Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 30, 2018 | Jun. 04, 2018 | |
Entity Listings [Line Items] | ||
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-Q | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,409,814 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 17,613 | $ 8,736 |
Investment in marketable securities | 64 | 194 |
Accounts receivable, net | 203,962 | 188,664 |
Related-party accounts receivable | 2,187 | 759 |
Prepaid income taxes | 1,235 | 338 |
Inventories, net | 69,712 | 61,812 |
Prepaid expenses and other assets | 40,284 | 34,018 |
Total current assets | 335,057 | 294,521 |
Property, plant and equipment, net | 327,734 | 266,891 |
Goodwill | 28,290 | 27,859 |
Intangible assets, net | 16,157 | 15,025 |
Deferred income taxes | 5,540 | 6,338 |
Other assets | 7,149 | 7,949 |
Total assets | 719,927 | 618,583 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 1,162 | 2,027 |
Accounts payable | 182,736 | 166,059 |
Other accrued expenses | 51,442 | 46,171 |
Accrued income taxes | 721 | 1,628 |
Total current liabilities | 236,061 | 215,885 |
Long-term debt | 255,560 | 181,065 |
Long-term benefit liabilities | 21,156 | 21,106 |
Deferred income taxes | 5,829 | 9,166 |
Other liabilities | 1,583 | 3,040 |
Total liabilities | 520,189 | 430,262 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 per share; 5,000,000 shares authorized; no shares issued and outstanding at April 30, 2018 and October 31, 2017, respectively | 0 | 0 |
Common stock, par value $.01 per share; 50,000,000 shares authorized; 23,408,314 and 23,121,957 shares issued and outstanding at April 30, 2018 and October 31, 2017, respectively | 234 | 231 |
Paid-in capital | 113,424 | 112,351 |
Retained earnings | 126,859 | 117,976 |
Accumulated other comprehensive loss, net | (40,779) | (42,237) |
Total stockholders’ equity | 199,738 | 188,321 |
Total liabilities and stockholders’ equity | $ 719,927 | $ 618,583 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets - Parentheticals - $ / shares | Apr. 30, 2018 | Oct. 31, 2017 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 23,408,314 | 23,172,792 |
Common Stock, Shares, Outstanding | 23,408,314 | 23,172,792 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Net revenues | $ 297,340 | $ 273,031 | $ 545,006 | $ 520,969 |
Cost of sales | 265,837 | 239,527 | 485,613 | 463,361 |
Gross profit | 31,503 | 33,504 | 59,393 | 57,608 |
Selling, general and administrative expenses | 22,146 | 21,677 | 43,386 | 41,847 |
Amortization of intangible assets | 595 | 564 | 1,160 | 1,129 |
Asset impairment | 0 | 0 | 0 | 41 |
Restructuring | 1,483 | 0 | 2,997 | 0 |
Operating income | 7,279 | 11,263 | 11,850 | 14,591 |
Interest expense | 2,645 | 4,200 | 4,985 | 9,012 |
Interest income | (3) | 0 | (8) | (2) |
Other expense, net | 394 | 511 | 830 | 1,123 |
Income before income taxes | 4,243 | 6,552 | 6,043 | 4,458 |
Provision (benefit) for income taxes | 218 | 2,323 | (2,840) | 2,247 |
Net income | $ 4,025 | $ 4,229 | $ 8,883 | $ 2,211 |
Earnings Per Share | ||||
Basic earnings per share | $ 0.17 | $ 0.24 | $ 0.38 | $ 0.12 |
Basic weighted average number of common shares | 23,222 | 17,858 | 23,164 | 17,788 |
Diluted earnings per share | $ 0.17 | $ 0.24 | $ 0.38 | $ 0.12 |
Diluted weighted average number of common shares | 23,357 | 17,888 | 23,311 | 17,809 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,025 | $ 4,229 | $ 8,883 | $ 2,211 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||
Amortization of net actuarial loss | 328 | 323 | 656 | 700 |
Income tax provision | (75) | (140) | (182) | (280) |
Total defined benefit pension plans & other post retirement benefits, net of tax | 253 | 183 | 474 | 420 |
Marketable Securities [Abstract] | ||||
Unrealized gain (loss) on marketable securities | 15 | (128) | (129) | 48 |
Income tax benefit (provision) | (3) | 45 | 34 | (17) |
Total marketable securities, net of tax | 12 | (83) | (95) | 31 |
Derivatives and Hedging [Abstract] | ||||
Unrealized gain (loss) on interest rate swap agreements | 294 | (11) | 1,160 | 1,435 |
Income tax provision | (116) | (132) | (457) | (877) |
Reclassification adjustments for settlement of derivatives included in net income | 215 | 368 | 495 | 786 |
Change in fair value of derivative instruments, net of tax | 393 | 225 | 1,198 | 1,344 |
Foreign Currency Translation Adjustments [Abstract] | ||||
Unrealized gain (loss) on foreign currency translation | (7,902) | 2,483 | (119) | 1,925 |
Comprehensive income (loss), net | $ (3,219) | $ 7,037 | $ 10,341 | $ 5,931 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 8,883 | $ 2,211 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,414 | 20,100 |
Asset impairment, net | 0 | 41 |
Amortization of deferred financing costs | 621 | 1,663 |
Deferred income taxes | (2,949) | (834) |
Stock-based compensation expense | 1,042 | 817 |
Loss on sale of assets | 60 | 765 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,294 | 1,769 |
Inventories | 1,287 | 860 |
Prepaids and other assets | (4,445) | 6,248 |
Payables and other liabilities | (6,705) | (125) |
Prepaid and accrued income taxes | (1,442) | 392 |
Net cash provided by operating activities | 20,060 | 33,907 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (23,772) | (17,983) |
Acquisitions, net of cash acquired | 62,481 | |
Proceeds from sale of assets | 70 | 642 |
Net cash used for investing activities | (86,183) | (17,341) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of capital leases | (448) | (360) |
Proceeds from long-term borrowings | 174,900 | 87,100 |
Repayments of long-term borrowings | (100,161) | (100,855) |
Payment of deferred financing costs | (103) | (221) |
Proceeds from exercise of stock options | 33 | 78 |
Net cash provided by (used in) financing activities | 74,221 | (14,258) |
Effect of foreign currency exchange rate fluctuations on cash | 779 | 122 |
Net increase in cash and cash equivalents | 8,877 | 2,430 |
Cash and cash equivalents at beginning of period | 8,736 | 8,696 |
Cash and cash equivalents at end of period | 17,613 | 11,126 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 4,913 | 7,321 |
Cash paid for income taxes | 2,344 | 1,199 |
Non-cash Activities: | ||
Capital equipment included in accounts payable | $ 3,536 | $ 2,697 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The condensed consolidated financial statements have been prepared by Shiloh Industries, Inc. and its subsidiaries (collectively referred to as the "Company," "Shiloh Industries," "us," "our" or "we"), without audit, and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the SEC. Although we believe that the disclosures are adequate to make the information presented not misleading, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2017 . Revenues and operating results for the three and six months ended April 30, 2018 are not necessarily indicative of the results to be expected for the full year. Prior Year Reclassification In the first quarter of fiscal 2018, we early adopted the provisions of Accounting Standards Update ("ASU") 2017-07 " Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The reclassification of certain prior year amounts as a result of early adopting ASU 2017-07 is detailed in Note 2 - Recent Accounting Standards of the Notes to the Condensed Consolidated Financial Statements. Prior year interest rate swap agreement amount of $2,088 as reported on the Consolidated Balance Sheet at October 31, 2017 is now presented with Other liabilities as we entered into other derivatives and hedging instruments as discussed in Note 12 - Derivatives and Financial Instruments of the Notes to the Condensed Consolidated Financial Statements. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Apr. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Standards Recently Issued Accounting Standards: Standard Description Effective Date Effect on our financial statements and other significant matters ASU 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This amendment allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "TCJA"). The amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported to financial statement users. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated financial statements or financial statement disclosures. ASU 2017-09 Compensation - Stock Compensation (Topic 718) This amendment clarifies when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The amendment should be adopted on a prospective basis. November 1, 2018 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated financial statements as it is not our practice to change either the terms or conditions of share-based payment awards once they are granted. ASU 2014-09 Revenue from Contracts with Customers The amendments require companies to recognize revenue when there is a transfer of 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 amendments should be applied on either a full or modified retrospective basis, which clarifies existing accounting literature relating to how and when a company recognizes revenue. The Financial Accounting Standards Board ("FASB"), through the issuance of Accounting Standards Updated ("ASU") No. 2015-14, " Revenue from Contracts with Customers, " approved a one year delay of the effective date 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 fiscal 2016, the FASB issued ASUs 2016-10, 2016-11 and 2016-12. 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. November 1, 2018. We will be adopting the new revenue standards in the first quarter of 2019 utilizing the modified retrospective transition method. To assess the impact of the new standard, the Company is analyzing the standard's impact on customer contracts, comparing its historical accounting policies and practices to the requirements of the new standard, and to identify potential differences from application of the new standard's requirements. While the Company has not yet completed its evaluation of the effects of adoption, the Company does not expect the adoption of the new revenue standards to have a material impact on its consolidated financial statements. ASU 2016-02 Leases This amendment requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers. The standard requires a modified retrospective transition for capital and operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial adoption. In January 2018, the FASB issued an amendment to ASC Topic 842 which permits companies to elect an optional transition practical expedient to not evaluate existing land easements under the new standard if the land easements were not previously accounted for under existing lease guidance. November 1, 2019 with early adoption permitted. We are in the process of evaluating the impact of adoption of this standard on our financial statements and disclosures. We are in the beginning stages of developing a project plan with key stakeholders throughout the organization and gathering and analyzing detailed information on existing lease arrangements. This includes evaluating the available practical expedients, calculating the lease asset and liability balances associated with individual contractual arrangements and assessing the disclosure requirements. In addition, we continue to monitor FASB amendments to ASC Topic 842. ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which was further amended in February and in March 2018 by ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and ASU 2018-04, Investments - Debt Securities (Topic 320) and Regulated Operations (Topic 980):Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 to clarify certain aspects of ASU 2016-01 and to update SEC interpretive guidance in connection with the provisions of ASU 2016-01. These ASUs provide guidance for the 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 OCI. