Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Oct. 31, 2016 | Jan. 13, 2017 | |
DEI [Abstract] | ||
Entity Registrant Name | SHILOH INDUSTRIES INC | |
Entity Central Index Key | 904,979 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,814,636 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 55,025,227 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 8,696 | $ 13,100 |
Investment in marketable securities | 174 | 356 |
Accounts receivable, net | 183,862 | 194,155 |
Related-party accounts receivable | 1,235 | 1,092 |
Prepaid income taxes | 1,653 | 4,515 |
Inventory, net | 60,547 | 57,868 |
Deferred income taxes | 0 | 2,837 |
Prepaid expenses and other assets | 36,986 | 45,706 |
Total current assets | 293,153 | 319,629 |
Property, plant and equipment, net | 265,837 | 279,223 |
Goodwill | 27,490 | 27,992 |
Intangible assets, net | 17,279 | 19,543 |
Deferred income taxes | 9,974 | 2,958 |
Other assets | 12,696 | 11,509 |
Total assets | 626,429 | 660,854 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 2,023 | 2,080 |
Accounts payable | 158,514 | 161,123 |
Other accrued expenses | 40,824 | 34,459 |
Accrued income taxes | 1,686 | 0 |
Total current liabilities | 203,047 | 197,662 |
Long-term debt | 256,922 | 298,873 |
Long-term benefit liabilities | 23,312 | 17,376 |
Deferred income taxes | 4,734 | 6,180 |
Interest rate swap agreement | 5,036 | 4,989 |
Other liabilities | 588 | 1,312 |
Total liabilities | 493,639 | 526,392 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 per share; 5,000,000 shares authorized; no shares issued and outstanding at October 31, 2016 and October 31, 2015, respectively | 0 | 0 |
Common stock, par value $.01 per share; 50,000,000 shares authorized; 17,614,057 and 17,309,623 shares issued and outstanding at October 31, 2016 and October 31, 2015, respectively | 176 | 173 |
Paid-in capital | 70,403 | 69,334 |
Retained earnings | 118,673 | 115,004 |
Accumulated other comprehensive loss, net | (56,462) | (50,049) |
Total stockholders’ equity | 132,790 | 134,462 |
Total liabilities and stockholders’ equity | $ 626,429 | $ 660,854 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parentheticals - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 761 | $ 821 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 25,000,000 |
Common stock, shares issued | 17,614,057 | 17,309,623 |
Common stock, shares outstanding | 17,614,057 | 17,309,623 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement [Abstract] | |||
Net revenues | $ 1,065,834 | $ 1,073,052 | $ 832,067 |
Cost of sales | 969,658 | 986,865 | 755,755 |
Gross profit | 96,176 | 86,187 | 76,312 |
Selling, general & administrative expenses | 73,417 | 63,028 | 50,236 |
Amortization of intangible assets | 2,258 | 2,295 | 2,164 |
Asset impairment (recoveries), net | 2,031 | 0 | (4,026) |
Operating income | 18,470 | 20,864 | 27,938 |
Interest Expense | 18,086 | 9,898 | 4,415 |
Interest income | (23) | (36) | (25) |
Other (income) expense, net | 1,890 | 387 | (504) |
Income (loss) before income taxes | 1,483 | (10,615) | (24,052) |
Provision (benefit) for income taxes | (5,152) | 4,710 | 4,137 |
Net income | $ 3,669 | $ 5,905 | $ 19,915 |
Earnings per share: | |||
Basic earnings per share | $ 0.21 | $ 0.342 | $ 1.162 |
Basic weighted average number of common shares | 17,513 | 17,287 | 17,145 |
Diluted earnings per share | $ 0.21 | $ 0.341 | $ 1.157 |
Diluted weighted average number of common shares | 17,526 | 17,310 | 17,215 |
Consolidated Statement of Other
Consolidated Statement of Other Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,669 | $ 5,905 | $ 19,915 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||
Amortization of net actuarial loss | 1,251 | 1,214 | 1,115 |
Actuarial net gain (loss) | (5,081) | 743 | (4,113) |
Asset net gain (loss) | (3,006) | (3,008) | 926 |
Income tax benefit (provision) | 2,986 | (387) | 783 |
Total defined benefit pension plans & other post retirement benefits, net of tax | (3,850) | (1,438) | (1,289) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Unrealized gain (loss) on marketable securities | (183) | (689) | 518 |
Income tax benefit (provision) | 58 | 248 | (53) |
Reclassification adjustments for gain on marketable securities included in net income | 0 | 0 | (365) |
Total marketable securities, net of tax | (125) | (441) | 100 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Unrealized loss on interest rate swap agreements | (1,577) | (2,912) | (2,510) |
Income tax benefit | 111 | 861 | 952 |
Reclassification adjustments for settlement of derivatives included in net income | 1,530 | 433 | 0 |
Change in fair value of derivative instruments, net of tax | 64 | (1,618) | (1,558) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||
Foreign currency translation loss | (3,032) | (9,671) | (8,052) |
Reclassification adjustments for settlement of foreign currency included in net income | 530 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (2,502) | (9,671) | (8,052) |
Comprehensive income (loss), net | $ (2,744) | $ (7,263) | $ 9,116 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 3,669 | $ 5,905 | $ 19,915 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 37,645 | 34,267 | 27,839 |
Amortization of deferred financing costs | 2,505 | 992 | 807 |
Asset impairment (recoveries), net | 2,031 | 0 | (4,026) |
Deferred income taxes | (2,704) | 4,263 | 837 |
Stock-based compensation expense | 1,072 | 1,025 | 579 |
(Gain) loss on sale of assets | (55) | 274 | (806) |
Gain on sale of marketable securities | 0 | 0 | (365) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 10,975 | (27,607) | (10,273) |
Inventories | (2,408) | 358 | 4,734 |
Prepaids and other assets | 14,476 | (8,665) | (8,270) |
Payables and other liabilities | (1,843) | (5,923) | 3,573 |
Accrued income taxes | 3,998 | (1,516) | (5,526) |
Net cash provided by operating activities | 69,361 | 3,373 | 29,018 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (28,324) | (39,376) | (39,593) |
Investment in marketable securities | 0 | 0 | (2,000) |
Investment in joint venture | (1,500) | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 195 | (124,544) |
Proceeds from sale of assets | 1,508 | 11,480 | 5,762 |
Proceeds from sale of marketable securities | 0 | 0 | 967 |
Net cash used in investing activities | (28,316) | (27,701) | (159,408) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payment of capital leases | (860) | (821) | (382) |
Proceeds from long-term borrowings | 145,400 | 153,900 | 182,500 |
Repayments of long-term borrowings | (186,301) | (121,589) | (39,877) |
Payment of deferred financing costs | (1,785) | (5,529) | (776) |
Proceeds from exercise of stock options | 0 | 159 | 1,061 |
Net cash (used for) provided by financing activities | (43,546) | 26,120 | 142,526 |
Effect of Exchange Rate on Cash and Cash Equivalents | (1,903) | (706) | (520) |
Net increase (decrease) in cash and cash equivalents | (4,404) | 1,086 | 11,616 |
Cash and cash equivalents at beginning of period | 13,100 | 12,014 | 398 |
Cash and cash equivalents at end of period | 8,696 | 13,100 | 12,014 |
Cash paid for interest | 15,801 | 9,373 | 3,862 |
Cash paid for (refund of) income taxes | (5,855) | 1,770 | 7,995 |
Equipment acquired under capital lease | 0 | 0 | 7,639 |
Capital equipment included in accounts payable | $ 5,604 | $ 4,225 | $ 5,415 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Stockholders' equity, beginning balance at Oct. 31, 2013 | $ 129,584 | $ 170 | $ 66,312 | $ 89,184 | $ (26,082) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 19,915 | 0 | 0 | 19,915 | 0 |
Other comprehensive loss, net of tax | (10,799) | 0 | 0 | 0 | (10,799) |
Restricted stock and exercise of stock options | 1,061 | 2 | 1,059 | 0 | 0 |
Stock-based compensation cost | 579 | 0 | 579 | 0 | 0 |
Income tax effect on stock compensation | 85 | 0 | 85 | 0 | 0 |
Stockholders' equity, ending balance at Oct. 31, 2014 | 140,425 | 172 | 68,035 | 109,099 | (36,881) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 5,905 | 0 | 0 | 5,905 | 0 |
Other comprehensive loss, net of tax | (13,168) | 0 | 0 | 0 | (13,168) |
Restricted stock and exercise of stock options | 159 | 1 | 158 | 0 | 0 |
Stock-based compensation cost | 1,025 | 0 | 1,025 | 0 | 0 |
Income tax effect on stock compensation | 116 | 0 | 116 | 0 | 0 |
Stockholders' equity, ending balance at Oct. 31, 2015 | 134,462 | 173 | 69,334 | 115,004 | (50,049) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,669 | 0 | 0 | 3,669 | 0 |
Other comprehensive loss, net of tax | (6,413) | 0 | 0 | 0 | (6,413) |
Restricted stock and exercise of stock options | 0 | 3 | (3) | 0 | 0 |
Stock-based compensation cost | 1,072 | 0 | 1,072 | 0 | 0 |
Stockholders' equity, ending balance at Oct. 31, 2016 | $ 132,790 | $ 176 | $ 70,403 | $ 118,673 | $ (56,462) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies General The Company is a leading global supplier of lightweighting, noise and vibration solutions to the automotive, commercial vehicle and industrial markets, capable of delivering solutions in aluminum, magnesium, steel and high-strength steel alloys to automotive, commercial vehicle and industrial markets. The Company offers one of the broadest portfolio of lightweighting solutions to the automotive, commercial vehicle and industrial markets, capable of delivering solutions in aluminum, magnesium, steel and steel alloys. Shiloh delivers these solutions through the design and manufacturing of its BlankLight® , CastLight ™ and StampLight ™ brands. Shiloh delivers solutions in body, chassis and powertrain systems to original equipment manufacturers ("OEMs") and several "Tier 1" suppliers to the OEMs. The Company has twenty-eight wholly-owned subsidiaries at locations in Asia, Europe and North America as well as a 55% ownership of a joint venture in China with minimal operating activity for the fiscal year ended October 31, 2016 . MTD Holdings Inc. (the parent of MTD Products Inc.) and the MTD Products Inc. Master Employee Benefit Trust, a trust fund established and sponsored by MTD Products Inc. owned approximately 47.2% of the Company's outstanding shares of Common Stock as of October 31, 2016 , making MTD Holdings Inc. and MTD Products Inc. related parties of the Company. Principles of Consolidation The consolidated financial statements include the accounts of Shiloh Industries, Inc. and all wholly-owned subsidiaries. All significant intercompany transactions have been eliminated. Revenue Recognition The Company recognizes revenue from the sales of products when there is evidence of a sales agreement, the delivery of goods has occurred, the sales price is fixed or determinable and collectability of revenue is reasonably assured. The Company records revenues upon shipment of product to customers and transfer of title under standard commercial terms. Price adjustments, including those arising from resolution of quality issues, price and quantity discrepancies, surcharges for fuel and/or steel and other commercial issues, are recognized in the period when management believes that such amounts become probable, based on management’s estimates. The Company enters into tooling contracts with customers in the development of tooling to be sold to such customers. The Company primarily records tooling revenues and costs net in cost of sales at the time of completion and final billing to the customer. These billings are recorded as progress billings (a reduction of the associated tooling costs) until the appropriate revenue recognition criteria have been met. The tooling contracts are separate arrangements between the Company and customer and are recorded on a gross or net basis in accordance with current applicable revenue recognition accounting literature. Allowance for Doubtful Accounts The Company evaluates the collectability of accounts receivable based on several factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, a general allowance for doubtful accounts is estimated based on historical experience of write-offs and the current financial condition of customers. The financial condition of the Company’s customers is dependent on, among other things, the general economic environment, which may substantially change, thereby affecting the recoverability of amounts due to the Company from its customers. The Company carefully assesses its risk with each of its customers and considers compliance with terms and conditions, aging of the customer accounts, intelligence learned through contact with customer representatives and its right of offset of net account receivable / account payable position with customers, if applicable, in establishing the allowance. Shipping and Handling Costs The Company classifies all amounts billed to a customer in a sales transaction related to shipping and handling as revenue and the costs incurred by the Company for shipping and handling are classified as costs of sales. Inventories Inventories are valued at the lower of cost or market, using the first-in first-out ("FIFO") method. Pre-production and development costs The Company enters into contractual agreements with certain customers to develop tooling. All such tooling contracts relate to parts that the Company will supply to customers under supply agreements. Tooling costs are capitalized in prepaid expenses and other assets determined by the fact that tooling contracts are separate from standard production contracts. The classification in prepaid or other assets is based upon the period of reimbursement from customer as either current or non-current. Property, Plant and Equipment Property, plant and equipment are stated at cost or at fair market value for plant, property and equipment acquired through acquisitions. Expenditures for maintenance, repairs and renewals are charged to expense as incurred, while major improvements are capitalized. The cost of these improvements is depreciated over their estimated useful lives. Useful lives range from three to twelve years for furniture and fixtures and machinery and equipment, or if the assets are dedicated to a customer program, over the estimated life of that program, ten to twenty years for land improvements and twenty to forty years for buildings and their related improvements. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. When assets are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is included in the earnings for the current period. Employee Benefit Plans The Company accrues the cost of U.S. defined benefit pension plans, which are frozen, in accordance with Statement of FASB ASC Topic 715 "Compensation - Retirement Benefits." The plans are funded based on the requirements and limitations of the Employee Retirement Income Security Act of 1974. As of October 31, 2016 , approximately 95% of its US employees of the Company participated in discretionary profit sharing plans administered by the Company. The Company also provides postretirement benefits to 15 former employees. For the Company's Swedish operations, the majority of the pension obligations are covered by insurance policies with insurance companies. Pension commitments in the Company's Polish operations at October 31, 2016 were not material. The liability of these comprise the present value of future obligations and is calculated on an actuarial basis. Share-Based Compensation The Company records compensation expense for the fair value of nonvested stock option awards, restricted stock awards and restricted stock units over the remaining vesting period. The Company has elected to use the simplified method to calculate the expected term of the stock options outstanding at five to six years and has utilized historical weighted average volatility. The Company determines the volatility and risk-free rate assumptions used in computing the fair value using the Black-Scholes option-pricing model, in consultation with an outside third party. The expected term for the restricted stock award is between three months and four years. The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that depicted in the financial statements. In addition, the Company determines a forfeiture rate at the time of grant. If actual forfeitures materially differ from the estimate, the share-based compensation expense could be materially different. The restricted stock and restricted stock units are valued based upon a 20 day EMA as of the Friday prior to the grant of an award. In addition, the Company determines a forfeiture rate at the time of grant. Share-based compensation expense is adjusted when actual forfeitures occur. Income Taxes The Company utilizes the asset and liability method in accounting for income taxes. Income tax expense includes U.S. and foreign income taxes minus tax credits and other incentives that will reduce tax expense in the year they are claimed. Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial accounting and income tax basis of assets and liabilities and operating losses and tax credit carryforwards. Valuation allowances are recorded to reduce net deferred tax assets to the amount that is more likely than not to be realized. The Company assesses both positive and negative evidence when measuring the need for a valuation allowance. Evidence typically assessed includes the operating results for the most recent three-year period and expectations of future profitability, available tax planning strategies, the time period over which the temporary differences will reverse and taxable income in prior carryback years if carryback is permitted under the tax law. The calculation of the Company's tax liabilities also involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations. The Company recognizes liabilities for uncertain income tax positions based on the Company's estimate of whether, and the extent to which, additional taxes will be required. The Company reports interest and penalties related to uncertain income tax positions as income taxes. U.S. income taxes and foreign withholding taxes are not provided on undistributed earnings of foreign subsidiaries because it is expected such earnings will be permanently reinvested in the operations of such subsidiaries or to pay down third party European debt. Impairment of Long-Lived and Intangible Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could cause an impairment include significant underperformance relative to the historical or projected future operating results, significant changes in the manner of the use of the assets or the strategy for the overall business or significant negative industry or economic trends. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable or the useful life has changed. Goodwill. Goodwill, which represents the excess cost over the fair value of the net assets of businesses acquired, was $27,490 as of October 31, 2016 , or 4.4% of its total assets, and $27,992 as of October 31, 2015 , or 4.2% of its total assets. In accordance with ASC 350, "Intangibles-Goodwill and Other," the Company assesses goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Such assessment can be done on a qualitative or quantitative basis. To qualitatively assess the likelihood of goodwill being impaired, the Company considers the following factors at the reporting unit level: the excess of fair value over carrying value as of the last impairment test, the length of time since the last fair value measurement, the carrying value, market and industry metrics, actual performance compared to forecasted performance, and its current outlook on the business. If the qualitative assessment indicated it is more likely than not that goodwill is impaired, the Company will perform quantitative impairment testing at the reporting unit level. If a quantitative fair value measurement is used, the fair value of goodwill is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. To quantitatively test goodwill for impairment, the Company's fair value measurement approach combines the income (discounted cash flow method) and market valuation (market comparable method) techniques for each of the Company's reporting units that carry goodwill. These valuation techniques use estimates and assumptions including, but not limited to, the determination of appropriate market comparables, projected future cash flows, including time and profitability, discount rate reflecting the risk inherent in future cash flows, perpetual growth rate, and projected future economic and market conditions. Comprehensive Income (Loss) Comprehensive income (loss) is defined as net income (loss) less changes in stockholders' equity from non-owner sources which, for the Company in the periods presented, consists of foreign currency translations, interest rate swaps, marketable securities and pension related liability adjustments. Statement of Cash Flows Information Cash and cash equivalents include checking accounts and all highly liquid investments with an original maturity of three months or less. A substantial majority of the Company’s cash and cash equivalent bank balances exceeded federally insured limits at October 31, 2016 . Cash in foreign subsidiaries totaled $8,219 and $13,907 at October 31, 2016 and October 31, 2015 , respectively. Concentration of Risk The Company sells products to customers primarily in the automotive, commercial vehicle and industrial markets. Financial instruments, which potentially subject the Company to concentration of credit risk, are primarily accounts receivable. The Company performs on-going credit evaluations of its customers' financial condition. The allowance for non-collection of accounts receivable is based on the expected collectability of all accounts receivable. Losses have historically been within management's expectations. The Company does not have financial instruments with off-balance sheet risk. Refer to Note 20-Business Segment Information for discussion of concentration of revenues. The Company believes that the concentration of credit risk in its trade receivables is substantially mitigated by the Company's ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, trade receivables and payables approximate fair value because of the short maturity of those instruments. The carrying value of the Company's debt and derivative instruments are considered to approximate the fair value of these instruments based on the borrowing rates currently available to the Company for loans with similar terms and maturities. Derivative Financial Instruments The Company uses interest rate swaps to manage volatility of underlying exposures. The Company recognizes all of its derivative instruments as either assets or liabilities at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated, and is effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of Comprehensive Income (Loss) and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a hedging instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company’s objective for holding derivatives is to minimize risk using the most effective and cost-efficient methods available. Foreign Currency Translation Two of the Company's Mexican subsidiaries (Shiloh De Mexico S.A. DE C.V. and Shiloh International, S.A. DE C.V.), the Company's Netherlands and Swedish holding companies, and all the Company's U.S. subsidiaries have the U.S. dollar as their functional currency. For all other entities, the functional currency is their respective local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Other Comprehensive Income (Loss) ("OCI"). The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Gains and losses resulting from foreign currency transactions are recognized in net income (loss) in the consolidated statements of income. Guarantees The Company has certain indemnification clauses within its Credit Agreement (as defined below) and certain lease agreements that are considered to be guarantees within the scope of FASB ASC Topic 460, "Guarantees." The Company does not consider these guarantees to be probable, and the Company cannot estimate their maximum exposure. Additionally, the Company's exposure to warranty-related obligations is not material. Accounting Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management reviews its estimates based upon current available information. Actual results could differ from those estimates. Prior Year Reclassification Certain prior year amounts have been reclassified to conform with current year presentation. Effective November 1, 2015, the Company changed its classification for recoveries of scrap and tooling as an offset to cost of sales as opposed to net revenues. The Company believes that recoveries of scrap represent the reimbursement of the material it is not able to use in production and, therefore, more appropriately reflected as an offset to cost of sales to allow for better comparability. For the years ended October 31, 2015 and 2014, $36,051 and $46,706 respectively, was reclassified from net revenues to cost of sales in the consolidated statements of income. Recently Issued Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers," which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The FASB, through the issuance of ASU No. 2015-14, " Revenue from Contracts with Customers, " approved a one year delay of the effective date and the new standard now is effective for reporting periods beginning after December 15, 2017 and permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. During the second and third quarter, the FASB issued ASUs 2016-10, 2016-11 and 2016-12. ASUs 2016-10 and 2016-12 provide further clarification on the implementation guidance on principal versus agent considerations. ASU 2016-11 rescinds certain SEC guidance from the FASB ASC in response to announcements made by the SEC at the Emerging Issues Task Force's ("EITF") March 3, 2016 meeting. Finally, ASU 2016-20 makes minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The Company is planning a bottom up approach to analyze the standard's impact on its revenues by looking at historical policies and practices and identifying the differences from applying the new standard to its revenue stream. The Company has not selected a transition date or method nor has it determined the effect of the standard to its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern," which the intent is to define the Company's responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. This ASU will be effective for the Company November 1, 2017. The Company will prospectively apply the guidance to applicable transactions. In April 2016, the FASB issued ASU No. 2016-10, " Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing." ASU 2016-10 adds further guidance on identifying performance obligations and also to improve the operability and understandability of the licensing implementation guidance. ASU 2016-10 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-15 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases" which requires a lessee to recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from the previous guidance within ASC Topic 840, Leases. For operating leases, a lessee is required to do the following: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. AUS 2016-02 is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that entities may elect to apply. The Company is currently evaluating the requirements of ASU 2016-02 and has not yet determined its impact on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 to amend certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Most prominent among the amendments is the requirement for changes in the fair value of the Company's equity investments, with certain exceptions, to be recognized through net income rather than other comprehensive income ("OCI"). ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The application of the amendments will result in a cumulative-effect adjustment to our consolidated balance sheet as of the effective date. The Company is currently evaluating the impact that ASU 2016-01 will have on its statement of financial position or financial statement disclosures. In July 2015, the FASB issued ASU 2015-11, "Inventory." ASU 2015-11 simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company does not expect ASU 2015-11 will have a material impact on its statement of financial position or financial statement disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in the ASU. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect ASU 2015-03 will have a material impact on its statement of financial position or financial statement disclosures. Recently Adopted Standards In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, although early adoption is permitted, including adoption in an interim period. This guidance simplified the current guidance, which required entities to separately present deferred tax assets and liabilities as current and noncurrent on the balance sheet. The Company has elected to early adopt this standard prospectively as of October 31, 2016, as is permitted under the standard. Due to the prospective treatment, prior periods presented in these financial statements have not been adjusted. In March 2016, FASB issued ASU 2016-09, "Compensation - Stock Compensation." ASU 2016-09 simplified the accounting for share-based payment transactions. This guidance required that excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the consolidated statements of income rather than additional paid-in capital. Additionally, the excess tax benefits will be classified along with other income tax cash flows as an operating activity, rather than a financing activity, on the statement of cash flows. Further, the update allows an entity to make a policy election to recognize forfeitures as they occur or estimate the number of awards expected to be forfeited. The Company has elected to early adopt this standard prospectively, with certain cumulative effect adjustments if applicable, as of October 31, 2016, as is permitted under the standard. There were no unrecognized excess tax benefits that are required to be recorded on a modified retrospective basis through a cumulative effect adjustment to retained earnings upon adoption. The Company has also elected to continue to recognize forfeitures as they occur. |
Correction of Immaterial Errors
Correction of Immaterial Errors | 12 Months Ended |
Oct. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Correction of Immaterial Errors | s In the fourth quarter of fiscal 2016, the Company became aware of immaterial errors in certain balance sheet accounts of the Saltillo, Mexico manufacturing facility. The Company assessed the cumulative impact of these errors and other immaterial errors on its previously reported annual financial statements for fiscal years 2015 and 2014 pursuant to the guidance in ASC 250 " Accounting Changes and Error Corrections" ("ASC 250") and SEC Staff Accounting Bulletin ("SAB") No. 99 Materiality . Immaterial errors were not isolated to a limited number of accounts but were primarily related to prepaid expenses and other assets, property, plant and equipment, net and deferred income taxes. The Assessment concluded that the errors were not material, individually or in the aggregate, to any prior period consolidated financial statements. As such, in accordance with ASC 250 (SAB No. 108, Considering Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ), the prior period consolidated financial statements have been revised (the "Revision") in the applicable consolidated financial statements. The Company concluded a revision of prior period consolidated financial statements was appropriate the next time they were reported, since the correction of errors would have been material if recorded in fiscal year 2016. Immaterial errors related to periods prior to the fiscal year ended October 31, 2014 are reflected as an adjustment to beginning retained earnings for that year. Periods not presented herein will be revised, as applicable, in future filings. The following schedules reconcile the amounts as previously reported in the applicable consolidated financial statement captions to the corresponding adjusted amounts under the Revision: As of October 31, 2015 Balance Sheet As Reported Adjustment As Adjusted Accounts receivable, net $ 194,373 $ (218 ) $ 194,155 Prepaid income taxes 3,799 716 4,515 Inventories, net 58,179 (311 ) 57,868 Prepaid expenses and other assets 48,267 (2,561 ) 45,706 Total current assets 322,003 (2,374 ) 319,629 Property, plant and equipment, net 280,260 (1,037 ) 279,223 Goodwill 28,843 (851 ) 27,992 Deferred income taxes 4,431 (1,473 ) 2,958 Total assets 666,589 (5,735 ) 660,854 Accounts payable 160,405 718 161,123 Total current liabilities 196,944 718 197,662 Total liabilities 525,674 718 526,392 Retained earnings 121,457 (6,453 ) 115,004 Total stockholders’ equity 140,915 (6,453 ) 134,462 Total liabilities and stockholders’ equity 666,589 (5,735 ) 660,854 Year Ended October 31, 2015 Statement of Income As Reported Adjustment As Adjusted Net revenues* $ 1,073,143 $ (91 ) $ 1,073,052 Cost of sales* 986,057 808 986,865 Gross profit 87,086 (899 ) 86,187 Operating income 21,763 (899 ) 20,864 Income before income taxes 11,514 (899 ) 10,615 Provision for income taxes 3,250 1,460 4,710 Net income 8,264 (2,359 ) 5,905 Basic earnings per share $0.48 $0.14 $0.34 Dilute earnings per share $0.48 $0.14 $0.34 * See Note 1 - Summary of Significant Accounting Policies pertaining to reclassification. Year Ended October 31, 2014 Statement of Income As Reported Adjustment As Adjusted Net revenues* $ 832,026 $ 41 $ 832,067 Cost of sales* 752,425 3,330 755,755 Gross profit 79,601 (3,289 ) 76,312 Selling, general & administrative expenses 50,207 29 50,236 Amortization of intangible assets 2,255 (91 ) 2,164 Operating income 31,165 (3,227 ) 27,938 Interest expense 4,503 (88 ) 4,415 Income before income taxes 27,191 (3,139 ) 24,052 Provision for income taxes 4,747 (610 ) 4,137 Net income 22,444 (2,529 ) 19,915 Basic earnings per share $1.31 $(0.15) $1.16 Dilute earnings per share $1.30 $(0.14) $1.16 * See Note 1 - Summary of Significant Accounting Policies pertaining to reclassification. Year Ended October 31, 2015 Statement of Comprehensive Loss As Reported Adjustment As Adjusted Net income $ 8,264 $ (2,359 ) $ 5,905 Comprehensive loss (4,904 ) (2,359 ) (7,263 ) Year Ended October 31, 2014 Statement of Comprehensive Income As Reported Adjustment As Adjusted Net income $ 22,444 $ (2,529 ) $ 19,915 Comprehensive income 11,645 (2,529 ) 9,116 Year Ended October 31, 2015 Statement of Cash Flows As Reported Adjustment As Adjusted Net income $ 8,264 $ (2,359 ) $ 5,905 Depreciation and amortization 34,213 54 34,267 Deferred income taxes 2,997 1,266 4,263 Accounts receivable (27,595 ) (12 ) (27,607 ) Inventories 989 (631 ) 358 Prepaids and other assets (9,553 ) 888 (8,665 ) Payables and other (6,394 ) 471 (5,923 ) Accrued income taxes (1,711 ) 195 (1,516 ) Net cash provided by operating activities 3,501 (128 ) 3,373 Capital expenditures (39,504 ) 128 (39,376 ) Net cash used in investing activities (27,829 ) 128 (27,701 ) Year Ended October 31, 2014 Statement of Cash Flows As Reported Revision Adjustment As Revised Net income $ 22,444 $ (2,529 ) $ 19,915 Depreciation and amortization 27,893 (54 ) 27,839 Deferred income taxes 843 (6 ) 837 Accounts receivable (10,444 ) 171 (10,273 ) Inventories 3,795 939 4,734 Prepaids and other assets (9,542 ) 1,272 (8,270 ) Payables and other 3,327 246 3,573 Accrued income taxes (4,922 ) (604 ) (5,526 ) Net cash provided by operating activities 29,583 (565 ) 29,018 Capital expenditures (40,158 ) 565 (39,593 ) Net cash used in investing activities (159,973 ) 565 (159,408 ) Statement of Stockholders' Equity As Reported Revision Adjustment As Revised Total stockholders' equity, Balance at October 31, 2013 $ 131,149 $ (1,565 ) $ 129,584 Retained earnings, Balance at October 31, 2013 90,749 (1,565 ) 89,184 Net income fiscal year 2014 22,444 (2,529 ) 19,915 Retained earnings, Balance at October 31, 2014 113,193 (4,094 ) 109,099 Total stockholders' equity, Balance at October 31, 2014 144,519 (4,094 ) 140,425 Net income fiscal year 2015 8,264 (2,359 ) 5,905 Retained earnings, Balance at October 31, 2015 121,457 (6,453 ) 115,004 Total stockholders' equity, Balance at October 31, 2015 140,915 (6,453 ) 134,462 The Company has also reflected these corrections as applicable in its consolidated financial statements and the related notes thereto. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2016 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions | Acquisitions Radar Industries, Inc. On September 30, 2014, the Company, through a wholly-owned subsidiary, consummated the transactions contemplated by the Asset Purchase Agreement, dated September 30, 2014, with Radar Industries, Inc., and Radar Mexican Investments, LLC (collectively "Radar") which produce engineered metal stampings and machined parts for the motor vehicle industry. The Company acquired Radar in order to further its investment in stamping technologies and expand the diversity of its customer base, product offering and geographic footprint. Radar's results of operations are reflected in the Company's consolidated statements of operations from the acquisition date. During the fourth quarter of fiscal 2016, $1,093 of the remaining escrow balance was released. As of October 31, 2016 , $1,157 of funds remain in escrow, subject to certain claims. |
Asset Impairment and Restructur
Asset Impairment and Restructuring Charges | 12 Months Ended |
Oct. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairment and Restructuring Charges | —Asset Impairment and Restructuring Charges During fiscal 2016, the Company recorded an asset impairment charge of $273 to reduce the real property of the Company's former Valley City Steel facility, an asset impairment charge of $1,282 on an asset held for sale within the Level 2 of the fair value hierarchy and $476 related to idled equipment. Asset recoveries of $4,026 were recorded during fiscal 2014 for cash received upon sales of assets from the Company's former Mansfield Blanking facility, which was impaired in fiscal 2010. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Oct. 31, 2016 | |
Accounts Receivable [Abstract] | |
Accounts Receivable [Text Block] | Accounts Receivable Accounts receivable are expected to be collected within one year and are net of an allowance for doubtful accounts in the amount of $761 and $821 at October 31, 2016 and 2015 , respectively. The Company recognized a benefit of $39 from recoveries of receivables previously expensed and recognized bad debt of expense of $210 and $153 during fiscal 2015 , and 2014 , respectively, in the consolidated statements of income. The Company continually monitors its exposure with its customers and additional consideration is given to individual accounts in light of the market conditions in the automotive, commercial vehicle and industrial markets. |
Inventories
Inventories | 12 Months Ended |
Oct. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | Inventories Inventories consist of the following: October 31, 2016 2015 Raw materials $ 26,367 $ 31,678 Work-in-process 16,149 10,944 Finished goods 18,031 15,246 Total inventories $ 60,547 $ 57,868 Total cost of inventory is net of lower of cost of market reserves to reduce certain inventory from cost to net realizable value. Such reserves aggregated $2,946 and $2,547 at October 31, 2016 and 2015 , respectively. |
Prepaid Expenses Prepaid Expens
Prepaid Expenses Prepaid Expenses | 12 Months Ended |
Oct. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | Prepaid expenses and other assets consist of the following: October 31, 2016 2015 Tooling (1) $ 19,792 $ 38,097 Prepaid expenses and other assets 10,694 7,609 Assets held for sale 6,500 — Total $ 36,986 $ 45,706 The Company invested in stamping equipment for one of its manufacturing facilities. During the fourth quarter of fiscal 2016, the Company determined that a need no longer existed for this type of equipment and is currently recorded as a current asset held for sale. Based on the fair market value of the equipment, the Company recorded an impairment charge of $1,282 to properly reflect the $6,500 fair value of the equipment - see Note 4 - Asset Impairment and Restructuring Charges for further details. The Company is actively working with the supplier to identify a buyer over the next several months. (1) Customer reimbursements for the development of molds, dies and tools (collectively, "tooling") related to new program awards that go into production over the next twelve months. —Other Assets October 31, 2016 2015 Other assets consist of the following: Deferred financing costs, net $ 6,098 $ 6,818 Tooling 881 1,499 Investment in joint venture 1,300 — Other 4,417 3,192 Total $ 12,696 $ 11,509 Deferred financing costs are amortized over the term of the debt. During fiscal 2016 , 2015 , and 2014 , amortization of these costs amounted to $2,505 , $992 , and $807 , respectively. Accumulated amortization was $6,771 and $4,266 as of October 31, 2016 and 2015 , respectively. During fiscal years 2016 and 2015 , the Company capitalized $1,785 and $5,529 , respectively, of costs related to the Credit Agreement (as defined below). |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2016 | |
Deferred Costs and Other Assets Disclosure [Abstract] | |
Other Assets [Text Block] | Prepaid expenses and other assets consist of the following: October 31, 2016 2015 Tooling (1) $ 19,792 $ 38,097 Prepaid expenses and other assets 10,694 7,609 Assets held for sale 6,500 — Total $ 36,986 $ 45,706 The Company invested in stamping equipment for one of its manufacturing facilities. During the fourth quarter of fiscal 2016, the Company determined that a need no longer existed for this type of equipment and is currently recorded as a current asset held for sale. Based on the fair market value of the equipment, the Company recorded an impairment charge of $1,282 to properly reflect the $6,500 fair value of the equipment - see Note 4 - Asset Impairment and Restructuring Charges for further details. The Company is actively working with the supplier to identify a buyer over the next several months. (1) Customer reimbursements for the development of molds, dies and tools (collectively, "tooling") related to new program awards that go into production over the next twelve months. —Other Assets October 31, 2016 2015 Other assets consist of the following: Deferred financing costs, net $ 6,098 $ 6,818 Tooling 881 1,499 Investment in joint venture 1,300 — Other 4,417 3,192 Total $ 12,696 $ 11,509 Deferred financing costs are amortized over the term of the debt. During fiscal 2016 , 2015 , and 2014 , amortization of these costs amounted to $2,505 , $992 , and $807 , respectively. Accumulated amortization was $6,771 and $4,266 as of October 31, 2016 and 2015 , respectively. During fiscal years 2016 and 2015 , the Company capitalized $1,785 and $5,529 , respectively, of costs related to the Credit Agreement (as defined below). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Property, Plant and Equipment Property, plant and equipment consist of the following: October 31, 2016 2015 Land and improvements $ 11,358 $ 11,330 Buildings and improvements 117,291 118,166 Machinery and equipment 505,768 494,567 Furniture and fixtures 18,200 13,901 Construction in progress 37,612 51,253 Total, at cost 690,229 689,217 Less: Accumulated depreciation 424,392 409,994 Property, plant and equipment, net $ 265,837 $ 279,223 Depreciation expense was $35,387 , $31,956 , and $25,675 in fiscal 2016 , 2015 , and 2014 , respectively. During the years ended October 31, 2016 and 2015 , interest capitalized as part of property, plant and equipment was $370 and $526 , respectively. The Company had unpaid capital expenditures included in accounts payable of approximately $5,604 , $4,225 and $5,415 at October 31, 2016 , 2015 and 2014, respectively, and consequently such amounts are excluded from capital expenditures in the accompanying consolidated statements of cash flows for the fiscal years 2016 and 2015 . The Company has commitments for capital expenditures of $45,537 at October 31, 2016 that are expected to be incurred in 2017 . Capital Leases: October 31, 2016 2015 Leased Property: Machinery and equipment $ 7,295 $ 7,019 Less: Accumulated depreciation $ 1,781 $ 1,142 Leased property, net $ 5,514 $ 5,877 Future minimum rental payments to be made under capital leases at October 31, 2016 are as follows: Twelve Months Ending October 31, 2017 $ 849 2018 865 2019 594 2020 372 2021 1,708 4,388 Plus amount representing interest ranging from 3.05% to 3.77% 489 Total obligations under capital leases $ 4,877 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | —Financing Arrangements Debt consists of the following: October 31, 2016 2015 Credit Agreement —interest at 5.14% and 4.44% at October 31, 2016 and October 31, 2015, respectively $ 252,900 $ 293,300 Equipment security note 996 1,496 Capital lease obligations 4,388 5,434 Insurance broker financing agreement 661 723 Total debt 258,945 300,953 Less: Current debt 2,023 2,080 Total long-term debt $ 256,922 $ 298,873 At October 31, 2016 , the Company had total debt, excluding capital leases, of $254,557 , consisting of a revolving line of credit under the Credit Agreement of floating rate debt of $252,900 and fixed rate debt of $1,657 . The weighted average interest rate of all debt was 4.78% and 2.82% for fiscal years 2016 and 2015 , respectively. Revolving Credit Facility: The Company and its subsidiaries are party to a Credit Agreement, dated October 25, 2013, as amended (the "Credit Agreement") with Bank of America, N.A., as Administrative Agent, Swing Line Lender, Dutch Swing Line Lender and L/C Issuer, JPMorgan Chase Bank, N.A. as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and The Huntington National Bank, N.A., as Co-Documentation Agents, and the other lender parties thereto. On October 28, 2016, the Company executed the Sixth Amendment which increases the permitted consolidated leverage ratio for periods beginning after July 31, 2016; increases the permitted consolidated fixed charge coverage ratio for periods beginning after April 30, 2017; modifies various baskets related to sale of accounts receivable, disposition of assets, sale-leaseback transactions and makes other ministerial updates. On October 30, 2015, the Company executed the Fifth Amendment which increased the permitted leverage ratio with periodic reductions beginning after July 30, 2016. In addition, the Fifth Amendment permitted various investments as well as up to $40,000 aggregate outstanding principal amount of subordinated indebtedness, subject to certain conditions. Finally, the Fifth Amendment provided for a consolidated fixed charge coverage ratio, and provided for up to $50,000 of capital expenditures by the Company and its subsidiaries throughout the year ending October 31, 2016, subject to certain quarterly baskets. On April 29, 2015, the Company executed the Fourth Amendment to the Credit Agreement that maintained the commitment period to September 29, 2019 and allowed for an incremental increase of $25,000 (or if certain ratios are met, $100,000 ) in the original revolving commitments of $360,000 , subject to the Company's pro forma compliance with financial covenants, the administrative agent's approval, and the Company obtaining commitments for such increase. The Fourth Amendment included scheduled commitment reductions beginning after January 30, 2016 totaling $30,000 , allocated proportionately between the Aggregate Revolving A and B commitments. On April 30, 2016, the first committed reduction of $5,000 decreased the existing revolving commitment to $355,000 , subject to the Company's pro forma compliance with financial covenants. Borrowings under the Credit Agreement bear interest, at the Company's option, at LIBOR or the base (or "prime") rate established from time to time by the administrative agent, in each case plus an applicable margin. The Fifth Amendment provides for an interest rate margin on LIBOR loans of 1.5% to 4.0% and of 0.50% to 3.0% on base rate loans depending on the Company's leverage ratio. The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding the Company’s outstanding indebtedness and maximum leverage and interest coverage ratios. The Credit Agreement also contains standard provisions relating to conditions of borrowing. In addition, the Credit Agreement contains customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. If an event of default occurs, all amounts outstanding under the Credit Agreement may be accelerated and become immediately due and payable. The Company was in compliance with the financial covenants as of October 31, 2016 and October 31, 2015 . After considering letters of credit of $5,080 that the Company has issued, unused commitments under the Credit Agreement were $97,020 at October 31, 2016 . Borrowings under the Credit Agreement are collateralized by a first priority security interest in substantially all of the tangible and intangible property of the Company and its domestic subsidiaries and 65% of the stock of foreign subsidiaries. Other Debt: On August 1, 2016 , the Company entered into a finance agreement with an insurance broker for various insurance policies that bears interest at a fixed rate of 1.96% and requires monthly payments of $95 through May 2017 . As of October 31, 2016 , $661 of principal remained outstanding under this agreement and was classified as current debt in the Company’s consolidated balance sheets. On September 2, 2013, the Company entered into an equipment security note that bears interest at a fixed rate of 2.47% and requires monthly payments of $44 through September 2018. As of October 31, 2016 , $996 of principal remained outstanding under this agreement and $513 was classified as current debt and $483 was classified as long term debt in the Company’s consolidated balance sheets. The Company maintains capital leases for equipment used in its manufacturing facilities with lease terms expiring between 2018 and 2021. As of October 31, 2016 , the present value of minimum lease payments under its capital leases amounted to $4,388 . Derivatives: On February 25, 2014, the Company entered into an interest rate swap with an aggregate notional amount of $75,000 designated as a cash flow hedge to manage interest rate exposure on the Company’s floating rate LIBOR based debt under the Credit Agreement. The interest rate swap is an agreement to exchange payment streams based on the notional principal amount. This agreement fixes the Company’s future interest payments at 2.74% plus the applicable rate (as described above), on an amount of the Company’s debt principal equal to the then-outstanding swap notional amount. The forward interest rate swap commenced on March 1, 2015 with an initial $25,000 base notional amount. The second notional amount of $25,000 commenced on September 1, 2015 and the final notional amount of $25,000 commenced on March 1, 2016. The base notional amount plus each incremental addition to the base notional amount have a five year maturity of February 29, 2020, August 31, 2020 and February 28, 2021, respectively. On the date the interest swap was entered into, the Company designated the interest rate swap as a hedge of the variability of cash flows to be paid relative to its variable rate monies borrowed. Any ineffectiveness in the hedging relationship is recognized immediately into earnings. The Company determined the mark-to-market adjustment for the interest rate swap to be a gain of $64 , net of tax, for the fiscal year ended October 31, 2016 , a loss of $1,618 , net of tax, for the fiscal year ended October 31, 2015 , and a loss of $1,558 , net of tax, for the fiscal year ended October 31, 2014 , which is reflected in other comprehensive loss. The base notional amounts of $25,000 each or $75,000 total that commenced during 2015 and 2016 resulted in realized losses of $1,530 and $433 of interest expense related to the interest rate swap settlements. for the fiscal years ended October 31, 2016 and 2015 , respectively. For fiscal 2017 , the Company anticipates recognizing approximately $1,478 of additional interest expense related to the interest swap. Scheduled repayments under the terms of the Credit Agreement and repayments of other debt are listed below: Twelve Months Ending October 31, Credit Agreement Equipment Security Note Capital Lease Obligations Other Debt Total 2017 $ — $ 513 $ 849 $ 661 $ 2,023 2018 — 483 865 — 1,348 2019 252,900 — 594 — 253,494 2020 — — 372 — 372 2021 — — 1,708 — 1,708 Total $ 252,900 $ 996 $ 4,388 $ 661 $ 258,945 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets [Text Block] | Intangible Assets Goodwill: In accordance with FASB ASC Topic 350, "Intangibles – Goodwill and Other," goodwill, and any other intangible asset having an indefinite useful life, must be reviewed for impairment annually, or more frequently if events and circumstances arise that suggest the asset may be impaired. The Company conducts its review for goodwill impairments on September 30 of each year. Goodwill impairment testing is performed at the reporting unit. The fair value is determined and compared to the carrying value. If the carrying value exceeds the fair value, then possible goodwill impairment may exist and further evaluation is required. At the time of goodwill impairment testing, values are estimated for goodwill, incorporating discount rates commensurate with the risks involved. An optional qualitative assessment may alleviate the need to perform the quantitative goodwill impairment test when impairment is unlikely. The Company performed a quantitative assessment at the reporting unit level in 2016 and 2015 and concluded that there was no impairment of goodwill in either year. The changes in the carrying amount of goodwill are as follows: Balance October 31, 2014 $ 30,036 Acquisitions, including adjustments on prior year acquisitions (488 ) Foreign currency translation and other (1,556 ) Balance October 31, 2015 27,992 Foreign currency translation and other (502 ) Balance October 31, 2016 $ 27,490 Intangibles: The changes in the carrying amount of finite intangible assets for the years ended October 31, 2016 and 2015 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2014 $ 15,856 $ 4,311 $ 62 $ 1,624 $ 145 $ 21,998 Acquisitions and purchase accounting adjustments (320 ) — 80 — — (240 ) Amortization expense (1,305 ) (771 ) (79 ) (124 ) (16 ) (2,295 ) Foreign currency translation and other 80 — — — — 80 Balance October 31, 2015 14,311 3,540 63 1,500 129 19,543 Amortization expense (1,330 ) (772 ) (16 ) (123 ) (17 ) (2,258 ) Foreign currency translation and other (6 ) — — — — (6 ) Balance October 31, 2016 $ 12,975 $ 2,768 $ 47 $ 1,377 $ 112 $ 17,279 Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major class of intangible assets: October 31, 2016 Weighted Average Useful Life (years) Gross Carrying Value Accumulated Amortization Foreign Currency Adjustment Net Customer relationships 13.2 $ 17,598 $ (4,589 ) $ (34 ) $ 12,975 Developed technology 7.3 5,007 (2,239 ) — 2,768 Non-compete 2.3 824 (777 ) — 47 Trade name 14.8 1,875 (498 ) — 1,377 Trademark 10.0 166 (54 ) — 112 Total intangible assets $ 25,470 $ (8,157 ) $ (34 ) $ 17,279 October 31, 2015 Gross Carrying Value Accumulated Amortization Foreign Currency Adjustment Net Customer relationships $ 17,598 $ (3,259 ) $ (28 ) $ 14,311 Developed technology 5,007 (1,467 ) — 3,540 Non-compete 824 (761 ) — 63 Trade name 1,875 (375 ) — 1,500 Trademark 166 (37 ) — 129 Total intangible assets $ 25,470 $ (5,899 ) $ (28 ) $ 19,543 Total amortization expense for the years ended October 31, 2016 , 2015 , and 2014 was $2,258 , $2,295 , and $2,164 , respectively. Amortization expense related to intangible assets for the following fiscal years ending is estimated to be as follows: 2017 2,259 2018 2,123 2019 1,716 2020 1,701 2021 1,701 Thereafter 7,779 $ 17,279 |
Operating Leases
Operating Leases | 12 Months Ended |
Oct. 31, 2016 | |
Operating Leases [Abstract] | |
Operating Leases | Operating Leases The Company leases buildings, material handling, manufacturing and office equipment under operating leases with terms that range from one to fifteen years at inception. The leases do not include step rent provisions, escalation clauses, capital improvement funding or other lease concessions that qualify the leases as a contingent rental. Also, the leases do not include a variable related to a published index. The Company's operating leases are charged to expense over the lease term, on a straight-line basis. The longest lease term of the Company's current leases extends to May 2029 . Rent expense under operating leases for fiscal years 2016 , 2015 , and 2014 was $9,544 , $8,449 and $4,613 , respectively. Beginning in fiscal 2016, lease expense reflects certain sale-leaseback transactions entered into during the third quarter of fiscal 2015. The assets under the sale-leaseback were for new machinery and equipment which are being leased over a six to seven year period. Future minimum lease payments under operating leases are as follows at October 31, 2016 : 2017 $ 9,682 2018 8,677 2019 7,781 2020 6,501 2021 4,975 Thereafter 2,585 Total commitments under non-cancelable operating leases $ 40,201 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits Disclosure | 12 Months Ended |
Oct. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans [Text Block] | Employee Benefit Plans The Company maintains pension plans, which are frozen, covering its eligible employees. The Company also provides an unfunded postretirement health care benefit plan for 15 retirees and their dependents. The measurement date for the Company's employee benefit plans coincides with its fiscal year end, October 31. Obligations and Funded Status U.S. Plans At October 31 Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ (86,827 ) $ (88,590 ) $ (423 ) $ (639 ) Interest cost (3,566 ) (3,466 ) (16 ) (24 ) Actuarial gain (loss) (5,100 ) 563 20 180 Benefits paid 4,709 4,666 47 60 Benefit obligation at end of year (90,784 ) (86,827 ) (372 ) (423 ) Change in plan assets: Fair value of plan assets at beginning of year 66,655 65,861 — — Actual return on plan assets 1,562 1,690 — — Employer contributions 950 3,770 47 60 Benefits paid (4,709 ) (4,666 ) (47 ) (60 ) Fair value of plan assets at end of year 64,458 66,655 — — Funded status, benefit obligations in excess of plan assets $ (26,326 ) $ (20,172 ) $ (372 ) $ (423 ) The above amounts are recorded in the liabilities section of the consolidated balance sheets as follows: Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Other accrued expenses $ (4,120 ) $ (3,840 ) $ (42 ) $ (63 ) Long-term benefit liabilities (22,206 ) (16,332 ) (330 ) (360 ) Total $ (26,326 ) $ (20,172 ) $ (372 ) $ (423 ) Components of Net Periodic Benefit Cost U.S. Plans Pension Benefits Other Post Retirement Benefits 2016 2015 2014 2016 2015 2014 Interest cost $ 3,566 $ 3,466 $ 3,749 $ 16 $ 24 $ 38 Expected return on plan assets (4,568 ) (4,698 ) (4,281 ) — — — Amortization of net actuarial loss 1,239 1,186 1,074 12 28 41 Net periodic benefit cost $ 237 $ (46 ) $ 542 $ 28 $ 52 $ 79 The Company expects to recognize in the consolidated statements of income the following amounts that will be amortized from accumulated other comprehensive loss in fiscal 2017 . Pension Benefits Other Post Retirement Benefits Amortization of net actuarial loss $ 1,508 $ 10 The Company has recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive loss: Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Net actuarial loss $ 51,795 $ 44,928 $ 122 $ 153 Recognized in accumulated other comprehensive loss $ 51,795 $ 44,928 $ 122 $ 153 Additional Information on U.S. Plans Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Increase (decrease) in minimum liability included in other comprehensive income (loss) $ 6,867 $ (1,259 ) $ 31 $ 208 Assumptions for U.S. Plans: Weighted-average assumptions used to determine benefit obligations at October 31 Pension Benefits Other Post Retirement Benefits 2016 2015 2014 2016 2015 2014 Discount rate 3.70 % 4.20 % 4.00 % 3.70 % 4.20 % 4.00 % Pension Benefits Other Post Retirement Benefits Weighted-average assumptions used to determine net periodic benefit costs for years ended October 31 2016 2015 2014 2016 2015 2014 Discount rate 4.20 % 4.00 % 4.50 % 4.20 % 4.00 % 4.50 % Expected long-term return on plan assets 7.50 % 7.50 % 7.50 % — — — These assumptions are used to develop the projected obligation at fiscal year end and to develop net periodic benefit cost for the subsequent fiscal year. Therefore, for fiscal 2016 , the assumptions used to determine net periodic benefit costs were established at October 31, 2015 , while the assumptions used to determine the benefit obligations were established at October 31, 2016 The Company uses the Principal Pension Discount Yield Curve ("Principal Curve") for the U.S. Plans as the basis for determining the discount rate for reporting pension and retiree medical liabilities. The Principal Curve has several advantages to other methods, including: transparency of construction, lower statistical errors, and continuous forward rates for all years. The Company determines the annual rate of return on the U.S. Plan pension assets by first analyzing the composition of its asset portfolio. Historical rates of return are applied to the portfolio. The Company's outside investment advisors and actuaries review the computed rate of return. Industry comparables and other outside guidance are also considered in the annual selection of the expected rates of return on pension assets. The long-term expected rate of return on plan assets takes into account years with exceptional gains and years with exceptional losses. October 31, Assumed health care trend rates 2016 2015 Health care cost trend rate assumed for next year 7.0% 7.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 6.8% 6.8% Year that the rate reaches the ultimate trend rate 2018 2018 Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan. The Company's trend rate was based on reduced health care claims experienced by a small and declining retiree population. A one-percentage point change in assumed healthcare cost trend rates would have the following effects at October 31, 2016 : One-Percentage Point Increase One-Percentage Point Decrease Effect on total of service and interest cost components $ 3 $ (3 ) Effect on post retirement obligation $ 28 $ (24 ) Plan Assets - U.S. Plan Assets The Company has established a targeted asset allocation percentage by asset category and rebalances the assets of each U.S. plan when pension contributions are funded. The Company's pension plan weighted-average asset allocations at October 31, 2016 and 2015 , by asset category and comparison to the target allocation percentage are as follows: Target Allocation Percentage Plan Assets at October 31, 2016 2015 Asset Category Equity securities 0-70% 59% 60% Debt securities 0-70% 35% 34% Real estate 0-10% 6% 6% Total 100% 100% The Company's investment policy for assets of the U.S. plans is to obtain a reasonable long-term return consistent with the level of risk assumed. The Company also seeks to control the cost of funding the plans within prudent levels of risk through the investment of plan assets and the Company seeks to provide diversification of assets in an effort to avoid the risk of large losses and to maximize the return to the plans consistent with market and economic risk. Fair Value The plans' investments are reported at fair value. Purchases and sale of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. FASB ASC Topic 820, Fair Value Measurements and Disclosures ("FASB ASC 820"), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 : Quoted prices (unadjusted) for identical assets or liabilities in active markets that the plans have the ability to access as of the measurement date. Level 2 : Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 : Significant unobservable inputs that reflect the plans' own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in FASB ASC 820: • Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). • Income approach: Techniques to convert future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing and excess earnings models). The following descriptions of the valuation methods and assumptions used by the plans to estimate the fair values of investments apply to investments held directly by the plans. Mutual funds : The fair values of mutual fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs). Pooled separate accounts : The fair values of participation units held in pooled separate accounts are based on their net asset values, as reported by the managers of the pooled separate accounts as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date (level 2 inputs). A fund sponsored by Principal Financial Group, investment and actuarial advisors of the Company, each of the pooled separate accounts invests in multiple securities. Each pooled separate account provides for daily redemptions by the plans with no advance notice requirements, and has redemption prices that are determined by the fund's net asset value per unit. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investments totaling $64,458 at October 31, 2016 and $66,655 at October 31, 2015 measured at fair value on a recurring basis are summarized below: Fair Value Measurements Fair Value Measurements at October 31, 2016 Using at October 31, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) U.S. Plans Valuation Technique Investments Equity Large U.S. Equity $ 12,904 $ 10,294 $ 9,515 $ 12,302 Market Small/Mid U.S. Equity 7,654 622 6,108 2,688 Market International Equity 6,420 — 9,478 — Market Fixed Income Government — 309 — 298 Market Corporate 17,738 4,571 17,832 4,547 Market Real Estate (Primarily Commercial) — 3,946 — 3,887 Market Total Investments $ 44,716 $ 19,742 $ 42,933 $ 23,722 Cash Flows Contributions The Company does not expect to contribute to its U.S. pension plans in fiscal 2017 , compared to $950 funded in fiscal 2016 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: Pension Benefits Other Benefits 2017 $ 4,120 $ 42 2018 4,000 41 2019 4,410 40 2020 4,630 40 2021 4,340 29 2022-2025 24,690 120 Non-U.S. Plans For the Company's Swedish operations, the majority of the pension obligations are covered by insurance policies with insurance companies. Pension commitments in the Company's Polish operations are $826 at the end of fiscal 2016 and $696 at the end of fiscal 2015 . The liability represents the present value of future obligations and is calculated on actuarial basis. The Polish operations recognized expense of $162 and $115 for the fiscal years ended October 31, 2016 and 2015 , respectively Expense for fiscal 2014 was immaterial. The insurance contracts guarantee a minimum rate of return. The Company has no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law. Defined Contribution Plans In addition to the defined benefit plans described above, the Company maintains a number of defined contribution plans for its United States locations. Under the terms of the plans, eligible employees may contribute a selected percentage of their base pay. The Company matches a percentage of the employees' contributions up to a stated percentage, subject to statutory limitations. The Company recorded an expense related to the matching program for the fiscal years ended 2016 , 2015 and 2014 of $3,959 , $3,845 and 3,230 , respectively. Labor Agreements As of October 31, 2016 , the Company had approximately 3,100 employees. Organized labor unions represent approximately 20% of the Company's U.S. hourly employees and approximately 90% of the Company's non-U.S. employees. Each of the Company's unionized manufacturing facilities has its own labor agreement with its own expiration date. As a result, no contract expiration date affects more than one facility. |
