |
Borrowings under term loans | ' | ' | ' | 250,000 | 500,000 | ' |
Repayments of term loans | ' | ' | ' | -281,250 | ' | ' |
Issuance of senior notes | ' | ' | ' | ' | 495,755 | ' |
Borrowings under term loans | ' | ' | ' | ' | 500,000 | ' |
Treasury stock purchased | ' | ' | -214,106 | ' | ' | ' |
Other financing activities | ' | ' | -48,071 | 23,602 | 882 | ' |
Net cash (used) provided by financing activities | ' | ' | -336,502 | -81,609 | 976,716 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -8,537 | -7,371 | 13,208 | ' |
Increase (decrease) in Cash and Cash Equivalents | ' | ' | 141,836 | -24,448 | -527,260 | ' |
Cash and Cash Equivalents at Beginning of Year | ' | ' | 263,873 | 288,321 | 815,581 | ' |
Cash and Cash Equivalents at End of Year | ' | $405,709 | $405,709 | $263,873 | $288,321 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (Subsequent Event, USD $) | 2 Months Ended | |
Dec. 13, 2013 | Nov. 18, 2013 | |
Subsequent Event | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Dividend declared date | 18-Nov-13 | ' |
Cash dividend amount (in dollars per share) | ' | $0.18 |
Declared dividend payment date | 18-Dec-13 | ' |
Declared dividend date of record | 4-Dec-13 | ' |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||
Allowance Deducted from Accounts Receivable in Consolidated Balance Sheets: | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $119,141 | $9,549 | $9,881 | |||
Additions Charged to Expense | 2,658 | 9,542 | 2,766 | |||
Deductions | -7,278 | [1] | -5,493 | [1] | -3,376 | [1] |
Currency Translation Effects | -249 | -23 | 131 | |||
Acquisitions / Discontinued Operations | -30,083 | [2] | 105,566 | [2] | 147 | [2] |
Balance at End of Year | 84,189 | 119,141 | 9,549 | |||
Allowance Deducted from Deferred Tax Assets in Consolidated Balance Sheets: | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 122,635 | 123,052 | 123,512 | |||
Allocated to Tax Expense | 10,716 | -2,739 | 995 | |||
Reclass to Long Term Deferred Tax Assets | -2,786 | 2,322 | -1,455 | |||
Balance at End of Year | $130,565 | $122,635 | $123,052 | |||
[1] | Represents write-off of bad debts, net of recoveries. | |||||
[2] | Fiscal 2013 has been adjusted to reflect the finalization of IMM's purchase accounting and the reclassification of a portion of IMM's allowance from short-term to long-term. |