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet in year of adoption. November 1, 2018 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. Recently Adopted Accounting Standards: Standard Description Adoption Date Effect on our financial statements and other significant matters ASU 2017-12 Derivatives and Hedging (Topic 815) This amendment changes how an entity assesses effectiveness of derivative instruments, potentially resulting in less ineffectiveness and more derivatives qualifying for hedge accounting. Entities may early adopt the standard in any interim period, with the effect of adoption being applied to existing hedging relationships as of the beginning of the fiscal year of adoption. November 1, 2017. The early adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. Please refer to Note 12 of the condensed consolidated financial statements for additional detail on this adoption. ASU 2017-07 Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This amendment requires the presentation of the service cost component of net benefit cost to be in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. All other components of net benefit cost should be presented separately from the service cost component and outside of a subtotal of earnings from operations, or separately disclosed. The amendments should be adopted on a retrospective basis. November 1, 2017. Prior to the adoption of ASU 2017-07, pension costs were reported as cost of sales and selling, general and administrative expenses on the Company's condensed consolidated statements of income. As a result of the early adoption of ASU 2017-07, we reclassified $306 and $628 from cost of sales and selling, general and administrative expenses to other expense, net on the condensed consolidated statements of income for the three and six months ended April 30, 2017, respectively. ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill impairment and consolidation. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the asset acquired would not represent a business. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. November 1, 2017. The adoption of this framework did not have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. ASU 2015-11 Inventory This amendment simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The amendment should be applied on a prospective basis. November 1, 2017. The adoption of these provisions did not have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. |
Business Combination Business C
Business Combination Business Combination | 6 Months Ended |
Apr. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On March 1, 2018, a subsidiary of the Company acquired all of the issued and outstanding capital of each of Brabant Alucast Italy Site Verres S.r.l., a limited liability company organized under the laws of Italy and Brabant Alucast The Netherlands Site Oss B.V., a limited liability company organized under the laws of the Netherlands (collectively "Brabant"). The acquisition was accounted for as a business combination under the acquisition method in accordance with the FASB ASC Topic 805, Business Combinations . The acquisition complements Shiloh’s global footprint with the addition of aluminum casting and the expansion of magnesium casting capabilities in Europe, while providing necessary capacity for growth. The aggregate fair value of consideration transferred was $65,273 ( $62,481 net of cash acquired), on the date of the acquisition. The acquisition of Brabant has been accounted for using the acquisition method in accordance with FASB ASC Topic 805, Business Combinations . Assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The fair values of identifiable intangible assets were based on valuations using the income approach and estimates provided by management. The excess of the preliminary purchase price over the estimated fair values of the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The allocation of the preliminary purchase price is based upon a valuation of certain assets acquired and liabilities assumed. The preliminary purchase price allocation was as follows: Cash and cash equivalents $ 2,792 Accounts receivable 22,719 Inventory 10,603 Other assets, net 2,026 Property, plant and equipment 54,034 Goodwill 408 Intangible assets 2,328 Accounts payable and accrued expenses (29,637 ) Net assets acquired $ 65,273 The purchase price allocation is provisional, pending completion of the valuation of acquired intangible assets, property, plant and equipment, and inventories. The Company is utilizing a third party to assist in the fair value determination of certain components of the purchase price allocation, namely inventory, property, plant and equipment and intangible assets. The final valuation may change the allocation of the purchase price, which could affect the fair values assigned to the assets. The Company believes the amount of goodwill resulting from the purchase price allocation is attributable to the workforce of the acquired business (which is not eligible for separate recognition as an identifiable intangible asset) and the expected synergies expected after the Company's acquisition of Brabant. All of the goodwill was allocated to the Company's Shiloh Holdings Netherlands B.V. subsidiary. The Company does not expect that the preliminary goodwill amount of $408 will be deductible for tax purposes under current Italian or Netherland tax law. The $2,328 of acquired intangible assets was assigned to developed technology that have a useful life of 13 years . The fair value assigned to identifiable intangible assets acquired have been determined primarily by using the income approach, which discounts expected future cash flows to present value using estimates and assumptions determined by management. The Company is utilizing a third party to assist in assigning a fair value to acquired intangible assets. The Company does not expect that the total amount of identifiable intangible assets will be deductible for tax purposes under current Italian or Netherland tax law. Supplemental pro forma disclosures are not included as the amounts are deemed immaterial. |
Accounts Receivable Accounts Re
Accounts Receivable Accounts Receivable | 6 Months Ended |
Apr. 30, 2018 | |
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 $1,051 and $1,271 at April 30, 2018 and October 31, 2017 , respectively. We recognized a bad debt expense of $166 and $46 , net of recoveries, during the three and six months ended April 30, 2018 , and recognized a benefit of $21 and $34 from recoveries of receivables previously expensed during the three and six months ended April 30, 2017 , respectively, in the condensed consolidated statements of income. We continually monitor our exposure with our customers and additional consideration is given to individual accounts in light of the market conditions in the automotive, commercial vehicle and industrial markets. As a part of our working capital management, the Company has entered into factoring agreements with third party financial institutions ("institutions") for the sale of certain accounts receivable with recourse. The activity under these agreements is accounted for as sales of accounts receivable under ASC Topic 860 " Transfers and Servicing. " These agreements relate exclusively to the accounts receivable of certain Italian and Swedish customers. The amounts sold vary each month based on the amount of underlying receivables and cash flow requirements of the Company. In addition, the agreement addresses events and conditions which may obligate us to immediately repay the institutions the outstanding purchase price of the receivables sold. The total amount of accounts receivable factored was $14,803 and $7,567 as of April 30, 2018 and October 31, 2017 , respectively. As these sales of accounts receivable are with recourse, $12,319 and $8,072 were recorded in accounts payable as of April 30, 2018 and October 31, 2017 , respectively. The cost of selling these receivables is dependent upon the number of days between the sale date of the receivables and the date the customer’s invoice is due and the interest rate. The expense associated with the sale of these receivables is recorded as a component of selling, general and administrative expense and interest expense in the accompanying condensed consolidated statements of income. |
Related Party Receivables
Related Party Receivables | 6 Months Ended |
Apr. 30, 2018 | |
Related Party Receivables [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Receivables We had sales to MTD Products Inc. and its affiliates of $2,224 and $3,266 for the three and six months ended April 30, 2018 , respectively, and $1,620 and $3,218 for the three and six months ended April 30, 2017 , respectively. At April 30, 2018 and October 31, 2017 , we had related party receivable balances of $2,187 and $759 , respectively, due from MTD Products Inc. and its affiliates. |
Inventories
Inventories | 6 Months Ended |
Apr. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Inventories Inventories consist of the following: April 30, 2018 October 31, 2017 Raw materials $ 26,067 $ 23,389 Work-in-process 23,123 18,653 Finished goods 20,522 19,770 Total inventory $ 69,712 $ 61,812 Total cost of inventory is net of reserves to reduce certain inventory from cost to net realizable value by an allowance for excess and obsolete inventories based on management’s review of on-hand inventories compared to historical and estimated future sales and usage. Such reserves aggregated $5,646 and $5,535 at April 30, 2018 and October 31, 2017 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment consist of the following: April 30, October 31, Land and improvements $ 11,399 $ 11,416 Buildings and improvements 132,871 124,406 Machinery and equipment 556,177 504,785 Furniture and fixtures 23,781 22,209 Construction in progress 47,615 40,356 Total, at cost 771,843 703,172 Less: Accumulated depreciation 444,109 436,281 Property, plant and equipment, net $ 327,734 $ 266,891 Depreciation expense was $10,702 and $9,818 for the three months ended April 30, 2018 and 2017 , respectively, and $20,254 and $18,971 for the six months ended April 30, 2018 and 2017 , respectively. Capital Leases: April 30, October 31, Leased Property: Machinery and equipment $ 6,890 $ 7,099 Less: Accumulated depreciation 2,728 2,420 Leased property, net $ 4,162 $ 4,679 Total obligations under capital leases and future minimum rental payments to be made under capital leases at April 30, 2018 are as follows: Twelve Months Ended April 30, 2019 $ 848 2020 411 2021 1,949 3,208 Plus amount representing interest ranging from 3.05% to 3.77% 290 Future minimum rental payments $ 3,498 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill: The changes in the carrying amount of goodwill for the six months ended April 30, 2018 are as follows: Balance October 31, 2017 $ 27,859 Acquisitions 408 Foreign currency translation 23 Balance April 30, 2018 $ 28,290 Intangible Assets The changes in the carrying amount of finite-lived intangible assets for the six months ended April 30, 2018 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2017 $ 11,648 $ 1,997 $ 31 $ 1,254 $ 95 $ 15,025 Acquisitions — 2,328 — — — 2,328 Amortization expense (666 ) (416 ) (8 ) (62 ) (8 ) (1,160 ) Foreign currency translation (3 ) (33 ) — — — (36 ) Balance April 30, 2018 $ 10,979 $ 3,876 $ 23 $ 1,192 $ 87 $ 16,157 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 at April 30, 2018 : Weighted Average Useful Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 13.2 17,568 $ (6,589 ) $ 10,979 Developed technology 9.1 7,300 (3,424 ) 3,876 Non-compete 2.3 824 (801 ) 23 Trade Name 14.8 1,875 (683 ) 1,192 Trademark 10.0 166 (79 ) 87 $ 27,733 $ (11,576 ) $ 16,157 Total amortization expense was $595 and $1,160 for the three and six months ended April 30, 2018 , respectively, and $564 and $1,129 for the three and six months ended April 30, 2017 . Amortization expense related to intangible assets for the fiscal years ending is estimated to be as follows: Twelve Months Ended April 30, 2019 $ 2,026 2020 1,885 2021 1,878 2022 1,878 2023 1,876 Thereafter 6,614 $ 16,157 |
Financing Arrangements
Financing Arrangements | 6 Months Ended |
Apr. 30, 2018 | |
Debt Disclosure [Abstract] | |