Fair Value of Other Financial I
Fair Value of Other Financial Instruments Fair Value of Other Financial Instruments | 12 Months Ended |
Oct. 31, 2016 | |
Other Fair Value Financial Instruments [Abstract] | |
Other Fair Value Financial Instruments | Other Fair Value Financial Instruments The methods used by the Company may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Assets and liabilities remeasured and disclosed at fair value on a recurring basis at October 31, 2016 and 2015 are set forth in the table below: Asset (Liability) Level 2 Valuation Technique October 31, 2015: Interest Rate Swap Contracts $ (4,989 ) $ (4,989 ) Income Approach Marketable Securities 356 356 Income Approach October 31, 2016: Interest Rate Swap Contracts (5,036 ) (5,036 ) Income Approach Marketable Securities $ 174 $ 174 Income Approach The Company calculates the fair value of its interest rate swap contracts, using quoted interest rate curves, to calculate forward values, and then discounts the forward values. The discount rates for all derivative contracts are based on quoted swap interest rates or bank deposit rates. For contracts which, when aggregated by counterparty, are in a liability position, the rates are adjusted by the credit spread that market participants would apply if buying these contracts from the Company’s counterparties. Assets and liabilities measured at fair value on a nonrecurring basis at October 31, 2016 and 2015 are set forth in the table below: Asset Level 3 Valuation Technique October 31, 2015: Goodwill $ (488 ) $ (488 ) Income Approach Intangible Assets (240 ) (240 ) Income Approach October 31, 2016: Goodwill — — Income Approach Intangible Assets $ — $ — Income Approach During 2016 the Company recorded an asset impairment charge or $1,758 . Refer to Note 4, Asset Impairment and Restructuring Charges, for further information regarding these charges and the associated level of input. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Earnings Per Share [Text Block] | —Earnings Per Share (amounts and number of shares in thousands except per share data) Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. In addition, the shares of Common Stock issuable pursuant to restricted stock units and stock options outstanding under the 2016 Plan are included in the diluted earnings per share calculation to the extent they are dilutive. For the years ended October 31, 2016 , 2015 , and 2014 , approximately 53 , 143 , and 225 stock awards, respectively, were excluded from the computation of diluted earnings per share because they were anti-dilutive. The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for net income per share: Years Ended October 31, 2016 2015 2014 Net income available to common stockholders $ 3,669 $ 5,905 $ 19,915 Basic weighted average shares 17,513 17,287 17,145 Effect of dilutive securities: Restricted stock units and stock options 13 23 70 Diluted weighted average shares 17,526 17,310 17,215 Basic earnings per share $0.21 $0.34 $1.16 Diluted earnings per share $0.21 $0.34 $1.16 |
Stock Incentive Compensation
Stock Incentive Compensation | 12 Months Ended |
Oct. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Incentive Compensation | —Stock Incentive Compensation (amounts in thousands except number of shares and per share data) Stock Incentive Compensation falls under the scope of FASB ASC Topic 718 "Compensation – Stock Compensation" and affects the stock awards that have been granted and requires the Company to expense share-based payment ("SBP") awards with compensation cost for SBP transactions measured at fair value. For stock options, the Company has elected to use the simplified method of calculating the expected term and historical volatility to compute fair value under the Black-Scholes option-pricing model. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated based upon the Company’s historical experience. For restricted stock and restricted stock units, the Company is computing fair value based on a twenty day EMA as of the close of business the Friday preceding the award date. 2016 Equity and Incentive Compensation Plan On March 9, 2016, stockholders approved and adopted the 2016 Equity and Incentive Compensation Plan ("2016 Plan") which replaced the Amended and Restated 1993 Key Employee Stock Incentive Program. The 2016 Plan authorizes the Compensation Committee of the Board of Directors of the Company to grant to officers and other key employees, including directors, of the Company and its subsidiaries (i) option rights, (ii) appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) cash incentive awards, performance shares and performance units and (vi) other awards. An aggregate of 1,500,000 shares of Common Stock, subject to adjustment upon occurrence of certain events to prevent dilution or expansion of the rights of participants that might otherwise result from the occurrence of such events, was reserved for issuance pursuant to the Incentive Plan. An individual’s award of options and / or appreciation rights is limited to 500,000 shares during any calendar year. Also, an individual's award of restricted shares, restricted share units and performance based awards is limited to 350,000 shares during any calendar year. The Compensation Committee of our Board of Directors approved the grant of restricted stock and restricted stock units under both the Amended and Restated 1993 Key Employee Stock Incentive Program and the 2016 Plan shown in the table below for the fiscal year ended October 31, 2016 : Granted 20-Day EMA Restricted Stock (1) 312,251 $4.30 Restricted Stock Units (2) 21,539 $4.17 (1) 32,394 shares issued under the Amended and Restated 1993 Key Employee Stock Incentive Program and 279,857 shares issued under the 2016 Plan. (2) 21,539 units issued under the 2016 Plan. The following table summarizes the Company's Incentive Plan activity during the years ended October 31, 2016 , 2015 , and 2014 : Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares 20 Day EMA (1) Weighted Average Remaining Contractual Life Restricted Share Units 20 Day EMA (1) November 1, 2013 236,134 $9.93 5.59 51,571 $10.18 2.84 — — Granted — — 89,500 19.65 — — Options exercised or restricted stock vested (100,468 ) $10.55 (17,190 ) $10.18 — — Forfeited or expired (12,333 ) $7.19 (7,000 ) 20.64 — — October 31, 2014 123,333 $9.69 5.15 116,881 $16.81 2.58 — — Granted — — 84,272 $11.22 — — Options exercised or restricted stock vested (19,317 ) $8.19 (68,648 ) $14.99 — — Forfeited or expired (13,350 ) $11.80 (8,250 ) $20.64 — — October 31, 2015 90,666 $9.70 4.10 124,255 $13.77 2.28 — — Granted — — 312,251 $4.30 21,539 $4.17 Options exercised or restricted stock vested — — (54,349 ) $16.53 — — Forfeited or expired (1,000 ) $12.04 (5,817 ) $5.71 — — October 31, 2016 89,666 $9.67 3.09 376,340 $6.40 1.83 21,539 $4.17 (1) 20-day EMA effective with commencement of the 2016 Plan on March 9, 2016. The Company recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the fiscal years ended October 31, 2016 , 2015 and 2014 as follows: 2016 2015 2014 Stock options $ — $ 15 $ 150 Restricted stock 1,035 1,010 429 Restricted stock units 37 — — Total $ 1,072 $ 1,025 $ 579 Stock Options The exercise price of each stock option equals the market price of the Company's common stock on its grant date. Compensation expense is recorded at the grant date fair value, less an estimated forfeiture amount, and is recognized on a straight-line basis over the applicable vesting period. The Company's stock options generally vest over three years, with a maximum term of ten years. Incentive stock options were not granted during fiscal years 2016 , 2015 , and 2014 . Stock options were not exercised during fiscal year ended October 31, 2016. Cash received from the exercise of options for the fiscal years ended October 31, 2015 and 2014 was $159 , and $1,061 , respectively. At October 31, 2016 , the options outstanding had an intrinsic value of $72 and the options exercisable had an intrinsic value of $72 . Options that have an exercise price greater than the market price on October 31, 2016 were excluded from the intrinsic value computation. The intrinsic value of options exercised during fiscal 2015 and 2014 was $18 and $652 , respectively. The following table provides additional information regarding options outstanding as of October 31, 2016 : Exercise Prices Options Outstanding Exercise Price of Options Outstanding and Options Exercisable Options Exercisable Weighted Average Remaining Contractual Life $14.74 16,000 $14.74 16,000 .29 $2.11 8,000 $2.11 8,000 2.12 $5.30 19,666 $5.30 19,666 2.78 $12.04 35,000 $12.04 35,000 4.11 $8.10 11,000 $8.10 11,000 5.14 Totals 89,666 89,666 Restricted Stock Awards The grant date fair value of each restricted stock award equals the fair value of the Company's common stock based on a 20 day exponential moving average as of the close of business on the Friday preceding the award date. Compensation expense is recorded at the grant date fair value, less an estimated forfeiture amount, and is recognized over the applicable vesting periods. The vesting periods range between one to four years. As of October 31, 2016 , there was approximately $1,553 of total unrecognized compensation costs related to these restricted stock awards to be recognized over the next three fiscal years. Restricted Stock Units The grant date fair value of each restricted stock unit equals the fair value of the Company's common stock based on a 20 day exponential moving average as of the close of business on the Friday preceding the award date. Compensation expense is recorded at the grant date fair value, less an estimated forfeiture amount, and is recognized over the applicable vesting periods. The vesting periods range between one to three years. As of October 31, 2016 , there was approximately $48 of total unrecognized compensation expense related to these restricted stock units that is expected to be recognized over the next three fiscal years. Incentive Bonus Plans The Company maintains a Management Incentive Plan ("MIP") to provide the Chief Executive Officer and certain eligible employees ("participants") incentives for superior performance. The MIP is administered by the Compensation Committee of the Board of Directors and entitles the participants to be paid a cash bonus based upon varying percentages of their respective salaries, the level of achievement of the corporate goals established by the Compensation Committee and specific individual goals as established by the Chief Executive Officer (for employees other than the CEO). For fiscal year 2016 , the Compensation Committee established goals for participants based on the Company's earnings before interest, taxes, depreciation and amortization. For fiscal years 2015 and 2014 , the Compensation Committee established goals for participants based on the Company's earnings before interest, taxes, depreciation and amortization and return on invested capital. The incentive depends upon meeting the operating targets and, for participants at an operating unit, 50% is based upon attaining the corporate goals for the Company's performance. For both fiscal 2016 and 2015 , the Company did not meet the established targets and therefore participants were not eligible for a bonus payout under the MIP. For fiscal 2014 , participants in the MIP received an aggregate bonus of $3,360 under the MIP, which was paid in the first quarter of fiscal 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) before income taxes consists of the following: Years Ended October 31, 2016 2015 2014 Domestic $ 3,917 $ 17,063 $ 26,417 Foreign (5,400 ) (6,448 ) (2,365 ) Total $ (1,483 ) $ 10,615 $ 24,052 The components of the provision (benefit) for income taxes from continuing operations were as follows: Years Ended October 31, 2016 2015 2014 Current: Federal $ (3,900 ) $ (545 ) $ 3,067 State and local 329 384 159 Foreign 1,123 608 74 Total current (2,448 ) 447 3,300 Deferred: Federal 3,289 4,501 3,094 State and local 156 208 59 Foreign (6,149 ) (446 ) (2,316 ) Total deferred (2,704) 4,263 837 Provision (benefit) $ (5,152 ) $ 4,710 $ 4,137 Temporary differences and carryforwards which give rise to deferred tax assets and liabilities were comprised of the following: Years Ended October 31, 2016 2015 Deferred tax assets: Accrued compensation and benefits $ 2,091 $ 1,794 Inventory 646 738 State depreciation adjustments and loss carryforwards 2,664 1,803 Pension obligations and post retirement benefits 10,229 6,020 Foreign net operating loss 7,466 4,567 Other accruals, reserves and tax credits 3,668 2,356 Goodwill and intangible amortization 7,234 8,280 Foreign currency translation 75 107 Interest rate swap 1,922 1,811 Total deferred tax assets 35,995 27,476 Less: Valuation allowance (2,782) (4,986) Net deferred tax assets $ 33,213 $ 22,490 Deferred tax liabilities: Fixed assets $ (26,800 ) $ (21,984 ) Prepaid expenses and other (1,173) (891) Net deferred tax asset $ 5,240 $ (385 ) Change in net deferred tax asset: Benefit (provision) for deferred taxes $ 2,704 $ (4,263 ) Purchase accounting adjustments — 51 Unrecognized tax benefit adjustments (207 ) (202 ) Components of other comprehensive income: Pension and post retirement benefits 2,986 (387 ) Velocys investment 58 248 Interest rate swap 111 861 Other adjustments (27 ) 3 Total change in net deferred tax asset $ 5,625 $ (3,689 ) During the fourth quarter of 2016, the Company early adopted ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the Company’s consolidated balance sheet starting in 2017 for each jurisdiction. The Company elected to apply this standard prospectively for 2016 financial statements. As a result, prior periods were not retrospectively adjusted. As required by FASB ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Activities and balances of unrecognized tax benefits for 2016 , 2015 , and 2014 are summarized below: Years Ended October 31, 2016 2015 2014 Balance at beginning of year $ 731 $ 1,068 $ 1,183 Additions based on tax positions related to the current year 48 125 35 Additions for tax positions of prior years — 27 — Reductions based on tax positions related to the current year — (39 ) (5 ) Reductions for tax positions of prior years (53 ) — (3 ) Reductions as result of lapse of applicable statute of limitations (165 ) (450 ) (142 ) Balance at end of year $ 561 $ 731 $ 1,068 The total amount of unrecognized tax benefits that, if recognized, would affect the effective rate was $368 at October 31, 2016 and $480 at October 31, 2015 . The Company recognizes interest accrued and penalties related to unrecognized tax benefits as part of income tax expense. The Company recognized $218 of benefit in 2016 and $163 of benefit in 2015 and an expense of $136 in 2014 for interest and penalties. The Company had accrued $513 at October 31, 2016 and $730 at October 31, 2015 for the payment of interest and penalties. The Company is subject to income taxes in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years ending prior to October 31, 2012 and no longer subject to non-U.S. income tax examinations for calendar years ending prior to December 31, 2009. The Company does not anticipate that within the next 12 months the total unrecognized tax benefits will significantly change due to the settlement of examinations and the expiration of statute of limitations. A valuation allowance of $2,782 remains as of October 31, 2016 for deferred tax assets whose realization remains uncertain. The comparable amount of the valuation allowance at October 31, 2015 was $4,986 . The net decrease in the valuation allowance of $2,204 relates to an increase of $622 related to state operating loss carry forwards, a decrease of $3,106 related to Swedish operating loss carry forwards during the current period, an decrease of $25 related to Netherlands operating loss carry forwards, an increase of $254 related to China operating loss carry forwards and an increase of $51 related to Hong Kong operating loss carry forwards. The Company assesses both negative and positive evidence when measuring the need for a valuation allowance. A valuation allowance has been established by the Company due to the uncertainty of realizing certain loss carry forwards, other deferred tax assets and foreign tax credits in the United States and various foreign jurisdictions. The Company believes the remaining deferred tax assets will be realizable based on projected book income, the reversals of existing taxable temporary differences and available tax planning strategies that would be implemented and generate ordinary income in the United States or foreign jurisdictions to recognize the deferred tax assets. The Company intends to maintain the valuation allowance against certain deferred tax assets until such time that sufficient positive evidence exists to support realization of the deferred tax assets. In the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made. Likewise, should the Company determine that it would not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to income in the period such determination was made. A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Years Ended October 31, 2016 2015 2014 Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit (4.4 ) 4.7 0.6 Valuation allowance change 367.7 12.6 (7.4 ) Domestic tax credits 62.7 (2.1 ) (1.1 ) Domestic production activities deduction 26.4 (3.2 ) (2.9 ) Foreign operations (151.1 ) 13.2 0.7 Revisions to prior period research and research and development tax credit calculations — — (10.2 ) Adjustment of uncertain tax positions 11.7 (3.2 ) (1.0 ) Provision to return adjustment for tax law extensions subsequent to year-end (13.6 ) (13.0 ) (1.0 ) Change in legislation - Mexico — — 2.4 Other 13.1 0.4 2.1 Effective income tax rate 347.5 % 44.4 % 17.2 % At October 31, 2016 , the Company had operating loss carryforwards of $71,834 in Sweden, Netherlands, China, Hong Kong, Mexico and certain U.S. states. The Swedish foreign operating loss carry forward benefit is approximately $6,000 which can be carried forward indefinitely. The valuation allowance against the Swedish operating loss was released during the year. The foreign operating loss carry forward benefit for the Netherlands is $35 and has a full valuation allowance against it. This benefit can be carried forward for nine years. The Chinese operating loss carry forward benefit is $373 and has a full valuation allowance against it. This benefit can be carried forward for five years. The Hong Kong operating loss carry forward benefit is $51 and has a full valuation allowance against it. This benefit can be carried forward indefinitely. In addition, the Company had Mexican foreign operating loss carry forwards of approximately $1,007 as of October 31, 2016 , which will expire between 2019 - 2025. There is no valuation allowance against the Mexican operating loss as the Company expects to fully utilize the benefit within the carry forward period. Domestically, the Company has various state net operating loss carryforward benefits. As of October 31, 2016 and 2015 , the Company had state net operating loss carry forward benefits of $2,138 and $1,475 with a valuation allowance of $2,075 and $1,452 , respectively that will expire between 2017 and 2036. The following table summarizes the various country operating losses, credit carryforwards and associated valuation allowances as of October 31, 2016 and 2015 : October 31, 2016 October 31, 2015 Jurisdiction NOL Carryforward NOL Tax Benefit Valuation Allowance NOL Carryforward NOL Tax Benefit Valuation Allowance Netherlands $ 174 $ 35 $ 35 329 60 60 Sweden 27,271 6,000 — 14,172 3,118 3,106 China 1,494 373 373 478 120 120 Hong Kong 206 51 51 — — — Mexico 3,358 1,007 — 4,234 1,270 — U.S. (State) 39,331 2,138 2,075 33,368 1,475 1,452 Total before Foreign Tax Credit $ 71,834 $ 9,604 $ 2,534 $ 52,581 $ 6,043 $ 4,738 U.S. Federal (Foreign Tax Credit) — — 248 — — 248 Total $ 71,834 $ 9,604 $ 2,782 $ 52,581 $ 6,043 $ 4,986 The Company had a net income tax refund of $5,855 in 2016 and paid income taxes, net of refunds, of $1,770 in 2015 . U.S. income taxes and foreign withholding taxes are not provided on undistributed earnings of foreign subsidiaries because such earnings are permanently reinvested in the operations. As of October 31, 2016 , there was approximately $7,581 of undistributed foreign subsidiary earnings. The income tax liability that would result had such earnings been repatriated is estimated at $2,653 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss | 12 Months Ended |
Oct. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2014 $ (27,371 ) $ 100 $ (1,558 ) $ (8,052 ) $ (36,881 ) Other comprehensive loss (2,265 ) (441 ) (2,051 ) (9,671 ) (14,428 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 827 — 433 — 1,260 Net current-period other comprehensive loss (1,438 ) (441 ) (1,618 ) (9,671 ) (13,168 ) Balance at October 31, 2015 $ (28,809 ) $ (341 ) $ (3,176 ) $ (17,723 ) $ (50,049 ) Other comprehensive loss (8,087 ) (125 ) (1,466 ) (3,031 ) (12,709 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 4,237 — 1,530 529 6,296 Net current-period other comprehensive loss (3,850 ) (125 ) 64 (2,502 ) (6,413 ) Balance at October 31, 2016 $ (32,659 ) $ (466 ) $ (3,112 ) $ (20,225 ) $ (56,462 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with manufacturing expenses included in cost of goods sold on the statements of income. (2) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the statements of income. (3) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with other (income) expense, net included on the statements of income. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Oct. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | —Related Party Transactions The Company had sales to MTD Products Inc. and its affiliates of $5,730 , $6,411 , and $6,756 for fiscal years 2016 , 2015 , and 2014 , respectively. At October 31, 2016 and 2015 , the Company had receivable balances of $1,235 and $1,092 , respectively, due from MTD Products Inc. and its affiliates. As of October 31, 2016 , the Company had one joint venture in China. Operating activities have been insignificant and are not yet consolidated in the Company's statement of operations. On March 11, 2014, the Company entered into a manufacturing agreement with Velocys. As part of the agreement, the Company invested $2,000 , which is comprised of Velocys stock with a market value of $1,527 on the date of acquisition and a premium paid of $473 , which is being amortized over the remaining life of the related supplier agreement. During fiscal 2014, the Company sold a portion of the Velocys stock and realized a gain of $365 . The Company re-measures available-for-sale securities at fair value and records the unrealized gain or loss in other comprehensive income until realized. A cumulative mark-to-market favorable adjustment of $125 , net of tax, was recorded as a gain to other comprehensive loss for the fiscal year ended October 31, 2016 . A cumulative mark-to-market unfavorable adjustment of $441 net of tax, was recorded as a loss to other comprehensive income (loss) for the fiscal year ended October 31, 2015 . The Company had sales to Velocys of $12 and $1,372 for fiscal years 2016 and 2015 , respectively. There were no sales for fiscal year 2014 . At October 31, 2016 , there was no balance due from Velocys. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information [Text Block] | Business Segment Information The Company conducts its business and reports its information as one operating segment - Automotive and Commercial Vehicles. The Chief Operating Decision Maker has been identified as the SLT, which includes all Vice Presidents plus the Chief Executive Officer of the Company as this team has the final authority over performance assessment and resource allocation decisions. In determining that one operating segment is appropriate, the Company considered the nature of the business activities, the existence of managers responsible for the operating activities and information presented to the Board of Directors for its consideration and advice. Customers and suppliers are substantially the same in the automotive and commercial vehicle industry. Revenues of foreign geographic regions are attributed to external customers based upon the location of the entity recording the sale. These foreign revenues represent 16.7% , 15.9% , and 10.8% of total revenues for fiscal years 2016 , 2015 and 2014 , respectively. Long-lived assets consist primarily of net property, plant and equipment, goodwill and intangibles. Revenues Long-Lived Assets 2016 2015 2014 2016 2015 2014 United States $ 888,164 $ 901,182 $ 740,836 $ 253,160 $ 275,556 $ 265,975 Europe 143,281 132,094 48,414 48,716 43,166 43,875 Rest of World 34,389 39,776 42,817 20,631 19,545 21,602 Total Company $ 1,065,834 $ 1,073,052 $ 832,067 $ 322,507 $ 338,267 $ 331,452 The foreign currency gain or loss is included as a component of other income (expense) in the consolidated statements of income. Foreign Currency Gain (Loss) 2016 2015 2014 Europe $ (802 ) $ (23 ) $ 109 Rest of World $ (772 ) $ (483 ) $ (111 ) The following details customers that accounted for more than 10% of the Company's revenues in fiscal 2016 , 2015 and 2014 : Revenues Customer 2016 2015 2014 FCA 17.1 % 17.4 % 13.9 % General Motors 18.2 % 15.5 % 16.4 % |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarterly Results of Operations (Unaudited) (amounts in thousands except per share data) The following is a summary of the Company's consolidated quarterly results for each of the fiscal years ended October 31, 2016 and 2015: For the Year Ended October 31, 2016 First Quarter* Second Quarter* Third Quarter* Fourth Quarter Net revenues (1) $251,055 $284,264 $248,832 $281,683 Gross profit 15,889 26,281 23,910 30,096 Operating income (loss) (2,292 ) 8,724 5,798 6,240 Provision (benefit) for income taxes (1,911 ) 364 1,344 (4,949 ) Net income (loss) $(5,127) $4,209 $(678) $5,265 Net income (loss) per share basic $(0.30) $0.24 $(0.04) $0.31 Net income (loss) per share diluted $(0.30) $0.24 $(0.04) $0.31 Weighted average number of shares: Basic 17,342 17,615 17,614 17,614 Diluted 17,342 17,620 17,614 17,629 For the Year Ended October 31, 2015 First Quarter* Second Quarter* Third Quarter* Fourth Quarter* Net revenues (1) $245,809 $272,257 $266,079 $288,907 Gross profit 19,374 27,462 20,067 19,284 Operating income (loss) 5,127 9,916 7,335 (1,514) Provision for income taxes 844 2,488 2,417 (1,039 ) Net income (loss) $2,923 $6,037 $1,862 $(4,917) Net income (loss) per share basic $0.17 $0.35 $0.11 $(0.29) Net income (loss) per share diluted $0.17 $0.35 $0.11 $(0.29) Weighted average number of shares: Basic 17,215 17,211 17,227 17,292 Diluted 17,255 17,236 17,246 17,292 * As revised to reflect the correction of immaterial errors - see Note 2 - Correction of Immaterial Errors (1) See Note 1 - Summary of Significant Accounting Policies pertaining to reclassifications |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Litigation A securities class action lawsuit was filed on September 21, 2015 in the United States District Court for the Southern District of New York against the Company and certain of its officers (the President and Chief Executive Officer and Vice President of Finance and Treasurer). As amended, the lawsuit claims in part that the Company issued inaccurate information to investors about, among other things, the Company’s earnings and income and its internal controls over financial reporting for fiscal 2014 and the first and second fiscal quarters of 2015 in violation of the Securities Exchange Act of 1934. The amended complaint seeks an award of damages in an unspecified amount on behalf of a putative class consisting of persons who purchased the Company's common stock between January 12, 2015 and September 14, 2015, inclusive. The Company and such officers filed a Motion to Dismiss this lawsuit with the United States District Court for the Southern District of New York on April 18, 2016. A shareholder derivative lawsuit was filed on April 1, 2016 in the Court of Common Pleas, Medina County, Ohio against the Company's President and Chief Executive Officer and Vice President of Finance and Treasurer and members of the Company’s Board of Directors. The lawsuit claims in part that the defendants breached their fiduciary duties owed to the Company by failing to exercise appropriate oversight over the Company's accounting controls, leading to the accounting issues and the restatement announced in September 2015. The complaint seeks a judgment against the individual defendants and in favor of the Company for money damages, plus miscellaneous non-monetary relief. On May 2, 2016, the Court entered a stipulated order staying this case pending the outcome of the Motion to Dismiss in the securities class action lawsuit described in the previous paragraph. In addition, from time to time, the Company is involved in legal proceedings, claims or investigations that are incidental to the conduct of its business. The Company vigorously defends itself against such claims. In future periods, the Company could be subject to cash costs or non-cash charges to earnings if a matter is resolved on unfavorable terms. However, although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including its assessment of the merits of the particular claims, the Company does not expect that its legal proceedings or claims will have a material impact on its future consolidated financial condition, results of operations or cash flows. |
Correction of Immaterial Erro30
Correction of Immaterial Errors (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The following schedules reconcile the amounts as previously reported in the applicable consolidated financial statement captions to the corresponding adjusted amounts under the Revision: As of October 31, 2015 Balance Sheet As Reported Adjustment As Adjusted Accounts receivable, net $ 194,373 $ (218 ) $ 194,155 Prepaid income taxes 3,799 716 4,515 Inventories, net 58,179 (311 ) 57,868 Prepaid expenses and other assets 48,267 (2,561 ) 45,706 Total current assets 322,003 (2,374 ) 319,629 Property, plant and equipment, net 280,260 (1,037 ) 279,223 Goodwill 28,843 (851 ) 27,992 Deferred income taxes 4,431 (1,473 ) 2,958 Total assets 666,589 (5,735 ) 660,854 Accounts payable 160,405 718 161,123 Total current liabilities 196,944 718 197,662 Total liabilities 525,674 718 526,392 Retained earnings 121,457 (6,453 ) 115,004 Total stockholders’ equity 140,915 (6,453 ) 134,462 Total liabilities and stockholders’ equity 666,589 (5,735 ) 660,854 Year Ended October 31, 2015 Statement of Income As Reported Adjustment As Adjusted Net revenues* $ 1,073,143 $ (91 ) $ 1,073,052 Cost of sales* 986,057 808 986,865 Gross profit 87,086 (899 ) 86,187 Operating income 21,763 (899 ) 20,864 Income before income taxes 11,514 (899 ) 10,615 Provision for income taxes 3,250 1,460 4,710 Net income 8,264 (2,359 ) 5,905 Basic earnings per share $0.48 $0.14 $0.34 Dilute earnings per share $0.48 $0.14 $0.34 * See Note 1 - Summary of Significant Accounting Policies pertaining to reclassification. Year Ended October 31, 2014 Statement of Income As Reported Adjustment As Adjusted Net revenues* $ 832,026 $ 41 $ 832,067 Cost of sales* 752,425 3,330 755,755 Gross profit 79,601 (3,289 ) 76,312 Selling, general & administrative expenses 50,207 29 50,236 Amortization of intangible assets 2,255 (91 ) 2,164 Operating income 31,165 (3,227 ) 27,938 Interest expense 4,503 (88 ) 4,415 Income before income taxes 27,191 (3,139 ) 24,052 Provision for income taxes 4,747 (610 ) 4,137 Net income 22,444 (2,529 ) 19,915 Basic earnings per share $1.31 $(0.15) $1.16 Dilute earnings per share $1.30 $(0.14) $1.16 * See Note 1 - Summary of Significant Accounting Policies pertaining to reclassification. Year Ended October 31, 2015 Statement of Comprehensive Loss As Reported Adjustment As Adjusted Net income $ 8,264 $ (2,359 ) $ 5,905 Comprehensive loss (4,904 ) (2,359 ) (7,263 ) Year Ended October 31, 2014 Statement of Comprehensive Income As Reported Adjustment As Adjusted Net income $ 22,444 $ (2,529 ) $ 19,915 Comprehensive income 11,645 (2,529 ) 9,116 Year Ended October 31, 2015 Statement of Cash Flows As Reported Adjustment As Adjusted Net income $ 8,264 $ (2,359 ) $ 5,905 Depreciation and amortization 34,213 54 34,267 Deferred income taxes 2,997 1,266 4,263 Accounts receivable (27,595 ) (12 ) (27,607 ) Inventories 989 (631 ) 358 Prepaids and other assets (9,553 ) 888 (8,665 ) Payables and other (6,394 ) 471 (5,923 ) Accrued income taxes (1,711 ) 195 (1,516 ) Net cash provided by operating activities 3,501 (128 ) 3,373 Capital expenditures (39,504 ) 128 (39,376 ) Net cash used in investing activities (27,829 ) 128 (27,701 ) Year Ended October 31, 2014 Statement of Cash Flows As Reported Revision Adjustment As Revised Net income $ 22,444 $ (2,529 ) $ 19,915 Depreciation and amortization 27,893 (54 ) 27,839 Deferred income taxes 843 (6 ) 837 Accounts receivable (10,444 ) 171 (10,273 ) Inventories 3,795 939 4,734 Prepaids and other assets (9,542 ) 1,272 (8,270 ) Payables and other 3,327 246 3,573 Accrued income taxes (4,922 ) (604 ) (5,526 ) Net cash provided by operating activities 29,583 (565 ) 29,018 Capital expenditures (40,158 ) 565 (39,593 ) Net cash used in investing activities (159,973 ) 565 (159,408 ) Statement of Stockholders' Equity As Reported Revision Adjustment As Revised Total stockholders' equity, Balance at October 31, 2013 $ 131,149 $ (1,565 ) $ 129,584 Retained earnings, Balance at October 31, 2013 90,749 (1,565 ) 89,184 Net income fiscal year 2014 22,444 (2,529 ) 19,915 Retained earnings, Balance at October 31, 2014 113,193 (4,094 ) 109,099 Total stockholders' equity, Balance at October 31, 2014 144,519 (4,094 ) 140,425 Net income fiscal year 2015 8,264 (2,359 ) 5,905 Retained earnings, Balance at October 31, 2015 121,457 (6,453 ) 115,004 Total stockholders' equity, Balance at October 31, 2015 140,915 (6,453 ) 134,462 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories Inventories consist of the following: October 31, 2016 2015 Raw materials $ 26,367 $ 31,678 Work-in-process 16,149 10,944 Finished goods 18,031 15,246 Total inventories $ 60,547 $ 57,868 |
Prepaid Expenses Prepaid Expe32
Prepaid Expenses Prepaid Expenses (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Other Assets [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Prepaid expenses and other assets consist of the following: October 31, 2016 2015 Tooling (1) $ 19,792 $ 38,097 Prepaid expenses and other assets 10,694 7,609 Assets held for sale 6,500 — Total $ 36,986 $ 45,706 |
Other Assets Other Assets (Tabl
Other Assets Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Deferred Costs and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | October 31, 2016 2015 Other assets consist of the following: Deferred financing costs, net $ 6,098 $ 6,818 Tooling 881 1,499 Investment in joint venture 1,300 — Other 4,417 3,192 Total $ 12,696 $ 11,509 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Property, plant and equipment consist of the following: October 31, 2016 2015 Land and improvements $ 11,358 $ 11,330 Buildings and improvements 117,291 118,166 Machinery and equipment 505,768 494,567 Furniture and fixtures 18,200 13,901 Construction in progress 37,612 51,253 Total, at cost 690,229 689,217 Less: Accumulated depreciation 424,392 409,994 Property, plant and equipment, net $ 265,837 $ 279,223 |
Schedule of Capital Leased Assets [Table Text Block] | Capital Leases: October 31, 2016 2015 Leased Property: Machinery and equipment $ 7,295 $ 7,019 Less: Accumulated depreciation $ 1,781 $ 1,142 Leased property, net $ 5,514 $ 5,877 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum rental payments to be made under capital leases at October 31, 2016 are as follows: Twelve Months Ending October 31, 2017 $ 849 2018 865 2019 594 2020 372 2021 1,708 4,388 Plus amount representing interest ranging from 3.05% to 3.77% 489 Total obligations under capital leases $ 4,877 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consists of the following: October 31, 2016 2015 Credit Agreement —interest at 5.14% and 4.44% at October 31, 2016 and October 31, 2015, respectively $ 252,900 $ 293,300 Equipment security note 996 1,496 Capital lease obligations 4,388 5,434 Insurance broker financing agreement 661 723 Total debt 258,945 300,953 Less: Current debt 2,023 2,080 Total long-term debt $ 256,922 $ 298,873 |
Schedule of Maturities of Debt | Twelve Months Ending October 31, Credit Agreement Equipment Security Note Capital Lease Obligations Other Debt Total 2017 $ — $ 513 $ 849 $ 661 $ 2,023 2018 — 483 865 — 1,348 2019 252,900 — 594 — 253,494 2020 — — 372 — 372 2021 — — 1,708 — 1,708 Total $ 252,900 $ 996 $ 4,388 $ 661 $ 258,945 |
Goodwill and Intangible Assets(
Goodwill and Intangible Assets(Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill are as follows: Balance October 31, 2014 $ 30,036 Acquisitions, including adjustments on prior year acquisitions (488 ) Foreign currency translation and other (1,556 ) Balance October 31, 2015 27,992 Foreign currency translation and other (502 ) Balance October 31, 2016 $ 27,490 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The changes in the carrying amount of finite intangible assets for the years ended October 31, 2016 and 2015 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2014 $ 15,856 $ 4,311 $ 62 $ 1,624 $ 145 $ 21,998 Acquisitions and purchase accounting adjustments (320 ) — 80 — — (240 ) Amortization expense (1,305 ) (771 ) (79 ) (124 ) (16 ) (2,295 ) Foreign currency translation and other 80 — — — — 80 Balance October 31, 2015 14,311 3,540 63 1,500 129 19,543 Amortization expense (1,330 ) (772 ) (16 ) (123 ) (17 ) (2,258 ) Foreign currency translation and other (6 ) — — — — (6 ) Balance October 31, 2016 $ 12,975 $ 2,768 $ 47 $ 1,377 $ 112 $ 17,279 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major class of intangible assets: October 31, 2016 Weighted Average Useful Life (years) Gross Carrying Value Accumulated Amortization Foreign Currency Adjustment Net Customer relationships 13.2 $ 17,598 $ (4,589 ) $ (34 ) $ 12,975 Developed technology 7.3 5,007 (2,239 ) — 2,768 Non-compete 2.3 824 (777 ) — 47 Trade name 14.8 1,875 (498 ) — 1,377 Trademark 10.0 166 (54 ) — 112 Total intangible assets $ 25,470 $ (8,157 ) $ (34 ) $ 17,279 October 31, 2015 Gross Carrying Value Accumulated Amortization Foreign Currency Adjustment Net Customer relationships $ 17,598 $ (3,259 ) $ (28 ) $ 14,311 Developed technology 5,007 (1,467 ) — 3,540 Non-compete 824 (761 ) — 63 Trade name 1,875 (375 ) — 1,500 Trademark 166 (37 ) — 129 Total intangible assets $ 25,470 $ (5,899 ) $ (28 ) $ 19,543 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization expense related to intangible assets for the following fiscal years ending is estimated to be as follows: 2017 2,259 2018 2,123 2019 1,716 2020 1,701 2021 1,701 Thereafter 7,779 $ 17,279 |
Operating Leases Operating Leas
Operating Leases Operating Leases(Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Operating Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under operating leases are as follows at October 31, 2016 : 2017 $ 9,682 2018 8,677 2019 7,781 2020 6,501 2021 4,975 Thereafter 2,585 Total commitments under non-cancelable operating leases $ 40,201 |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Obligations and Funded Status | Obligations and Funded Status U.S. Plans At October 31 Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ (86,827 ) $ (88,590 ) $ (423 ) $ (639 ) Interest cost (3,566 ) (3,466 ) (16 ) (24 ) Actuarial gain (loss) (5,100 ) 563 20 180 Benefits paid 4,709 4,666 47 60 Benefit obligation at end of year (90,784 ) (86,827 ) (372 ) (423 ) Change in plan assets: Fair value of plan assets at beginning of year 66,655 65,861 — — Actual return on plan assets 1,562 1,690 — — Employer contributions 950 3,770 47 60 Benefits paid (4,709 ) (4,666 ) (47 ) (60 ) Fair value of plan assets at end of year 64,458 66,655 — — Funded status, benefit obligations in excess of plan assets $ (26,326 ) $ (20,172 ) $ (372 ) $ (423 ) |
Amounts Recorded in the Liability Section of the Consolidated Balance Sheet | The above amounts are recorded in the liabilities section of the consolidated balance sheets as follows: Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Other accrued expenses $ (4,120 ) $ (3,840 ) $ (42 ) $ (63 ) Long-term benefit liabilities (22,206 ) (16,332 ) (330 ) (360 ) Total $ (26,326 ) $ (20,172 ) $ (372 ) $ (423 ) |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost U.S. Plans Pension Benefits Other Post Retirement Benefits 2016 2015 2014 2016 2015 2014 Interest cost $ 3,566 $ 3,466 $ 3,749 $ 16 $ 24 $ 38 Expected return on plan assets (4,568 ) (4,698 ) (4,281 ) — — — Amortization of net actuarial loss 1,239 1,186 1,074 12 28 41 Net periodic benefit cost $ 237 $ (46 ) $ 542 $ 28 $ 52 $ 79 |
Amortization of Net Actuarial Loss | The Company expects to recognize in the consolidated statements of income the following amounts that will be amortized from accumulated other comprehensive loss in fiscal 2017 . Pension Benefits Other Post Retirement Benefits Amortization of net actuarial loss $ 1,508 $ 10 |
Net Actuarial Loss in Other Comprehensive Income | The Company has recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive loss: Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Net actuarial loss $ 51,795 $ 44,928 $ 122 $ 153 Recognized in accumulated other comprehensive loss $ 51,795 $ 44,928 $ 122 $ 153 The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2014 $ (27,371 ) $ 100 $ (1,558 ) $ (8,052 ) $ (36,881 ) Other comprehensive loss (2,265 ) (441 ) (2,051 ) (9,671 ) (14,428 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 827 — 433 — 1,260 Net current-period other comprehensive loss (1,438 ) (441 ) (1,618 ) (9,671 ) (13,168 ) Balance at October 31, 2015 $ (28,809 ) $ (341 ) $ (3,176 ) $ (17,723 ) $ (50,049 ) Other comprehensive loss (8,087 ) (125 ) (1,466 ) (3,031 ) (12,709 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 4,237 — 1,530 529 6,296 Net current-period other comprehensive loss (3,850 ) (125 ) 64 (2,502 ) (6,413 ) Balance at October 31, 2016 $ (32,659 ) $ (466 ) $ (3,112 ) $ (20,225 ) $ (56,462 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with manufacturing expenses included in cost of goods sold on the statements of income. (2) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the statements of income. (3) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with other (income) expense, net included on the statements of income. |
Minimum Liability Included in Other Comprehensive Income | Additional Information on U.S. Plans Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Increase (decrease) in minimum liability included in other comprehensive income (loss) $ 6,867 $ (1,259 ) $ 31 $ 208 |
Assumptions | Assumptions for U.S. Plans: Weighted-average assumptions used to determine benefit obligations at October 31 Pension Benefits Other Post Retirement Benefits 2016 2015 2014 2016 2015 2014 Discount rate 3.70 % 4.20 % 4.00 % 3.70 % 4.20 % 4.00 % Pension Benefits Other Post Retirement Benefits Weighted-average assumptions used to determine net periodic benefit costs for years ended October 31 2016 2015 2014 2016 2015 2014 Discount rate 4.20 % 4.00 % 4.50 % 4.20 % 4.00 % 4.50 % Expected long-term return on plan assets 7.50 % 7.50 % 7.50 % — — — |
Assumed Health Care Cost Trend Rates | October 31, Assumed health care trend rates 2016 2015 Health care cost trend rate assumed for next year 7.0% 7.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 6.8% 6.8% Year that the rate reaches the ultimate trend rate 2018 2018 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed healthcare cost trend rates would have the following effects at October 31, 2016 : One-Percentage Point Increase One-Percentage Point Decrease Effect on total of service and interest cost components $ 3 $ (3 ) Effect on post retirement obligation $ 28 $ (24 ) |
Allocation of Plan Assets | The Company's pension plan weighted-average asset allocations at October 31, 2016 and 2015 , by asset category and comparison to the target allocation percentage are as follows: Target Allocation Percentage Plan Assets at October 31, 2016 2015 Asset Category Equity securities 0-70% 59% 60% Debt securities 0-70% 35% 34% Real estate 0-10% 6% 6% Total 100% 100% |
Investments Measured At Fair Value | Investments totaling $64,458 at October 31, 2016 and $66,655 at October 31, 2015 measured at fair value on a recurring basis are summarized below: Fair Value Measurements Fair Value Measurements at October 31, 2016 Using at October 31, 2015 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) U.S. Plans Valuation Technique Investments Equity Large U.S. Equity $ 12,904 $ 10,294 $ 9,515 $ 12,302 Market Small/Mid U.S. Equity 7,654 622 6,108 2,688 Market International Equity 6,420 — 9,478 — Market Fixed Income Government — 309 — 298 Market Corporate 17,738 4,571 17,832 4,547 Market Real Estate (Primarily Commercial) — 3,946 — 3,887 Market Total Investments $ 44,716 $ 19,742 $ 42,933 $ 23,722 |
Estimated Future Benefit Payments | Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: Pension Benefits Other Benefits 2017 $ 4,120 $ 42 2018 4,000 41 2019 4,410 40 2020 4,630 40 2021 4,340 29 2022-2025 24,690 120 |