Financing Arrangements [Text Block] | Financing Arrangements Debt consists of the following: April 30, October 31, 2017 Credit Agreement—interest rate of 4.07% at April 30, 2018 and 3.88% at October 31, 2017 $ 253,200 $ 178,200 Equipment security note 221 482 Capital lease obligations 3,208 3,760 Insurance broker financing agreement 93 650 Total debt 256,722 183,092 Less: Current debt 1,162 2,027 Total long-term debt $ 255,560 $ 181,065 At April 30, 2018 , we had total debt, excluding capital leases, of $253,514 , consisting of a revolving line of credit under the Credit Agreement (as defined below) of floating rate debt of $253,200 and of fixed rate debt of $314 . The weighted average interest rate of all debt was 4.03% and 4.84% for the six months ended April 30, 2018 and April 30, 2017 , 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, CIBC Bank USA, Compass Bank and The Huntington National Bank, N.A., as Co-Documentation Agents, and the other lender parties thereto. On October 31, 2017 , we executed the Eighth Amendment ("Eighth Amendment") to the Credit Agreement which among other things: provides for an aggregate availability of $350,000 , $275,000 of which is available to the Company through the Tranche A Facility and $75,000 of which is available to the Dutch borrower through the Tranche B Facility, and eliminates the scheduled reductions in such availability; increases the aggregate amount of incremental commitment increases allowed under the Credit Agreement to up to $150,000 subject to our pro forma compliance with financial covenants, the Administrative Agent’s approval and the Company obtaining commitments for any such increase. The Eighth Amendment extended the commitment period to October 31, 2022. On July 31, 2017, we executed the Seventh Amendment ("Seventh Amendment") which modifies investments in subsidiaries and various cumulative financial covenant thresholds, in each case, under the Credit Agreement. The Seventh Amendment also enhances our ability to take advantage of customer supply chain finance programs. On October 28, 2016, we 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. Borrowings under the Credit Agreement bear interest, at our 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 Eighth Amendment provides for an interest rate margin on LIBOR loans of 1.50% to 3.00% and of 0.50% to 2.00% on base rate loans depending on the Company's leverage ratio. The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding our 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. We were in compliance with the financial covenants under the Credit Agreement as of April 30, 2018 and October 31, 2017 . After considering letters of credit of $5,241 that we have issued, unused commitments under the Credit Agreement were $91,559 at April 30, 2018 . 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 our domestic subsidiaries and 65% of the stock of our foreign subsidiaries. Other Debt: On August 1, 2017 , we entered into a finance agreement with an insurance broker for various insurance policies that bears interest at a fixed rate of 2.05% and requires monthly payments of $94 through May 2018 . As of April 30, 2018 , $93 of principal remained outstanding under this agreement and was classified as current debt in our condensed consolidated balance sheets. On September 2, 2013, we 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 April 30, 2018 , $221 remained outstanding under this agreement and was classified as current debt in our condensed consolidated balance sheets. We maintain capital leases for equipment used in our manufacturing facilities with lease terms expiring between 2018 and 2021. As of April 30, 2018 , the present value of minimum lease payments under our capital leases amounted to $3,208 . Scheduled repayments of debt for the next five years are listed below: Twelve Months Ending April 30, Credit Agreement Equipment Security Note Capital Lease Obligations Other Debt Total 2019 $ — $ 221 $ 848 $ 93 $ 1,162 2020 — — 411 — 411 2021 — — 1,949 — 1,949 2022 — — — — — 2023 253,200 — — — 253,200 Total $ 253,200 $ 221 $ 3,208 $ 93 $ 256,722 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Matters | 6 Months Ended |
Apr. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Other Post-Retirement Benefit Matters U.S. Plans The components of net periodic benefit cost for the three and six months ended April 30, 2018 and 2017 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended April 30, Three Months Ended April 30, 2018 2017 2018 2017 Interest cost $ 792 $ 820 $ 2 $ 3 Expected return on plan assets (840 ) (864 ) — — Amortization of net actuarial loss 328 377 2 2 Net periodic cost $ 280 $ 333 $ 4 $ 5 Pension Benefits Other Post-Retirement Benefits Six Months Ended April 30, Six Months Ended April 30, 2018 2017 2018 2017 Interest cost $ 1,584 $ 1,641 $ 5 $ 6 Expected return on plan assets (1,680 ) (1,728 ) — — Amortization of net actuarial loss 656 754 4 5 Net periodic cost $ 560 $ 667 $ 9 $ 11 We were not required to and therefore did not contribute to our U.S. pension plans during the three and six months ended April 30, 2018 and 2017 . We expect to contribute at least $450 to our U.S. pension plans in fiscal 2018 . Non-U.S. Plans For our Polish operations, at April 30, 2018 and October 31, 2017 , we had a pension obligation liability of $1,261 and $1,008 , respectively, based on actuarial reports. The Polish operations recognized $54 and $111 of expense for the three and six months ended April 30, 2018 and $39 and $77 for the three and six months ended April 30, 2017 , respectively. For our Asian and other European operations, contributions are made to government sponsored programs or private pension funds. No unfunded liability exists for these operations. Early Adoption of ASU 2017-07 - Impact In accordance with the Company's early adoption of ASU 2017-07, we report the service cost component of the net periodic pension and post-retirement costs in the same line item in the statements of income as other compensation costs arising from services rendered by the employees during the period for both our U.S. and Non-U.S. Plans. The other components of net periodic pension and post-retirement costs are presented in the statement of income separately from the service cost component and outside a subtotal of operating income. Therefore, $54 and $57 of service costs are included in cost of sales and $284 and $306 of net periodic pension and other post-retirement costs are included in other expense, net in the condensed consolidated statements of income for the three months ended April 30, 2018 and 2017 , respectively, and $111 and $113 of service costs are included in cost of sales and $569 and $628 of net periodic pension and other post-retirement costs are included in other expense, net in the condensed consolidated statements of income for the six months ended April 30, 2018 and 2017 , respectively. Prior year amounts have been reclassified to conform to the current year presentation in our condensed consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Apr. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss [Text Block] | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss in stockholders' equity by component for the three months ended April 30, 2018 is as follows: Pension and Post Retirement Plan Liability Marketable Securities Adjustment Interest Rate Swap Adjustment (1) Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss Balance at January 31, 2018 $ (27,626 ) $ (109 ) $ (514 ) $ (5,286 ) $ (33,535 ) Other comprehensive income (loss) — 12 178 (7,902 ) (7,712 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 253 — 215 — 468 Net current-period other comprehensive income (loss) 253 12 393 (7,902 ) (7,244 ) Balance at April 30, 2018 $ (27,373 ) $ (97 ) $ (121 ) $ (13,188 ) $ (40,779 ) Changes in accumulated other comprehensive loss in stockholders' equity by component for the six months ended April 30, 2018 is as follows: Pension and Post Retirement Plan Liability Marketable Securities Adjustment Interest Rate Swap Adjustment (1) Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss Balance at October 31, 2017 $ (27,847 ) $ (2 ) $ (1,319 ) $ (13,069 ) $ (42,237 ) Other comprehensive income (loss) — (95 ) 703 (119 ) 489 Amounts reclassified from accumulated other comprehensive loss, net of tax 474 — 495 — 969 Net current-period other comprehensive income (loss) 474 (95 ) 1,198 (119 ) 1,458 Balance at April 30, 2018 $ (27,373 ) $ (97 ) $ (121 ) $ (13,188 ) $ (40,779 ) (1) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the condensed consolidated statements of income. |
Derivatives and Financial Instr
Derivatives and Financial Instruments Derivatives and Financial Instruments | 6 Months Ended |
Apr. 30, 2018 | |
Derivatives and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Derivatives and Financial Instruments The Company is exposed to, among other risks, the impact of changes in commodity prices, foreign currency exchange rates, and interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company does not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, the Company monitors counterparty credit ratings. The Company considers credit non-performance risk to be low because the Company enters into agreements with commercial institutions that have investment grade credit rating. During the first quarter of 2018, the Company early-adopted ASU 2017-02 "Derivatives and Hedging (Topic 815)" which was issued with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and to make certain targeted improvements to simplify the application of previously applicable hedge accounting guidance. This adoption did not have a material effect on our condensed consolidated financial statements, and did not result in any cumulative adjustment to equity as of the date of adoption. Our derivatives consist of a cross-currency swap and an interest rate swap, all of which are over-the-counter and not traded through an exchange. The Company uses widely accepted valuation tools to determine fair value, such as discounting cash flows to calculate a present value for the derivatives. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy. On March 1, 2018, we entered into a cross-currency swap in which we will settle interest on the notional amount in Euros and settle interest on the notional amount in dollars, both at a variable rate. The objective of the transaction is to protect the initial net investment in Brabant against adverse changes in the exchange rate between the US dollar and the Euro. Hedge effectiveness is assessed based upon changes in the spot foreign exchange rate. As such, the change in value of the cross-currency interest rate swap related to the change in spot rates is perfectly effective at offsetting changes in cumulative translation adjustment related to the portion of our net investment in Brabant up to the notional amount of the cross-currency interest rate swap. Under the cross-currency interest rate swap, we received €53,000 , on which we will settle interest at the 1-month Euribor rate, and we lent to the counterparty $64,930 , on which we will settle interest at the 1-month LIBOR rate. Interest payments will be made at the end of every month. The notional amounts in the respective currencies exchanged at the beginning of the cross-currency interest rate swap period will be repaid at the end of the cross-currency interest rate swap period on October 31, 2022. On February 25, 2014, we 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 our 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 our future interest rate at 2.74% plus the applicable margin as provided in the Fifth Amendment discussed above, on an amount of our 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 has 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, we designated the interest rate swap as a hedge of the variability of cash flows to be paid relative to our variable rate monies borrowed. Any ineffectiveness in the hedging relationship is recognized immediately into earnings. The following table discloses the fair value and balance sheet location of our derivative instruments: Liability Derivatives Balance Sheet April 30, October 31, Location 2018 2017 Net Investment Hedging Instruments: Cross-currency interest rate swap contract Other liabilities $(6) $— Cash Flow Hedging Instruments: Interest rate swap contracts Other liabilities $(433) $(2,088) As a result of the hedging relationships being highly effective, the net interest payments accrued each period are reflected in net income as adjustments of interest expense, and the remaining change in the fair value of the derivatives is recognized in accumulated other comprehensive loss ("AOCI"). The following table presents the effect of our derivative instruments on the condensed consolidated statements of income and the effects of hedging on those line items: Location Three Months Ended April 30, 2018 Six Months Ended April 30, 2018 Interest expense $2,645 $4,985 Effect of hedging $21 $301 Location Three Months Ended April 30, 2017 Six Months Ended April 30, 2017 Interest expense $4,200 $9,012 Effect of hedging $368 $786 |