Fair Value of Other Financial39
Fair Value of Other Financial Instruments Fair Value of Other Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Other Fair Value Financial Instruments [Abstract] | |
Assets and Liabilities Measured on a Recurring Basis | Assets and liabilities remeasured and disclosed at fair value on a recurring basis at October 31, 2016 and 2015 are set forth in the table below: Asset (Liability) Level 2 Valuation Technique October 31, 2015: Interest Rate Swap Contracts $ (4,989 ) $ (4,989 ) Income Approach Marketable Securities 356 356 Income Approach October 31, 2016: Interest Rate Swap Contracts (5,036 ) (5,036 ) Income Approach Marketable Securities $ 174 $ 174 Income Approach |
Assets and Liabilities Measured on a Non-recurring Basis | Assets and liabilities measured at fair value on a nonrecurring basis at October 31, 2016 and 2015 are set forth in the table below: Asset Level 3 Valuation Technique October 31, 2015: Goodwill $ (488 ) $ (488 ) Income Approach Intangible Assets (240 ) (240 ) Income Approach October 31, 2016: Goodwill — — Income Approach Intangible Assets $ — $ — Income Approach During 2016 the Company recorded an asset impairment charge or $1,758 . Refer to Note 4, Asset Impairment and Restructuring Charges, for further information regarding these charges and the associated level of input. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for net income per share: Years Ended October 31, 2016 2015 2014 Net income available to common stockholders $ 3,669 $ 5,905 $ 19,915 Basic weighted average shares 17,513 17,287 17,145 Effect of dilutive securities: Restricted stock units and stock options 13 23 70 Diluted weighted average shares 17,526 17,310 17,215 Basic earnings per share $0.21 $0.34 $1.16 Diluted earnings per share $0.21 $0.34 $1.16 |
Stock Incentive Compensation (T
Stock Incentive Compensation (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | The Compensation Committee of our Board of Directors approved the grant of restricted stock and restricted stock units under both the Amended and Restated 1993 Key Employee Stock Incentive Program and the 2016 Plan shown in the table below for the fiscal year ended October 31, 2016 : Granted 20-Day EMA Restricted Stock (1) 312,251 $4.30 Restricted Stock Units (2) 21,539 $4.17 (1) 32,394 shares issued under the Amended and Restated 1993 Key Employee Stock Incentive Program and 279,857 shares issued under the 2016 Plan. (2) 21,539 units issued under the 2016 Plan. |
Schedule of Share-based Compensation, Activity | Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares 20 Day EMA (1) Weighted Average Remaining Contractual Life Restricted Share Units 20 Day EMA (1) November 1, 2013 236,134 $9.93 5.59 51,571 $10.18 2.84 — — Granted — — 89,500 19.65 — — Options exercised or restricted stock vested (100,468 ) $10.55 (17,190 ) $10.18 — — Forfeited or expired (12,333 ) $7.19 (7,000 ) 20.64 — — October 31, 2014 123,333 $9.69 5.15 116,881 $16.81 2.58 — — Granted — — 84,272 $11.22 — — Options exercised or restricted stock vested (19,317 ) $8.19 (68,648 ) $14.99 — — Forfeited or expired (13,350 ) $11.80 (8,250 ) $20.64 — — October 31, 2015 90,666 $9.70 4.10 124,255 $13.77 2.28 — — Granted — — 312,251 $4.30 21,539 $4.17 Options exercised or restricted stock vested — — (54,349 ) $16.53 — — Forfeited or expired (1,000 ) $12.04 (5,817 ) $5.71 — — October 31, 2016 89,666 $9.67 3.09 376,340 $6.40 1.83 21,539 $4.17 (1) 20-day EMA effective with commencement of the 2016 Plan on March 9, 2016. |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The Company recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the fiscal years ended October 31, 2016 , 2015 and 2014 as follows: 2016 2015 2014 Stock options $ — $ 15 $ 150 Restricted stock 1,035 1,010 429 Restricted stock units 37 — — Total $ 1,072 $ 1,025 $ 579 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | Exercise Prices Options Outstanding Exercise Price of Options Outstanding and Options Exercisable Options Exercisable Weighted Average Remaining Contractual Life $14.74 16,000 $14.74 16,000 .29 $2.11 8,000 $2.11 8,000 2.12 $5.30 19,666 $5.30 19,666 2.78 $12.04 35,000 $12.04 35,000 4.11 $8.10 11,000 $8.10 11,000 5.14 Totals 89,666 89,666 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income (loss) before income taxes consists of the following: Years Ended October 31, 2016 2015 2014 Domestic $ 3,917 $ 17,063 $ 26,417 Foreign (5,400 ) (6,448 ) (2,365 ) Total $ (1,483 ) $ 10,615 $ 24,052 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes from continuing operations were as follows: Years Ended October 31, 2016 2015 2014 Current: Federal $ (3,900 ) $ (545 ) $ 3,067 State and local 329 384 159 Foreign 1,123 608 74 Total current (2,448 ) 447 3,300 Deferred: Federal 3,289 4,501 3,094 State and local 156 208 59 Foreign (6,149 ) (446 ) (2,316 ) Total deferred (2,704) 4,263 837 Provision (benefit) $ (5,152 ) $ 4,710 $ 4,137 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Temporary differences and carryforwards which give rise to deferred tax assets and liabilities were comprised of the following: Years Ended October 31, 2016 2015 Deferred tax assets: Accrued compensation and benefits $ 2,091 $ 1,794 Inventory 646 738 State depreciation adjustments and loss carryforwards 2,664 1,803 Pension obligations and post retirement benefits 10,229 6,020 Foreign net operating loss 7,466 4,567 Other accruals, reserves and tax credits 3,668 2,356 Goodwill and intangible amortization 7,234 8,280 Foreign currency translation 75 107 Interest rate swap 1,922 1,811 Total deferred tax assets 35,995 27,476 Less: Valuation allowance (2,782) (4,986) Net deferred tax assets $ 33,213 $ 22,490 Deferred tax liabilities: Fixed assets $ (26,800 ) $ (21,984 ) Prepaid expenses and other (1,173) (891) Net deferred tax asset $ 5,240 $ (385 ) Change in net deferred tax asset: Benefit (provision) for deferred taxes $ 2,704 $ (4,263 ) Purchase accounting adjustments — 51 Unrecognized tax benefit adjustments (207 ) (202 ) Components of other comprehensive income: Pension and post retirement benefits 2,986 (387 ) Velocys investment 58 248 Interest rate swap 111 861 Other adjustments (27 ) 3 Total change in net deferred tax asset $ 5,625 $ (3,689 ) |
Summary of Income Tax Contingencies [Table Text Block] | Activities and balances of unrecognized tax benefits for 2016 , 2015 , and 2014 are summarized below: Years Ended October 31, 2016 2015 2014 Balance at beginning of year $ 731 $ 1,068 $ 1,183 Additions based on tax positions related to the current year 48 125 35 Additions for tax positions of prior years — 27 — Reductions based on tax positions related to the current year — (39 ) (5 ) Reductions for tax positions of prior years (53 ) — (3 ) Reductions as result of lapse of applicable statute of limitations (165 ) (450 ) (142 ) Balance at end of year $ 561 $ 731 $ 1,068 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Years Ended October 31, 2016 2015 2014 Federal income tax at statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit (4.4 ) 4.7 0.6 Valuation allowance change 367.7 12.6 (7.4 ) Domestic tax credits 62.7 (2.1 ) (1.1 ) Domestic production activities deduction 26.4 (3.2 ) (2.9 ) Foreign operations (151.1 ) 13.2 0.7 Revisions to prior period research and research and development tax credit calculations — — (10.2 ) Adjustment of uncertain tax positions 11.7 (3.2 ) (1.0 ) Provision to return adjustment for tax law extensions subsequent to year-end (13.6 ) (13.0 ) (1.0 ) Change in legislation - Mexico — — 2.4 Other 13.1 0.4 2.1 Effective income tax rate 347.5 % 44.4 % 17.2 % |
Summary of Operating Loss Carryforwards [Table Text Block] | October 31, 2016 October 31, 2015 Jurisdiction NOL Carryforward NOL Tax Benefit Valuation Allowance NOL Carryforward NOL Tax Benefit Valuation Allowance Netherlands $ 174 $ 35 $ 35 329 60 60 Sweden 27,271 6,000 — 14,172 3,118 3,106 China 1,494 373 373 478 120 120 Hong Kong 206 51 51 — — — Mexico 3,358 1,007 — 4,234 1,270 — U.S. (State) 39,331 2,138 2,075 33,368 1,475 1,452 Total before Foreign Tax Credit $ 71,834 $ 9,604 $ 2,534 $ 52,581 $ 6,043 $ 4,738 U.S. Federal (Foreign Tax Credit) — — 248 — — 248 Total $ 71,834 $ 9,604 $ 2,782 $ 52,581 $ 6,043 $ 4,986 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Income (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The Company has recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive loss: Pension Benefits Other Post Retirement Benefits 2016 2015 2016 2015 Net actuarial loss $ 51,795 $ 44,928 $ 122 $ 153 Recognized in accumulated other comprehensive loss $ 51,795 $ 44,928 $ 122 $ 153 The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2014 $ (27,371 ) $ 100 $ (1,558 ) $ (8,052 ) $ (36,881 ) Other comprehensive loss (2,265 ) (441 ) (2,051 ) (9,671 ) (14,428 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 827 — 433 — 1,260 Net current-period other comprehensive loss (1,438 ) (441 ) (1,618 ) (9,671 ) (13,168 ) Balance at October 31, 2015 $ (28,809 ) $ (341 ) $ (3,176 ) $ (17,723 ) $ (50,049 ) Other comprehensive loss (8,087 ) (125 ) (1,466 ) (3,031 ) (12,709 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 4,237 — 1,530 529 6,296 Net current-period other comprehensive loss (3,850 ) (125 ) 64 (2,502 ) (6,413 ) Balance at October 31, 2016 $ (32,659 ) $ (466 ) $ (3,112 ) $ (20,225 ) $ (56,462 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with manufacturing expenses included in cost of goods sold on the statements of income. (2) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the statements of income. (3) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with other (income) expense, net included on the statements of income. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Revenues of foreign geographic regions are attributed to external customers based upon the location of the entity recording the sale. These foreign revenues represent 16.7% , 15.9% , and 10.8% of total revenues for fiscal years 2016 , 2015 and 2014 , respectively. Long-lived assets consist primarily of net property, plant and equipment, goodwill and intangibles. Revenues Long-Lived Assets 2016 2015 2014 2016 2015 2014 United States $ 888,164 $ 901,182 $ 740,836 $ 253,160 $ 275,556 $ 265,975 Europe 143,281 132,094 48,414 48,716 43,166 43,875 Rest of World 34,389 39,776 42,817 20,631 19,545 21,602 Total Company $ 1,065,834 $ 1,073,052 $ 832,067 $ 322,507 $ 338,267 $ 331,452 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The foreign currency gain or loss is included as a component of other income (expense) in the consolidated statements of income. Foreign Currency Gain (Loss) 2016 2015 2014 Europe $ (802 ) $ (23 ) $ 109 Rest of World $ (772 ) $ (483 ) $ (111 ) |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following details customers that accounted for more than 10% of the Company's revenues in fiscal 2016 , 2015 and 2014 : Revenues Customer 2016 2015 2014 FCA 17.1 % 17.4 % 13.9 % General Motors 18.2 % 15.5 % 16.4 % |
Quarterly Results of Operatio45
Quarterly Results of Operations Quarterly Results of Operations (Tables) | 12 Months Ended |
Oct. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | For the Year Ended October 31, 2016 First Quarter* Second Quarter* Third Quarter* Fourth Quarter Net revenues (1) $251,055 $284,264 $248,832 $281,683 Gross profit 15,889 26,281 23,910 30,096 Operating income (loss) (2,292 ) 8,724 5,798 6,240 Provision (benefit) for income taxes (1,911 ) 364 1,344 (4,949 ) Net income (loss) $(5,127) $4,209 $(678) $5,265 Net income (loss) per share basic $(0.30) $0.24 $(0.04) $0.31 Net income (loss) per share diluted $(0.30) $0.24 $(0.04) $0.31 Weighted average number of shares: Basic 17,342 17,615 17,614 17,614 Diluted 17,342 17,620 17,614 17,629 For the Year Ended October 31, 2015 First Quarter* Second Quarter* Third Quarter* Fourth Quarter* Net revenues (1) $245,809 $272,257 $266,079 $288,907 Gross profit 19,374 27,462 20,067 19,284 Operating income (loss) 5,127 9,916 7,335 (1,514) Provision for income taxes 844 2,488 2,417 (1,039 ) Net income (loss) $2,923 $6,037 $1,862 $(4,917) Net income (loss) per share basic $0.17 $0.35 $0.11 $(0.29) Net income (loss) per share diluted $0.17 $0.35 $0.11 $(0.29) Weighted average number of shares: Basic 17,215 17,211 17,227 17,292 Diluted 17,255 17,236 17,246 17,292 * As revised to reflect the correction of immaterial errors - see Note 2 - Correction of Immaterial Errors (1) See Note 1 - Summary of Significant Accounting Policies pertaining to reclassifications |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | 12 Months Ended | |||||
Oct. 31, 2016USD ($)Subsidiaries | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2016 | Oct. 31, 2016employee | Oct. 31, 2016employees | |
Property, Plant and Equipment [Line Items] | ||||||
Number of Subsidiaries | Subsidiaries | 28 | |||||
Percent of employees participating in a discretionary profit sharing plan | 95.00% | |||||
Number of employees receiving post-retirement benefits | 15 | 15 | ||||
Goodwill | $ 27,490 | $ 27,992 | $ 30,036 | |||
Goodwill as a percentage of total assets | 4.20% | 4.40% | ||||
Furniture & Fixtures, Machinery & Equip, Assets specificall for Customer Programs [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |||||
Furniture & Fixtures, Machinery & Equip, Assets specificall for Customer Programs [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | P12Y | |||||
Land Improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | |||||
Land Improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | P20Y | |||||
Building and Building Improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | P20Y | |||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Estimated Useful Lives | P40Y | |||||
China JV [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Common Stock, Percentage Owned by Related Party | 55.00% | |||||
MTD Holdings Inc. [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Common Stock, Percentage Owned by Related Party | 47.20% | |||||
Foreign Subsidiary [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash | $ 8,219 | $ 13,907 | ||||
Cost of Sales [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Prior Period Reclassification Adjustment | $ 36,051 | $ 46,706 |
Correction of Immaterial Erro47
Correction of Immaterial Errors Balance Sheet (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | $ 183,862 | $ 194,155 | ||
Prepaid income taxes | 1,653 | 4,515 | ||
Inventory, net | 60,547 | 57,868 | ||
Prepaid Expense and Other Assets, Current | 36,986 | 45,706 | ||
Total current assets | 293,153 | 319,629 | ||
Property, Plant and Equipment, Net | 265,837 | 279,223 | ||
Goodwill | 27,490 | 27,992 | $ 30,036 | |
Deferred income taxes | 9,974 | 2,958 | ||
Total assets | 626,429 | 660,854 | ||
Accounts payable | 158,514 | 161,123 | ||
Total current liabilities | 203,047 | 197,662 | ||
Total liabilities | 493,639 | 526,392 | ||
Retained earnings | 118,673 | 115,004 | ||
Total stockholders’ equity | 132,790 | 134,462 | 140,425 | $ 129,584 |
Total liabilities and stockholders’ equity | $ 626,429 | 660,854 | ||
Timing and Recognition of Certain Transactions [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | 194,155 | |||
Prepaid income taxes | 4,515 | |||
Inventory, net | 57,868 | |||
Prepaid Expense and Other Assets, Current | 45,706 | |||
Total current assets | 319,629 | |||
Property, Plant and Equipment, Net | 279,223 | |||
Goodwill | 27,992 | |||
Deferred income taxes | 2,958 | |||
Total assets | 660,854 | |||
Accounts payable | 161,123 | |||
Total current liabilities | 197,662 | |||
Total liabilities | 526,392 | |||
Retained earnings | 115,004 | |||
Total stockholders’ equity | 134,462 | |||
Total liabilities and stockholders’ equity | 660,854 | |||
As Previously Reported [Member] | Timing and Recognition of Certain Transactions [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | 194,373 | |||
Prepaid income taxes | 3,799 | |||
Inventory, net | 58,179 | |||
Prepaid Expense and Other Assets, Current | 48,267 | |||
Total current assets | 322,003 | |||
Property, Plant and Equipment, Net | 280,260 | |||
Goodwill | 28,843 | |||
Deferred income taxes | 4,431 | |||
Total assets | 666,589 | |||
Accounts payable | 160,405 | |||
Total current liabilities | 196,944 | |||
Total liabilities | 525,674 | |||
Retained earnings | 121,457 | |||
Total stockholders’ equity | 140,915 | 144,519 | 131,149 | |
Total liabilities and stockholders’ equity | 666,589 | |||
Revision Adjustment [Member] | Timing and Recognition of Certain Transactions [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accounts receivable, net | (218) | |||
Prepaid income taxes | 716 | |||
Inventory, net | (311) | |||
Prepaid Expense and Other Assets, Current | (2,561) | |||
Total current assets | (2,374) | |||
Property, Plant and Equipment, Net | (1,037) | |||
Goodwill | (851) | |||
Deferred income taxes | (1,473) | |||
Total assets | (5,735) | |||
Accounts payable | 718 | |||
Total current liabilities | 718 | |||
Total liabilities | 718 | |||
Retained earnings | (6,453) | |||
Total stockholders’ equity | (6,453) | $ (4,094) | $ (1,565) | |
Total liabilities and stockholders’ equity | $ (5,735) |
Correction of Immaterial Erro48
Correction of Immaterial Errors Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net revenues | $ 281,683 | $ 248,832 | $ 284,264 | $ 251,055 | $ 288,907 | $ 266,079 | $ 272,257 | $ 245,809 | $ 1,065,834 | $ 1,073,052 | $ 832,067 |
Cost of sales | 969,658 | 986,865 | 755,755 | ||||||||
Gross profit | 30,096 | 23,910 | 26,281 | 15,889 | 19,284 | 20,067 | 27,462 | 19,374 | 96,176 | 86,187 | 76,312 |
Selling, general & administrative expenses | 73,417 | 63,028 | 50,236 | ||||||||
Amortization of intangible assets | 2,258 | 2,295 | 2,164 | ||||||||
Operating income | 6,240 | 5,798 | 8,724 | (2,292) | (1,514) | 7,335 | 9,916 | 5,127 | 18,470 | 20,864 | 27,938 |
Interest Expense | 18,086 | 9,898 | 4,415 | ||||||||
Income before income taxes | (1,483) | 10,615 | 24,052 | ||||||||
Provision (benefit) for income taxes | (4,949) | 1,344 | 364 | (1,911) | (1,039) | 2,417 | 2,488 | 844 | (5,152) | 4,710 | 4,137 |
Net income | $ 5,265 | $ (678) | $ 4,209 | $ (5,127) | $ (4,917) | $ 1,862 | $ 6,037 | $ 2,923 | $ 3,669 | $ 5,905 | $ 19,915 |
Basic earnings per share | $ 0.31 | $ (0.04) | $ 0.24 | $ (0.30) | $ (0.29) | $ 0.11 | $ 0.35 | $ 0.17 | $ 0.21 | $ 0.342 | $ 1.162 |
Diluted earnings per share | $ 0.31 | $ (0.04) | $ 0.24 | $ (0.30) | $ (0.29) | $ 0.11 | $ 0.35 | $ 0.17 | $ 0.21 | $ 0.341 | $ 1.157 |
Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net revenues | $ 1,073,052 | $ 832,067 | |||||||||
Cost of sales | 986,865 | 755,755 | |||||||||
Gross profit | 86,187 | 76,312 | |||||||||
Selling, general & administrative expenses | 50,236 | ||||||||||
Amortization of intangible assets | 2,164 | ||||||||||
Operating income | 20,864 | 27,938 | |||||||||
Interest Expense | 4,415 | ||||||||||
Income before income taxes | 10,615 | 24,052 | |||||||||
Provision (benefit) for income taxes | 4,710 | 4,137 | |||||||||
Net income | 5,905 | ||||||||||
As Previously Reported [Member] | Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net revenues | 1,073,143 | 832,026 | |||||||||
Cost of sales | 986,057 | 752,425 | |||||||||
Gross profit | 87,086 | 79,601 | |||||||||
Selling, general & administrative expenses | 50,207 | ||||||||||
Amortization of intangible assets | 2,255 | ||||||||||
Operating income | 21,763 | 31,165 | |||||||||
Interest Expense | 4,503 | ||||||||||
Income before income taxes | 11,514 | 27,191 | |||||||||
Provision (benefit) for income taxes | 3,250 | 4,747 | |||||||||
Net income | $ 8,264 | $ 22,444 | |||||||||
Basic earnings per share | $ 0.478 | $ 1.309 | |||||||||
Diluted earnings per share | $ 0.477 | $ 1.304 | |||||||||
Revision Adjustment [Member] | Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net revenues | $ (91) | $ 41 | |||||||||
Cost of sales | 808 | 3,330 | |||||||||
Gross profit | (899) | (3,289) | |||||||||
Selling, general & administrative expenses | 29 | ||||||||||
Amortization of intangible assets | (91) | ||||||||||
Operating income | (899) | (3,227) | |||||||||
Interest Expense | (88) | ||||||||||
Income before income taxes | (899) | (3,139) | |||||||||
Provision (benefit) for income taxes | 1,460 | (610) | |||||||||
Net income | $ (2,359) | $ (2,529) | |||||||||
Basic earnings per share | $ 0.140 | $ (0.150) | |||||||||
Diluted earnings per share | $ 0.140 | $ (0.140) |
Correction of Immaterial Erro49
Correction of Immaterial Errors Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ 5,265 | $ (678) | $ 4,209 | $ (5,127) | $ (4,917) | $ 1,862 | $ 6,037 | $ 2,923 | $ 3,669 | $ 5,905 | $ 19,915 |
Comprehensive income (loss), net | $ (2,744) | (7,263) | 9,116 | ||||||||
Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 5,905 | ||||||||||
As Previously Reported [Member] | Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 8,264 | 22,444 | |||||||||
Comprehensive income (loss), net | (4,904) | 11,645 | |||||||||
Revision Adjustment [Member] | Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | (2,359) | (2,529) | |||||||||
Comprehensive income (loss), net | $ (2,359) | $ (2,529) |
Correction of Immaterial Erro50
Correction of Immaterial Errors Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ 5,265 | $ (678) | $ 4,209 | $ (5,127) | $ (4,917) | $ 1,862 | $ 6,037 | $ 2,923 | $ 3,669 | $ 5,905 | $ 19,915 |
Depreciation and amortization | 37,645 | 34,267 | 27,839 | ||||||||
Deferred income taxes | (2,704) | 4,263 | 837 | ||||||||
Accounts receivable | 10,975 | (27,607) | (10,273) | ||||||||
Inventories | (2,408) | 358 | 4,734 | ||||||||
Prepaids and other assets | 14,476 | (8,665) | (8,270) | ||||||||
Payables and other | (1,843) | (5,923) | 3,573 | ||||||||
Accrued income taxes | 3,998 | (1,516) | (5,526) | ||||||||
Net cash provided by operating activities | 69,361 | 3,373 | 29,018 | ||||||||
Capital expenditures | (28,324) | (39,376) | (39,593) | ||||||||
Net cash used in investing activities | $ (28,316) | (27,701) | (159,408) | ||||||||
Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 5,905 | ||||||||||
As Previously Reported [Member] | Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 8,264 | 22,444 | |||||||||
Depreciation and amortization | 34,213 | 27,893 | |||||||||
Deferred income taxes | 2,997 | 843 | |||||||||
Accounts receivable | 27,595 | (10,444) | |||||||||
Inventories | (989) | 3,795 | |||||||||
Prepaids and other assets | 9,553 | (9,542) | |||||||||
Payables and other | (6,394) | 3,327 | |||||||||
Accrued income taxes | (1,711) | (4,922) | |||||||||