Equity Matters
Equity Matters | 6 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock Incentive Compensation falls under the scope of ASC Topic 718 "Compensation – Stock Compensation" and affects the stock awards that have been granted and requires us to expense share-based payment ("SBP") awards with compensation cost for SBP transactions measured at fair value. For restricted stock and restricted stock units, we are computing fair value based on a 20 day Exponential Moving Average ("EMA") as of the close of business the Friday preceding the award date. For stock options, we have 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. In addition, we do not estimate a forfeiture rate at the time of grant, instead we elect to recognize share-based compensation expense when actual forfeitures occur. 2016 Equity and Incentive Compensation Plan Long-Term / Annual Incentives 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 our 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 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 option and / or appreciation rights is limited to 500 shares during any calendar year. Also, an individual's award of restricted shares, restricted share units and performance based awards is limited to 350 shares during any calendar year. The following table summarizes the Company’s Incentive Plan activity for the six months ended April 30, 2018 and 2017 : Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares 20 Day EMA Weighted Average Remaining Contractual Life Restricted Share Units 20 Day EMA Weighted Average Remaining Contractual Life November 1, 2016 90 $9.67 3.04 376 $6.40 1.83 22 $4.17 1.78 Granted — — 246 7.93 29 8.62 Options exercised or restricted stock vested (8 ) 9.79 (158 ) 5.71 (14 ) 4.17 Forfeited or expired (24 ) 13.38 (3 ) 10.10 — — April 30, 2017 58 $8.16 3.13 461 $7.19 1.83 37 $7.53 2.30 November 1, 2017 58 $8.16 2.53 441 $7.07 1.60 36 $7.69 1.82 Granted — — 268 8.06 18 7.90 Options exercised or restricted stock vested (11 ) 2.98 (183 ) 7.69 (15 ) 8.30 Forfeited or expired — — (8 ) 7.89 (11 ) 5.96 April 30, 2018 47 $9.37 2.32 518 $7.35 1.98 28 $8.14 1.93 We recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the three and six months ended April 30, 2018 and 2017 as follows: Three Months Ended April 30, Six Months Ended April 30, 2018 2017 2018 2017 Restricted stock $ 497 $ 395 $ 977 $ 771 Restricted stock units 29 24 65 46 Total $ 526 $ 419 $ 1,042 $ 817 Stock Options - The exercise price of each stock option equals the market price of our common stock on the grant date. Compensation expense is recorded at the grant date fair value, adjusted for forfeitures as they occur, and is recognized over the applicable vesting periods. Our stock options generally vest over three years, with a maximum term of ten years. Incentive stock options were not granted during the three and six months ended April 30, 2018 and 2017 . Cash received from the exercise of options for the three months ended April 30, 2018 and 2017 was $33 and $78 , respectively. Options that have an exercise price greater than the market price are excluded from the intrinsic value computation. At April 30, 2018 and October 31, 2017 , the options outstanding and exercisable had an intrinsic value of $47 and $137 , respectively. Restricted Stock Awards - The grant date fair value of each restricted stock award equals the fair value of our common stock based on a 20 day EMA as of the close of business on the Friday preceding the award date. Compensation expense is recorded at the grant date fair value, adjusted for forfeitures as they occur, and is recognized over the applicable vesting periods. The vesting periods range between one to four years. As of April 30, 2018 , there was approximately $3,101 of total unrecognized compensation expense related to non-vested restricted stock that is expected to be recognized over the applicable vesting periods. Restricted Stock Units - The grant date fair value of each restricted stock unit equals the fair value of our common stock based on a 20 day EMA as of the close of business on the Friday preceding the award date. Compensation expense is recorded at the grant date fair value, adjusted for forfeitures as they occur, and is recognized over the applicable vesting periods. The vesting periods range between one to three years. As of April 30, 2018 , there was approximately $193 of total unrecognized compensation expense related to these restricted stock units that is expected to be recognized over the applicable vesting periods. Cash Incentive Award Agreements - Under the provisions of the 2016 Plan, Cash Incentive Awards are granted annually to executives and director level employees. These awards were designed to provide the individuals with an incentive to participate in the long-term success and growth of the Company. The Cash Incentive Award amounts are based on 3-year return on capital employed and 3-year adjusted earnings before interest, taxes, depreciation and amortization goals, which could range from 0% to 200% based on the achievement of performance goals. The Cash Incentive Award Agreements cliff-vest after three years if the performance goals are achieved. These awards may be subject to payment upon a change in control or termination of employment, under certain circumstances, if certain performance goals are achieved. In addition, these awards represent unfunded, unsecured obligations of the Company. During the three and six months ended April 30, 2018 , we recorded expense related to these awards of $181 and $380 , respectively, and $210 and $282 during the three and six months ended April 30, 2017 . At April 30, 2018 and October 31, 2017 , we had a liability of $916 and $536 , respectively, related to these awards are presented as other accured expenses in the condensed consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Apr. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value of Financial Instruments 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. The methods that we use may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our 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: The Company has marketable securities that are recorded the Company’s condensed consolidated balance sheets and the fair value is measured using the closing stock price on the last business day of the quarter - a Level 1 observable input (Market Approach). At April 30, 2018 and October 31, 2017 , the marketable securities had an asset fair value of $64 and $194 , respectively. The Company has a cross-currency swap and interest rate swap instruments that are recorded in other liabilities in the Company’s condensed consolidated balance sheets and the fair value is measured using Level 2 observable inputs such as foreign currency exchange rates, swap rates, cross currency basis swap spreads and quoted interest rate curves. The discount rates for all derivative contracts are based on quoted swap interest rates or bank deposit rates (Income Approach). 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 our counterparties. At April 30, 2018 , the cross currency swap (net investment hedge of our European subsidiaries) and the interest rate swap had liability fair values of $6 and $433 , respectively. At October 31, 2017 , interest rate swap had a liability fair value of $2,088 . |
Restructuring Restructuring
Restructuring Restructuring | 6 Months Ended |
Apr. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During the fourth quarter of fiscal 2017 , management initiated restructuring activities such as consolidating manufacturing facilities, making geographical shifts to place production closer to customer facilities, provide a more global and scaleable organization, centralizing departments, optimizing our product plan, and capturing synergies. Management believes these strategic moves will result in a stronger and more agile Company. During the three and six months ended April 30, 2018 , respectively, we incurred $1,483 and $2,997 related to employee, professional, legal and other costs. We have incurred to date restructuring expenses of $7,774 . We expect to incur approximately an additional $9,200 over the next eighteen to twenty-four months. The benefits from this initiative are expected to provide savings with less than a three-year payback. Any future restructuring actions will depend upon market conditions, customer actions and other factors. The following table presents information about restructuring costs recorded for the three and six months ended April 30, 2018 : Three Months Ended April 30, 2018 Six Months Ended Professional and legal costs $ 281 $ 1,112 Employee costs 968 1,579 Other 234 306 $ 1,483 $ 2,997 The following table presents a rollforward of the beginning and ending liability balances related to the restructuring costs which are included in the condensed consolidated balance sheets in other accrued expenses for the above-mentioned actions through April 30, 2018 : Balance as of October 31, 2017 Restructuring Expense Payments Balance as of April 30, 2018 Employee costs $ 65 $ 1,579 $ 955 $ 689 Legal and professional costs 270 1,112 1,155 227 Other — 306 306 — $ 335 $ 2,997 $ 2,416 $ 916 |
Income Taxes Income Taxes
Income Taxes Income Taxes | 6 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income Taxes The provision for income taxes for the three months ended April 30, 2018 was an expense of $218 on income before income taxes of $4,243 for a consolidated effective tax rate of 5.1% . The provision for income taxes for the six months ended April 30, 2018 was a benefit of $2,840 on income before income taxes of $6,043 for a consolidated effective tax rate of (47.0)% . The consolidated effective tax rate for the year decreased primarily due to the enactment of the TCJA on December 22, 2017. On December 22, 2017, the TCJA was enacted into law, which changed various U.S. corporate income tax provisions within the existing Internal Revenue Code. The TCJA, among other things, lowered the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a modified territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. As a result, we are provisionally estimating our one-time non-cash net tax benefit related to the remeasurement of our U.S. deferred taxes to be approximately $3,126 and $840 for the three months ended January 31, 2018 and for the three months ended April 30, 2018, respectively. We have performed an analysis on taxes related to deemed repatriation of foreign earnings and concluded we have no liability based on information to date. We will continue to analyze the TCJA to assess the full effects on our financial results, including disclosures, for our fiscal year ending October 31, 2018 . In accordance with guidance provided by Staff Accounting Bulletin No. 118 (SAB 118), we have not completed our accounting for the tax effects of the TCJA; however, in certain cases, as described above, we have made a provisional estimate of the effects on our existing deferred tax balances and the one-time transition tax. Any adjustments to the provisional amounts will be recognized as a component of the provision for income taxes in the period in which such adjustments are determined, but in any event, no later than the fourth quarter of 2018, in accordance with SAB 118. The provision for income taxes for the three months ended April 30, 2017 was an expense of $2,323 on income before income taxes of $6,552 for a consolidated effective tax rate of 35.5% . The consolidated effective tax rate was impacted by foreign losses without a tax benefit. The provision for income taxes for the six months ended April 30, 2017 was an expense of $2,247 on income before income taxes of $4,458 for a consolidated effective tax rate of 50.4% . The consolidated effective tax rate was impacted by foreign losses without a tax benefit. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share | 6 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | —Earnings Per Share 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 awards, 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 six months ended April 30, 2018 and 2017 , approximately 308 and 7 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: Three Months Ended April 30, Six Months Ended April 30, 2018 2017 2018 2017 Net income available to common stockholders $ 4,025 $ 4,229 $ 8,883 $ 2,211 Basic weighted average shares 23,222 17,858 23,164 17,788 Effect of dilutive securities: Restricted share units and stock options 135 30 147 21 Diluted weighted average shares 23,357 17,888 23,311 17,809 Basic income per share $ 0.17 $ 0.24 $ 0.38 $ 0.12 Diluted income per share $ 0.17 $ 0.24 $ 0.38 $ 0.12 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Business Segment Information For the six months ended April 30, 2018 , we conducted our business and reported our information as one operating segment - Automotive and Commercial Vehicles. Our chief operating decision maker has been identified as the executive leadership team, which includes certain Vice Presidents, all Senior Vice Presidents plus the Chief Executive Officer of the Company. This team has the final authority over performance assessment and resource allocation decisions. In determining that one operating segment is appropriate, we considered the nature of the business activities, the existence of managers responsible for the operating activities and information presented to our 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 28.2% and 26.1% for the three and six months ended April 30, 2018 and 18.1% for both the three and six months ended April 30, 2017 , respectively. Net Revenues Net Revenues Three Months Ended April 30, Six Months Ended April 30, Geographic Region: 2018 2017 2018 2017 United States $ 213,560 $ 223,563 $ 403,018 $ 426,763 Europe $ 73,966 $ 42,503 122,345 78,172 Rest of World $ 9,814 $ 6,965 19,643 16,034 Total Company $ 297,340 $ 273,031 $ 545,006 $ 520,969 The foreign currency gain (loss) is included as a component of other expense, net in the condensed consolidated statements of income. Foreign Currency Gain (Loss) Foreign Currency Gain (Loss) Three Months Ended April 30, Six Months Ended April 30, Geographic Region: 2018 2017 2018 2017 Europe $ (187 ) $ (173 ) $ (318 ) $ (32 ) Rest of World $ 29 $ (131 ) $ 44 $ (404 ) Long-lived assets consist primarily of net property, plant and equipment, goodwill and intangibles. Long-Lived Assets Geographic Region: April 30, 2018 October 31, 2017 United States $ 239,252 $ 235,663 Europe 107,387 53,569 Rest of World 25,542 20,543 Total Company $ 372,181 $ 309,775 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [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 our officers (the President and Chief Executive Officer and Vice President of Finance and Treasurer). As amended, the lawsuit claims in part that we issued inaccurate information to investors about, among other things, our earnings and income and our 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 our 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. The District Court rendered an opinion and order granting our motion to dismiss the lawsuit on March 23, 2017. On April 6, 2017, the plaintiffs filed a motion for reconsideration of the dismissal order. We, in opposition to the plaintiff's motion, filed a motion for consideration of the dismissal on April 20, 2017 and the plaintiffs filed a reply motion in opposition for reconsideration on April 27, 2017. On July 7, 2017, the District Court denied the plaintiffs’ request to vacate the District Court’s March 23, 2017 order of dismissal and granted the plaintiff’s request to further amend their complaint. The plaintiffs filed their Second Amended Complaint on August 4, 2017. We filed our Motion to Dismiss the Second Amended Compliant on August 18, 2017. The plaintiffs’ filed their opposition brief on November 2, 2017 and we filed our reply in support of defendants’ motion to dismiss the second amended complaint on November 22, 2017. On March 16, 2018, the plaintiffs' filed a Notice of Supplemental Authority and we filed our response to such notice on March 23, 2018. 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 our 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 our 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, we are involved in legal proceedings, claims or investigations that are incidental to the conduct of our business. We vigorously defend ourselves against such claims. In future periods, we 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 our assessment of the merits of the particular claims, we do not expect that our legal proceedings or claims will have a material impact on our future consolidated financial condition, results of operations or cash flows. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2018 | |
Recent Accounting Standards [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards: Standard Description Effective Date Effect on our financial statements and other significant matters ASU 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This amendment allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "TCJA"). The amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported to financial statement users. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated financial statements or financial statement disclosures. ASU 2017-09 Compensation - Stock Compensation (Topic 718) This amendment clarifies when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The amendment should be adopted on a prospective basis. November 1, 2018 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated financial statements as it is not our practice to change either the terms or conditions of share-based payment awards once they are granted. ASU 2014-09 Revenue from Contracts with Customers The amendments require companies to recognize revenue when there is a transfer of 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 amendments should be applied on either a full or modified retrospective basis, which clarifies existing accounting literature relating to how and when a company recognizes revenue. The Financial Accounting Standards Board ("FASB"), through the issuance of Accounting Standards Updated ("ASU") No. 2015-14, " Revenue from Contracts with Customers, " approved a one year delay of the effective date 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 fiscal 2016, the FASB issued ASUs 2016-10, 2016-11 and 2016-12. 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. November 1, 2018. We will be adopting the new revenue standards in the first quarter of 2019 utilizing the modified retrospective transition method. To assess the impact of the new standard, the Company is analyzing the standard's impact on customer contracts, comparing its historical accounting policies and practices to the requirements of the new standard, and to identify potential differences from application of the new standard's requirements. While the Company has not yet completed its evaluation of the effects of adoption, the Company does not expect the adoption of the new revenue standards to have a material impact on its consolidated financial statements. ASU 2016-02 Leases This amendment requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers. The standard requires a modified retrospective transition for capital and operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial adoption. In January 2018, the FASB issued an amendment to ASC Topic 842 which permits companies to elect an optional transition practical expedient to not evaluate existing land easements under the new standard if the land easements were not previously accounted for under existing lease guidance. November 1, 2019 with early adoption permitted. We are in the process of evaluating the impact of adoption of this standard on our financial statements and disclosures. We are in the beginning stages of developing a project plan with key stakeholders throughout the organization and gathering and analyzing detailed information on existing lease arrangements. This includes evaluating the available practical expedients, calculating the lease asset and liability balances associated with individual contractual arrangements and assessing the disclosure requirements. In addition, we continue to monitor FASB amendments to ASC Topic 842. ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which was further amended in February and in March 2018 by ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and ASU 2018-04, Investments - Debt Securities (Topic 320) and Regulated Operations (Topic 980):Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 to clarify certain aspects of ASU 2016-01 and to update SEC interpretive guidance in connection with the provisions of ASU 2016-01. These ASUs provide guidance for the 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 OCI. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet in year of adoption. November 1, 2018 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. Recently Adopted Accounting Standards: Standard Description Adoption Date Effect on our financial statements and other significant matters ASU 2017-12 Derivatives and Hedging (Topic 815) This amendment changes how an entity assesses effectiveness of derivative instruments, potentially resulting in less ineffectiveness and more derivatives qualifying for hedge accounting. Entities may early adopt the standard in any interim period, with the effect of adoption being applied to existing hedging relationships as of the beginning of the fiscal year of adoption. November 1, 2017. The early adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. Please refer to Note 12 of the condensed consolidated financial statements for additional detail on this adoption. ASU 2017-07 Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This amendment requires the presentation of the service cost component of net benefit cost to be in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. All other components of net benefit cost should be presented separately from the service cost component and outside of a subtotal of earnings from operations, or separately disclosed. The amendments should be adopted on a retrospective basis. November 1, 2017. Prior to the adoption of ASU 2017-07, pension costs were reported as cost of sales and selling, general and administrative expenses on the Company's condensed consolidated statements of income. As a result of the early adoption of ASU 2017-07, we reclassified $306 and $628 from cost of sales and selling, general and administrative expenses to other expense, net on the condensed consolidated statements of income for the three and six months ended April 30, 2017, respectively. ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill impairment and consolidation. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the asset acquired would not represent a business. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. November 1, 2017. The adoption of this framework did not have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. ASU 2015-11 Inventory This amendment simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The amendment should be applied on a prospective basis. November 1, 2017. The adoption of these provisions did not have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. |
Derivatives and Financial Ins27
Derivatives and Financial Instruments Derivatives, Policy (Policies) | 6 Months Ended |
Apr. 30, 2018 | |
Derivatives, Policy [Abstract] | |