Net cash provided by operating activities | 3,501 | 29,583 | |||||||||
Capital expenditures | (39,504) | (40,158) | |||||||||
Net cash used in investing activities | (27,829) | (159,973) | |||||||||
Revision Adjustment [Member] | Timing and Recognition of Certain Transactions [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | (2,359) | (2,529) | |||||||||
Depreciation and amortization | 54 | (54) | |||||||||
Deferred income taxes | 1,266 | (6) | |||||||||
Accounts receivable | 12 | 171 | |||||||||
Inventories | 631 | 939 | |||||||||
Prepaids and other assets | (888) | 1,272 | |||||||||
Payables and other | 471 | 246 | |||||||||
Accrued income taxes | 195 | (604) | |||||||||
Net cash provided by operating activities | (128) | (565) | |||||||||
Capital expenditures | (128) | 565 | |||||||||
Net cash used in investing activities | $ 128 | $ 565 |
Correction of Immaterial Erro51
Correction of Immaterial Errors Statement of Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | $ 134,462 | $ 140,425 | $ 129,584 |
Net income | 3,669 | 5,905 | 19,915 |
Stockholders' equity, ending balance | 132,790 | 134,462 | 140,425 |
Timing and Recognition of Certain Transactions [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | 134,462 | ||
Stockholders' equity, ending balance | 134,462 | ||
Timing and Recognition of Certain Transactions [Member] | As Previously Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | 140,915 | 144,519 | 131,149 |
Net income | 8,264 | 22,444 | |
Stockholders' equity, ending balance | 140,915 | 144,519 | |
Timing and Recognition of Certain Transactions [Member] | Revision Adjustment [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | (6,453) | (4,094) | (1,565) |
Net income | (2,359) | (2,529) | |
Stockholders' equity, ending balance | (6,453) | (4,094) | |
Retained Earnings [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | 115,004 | 109,099 | 89,184 |
Net income | 3,669 | 5,905 | 19,915 |
Stockholders' equity, ending balance | 118,673 | 115,004 | 109,099 |
Retained Earnings [Member] | Timing and Recognition of Certain Transactions [Member] | As Previously Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | 121,457 | 113,193 | 90,749 |
Stockholders' equity, ending balance | 121,457 | 113,193 | |
Retained Earnings [Member] | Timing and Recognition of Certain Transactions [Member] | Revision Adjustment [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Stockholders' equity, beginning balance | $ (6,453) | (4,094) | (1,565) |
Stockholders' equity, ending balance | $ (6,453) | $ (4,094) |
Acquisitions Radar (Details)
Acquisitions Radar (Details) - Radar Industries [Member] | 3 Months Ended |
Oct. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Escrow Deposits Disbursements, Funds Returned to Seller | $ 1,093,000 |
Business Combinations, Recognized Identifiable Assets Acquired And Liabilities Assumed, Cash In Escrow | $ 1,157,000 |
Asset Impairment and Restruct53
Asset Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | $ 2,031 | $ 0 | $ (4,026) |
Valley City Steel [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | 273 | ||
Impaired Long-Live Assets Held and Used [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Asset Impairment Charges | $ 476 | ||
Mansfield Blanking Division [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Recovery of Impairment Charge | $ 4,026 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Accounts Receivable [Abstract] | |||
Allowance for Doubtful Accounts Receivable, Current | $ 761 | $ 821 | |
Bad debt expense | $ (39) | $ 210 | $ 153 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 26,367 | $ 31,678 |
Work in Process | 16,149 | 10,944 |
Finished Goods | 18,031 | 15,246 |
Total inventories | 60,547 | 57,868 |
Inventory Valuation Reserves | $ 2,946 | $ 2,547 |
Prepaid Expenses Prepaid Expe56
Prepaid Expenses Prepaid Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Tooling | $ 19,792 | $ 38,097 |
Prepaid expenses and other assets | 10,694 | 7,609 |
Assets held for sale | 6,500 | 0 |
Total | 36,986 | $ 45,706 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impairment of Long-Lived Assets to be Disposed of | $ 1,282 |
Other Assets Other Assets(Detai
Other Assets Other Assets(Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Deferred financing costs, net | $ 6,098 | $ 6,818 | |
Tooling | 881 | 1,499 | |
Investment in joint venture | 1,300 | 0 | |
Other | 4,417 | 3,192 | |
Other Assets, Noncurrent | 12,696 | 11,509 | |
Amortization of deferred financing costs | 2,505 | 992 | $ 807 |
Accumulated Amortization, Deferred Finance Costs | 6,771 | 4,266 | |
Interest Costs Capitalized | $ 1,785 | $ 5,529 |
Property, Plant and Equipment58
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $ 11,358 | $ 11,330 | |
Buildings and improvements | 117,291 | 118,166 | |
Machinery and equipment | 505,768 | 494,567 | |
Furniture and fixtures | 18,200 | 13,901 | |
Construction in progress | 37,612 | 51,253 | |
Total, at cost | 690,229 | 689,217 | |
Accumulated depreciation | 424,392 | 409,994 | |
Property, Plant and Equipment, Net | 265,837 | 279,223 | |
Depreciation | 35,387 | 31,956 | $ 25,675 |
Interest Costs Capitalized | 1,785 | 5,529 | |
Capital Expenditures Incurred but Not yet Paid | 5,604 | 4,225 | $ 5,415 |
Capital Expenditures Committed but But Not Yet Paid Until Next Fiscal Year | 45,537 | ||
capitalized interest | |||
Property, Plant and Equipment [Line Items] | |||
Interest Costs Capitalized | $ 370 | $ 526 |
Property, Plant and Equipment C
Property, Plant and Equipment Capital Leased Assets Included in Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 7,295 | $ 7,019 |
Less: Accumulated depreciation | 1,781 | 1,142 |
Leased property, net | $ 5,514 | $ 5,877 |
Property, Plant and Equipment F
Property, Plant and Equipment Future Minimum Lease Payments (Details) $ in Thousands | Oct. 31, 2016USD ($) |
Property, Plant and Equipment [Line Items] | |
Plus amount representing interest ranging from 3.05% to 3.77% | $ 489 |
Total obligations under capital leases | $ 4,877 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.05% |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.77% |
Capital Lease Obligations [Member] | |
Property, Plant and Equipment [Line Items] | |
2,017 | $ 849 |
2,018 | 865 |
2,019 | 594 |
2,020 | 372 |
2,021 | 1,708 |
Total | $ 4,388 |
Financing Arrangements Financin
Financing Arrangements Financing Balances at Period End (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 254,557 | |
Total debt | 258,945 | $ 300,953 |
Less: Current debt | 2,023 | 2,080 |
Total long-term debt | 256,922 | 298,873 |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt | $ 661 | $ 723 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 5.14% | 4.44% |
Long-term Debt | $ 252,900 | $ 293,300 |
Equipment Security Note [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 996 | 1,496 |
Total long-term debt | 483 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 4,388 | $ 5,434 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2016 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Apr. 29, 2015 | Feb. 24, 2014 | |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 4.78% | 2.82% | |||||
Letters of Credit Outstanding, Amount | $ 5,080 | ||||||
Collateral Agreement | 65.00% | ||||||
Equipment security note | $ 254,557 | ||||||
Equipment Security Note, Long-term Portion | $ (256,922) | $ (298,873) | |||||
Derivatives, Interest Rate Swap, Maturity | 5 years | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 64 | (1,618) | $ (1,558) | ||||
Interest Expense | $ 18,086 | 9,898 | $ 4,415 | ||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.77% | ||||||
Lender Two [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Increase Minimum | $ 25,000 | ||||||
Line of Credit Increase Maximum | 100,000 | ||||||
Maximum Borrowing Capacity | 360,000 | ||||||
Line of Credit, Committed Reductions | $ 30,000 | ||||||
Line of Credit Facility, Increase (Decrease), Net | $ 5,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 355,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,020 | ||||||
Lender Two [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Capacity Available for Debt Issuance | $ 40,000 | ||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 50,000 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Lender Two [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Lender Two [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||
Base Rate [Member] | Lender Two [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Base Rate [Member] | Lender Two [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Equipment security note | $ 252,900 | 293,300 | |||||
Equipment Security Note, Short-Term Portion | $ 0 | ||||||
Equipment Security Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.47% | ||||||
Debt Instrument, Periodic Payment | $ 44 | ||||||
Equipment security note | 996 | 1,496 | |||||
Equipment Security Note, Short-Term Portion | 513 | ||||||
Equipment Security Note, Long-term Portion | $ (483) | ||||||
Insurance Financing Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.96% | ||||||
Debt Instrument, Periodic Payment | $ 95 | ||||||
Short-term Debt | 661 | 723 | |||||
Equipment Security Note, Short-Term Portion | 661 | ||||||
Interest Rate Swap [Member] | Lender Two [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Notional Amount | $ 75,000 | ||||||
Derivative, Fixed Interest Rate | 2.74% | ||||||
Derivative, Notional Amount, Amount Per Base | $ 25,000 | ||||||
Derivative, Incremental Amounts | $ 25,000 | ||||||
Fixed Rate Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Equipment security note | 1,657 | ||||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Lender Two [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Expense | 1,530 | $ 433 | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,478 |
Financing Arrangements Maturiti
Financing Arrangements Maturities of Debt (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 254,557 | |
2,017 | 2,023 | |
2,018 | 1,348 | |
2,019 | 253,494 | |
2,020 | 372 | |
2,021 | 1,708 | |
Total debt | 258,945 | $ 300,953 |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 661 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Other Debt | 661 | 723 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 252,900 | |
2,020 | 0 | |
2,021 | 0 | |
Long-term Debt | 252,900 | 293,300 |
Equipment Security Note [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 513 | |
2,018 | 483 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Long-term Debt | 996 | 1,496 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 4,388 | $ 5,434 |
2,017 | 849 | |
2,018 | 865 | |
2,019 | 594 | |
2,020 | 372 | |
2,021 | 1,708 | |
Total | $ 4,388 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill at beginning of period | $ 27,992 | $ 30,036 |
Acquisitions, including adjustments on prior year acquisitions | (488) | |
Foreign currency translation and other | (502) | (1,556) |
Goodwill at end of period | $ 27,490 | $ 27,992 |
Intangible Assets(Details)
Intangible Assets(Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Beginning of Period | $ 19,543 | $ 21,998 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (240) | |
Amortization expense | (2,258) | (2,295) |
Finite-Lived Intangible Assets, Translation Adjustments | (6) | 80 |
Finite-Lived Intangible Assets, Net, End of Period | 17,279 | 19,543 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Beginning of Period | 14,311 | 15,856 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (320) | |
Amortization expense | (1,330) | (1,305) |
Finite-Lived Intangible Assets, Translation Adjustments | (6) | 80 |
Finite-Lived Intangible Assets, Net, End of Period | 12,975 | 14,311 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Beginning of Period | 3,540 | 4,311 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | |
Amortization expense | (772) | (771) |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 |
Finite-Lived Intangible Assets, Net, End of Period | 2,768 | 3,540 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Beginning of Period | 63 | 62 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 80 | |
Amortization expense | (16) | (79) |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 |
Finite-Lived Intangible Assets, Net, End of Period | 47 | 63 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Beginning of Period | 1,500 | 1,624 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | |
Amortization expense | (123) | (124) |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 |
Finite-Lived Intangible Assets, Net, End of Period | 1,377 | 1,500 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Beginning of Period | 129 | 145 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | |
Amortization expense | (17) | (16) |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 |
Finite-Lived Intangible Assets, Net, End of Period | $ 112 | $ 129 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 25,470 | $ 25,470 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,157) | (5,899) | |
Finite-Lived Intangible Assets, Translation Adjustments | (34) | (28) | |
Finite-Lived Intangible Assets, Net | $ 17,279 | 19,543 | $ 21,998 |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years 2 months 14 days | ||
Finite-Lived Intangible Assets, Gross | $ 17,598 | 17,598 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,589) | (3,259) | |
Finite-Lived Intangible Assets, Translation Adjustments | (34) | (28) | |
Finite-Lived Intangible Assets, Net | $ 12,975 | 14,311 | 15,856 |
Developed Technology Rights [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years 3 months 1 day | ||
Finite-Lived Intangible Assets, Gross | $ 5,007 | 5,007 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,239) | (1,467) | |
Finite-Lived Intangible Assets, Net | $ 2,768 | 3,540 | 4,311 |
Noncompete Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years 3 months 14 days | ||
Finite-Lived Intangible Assets, Gross | $ 824 | 824 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (777) | (761) | |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 | |
Finite-Lived Intangible Assets, Net | $ 47 | 63 | 62 |
Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years 9 months 14 days | ||
Finite-Lived Intangible Assets, Gross | $ 1,875 | 1,875 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (498) | (375) | |
Finite-Lived Intangible Assets, Net | $ 1,377 | 1,500 | 1,624 |
Trademarks [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years 14 days | ||
Finite-Lived Intangible Assets, Gross | $ 166 | 166 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (54) | (37) | |
Finite-Lived Intangible Assets, Net | $ 112 | $ 129 | $ 145 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets Schedule of Amortization Expense Next 5 Years (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total amortization expense | $ 2,258 | $ 2,295 | $ 2,164 |
2,017 | 2,259 | ||
2,018 | 2,123 | ||
2,019 | 1,716 | ||
2,020 | 1,701 | ||
2,021 | 1,701 | ||
Thereafter | 7,779 | ||
Finite Lived Intangible Assets, Future Amortization | $ 17,279 |
Operating Leases Operting Lease
Operating Leases Operting Leases(Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Operating Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 9,544 | $ 8,449 | $ 4,613 |
Operating Leases Schedule of Fu
Operating Leases Schedule of Future Minimum Rental (Details) $ in Thousands | Oct. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 9,682 |
2,018 | 8,677 |
2,019 | 7,781 |
2,020 | 6,501 |
2,021 | 4,975 |
Thereafter | 2,585 |
Total | $ 40,201 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Matters (Details) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2016employee | Oct. 31, 2016employees | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of employees receiving post-retirement benefits | 15 | 15 | |||
United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | $ (86,827) | $ (88,590) | |||
Interest cost | (3,566) | (3,466) | $ (3,749) | ||
Actuarial gain (loss) | (5,100) | 563 | |||
Benefits paid | 4,709 | 4,666 | |||
Benefit obligation at end of year | (90,784) | (86,827) | (88,590) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 66,655 | 65,861 | |||
Actual return on plan assets | 1,562 | 1,690 | |||
Employer contributions | 950 | 3,770 | |||
Benefits paid | (4,709) | (4,666) | |||
Fair value of plan assets at end of year | 64,458 | 66,655 | 65,861 | ||
Funded status, benefit obligations in excess of plan assets | (26,326) | (20,172) | |||
United States Postretirement Benefit Plan of US Entity [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | (423) | (639) | |||
Interest cost | (16) | (24) | (38) | ||
Actuarial gain (loss) | 20 | 180 | |||
Benefits paid | 47 | 60 | |||
Benefit obligation at end of year | (372) | (423) | (639) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 47 | 60 | |||
Benefits paid | (47) | (60) | |||
Fair value of plan assets at end of year | 0 | 0 | $ 0 | ||
Funded status, benefit obligations in excess of plan assets | $ (372) | $ (423) |
Pension and Post-Retirement Ben
Pension and Post-Retirement Benefits on Balance Sheet (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Long-term benefit liabilities | $ (23,312) | $ (17,376) |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other accrued expenses | (4,120) | (3,840) |
Long-term benefit liabilities | (22,206) | (16,332) |
Total | (26,326) | (20,172) |
United States Postretirement Benefit Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other accrued expenses | (42) | (63) |
Long-term benefit liabilities | (330) | (360) |
Total | $ (372) | $ (423) |
Pension and Other Post-Retire72
Pension and Other Post-Retirement Benefit Matters Components of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | $ 3,566 | $ 3,466 | $ 3,749 |
Expected return on plan assets | (4,568) | (4,698) | (4,281) |
Amortization of net actuarial loss | 1,239 | 1,186 | 1,074 |
Net periodic benefit cost | 237 | (46) | 542 |
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | 16 | 24 | 38 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 12 | 28 | 41 |
Net periodic benefit cost | $ 28 | $ 52 | $ 79 |
Pension and Other Post-Retire73
Pension and Other Post-Retirement Benefit Matters Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Comprehensive income (loss), net | $ (2,744) | $ (7,263) | $ 9,116 |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net acutarial loss | 1,508 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 51,795 | 44,928 | |
Comprehensive income (loss), net | 6,867 | (1,259) | |
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net acutarial loss | 10 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 122 | 153 | |
Comprehensive income (loss), net | $ 31 | $ 208 |
Pension and Other Post-Retire74
Pension and Other Post-Retirement Benefit Matters Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.00% | 7.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 6.80% | 6.80% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,018 | 2,018 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 3 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (3) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 28 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (24) | ||
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | 4.20% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.20% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | |
Defined Benefit Plan, Benefit Obligation | $ 90,784 | $ 86,827 | $ 88,590 |
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | 4.20% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.20% | 4.00% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 0.00% | 0.00% |
Defined Benefit Plan, Benefit Obligation | $ 372 | $ 423 | $ 639 |
Pension and Other Post-Retire75
Pension and Other Post-Retirement Benefit Matters Plan Assets (Details) | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0-70% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 59.00% | 60.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0-70% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 35.00% | 34.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | 0-10% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 6.00% | 6.00% |
Pension and Other Post-Retire76
Pension and Other Post-Retirement Benefit Matters Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Financial Instruments, Owned, at Fair Value | $ 64,458 | $ 66,655 |
Pension and Other Post-Retire77
Pension and Other Post-Retirement Benefit Matters Fair Value of Investments (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 44,716 | $ 42,933 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 19,742 | 23,722 |
Equity - Large U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 12,904 | 9,515 |
Equity - Large U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,294 | 12,302 |
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 7,654 | 6,108 |
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 622 | 2,688 |
Equity - International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,420 | 9,478 |
Equity - International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Income - Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Income - Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 309 | 298 |
Fixed Income - Corporate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 17,738 | 17,832 |
Fixed Income - Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 4,571 | 4,547 |
Real Estate (Primarily Commercial) [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Real Estate (Primarily Commercial) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 3,946 | $ 3,887 |
Pension and Other Post-Retire78
Pension and Other Post-Retirement Benefit Matters Pension cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 3,959 | $ 3,845 | $ 3,230 |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 950 | 3,770 | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 4,120 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 4,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 4,410 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 4,630 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 4,340 | ||
Defined Benefit Plans, Expected Future Benefit Payments, Thereafter | 24,690 | ||
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 47 | $ 60 | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 42 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 41 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 40 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 40 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 29 | ||