Derivatives, Policy [Policy Text Block] | The Company is exposed to, among other risks, the impact of changes in commodity prices, foreign currency exchange rates, and interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company does not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, the Company monitors counterparty credit ratings. The Company considers credit non-performance risk to be low because the Company enters into agreements with commercial institutions that have investment grade credit rating. During the first quarter of 2018, the Company early-adopted ASU 2017-02 "Derivatives and Hedging (Topic 815)" which was issued with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and to make certain targeted improvements to simplify the application of previously applicable hedge accounting guidance. This adoption did not have a material effect on our condensed consolidated financial statements, and did not result in any cumulative adjustment to equity as of the date of adoption. Our derivatives consist of a cross-currency swap and an interest rate swap, all of which are over-the-counter and not traded through an exchange. The Company uses widely accepted valuation tools to determine fair value, such as discounting cash flows to calculate a present value for the derivatives. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Standards | Recently Issued Accounting Standards: Standard Description Effective Date Effect on our financial statements and other significant matters ASU 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This amendment allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "TCJA"). The amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported to financial statement users. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated financial statements or financial statement disclosures. ASU 2017-09 Compensation - Stock Compensation (Topic 718) This amendment clarifies when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The amendment should be adopted on a prospective basis. November 1, 2018 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated financial statements as it is not our practice to change either the terms or conditions of share-based payment awards once they are granted. ASU 2014-09 Revenue from Contracts with Customers The amendments require companies to recognize revenue when there is a transfer of 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 amendments should be applied on either a full or modified retrospective basis, which clarifies existing accounting literature relating to how and when a company recognizes revenue. The Financial Accounting Standards Board ("FASB"), through the issuance of Accounting Standards Updated ("ASU") No. 2015-14, " Revenue from Contracts with Customers, " approved a one year delay of the effective date 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 fiscal 2016, the FASB issued ASUs 2016-10, 2016-11 and 2016-12. 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. November 1, 2018. We will be adopting the new revenue standards in the first quarter of 2019 utilizing the modified retrospective transition method. To assess the impact of the new standard, the Company is analyzing the standard's impact on customer contracts, comparing its historical accounting policies and practices to the requirements of the new standard, and to identify potential differences from application of the new standard's requirements. While the Company has not yet completed its evaluation of the effects of adoption, the Company does not expect the adoption of the new revenue standards to have a material impact on its consolidated financial statements. ASU 2016-02 Leases This amendment requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers. The standard requires a modified retrospective transition for capital and operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial adoption. In January 2018, the FASB issued an amendment to ASC Topic 842 which permits companies to elect an optional transition practical expedient to not evaluate existing land easements under the new standard if the land easements were not previously accounted for under existing lease guidance. November 1, 2019 with early adoption permitted. We are in the process of evaluating the impact of adoption of this standard on our financial statements and disclosures. We are in the beginning stages of developing a project plan with key stakeholders throughout the organization and gathering and analyzing detailed information on existing lease arrangements. This includes evaluating the available practical expedients, calculating the lease asset and liability balances associated with individual contractual arrangements and assessing the disclosure requirements. In addition, we continue to monitor FASB amendments to ASC Topic 842. ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which was further amended in February and in March 2018 by ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and ASU 2018-04, Investments - Debt Securities (Topic 320) and Regulated Operations (Topic 980):Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 to clarify certain aspects of ASU 2016-01 and to update SEC interpretive guidance in connection with the provisions of ASU 2016-01. These ASUs provide guidance for the 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 OCI. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet in year of adoption. November 1, 2018 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. Recently Adopted Accounting Standards: Standard Description Adoption Date Effect on our financial statements and other significant matters ASU 2017-12 Derivatives and Hedging (Topic 815) This amendment changes how an entity assesses effectiveness of derivative instruments, potentially resulting in less ineffectiveness and more derivatives qualifying for hedge accounting. Entities may early adopt the standard in any interim period, with the effect of adoption being applied to existing hedging relationships as of the beginning of the fiscal year of adoption. November 1, 2017. The early adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. Please refer to Note 12 of the condensed consolidated financial statements for additional detail on this adoption. ASU 2017-07 Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This amendment requires the presentation of the service cost component of net benefit cost to be in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. All other components of net benefit cost should be presented separately from the service cost component and outside of a subtotal of earnings from operations, or separately disclosed. The amendments should be adopted on a retrospective basis. November 1, 2017. Prior to the adoption of ASU 2017-07, pension costs were reported as cost of sales and selling, general and administrative expenses on the Company's condensed consolidated statements of income. As a result of the early adoption of ASU 2017-07, we reclassified $306 and $628 from cost of sales and selling, general and administrative expenses to other expense, net on the condensed consolidated statements of income for the three and six months ended April 30, 2017, respectively. ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill impairment and consolidation. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the asset acquired would not represent a business. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. November 1, 2017. The adoption of this framework did not have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. ASU 2015-11 Inventory This amendment simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The amendment should be applied on a prospective basis. November 1, 2017. The adoption of these provisions did not have a significant impact on the Company's condensed consolidated statement of financial position or financial statement disclosures. |
Business Combination Business29
Business Combination Business Combination (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The preliminary purchase price allocation was as follows: Cash and cash equivalents $ 2,792 Accounts receivable 22,719 Inventory 10,603 Other assets, net 2,026 Property, plant and equipment 54,034 Goodwill 408 Intangible assets 2,328 Accounts payable and accrued expenses (29,637 ) Net assets acquired $ 65,273 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: April 30, 2018 October 31, 2017 Raw materials $ 26,067 $ 23,389 Work-in-process 23,123 18,653 Finished goods 20,522 19,770 Total inventory $ 69,712 $ 61,812 |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following: April 30, October 31, Land and improvements $ 11,399 $ 11,416 Buildings and improvements 132,871 124,406 Machinery and equipment 556,177 504,785 Furniture and fixtures 23,781 22,209 Construction in progress 47,615 40,356 Total, at cost 771,843 703,172 Less: Accumulated depreciation 444,109 436,281 Property, plant and equipment, net $ 327,734 $ 266,891 |
Schedule of Capital Leased Assets [Table Text Block] | April 30, October 31, Leased Property: Machinery and equipment $ 6,890 $ 7,099 Less: Accumulated depreciation 2,728 2,420 Leased property, net $ 4,162 $ 4,679 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Total obligations under capital leases and future minimum rental payments to be made under capital leases at April 30, 2018 are as follows: Twelve Months Ended April 30, 2019 $ 848 2020 411 2021 1,949 3,208 Plus amount representing interest ranging from 3.05% to 3.77% 290 Future minimum rental payments $ 3,498 |
Goodwil and Intangible Assets (
Goodwil and Intangible Assets (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the six months ended April 30, 2018 are as follows: Balance October 31, 2017 $ 27,859 Acquisitions 408 Foreign currency translation 23 Balance April 30, 2018 $ 28,290 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The changes in the carrying amount of finite-lived intangible assets for the six months ended April 30, 2018 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2017 $ 11,648 $ 1,997 $ 31 $ 1,254 $ 95 $ 15,025 Acquisitions — 2,328 — — — 2,328 Amortization expense (666 ) (416 ) (8 ) (62 ) (8 ) (1,160 ) Foreign currency translation (3 ) (33 ) — — — (36 ) Balance April 30, 2018 $ 10,979 $ 3,876 $ 23 $ 1,192 $ 87 $ 16,157 |
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 at April 30, 2018 : Weighted Average Useful Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 13.2 17,568 $ (6,589 ) $ 10,979 Developed technology 9.1 7,300 (3,424 ) 3,876 Non-compete 2.3 824 (801 ) 23 Trade Name 14.8 1,875 (683 ) 1,192 Trademark 10.0 166 (79 ) 87 $ 27,733 $ (11,576 ) $ 16,157 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization expense related to intangible assets for the fiscal years ending is estimated to be as follows: Twelve Months Ended April 30, 2019 $ 2,026 2020 1,885 2021 1,878 2022 1,878 2023 1,876 Thereafter 6,614 $ 16,157 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt consists of the following: April 30, October 31, 2017 Credit Agreement—interest rate of 4.07% at April 30, 2018 and 3.88% at October 31, 2017 $ 253,200 $ 178,200 Equipment security note 221 482 Capital lease obligations 3,208 3,760 Insurance broker financing agreement 93 650 Total debt 256,722 183,092 Less: Current debt 1,162 2,027 Total long-term debt $ 255,560 $ 181,065 |
Schedule of Maturities of Debt [Table Text Block] | Scheduled repayments of debt for the next five years are listed below: Twelve Months Ending April 30, Credit Agreement Equipment Security Note Capital Lease Obligations Other Debt Total 2019 $ — $ 221 $ 848 $ 93 $ 1,162 2020 — — 411 — 411 2021 — — 1,949 — 1,949 2022 — — — — — 2023 253,200 — — — 253,200 Total $ 253,200 $ 221 $ 3,208 $ 93 $ 256,722 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Table) | 6 Months Ended |
Apr. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | The components of net periodic benefit cost for the three and six months ended April 30, 2018 and 2017 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended April 30, Three Months Ended April 30, 2018 2017 2018 2017 Interest cost $ 792 $ 820 $ 2 $ 3 Expected return on plan assets (840 ) (864 ) — — Amortization of net actuarial loss 328 377 2 2 Net periodic cost $ 280 $ 333 $ 4 $ 5 Pension Benefits Other Post-Retirement Benefits Six Months Ended April 30, Six Months Ended April 30, 2018 2017 2018 2017 Interest cost $ 1,584 $ 1,641 $ 5 $ 6 Expected return on plan assets (1,680 ) (1,728 ) — — Amortization of net actuarial loss 656 754 4 5 Net periodic cost $ 560 $ 667 $ 9 $ 11 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Loss (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss in stockholders' equity by component for the three months ended April 30, 2018 is as follows: Pension and Post Retirement Plan Liability Marketable Securities Adjustment Interest Rate Swap Adjustment (1) Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss Balance at January 31, 2018 $ (27,626 ) $ (109 ) $ (514 ) $ (5,286 ) $ (33,535 ) Other comprehensive income (loss) — 12 178 (7,902 ) (7,712 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 253 — 215 — 468 Net current-period other comprehensive income (loss) 253 12 393 (7,902 ) (7,244 ) Balance at April 30, 2018 $ (27,373 ) $ (97 ) $ (121 ) $ (13,188 ) $ (40,779 ) Changes in accumulated other comprehensive loss in stockholders' equity by component for the six months ended April 30, 2018 is as follows: Pension and Post Retirement Plan Liability Marketable Securities Adjustment Interest Rate Swap Adjustment (1) Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss Balance at October 31, 2017 $ (27,847 ) $ (2 ) $ (1,319 ) $ (13,069 ) $ (42,237 ) Other comprehensive income (loss) — (95 ) 703 (119 ) 489 Amounts reclassified from accumulated other comprehensive loss, net of tax 474 — 495 — 969 Net current-period other comprehensive income (loss) 474 (95 ) 1,198 (119 ) 1,458 Balance at April 30, 2018 $ (27,373 ) $ (97 ) $ (121 ) $ (13,188 ) $ (40,779 ) (1) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the condensed consolidated statements of income. |
Derivatives and Financial Ins36
Derivatives and Financial Instruments Derivatives and Financial Instruments (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Derivatives and Financial Instruments [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table discloses the fair value and balance sheet location of our derivative instruments: Liability Derivatives Balance Sheet April 30, October 31, Location 2018 2017 Net Investment Hedging Instruments: Cross-currency interest rate swap contract Other liabilities $(6) $— Cash Flow Hedging Instruments: Interest rate swap contracts Other liabilities $(433) $(2,088) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of our derivative instruments on the condensed consolidated statements of income and the effects of hedging on those line items: Location Three Months Ended April 30, 2018 Six Months Ended April 30, 2018 Interest expense $2,645 $4,985 Effect of hedging $21 $301 Location Three Months Ended April 30, 2017 Six Months Ended April 30, 2017 Interest expense $4,200 $9,012 Effect of hedging $368 $786 |
Equity Matters (Tables)
Equity Matters (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Schedule of share based compensation activity | The following table summarizes the Company’s Incentive Plan activity for the six months ended April 30, 2018 and 2017 : Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares 20 Day EMA Weighted Average Remaining Contractual Life Restricted Share Units 20 Day EMA Weighted Average Remaining Contractual Life November 1, 2016 90 $9.67 3.04 376 $6.40 1.83 22 $4.17 1.78 Granted — — 246 7.93 29 8.62 Options exercised or restricted stock vested (8 ) 9.79 (158 ) 5.71 (14 ) 4.17 Forfeited or expired (24 ) 13.38 (3 ) 10.10 — — April 30, 2017 58 $8.16 3.13 461 $7.19 1.83 37 $7.53 2.30 November 1, 2017 58 $8.16 2.53 441 $7.07 1.60 36 $7.69 1.82 Granted — — 268 8.06 18 7.90 Options exercised or restricted stock vested (11 ) 2.98 (183 ) 7.69 (15 ) 8.30 Forfeited or expired — — (8 ) 7.89 (11 ) 5.96 April 30, 2018 47 $9.37 2.32 518 $7.35 1.98 28 $8.14 1.93 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | We recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the three and six months ended April 30, 2018 and 2017 as follows: Three Months Ended April 30, Six Months Ended April 30, 2018 2017 2018 2017 Restricted stock $ 497 $ 395 $ 977 $ 771 Restricted stock units 29 24 65 46 Total $ 526 $ 419 $ 1,042 $ 817 |
Restructuring Restructuring (Ta
Restructuring Restructuring (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table presents information about restructuring costs recorded for the three and six months ended April 30, 2018 : Three Months Ended April 30, 2018 Six Months Ended Professional and legal costs $ 281 $ 1,112 Employee costs 968 1,579 Other 234 306 $ 1,483 $ 2,997 |
Schedule of Restructuring Reserve | The following table presents a rollforward of the beginning and ending liability balances related to the restructuring costs which are included in the condensed consolidated balance sheets in other accrued expenses for the above-mentioned actions through April 30, 2018 : Balance as of October 31, 2017 Restructuring Expense Payments Balance as of April 30, 2018 Employee costs $ 65 $ 1,579 $ 955 $ 689 Legal and professional costs 270 1,112 1,155 227 Other — 306 306 — $ 335 $ 2,997 $ 2,416 $ 916 |
Earnings Per Share Earnings P39
Earnings Per Share Earnings Per Share (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [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: Three Months Ended April 30, Six Months Ended April 30, 2018 2017 2018 2017 Net income available to common stockholders $ 4,025 $ 4,229 $ 8,883 $ 2,211 Basic weighted average shares 23,222 17,858 23,164 17,788 Effect of dilutive securities: Restricted share units and stock options 135 30 147 21 Diluted weighted average shares 23,357 17,888 23,311 17,809 Basic income per share $ 0.17 $ 0.24 $ 0.38 $ 0.12 Diluted income per share $ 0.17 $ 0.24 $ 0.38 $ 0.12 |
Business Segment Information Bu
Business Segment Information Business Segment Information (Tables) | 6 Months Ended |
Apr. 30, 2018 | |
Segments, Geographical Areas [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 28.2% and 26.1% for the three and six months ended April 30, 2018 and 18.1% for both the three and six months ended April 30, 2017 , respectively. Net Revenues Net Revenues Three Months Ended April 30, Six Months Ended April 30, Geographic Region: 2018 2017 2018 2017 United States $ 213,560 $ 223,563 $ 403,018 $ 426,763 Europe $ 73,966 $ 42,503 122,345 78,172 Rest of World $ 9,814 $ 6,965 19,643 16,034 Total Company $ 297,340 $ 273,031 $ 545,006 $ 520,969 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The foreign currency gain (loss) is included as a component of other expense, net in the condensed consolidated statements of income. Foreign Currency Gain (Loss) Foreign Currency Gain (Loss) Three Months Ended April 30, Six Months Ended April 30, Geographic Region: 2018 2017 2018 2017 Europe $ (187 ) $ (173 ) $ (318 ) $ (32 ) Rest of World $ 29 $ (131 ) $ 44 $ (404 ) |
Long-lived Assets by Geographic Areas [Table Text Block] | Long-lived assets consist primarily of net property, plant and equipment, goodwill and intangibles. Long-Lived Assets Geographic Region: April 30, 2018 October 31, 2017 United States $ 239,252 $ 235,663 Europe 107,387 53,569 Rest of World 25,542 20,543 Total Company $ 372,181 $ 309,775 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | $ (433) | $ (2,088) |
New Accounting Standards New 42
New Accounting Standards New Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2017 | Apr. 30, 2017 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 306 | $ 628 |
Business Combination Business43
Business Combination Business Combination (Details) - USD ($) $ in Thousands | Mar. 01, 2018 | Apr. 30, 2018 | Oct. 31, 2017 |
Business Acquisition [Line Items] | |||
Business Combination, Goodwill Recognized, Description | $ 28,290 | $ 27,859 | |
Brabant Italy Site Verres S.r.l. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 2,792 | ||
Business Combination, Acquired Receivables, Description | 22,719 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 10,603 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 2,026 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 54,034 | ||
Business Combination, Consideration Transferred | 65,273 | ||
Business Combination, Consideration Transferred, Other | 62,481 | ||
Business Combination, Goodwill Recognized, Description | 408 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,328 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ (29,637) | ||
Developed Technology Rights [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years |
Accounts Receivable Accounts 44
Accounts Receivable Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Accounts Receivable [Abstract] | |||||
Allowance for Doubtful Accounts | $ 1,051 | $ 1,051 | $ 1,271 | ||
Provision for Doubtful Accounts | 166 | 46 | |||
Bad debt benefit | $ (21) | $ (34) | |||
Accounts Receivable Factored | 14,803 | 7,567 | |||
Accounts receivable recourse liability | $ 12,319 | $ 12,319 | $ 8,072 |
Related Party Receivables (Deta
Related Party Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Related-party accounts receivable | $ 2,187 | $ 2,187 | $ 759 | ||
MTD Holdings Inc. [Member] | Significant Shareholder [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Revenue from Related Parties | 2,224 | $ 1,620 | 3,266 | $ 3,218 | |
Related-party accounts receivable | $ 2,187 | $ 2,187 | $ 759 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 26,067 | $ 23,389 |
Work-in-process | 23,123 | 18,653 |
Finished goods | 20,522 | 19,770 |
Total inventory | 69,712 | 61,812 |
Inventory Valuation Reserves | $ 5,646 | $ 5,535 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||||
Land and improvements | $ 11,399 | $ 11,399 | $ 11,416 | ||
Buildings and improvements | 132,871 | 132,871 | 124,406 | ||
Machinery and equipment | 556,177 | 556,177 | 504,785 | ||
Furniture and fixtures | 23,781 | 23,781 | 22,209 | ||
Construction in Progress | 47,615 | 47,615 | 40,356 | ||
Total, at cost | 771,843 | 771,843 | 703,172 | ||
Less: Accumulated depreciation | 444,109 | 444,109 | 436,281 | ||
Property, plant and equipment, net | 327,734 | 327,734 | $ 266,891 | ||
Depreciation | $ 10,702 | $ 9,818 | $ 20,254 | $ 18,971 |
Property, Plant and Equipment C
Property, Plant and Equipment Capital Leases Included in Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 6,890 | $ 7,099 |
Less: Accumulated depreciation | 2,728 | 2,420 |
Leased property, net | $ 4,162 | $ 4,679 |
Property, Plant and Equipment F
Property, Plant and Equipment Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Future Capital Lease Payments [Line Items] | ||
Long-term Debt | $ 253,514 | |
Plus amount representing interest ranging from 3.05% to 3.77% | 290 | |
Future minimum rental payments | $ 3,498 | |
Minimum [Member] | ||
Future Capital Lease Payments [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | |
Maximum [Member] | ||
Future Capital Lease Payments [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.77% | |
Capital Lease Obligations [Member] | ||
Future Capital Lease Payments [Line Items] | ||
2,019 | $ 848 | |
2,020 | 411 | |
2,021 | 1,949 | |
Long-term Debt | $ 3,208 | $ 3,760 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Changes in carrying amount of goodwill (Details) $ in Thousands | 6 Months Ended |
Apr. 30, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Acquired During Period | $ 408 |
Goodwill at beginning of period | 27,859 |
Foreign currency translation | 23 |
Goodwill at end of period | $ 28,290 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets Changes in carrying amount of finite-lived intangible assets (Details) $ in Thousands | 6 Months Ended |
Apr. 30, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | $ 15,025 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 2,328 |
Amortization expense | (1,160) |
Foreign currency translation and other | (36) |
Intangible Assets, Net, End of Period | 16,157 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 11,648 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 |
Amortization expense | (666) |
Foreign currency translation and other | (3) |
Intangible Assets, Net, End of Period | 10,979 |
Developed Technology Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 1,997 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 2,328 |
Amortization expense | (416) |
Foreign currency translation and other | (33) |
Intangible Assets, Net, End of Period | 3,876 |
Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 31 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 |
Amortization expense | (8) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | 23 |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 1,254 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 |
Amortization expense | (62) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | 1,192 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 95 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 |