Defined Benefit Plans, Expected Future Benefit Payments, Thereafter | 120 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 950 |
Pension and Other Post-Retire79
Pension and Other Post-Retirement Benefit Matters Non-U.S. Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 826 | $ 696 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 950 | |
POLAND | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 162 | $ 115 |
Pension and Other Post-Retire80
Pension and Other Post-Retirement Benefit Matters Defined Contribution Plan (Details) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016USD ($)employee | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ | $ 3,959 | $ 3,845 | $ 3,230 |
Entity Number of Employees | employee | 3,100 | ||
Percent of U. S. employees represented by labor unions | 20.00% | ||
Percent of foreign employees represented by labor unions | 90.00% |
Fair Value of Other Financial81
Fair Value of Other Financial Instruments Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairment (recoveries), net | $ 2,031 | $ 0 | $ (4,026) |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (240) | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Fair Value Disclosure | 0 | (488) | |
Finite-lived Intangible Assets Acquired | 0 | ||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Fair Value, Net | (5,036) | (4,989) | |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Fair Value, Net | $ 174 | $ 356 |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation of Numerator and Denominator of the basic and diluted earnings per share computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Equity [Abstract] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 53 | 143 | 225 | ||||||||
Net income available to common stockholders | $ 5,265 | $ (678) | $ 4,209 | $ (5,127) | $ (4,917) | $ 1,862 | $ 6,037 | $ 2,923 | $ 3,669 | $ 5,905 | $ 19,915 |
Basic weighted average number of common shares | 17,614 | 17,614 | 17,615 | 17,342 | 17,292 | 17,227 | 17,211 | 17,215 | 17,513 | 17,287 | 17,145 |
Restricted stock units and stock options | 13 | 23 | 70 | ||||||||
Diluted weighted average number of common shares | 17,629 | 17,614 | 17,620 | 17,342 | 17,292 | 17,246 | 17,236 | 17,255 | 17,526 | 17,310 | 17,215 |
Basic earnings per share | $ 0.31 | $ (0.04) | $ 0.24 | $ (0.30) | $ (0.29) | $ 0.11 | $ 0.35 | $ 0.17 | $ 0.21 | $ 0.342 | $ 1.162 |
Diluted earnings per share | $ 0.31 | $ (0.04) | $ 0.24 | $ (0.30) | $ (0.29) | $ 0.11 | $ 0.35 | $ 0.17 | $ 0.21 | $ 0.341 | $ 1.157 |
Stock Incentive Compensation St
Stock Incentive Compensation Stock Incentive Plan (Details) - shares | 9 Months Ended | 12 Months Ended |
Jul. 31, 2016 | Oct. 31, 2016 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,500,000 | |
Employee Stock Option and / or Stock Appreication Righs (SARs) [Member] | ||
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 500,000 | |
Restricted Stock, Restricted Stock Units (RSUs) and Performance Based Awards [Member] | ||
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 350,000 |
Stock Incentive Compensation Aw
Stock Incentive Compensation Awards Granted During the Year (Details) - $ / shares | 12 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 312,251 | 84,272 | 89,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.30 | $ 11.22 | $ 19.65 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 376,340 | 124,255 | 116,881 | 51,571 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.40 | $ 13.77 | $ 16.81 | $ 10.18 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,539 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.17 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 21,539 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.17 | $ 0 | $ 0 | $ 0 |
Amended and Restated 1993 Key Employee Stock Incentive Program [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 32,394 | |||
2016 Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 279,857 | |||
2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 21,539 |
Stock Incentive Compensation 85
Stock Incentive Compensation Stock Activity - Options and Restricted (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Stock Options Activity | ||||||
Options outstanding, end of period | 89,666 | |||||
Weighted Average Exercise Price Options | ||||||
Granted | $ 0 | |||||
Employee Stock Option [Member] | ||||||
Stock Options Activity | ||||||
Options outstanding, beginning of period | 90,666 | 123,333 | 90,666 | 123,333 | 236,134 | |
Options Granted | 0 | 0 | 0 | |||
Options Exercised | 0 | (19,317) | (100,468) | |||
Forfeited or expired | (1,000) | (13,350) | (12,333) | |||
Options outstanding, end of period | 89,666 | 90,666 | 123,333 | 236,134 | ||
Weighted Average Exercise Price Options | ||||||
Weighted average option price, outstanding, beginning of period | $ 9.70 | $ 9.69 | $ 9.70 | $ 9.69 | $ 9.93 | |
Granted | 0 | 0 | ||||
Options exercised or restricted stock vested | 0 | 8.19 | 10.55 | |||
Forfeited or expired | 12.04 | 11.80 | 7.19 | |||
Weighted average option price, outstanding, end of period | $ 9.67 | $ 9.70 | $ 9.69 | $ 9.93 | ||
Weighted Avg Remaining Contractual LIfe | 3 years 1 month 1 day | 4 years 1 month 7 days | 5 years 1 month 25 days | 5 years 7 months 3 days | ||
Restricted Stock [Member] | ||||||
Restricted Stock Activity [Line Items] | ||||||
Restricted stock, beginning of period | 124,255 | 116,881 | 124,255 | 116,881 | 51,571 | |
Granted | 312,251 | 84,272 | 89,500 | |||
Vested | (54,349) | (68,648) | (17,190) | |||
Forfeited | (5,817) | (8,250) | (7,000) | |||
Restricted stock, end of period | 376,340 | 124,255 | 116,881 | 51,571 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.40 | $ 13.77 | $ 16.81 | $ 10.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 4.30 | 11.22 | 19.65 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 16.53 | 14.99 | 10.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 5.71 | $ 20.64 | $ 20.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 9 months 29 days | 2 years 3 months 11 days | 2 years 10 months 2 days | 2 years 6 months 30 days | ||
Restricted Stock Units (RSUs) [Member] | ||||||
Restricted Stock Activity [Line Items] | ||||||
Restricted stock, beginning of period | 0 | 0 | 0 | 0 | 0 | |
Granted | 21,539 | 0 | 0 | |||
Vested | 0 | 0 | 0 | |||
Forfeited | 0 | 0 | 0 | |||
Restricted stock, end of period | 21,539 | 0 | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.17 | $ 0 | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 4.17 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 |
Stock Incentive Compensation Co
Stock Incentive Compensation Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,072 | $ 1,025 | $ 579 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 0 | 15 | 150 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 1,035 | 1,010 | 429 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 37 | $ 0 | $ 0 |
Stock Incentive Compensation 87
Stock Incentive Compensation Stock Components Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 159 | $ 1,061 | |
Options Outstanding | 89,666 | |||
Options Exercisable | 89,666 | |||
Options Granted February 14, 2007 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Prices | $ 14.74 | |||
Options Outstanding | 16,000 | |||
Exercise Price of Options Outstanding and Options Exercisable | $ 14.74 | |||
Options Exercisable | 16,000 | |||
Weighted Avg Remaining Contractual LIfe | 3 months 15 days | |||
Options Granted December 12, 2008 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Prices | $ 2.11 | |||
Options Outstanding | 8,000 | |||
Exercise Price of Options Outstanding and Options Exercisable | $ 2.11 | |||
Options Exercisable | 8,000 | |||
Weighted Avg Remaining Contractual LIfe | 2 years 1 month 14 days | |||
Options Granted August 13, 2009 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Prices | $ 5.30 | |||
Options Outstanding | 19,666 | |||
Exercise Price of Options Outstanding and Options Exercisable | $ 5.30 | |||
Options Exercisable | 19,666 | |||
Weighted Avg Remaining Contractual LIfe | 2 years 9 months 10 days | |||
Options Granted December 10, 2010 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Prices | $ 12.04 | |||
Options Outstanding | 35,000 | |||
Exercise Price of Options Outstanding and Options Exercisable | $ 12.04 | |||
Options Exercisable | 35,000 | |||
Weighted Avg Remaining Contractual LIfe | 4 years 1 month 11 days | |||
Options Granted December 8, 2011 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Prices | $ 8.10 | |||
Options Outstanding | 11,000 | |||
Exercise Price of Options Outstanding and Options Exercisable | $ 8.10 | |||
Options Exercisable | 11,000 | |||
Weighted Avg Remaining Contractual LIfe | 5 years 1 month 21 days | |||
Employee Stock Option [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 72 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 72 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 18 | $ 652 | ||
Options Outstanding | 89,666 | 90,666 | 123,333 | 236,134 |
Weighted Avg Remaining Contractual LIfe | 3 years 1 month 1 day | 4 years 1 month 7 days | 5 years 1 month 25 days | 5 years 7 months 3 days |
Restricted Stock [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,553 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 48 |
Stock Incentive Compensation In
Stock Incentive Compensation Incentive Bonus Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accured Bonus, Criteria Based Upon Achieving Company Goals | 50.00% | |
Eligible Corporate Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued Bonus | $ 3,360 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 3,917 | $ 17,063 | $ 26,417 | ||||||||
Foreign | (5,400) | (6,448) | (2,365) | ||||||||
Income before income taxes | (1,483) | 10,615 | 24,052 | ||||||||
Federal | (3,900) | (545) | 3,067 | ||||||||
State and Local | 329 | 384 | 159 | ||||||||
Foreign | 1,123 | 608 | 74 | ||||||||
Total current | (2,448) | 447 | 3,300 | ||||||||
Federal | 3,289 | 4,501 | 3,094 | ||||||||
State and Local | 156 | 208 | 59 | ||||||||
Foreign | (6,149) | (446) | (2,316) | ||||||||
Total deferred | (2,704) | 4,263 | 837 | ||||||||
Provision (benefit) for income taxes | $ (4,949) | $ 1,344 | $ 364 | $ (1,911) | $ (1,039) | $ 2,417 | $ 2,488 | $ 844 | $ (5,152) | $ 4,710 | $ 4,137 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Accrued compensation and benefits | $ 2,091 | $ 1,794 | |
Inventory | 646 | 738 | |
State depreciation adjustments and loss carryforwards | 2,664 | 1,803 | |
Pension obligations and post retirement benefits | 10,229 | 6,020 | |
Foreign net operating loss | 7,466 | 4,567 | |
Other accruals, reserves and tax credits | 3,668 | 2,356 | |
Goodwill and intangible amortization | 7,234 | 8,280 | |
Foreign currency translation | 75 | 107 | |
Interest rate swap | 1,922 | 1,811 | |
Total deferred tax assets | 35,995 | 27,476 | |
Less: Valuation allowance | (2,782) | (4,986) | |
Net deferred tax assets | 33,213 | 22,490 | |
Fixed assets | (26,800) | (21,984) | |
Prepaid expenses and other | (1,173) | (891) | |
Net deferred tax asset | 5,240 | ||
Deferred Tax Liabilities, Net | (385) | ||
Change in net deferred tax asset attributable to the provision for deferred taxes | 2,704 | (4,263) | $ (837) |
Purchase accounting adjustments | 0 | 51 | |
Unrecognized tax benefit adjustments | (207) | (202) | |
Pension and post retirement benefits | 2,986 | (387) | 783 |
Velocys investment | 58 | 248 | (53) |
Income tax benefit | 111 | 861 | $ 952 |
Other adjustments | (27) | 3 | |
Total change in net deferred tax asset | $ 5,625 | $ (3,689) |
Income Taxes Activities and bal
Income Taxes Activities and balances of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 731 | $ 1,068 | $ 1,183 |
Additions based on tax positions related to the current year | 48 | 125 | 35 |
Additions for tax positions of prior years | 0 | 27 | 0 |
Reductions based on tax positions related to the current year | 0 | (39) | (5) |
Reductions for tax positions of prior years | (53) | 0 | (3) |
Reductions as result of lapse of applicable statute of limitations | (165) | (450) | (142) |
Balance at end of year | 561 | 731 | 1,068 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 368 | 480 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 218 | 163 | $ (136) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 513 | $ 730 |
Income Taxes Tax Credits (Detai
Income Taxes Tax Credits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 4,986 | $ 2,782 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | (2,204) | |
Change in Valuation Allowance attributable to state and local operating loss carryforwards | 622 | |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 6,043 | 9,604 |
Chinese Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 120 | 373 |
Netherlands Tax Authority Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 60 | 35 |
Swedish Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Change in Valuation Allowance attributable to foreign operating loss carryforwards | (3,106) | |
Swedish Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Change in Valuation Allowance attributable to foreign operating loss carryforwards | $ 3,118 | $ 6,000 |
Income Taxes Statutory federal
Income Taxes Statutory federal income tax rate (Details) | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax at statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | (4.40%) | 4.70% | 0.60% |
Valuation allowance change | 367.70% | 12.60% | (7.40%) |
Domestic tax credits | 62.70% | (2.10%) | (1.10%) |
Domestic production activities deduction | 26.40% | (3.20%) | (2.90%) |
Foreign operations | (151.10%) | 13.20% | 0.70% |
Revisions to prior period research and research and development tax credit calculations | (0.00%) | (0.00%) | (10.20%) |
Adjustment of uncertain tax positions | 11.70% | (3.20%) | (1.00%) |
Provision to return adjustment for tax law extensions subsequent to year-end | (13.60%) | (13.00%) | (1.00%) |
Change in legislation - Mexico | 0.00% | 0.00% | 2.40% |
Other | 13.10% | 0.40% | 2.10% |
Effective income tax rate | 347.50% | 44.40% | 17.20% |
Income Taxes Carryforwards (Det
Income Taxes Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | $ 71,834 | $ 52,581 | |
NOL Tax Benefit | 9,604 | $ 6,043 | |
Valuation Allowance | 2,534 | 4,738 | |
Total | 71,834 | 52,581 | |
Total | 2,782 | 4,986 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | (2,204) | ||
Change in Valuation Allowance attributable to state and local operating loss carryforwards | 622 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | 33,368 | ||
NOL Tax Benefit | 1,475 | ||
Valuation Allowance | 2,075 | 1,452 | |
Foreign Tax Credit Carryforward [Member] | Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Tax Benefit | 0 | 0 | |
Foreign Tax Credit NOL Carryforward | 0 | 0 | |
Foreign Tax Credit Valuation Allowance | 248 | 248 | |
Netherlands Tax Authority Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | 174 | 329 | |
NOL Tax Benefit | 35 | 60 | |
Cumulative Change in Valuation Allowance attributable to foreign operating loss carryforwards | (25) | ||
Valuation Allowance | $ 35 | 60 | |
Operating Loss Carryforwards, Expiration Date | 9 years | ||
Swedish Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Tax Benefit | (3,106) | ||
Valuation Allowance | $ 0 | 3,106 | |
Swedish Tax Authority [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | 27,271 | 14,172 | |
NOL Tax Benefit | 6,000 | 3,118 | |
Chinese Tax Authority [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | 1,494 | 478 | |
NOL Tax Benefit | 373 | 120 | |
Cumulative Change in Valuation Allowance attributable to foreign operating loss carryforwards | 254 | ||
Valuation Allowance | $ 373 | 120 | |
Operating Loss Carryforwards, Expiration Date | 5 years | ||
Inland Revenue, Hong Kong [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | $ 206 | 0 | |
NOL Tax Benefit | 51 | 0 | |
Valuation Allowance | 51 | 0 | |
Mexican Tax Authority [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | 3,358 | $ 4,234 | |
NOL Tax Benefit | 1,007 | 1,270 | |
Valuation Allowance | 0 | $ 0 | |
Domestic Tax Authority [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL Carryforward | 39,331 | ||
NOL Tax Benefit | $ 2,138 |
Income Taxes Cash paid for taxe
Income Taxes Cash paid for taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Proceeds from Income Tax Refunds | $ 5,855 | |
Income Taxes Paid | $ 1,770 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 7,581 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 2,653 |
Accumulated Other Comprehensi96
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders' equity, beginning balance | $ 134,462 | $ 140,425 |
Stockholders' equity, ending balance | 132,790 | 134,462 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders' equity, beginning balance | (50,049) | (36,881) |
Other comprehensive loss | (12,709) | (14,428) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 6,296 | 1,260 |
Net current-period other comprehensive loss | (6,413) | (13,168) |
Stockholders' equity, ending balance | (56,462) | (50,049) |
Pension and Post Retirement Plan Liability (1) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders' equity, beginning balance | (28,809) | (27,371) |
Other comprehensive loss | (8,087) | (2,265) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 4,237 | 827 |
Net current-period other comprehensive loss | (3,850) | (1,438) |
Stockholders' equity, ending balance | (32,659) | (28,809) |
Marketable Securities Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders' equity, beginning balance | (341) | 100 |
Other comprehensive loss | (125) | (441) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 |
Net current-period other comprehensive loss | (125) | (441) |
Stockholders' equity, ending balance | (466) | (341) |
Interest Rate Swap Adjustment (2) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders' equity, beginning balance | (3,176) | (1,558) |
Other comprehensive loss | (1,466) | (2,051) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1,530 | 433 |
Net current-period other comprehensive loss | 64 | (1,618) |
Stockholders' equity, ending balance | (3,112) | (3,176) |
Foreign Currency Translation Adjustment (3) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders' equity, beginning balance | (17,723) | (8,052) |
Other comprehensive loss | (3,031) | (9,671) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 529 | |
Net current-period other comprehensive loss | (2,502) | (9,671) |
Stockholders' equity, ending balance | $ (20,225) | $ (17,723) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Mar. 11, 2014 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Related Party Transaction [Line Items] | ||||
Related-party accounts receivable | $ 1,235 | $ 1,092 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (125) | (441) | $ 100 | |
Velocys [Member] | Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related-party revenue | 12 | 1,372 | ||
Payments to Acquire Marketable Securities Including Premium | $ 2,000 | |||
Marketable Securities | 1,527 | |||
Investment, Unamortized Premium | $ 473 | |||
Available-for-sale Securities, Gross Realized Gains | 365 | |||
MTD Holdings Inc. [Member] | Significant Shareholder [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related-party revenue | $ 5,730 | $ 6,411 | $ 6,756 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 281,683,000 | $ 248,832,000 | $ 284,264,000 | $ 251,055,000 | $ 288,907,000 | $ 266,079,000 | $ 272,257,000 | $ 245,809,000 | $ 1,065,834,000 | $ 1,073,052,000 | $ 832,067,000 |
Long-Lived Assets | 322,507,000 | 338,267,000 | 322,507,000 | 338,267,000 | 331,452,000 | ||||||
Reportable Geographical Components [Member] | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 888,164,000 | 901,182,000 | 740,836,000 | ||||||||
Long-Lived Assets | 253,160,000 | 275,556,000 | 253,160,000 | 275,556,000 | 265,975,000 | ||||||
Reportable Geographical Components [Member] | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 143,281,000 | 132,094,000 | 48,414,000 | ||||||||
Long-Lived Assets | 48,716,000 | 43,166,000 | 48,716,000 | 43,166,000 | 43,875,000 | ||||||
Reportable Geographical Components [Member] | Rest of World | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 34,389,000 | 39,776,000 | 42,817,000 | ||||||||
Long-Lived Assets | $ 20,631,000 | $ 19,545,000 | $ 20,631,000 | $ 19,545,000 | $ 21,602,000 | ||||||
Sales [Member] | Rest of World | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 16.70% | 10.00% | |||||||||
General Motors [Member] | Sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 18.20% | 15.50% | 16.40% |
Business Segment Information Fo
Business Segment Information Foreign Currency Transaction Gain (Loss) (Details) - Reportable Geographical Components [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2014 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (802) | $ (23) | $ 109 |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (772) | $ (483) | $ (111) |
Business Segment Information Re
Business Segment Information Revenue by Major Customer (Details) - Sales [Member] | 12 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
FCA [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 17.10% | 17.40% | 13.90% |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 18.20% | 15.50% | 16.40% |
Quarterly Results of Operati101
Quarterly Results of Operations Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Net revenues | $ 281,683 | $ 248,832 | $ 284,264 | $ 251,055 | $ 288,907 | $ 266,079 | $ 272,257 | $ 245,809 | $ 1,065,834 | $ 1,073,052 | $ 832,067 |
Gross profit | 30,096 | 23,910 | 26,281 | 15,889 | 19,284 | 20,067 | 27,462 | 19,374 | 96,176 | 86,187 | 76,312 |
Operating Income (Loss) | 6,240 | 5,798 | 8,724 | (2,292) | (1,514) | 7,335 | 9,916 | 5,127 | 18,470 | 20,864 | 27,938 |
Provision (benefit) for income taxes | (4,949) | 1,344 | 364 | (1,911) | (1,039) | 2,417 | 2,488 | 844 | (5,152) | 4,710 | 4,137 |
Net income | $ 5,265 | $ (678) | $ 4,209 | $ (5,127) | $ (4,917) | $ 1,862 | $ 6,037 | $ 2,923 | $ 3,669 | $ 5,905 | $ 19,915 |
Basic earnings per share | $ 0.31 | $ (0.04) | $ 0.24 | $ (0.30) | $ (0.29) | $ 0.11 | $ 0.35 | $ 0.17 | $ 0.21 | $ 0.342 | $ 1.162 |
Diluted earnings per share | $ 0.31 | $ (0.04) | $ 0.24 | $ (0.30) | $ (0.29) | $ 0.11 | $ 0.35 | $ 0.17 | $ 0.21 | $ 0.341 | $ 1.157 |
Weighted Average Number of Shares Outstanding, Basic | 17,614 | 17,614 | 17,615 | 17,342 | 17,292 | 17,227 | 17,211 | 17,215 | 17,513 | 17,287 | 17,145 |
Weighted Average Number of Shares Outstanding, Diluted | 17,629 | 17,614 | 17,620 | 17,342 | 17,292 | 17,246 | 17,236 | 17,255 | 17,526 | 17,310 | 17,215 |