Amortization expense | (8) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | $ 87 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Cost | $ 27,733 | $ 27,733 | |||
Accumulated Amortization | (11,576) | (11,576) | |||
Net | (16,157) | (16,157) | $ (15,025) | ||
Amortization of Intangible Assets | (595) | $ (564) | $ (1,160) | $ (1,129) | |
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 13 years 2 months 14 days | ||||
Cost | 17,568 | $ 17,568 | |||
Accumulated Amortization | (6,589) | (6,589) | |||
Net | (10,979) | $ (10,979) | (11,648) | ||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 1 month 1 day | ||||
Cost | 7,300 | $ 7,300 | |||
Accumulated Amortization | (3,424) | (3,424) | |||
Net | (3,876) | $ (3,876) | (1,997) | ||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 years 3 months 14 days | ||||
Cost | 824 | $ 824 | |||
Accumulated Amortization | (801) | (801) | |||
Net | (23) | $ (23) | (31) | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 14 years 9 months 14 days | ||||
Cost | 1,875 | $ 1,875 | |||
Accumulated Amortization | (683) | (683) | |||
Net | (1,192) | $ (1,192) | (1,254) | ||
Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years 14 days | ||||
Cost | 166 | $ 166 | |||
Accumulated Amortization | (79) | (79) | |||
Net | $ (87) | $ (87) | $ (95) |
Schedule of Amortization Expens
Schedule of Amortization Expense Next 5 Years (Details) $ in Thousands | Apr. 30, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,019 | $ 2,026 |
2,020 | 1,885 |
2,021 | 1,878 |
2,022 | 1,878 |
2,023 | 1,876 |
Thereafter | 6,614 |
Total Future Amortization | $ 16,157 |
Financing Balances at Period En
Financing Balances at Period End (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Debt Instrument [Line Items] | ||
Credit Agreement Interest Rate: | 4.07% | 3.88% |
Long-term Debt | $ 253,514 | |
Total Debt | 256,722 | $ 183,092 |
Debt, Current | 1,162 | 2,027 |
Long-term debt | 255,560 | 181,065 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 253,200 | 178,200 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 221 | 482 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 3,208 | 3,760 |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt | $ 93 | $ 650 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | Oct. 30, 2017 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate During Period | 4.03% | 4.84% | ||
Letters of Credit Outstanding, Amount | $ 5,241 | |||
Collateral Agreement | 65.00% | |||
Long-term Debt | $ 253,514 | |||
Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |||
Line of Credit Increase Maximum | 150,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 91,559 | |||
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% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 253,200 | $ 178,200 | ||
Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.47% | |||
Debt Instrument, Periodic Payment | $ 44 | |||
Long-term Debt | 221 | 482 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 3,208 | 3,760 | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Base Rate [Member] | Minimum [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Base Rate [Member] | Maximum [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Tranche B Facility [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||
Fixed Rate Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 314 | |||
Tranche A Facility [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | |||
Insurance Financing Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.05% | |||
Debt Instrument, Periodic Payment | $ 94 | |||
Short-term Debt | $ 93 | $ 650 |
Debt Maturities of Debt (Detail
Debt Maturities of Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 253,514 | |
2,019 | 1,162 | |
2,020 | 411 | |
2,021 | 1,949 | |
2,022 | 0 | |
2,023 | 253,200 | |
Total Debt | 256,722 | $ 183,092 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 253,200 | |
Long-term Debt | 253,200 | 178,200 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 221 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Long-term Debt | 221 | 482 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 848 | |
2,020 | 411 | |
2,021 | 1,949 | |
Long-term Debt | 3,208 | 3,760 |
2,019 | 848 | |
2,020 | 411 | |
2,021 | 1,949 | |
2,022 | 0 | |
2,023 | 0 | |
Total | 3,208 | |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 93 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Other Debt | $ 93 | $ 650 |
Components of Net Periodic Be57
Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 54 | $ 111 | ||
Domestic Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 792 | $ 820 | 1,584 | $ 1,641 |
Expected return on plan assets | (840) | (864) | (1,680) | (1,728) |
Amortization of net actuarial loss | 328 | 377 | 656 | 754 |
Net periodic (benefit) cost | 280 | 333 | 560 | 667 |
Pension Contributions | 450 | |||
Domestic Plan [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 2 | 3 | 5 | 6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 2 | 2 | 4 | 5 |
Net periodic (benefit) cost | $ 4 | $ 5 | $ 9 | $ 11 |
Pension and Other Post-Retire58
Pension and Other Post-Retirement Benefit Matters Non-U.S. Plans (Details) - POLAND - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | $ 1,261 | $ 1,261 | $ 1,008 | ||
Pension Contributions | $ 54 | $ 39 | $ 111 | $ 77 |
Pension and Other Post-Retire59
Pension and Other Post-Retirement Benefit Matters Early-Adoption of ASU 2017-07 - Impact (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 54 | $ 111 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 57 | $ 113 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 284 | $ 306 | $ 569 | $ 628 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2018 | Apr. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 188,321 | |
Net current-period other comprehensive income (loss) | 1,458 | |
Ending Balance | $ 199,738 | 199,738 |
Pension and Post Retirement Plan Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (27,626) | (27,847) |
Other comprehensive income (loss) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 253 | 474 |
Net current-period other comprehensive income (loss) | 253 | 474 |
Ending Balance | (27,373) | (27,373) |
Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (109) | (2) |
Other comprehensive income (loss) | 12 | (95) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 |
Net current-period other comprehensive income (loss) | 12 | (95) |
Ending Balance | (97) | (97) |
Interest Rate Swap Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (514) | (1,319) |
Other comprehensive income (loss) | 178 | 703 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 215 | 495 |
Net current-period other comprehensive income (loss) | 393 | 1,198 |
Ending Balance | (121) | (121) |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,286) | (13,069) |
Other comprehensive income (loss) | (7,902) | (119) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 |
Net current-period other comprehensive income (loss) | (7,902) | (119) |
Ending Balance | (13,188) | (13,188) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (33,535) | (42,237) |
Other comprehensive income (loss) | (7,712) | 489 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 468 | 969 |
Net current-period other comprehensive income (loss) | (7,244) | |
Ending Balance | $ (40,779) | $ (40,779) |
Derivatives and Financial Ins61
Derivatives and Financial Instruments Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Feb. 28, 2018 | Oct. 31, 2017 | Mar. 01, 2016 | Sep. 01, 2015 | Feb. 24, 2014 | |
Debt Instrument [Line Items] | |||||||||
Derivatives, Interest Rate Swap, Maturity | 5 years | ||||||||
Interest Expense | $ 2,645 | $ 4,200 | $ 4,985 | $ 9,012 | |||||
Interest Rate Swap [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, Notional Amount, Second Amount Per Base | $ 25,000 | ||||||||
Derivative, Incremental Amounts | $ 25,000 | ||||||||
Interest Expense [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 21 | $ 368 | 301 | $ 786 | |||||
Other Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability | (433) | (433) | $ (2,088) | ||||||
Other Liabilities [Member] | Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Liability | $ (6) | $ (6) | $ 0 | ||||||
Euro Member Countries, Euro | Cross Currency Interest Rate Contract [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $ 53,000 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $ 64,930 |
Weighted Average Assumptions fo
Weighted Average Assumptions for Grants (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2016 | |
Class of Stock [Line Items] | ||||
Number of Shares Available for Grant | 1,500,000 | |||
Employee Stock Option and / or Stock Appreication Righs (SARs) [Member] | ||||
Class of Stock [Line Items] | ||||
Maximum Number of Shares Per Employee | 500,000 | |||
Restricted Stock, Restricted Stock Units (RSUs) and Performance Based Awards [Member] | ||||
Class of Stock [Line Items] | ||||
Maximum Number of Shares Per Employee | 350,000 | |||
Restricted Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 7 months 5 days | |||
Employee Stock Option [Member] | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 6 months 10 days | 2 years 3 months 24 days | 3 years 1 month 18 days | 3 years 16 days |
Activity - Stock Option, Restri
Activity - Stock Option, Restricted Stock and Restricted Stock Units (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2016 | |
Employee Stock Option [Member] | ||||
Number of Shares | ||||
Options, Outstanding Beginning of Period | 58,166 | 89,666 | ||
Granted | 0 | |||
Exercised | (11,000) | (8,000) | ||
Canceled | 0 | (23,500) | ||
Options, Outstanding End of Period | 58,166 | 47,166 | 58,166 | 89,666 |
Weighted-Average Exercise Price | ||||
Options, Outstanding, Beginning of Period, Weighted Average Exercise Price Per Share | $ 8.16 | $ 9.67 | ||
Granted, Weighted Average Exercise Price Per Share | 0 | |||
Exercised, Weighted Average Exercise Price Per Share | 2.98 | 9.79 | ||
Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | 13.38 | ||
Options, Outstanding, End of Period, Weighted Average Exercise Price Per Share | $ 8.16 | $ 9.37 | $ 8.16 | $ 9.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 6 months 10 days | 2 years 3 months 24 days | 3 years 1 month 18 days | 3 years 16 days |
Restricted Stock [Member] | ||||
Weighted-Average Exercise Price | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 7 months 5 days | |||
Weighted Average Grant Date Fair Value Restricted Stock and RSUs | ||||
Nonvested, Beginning of Period | 441,282 | 376,340 | ||
Stock, Granted | 267,526 | 245,932 | ||
Stock, Vested | (183,124) | (157,512) | ||
Stock, Forfeited | (7,510) | (3,443) | ||
Nonvested, End of Period | 441,282 | 518,174 | 461,317 | 376,340 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period | $ 7.07 | $ 6.40 | ||
Granted, Weighted Average Grant Date Fair Value | 8.06 | 7.93 | ||
Vested, Weighted Average Grant Date Fair Value | 7.69 | 5.71 | ||
Forfeited, Weighted Average Grant Date Fair Value | 7.89 | 10.10 | ||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 7.07 | $ 7.35 | $ 7.19 | $ 6.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 11 months 22 days | 1 year 10 months | 1 year 10 months | |
Restricted Stock Units (RSUs) [Member] | ||||
Weighted Average Grant Date Fair Value Restricted Stock and RSUs | ||||
Nonvested, Beginning of Period | 35,815 | 21,539 | ||
Stock, Granted | 17,618 | 29,253 | ||
Stock, Vested | (15,341) | (13,574) | ||
Stock, Forfeited | (10,500) | 0 | ||
Nonvested, End of Period | 35,815 | 27,592 | 37,218 | 21,539 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period | $ 7.69 | $ 4.17 | ||
Granted, Weighted Average Grant Date Fair Value | 7.90 | 8.62 | ||
Vested, Weighted Average Grant Date Fair Value | 8.30 | 4.17 | ||
Forfeited, Weighted Average Grant Date Fair Value | 5.96 | 0 | ||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 7.69 | $ 8.14 | $ 7.53 | $ 4.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 9 months 25 days | 1 year 11 months 4 days | 2 years 3 months 20 days | 1 year 9 months 12 days |
Stock Based Compensation Equity
Stock Based Compensation Equity Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Class of Stock [Line Items] | ||||
Compensation Expense Recognized | $ 526 | $ 419 | $ 1,042 | $ 817 |
Employee Stock Option [Member] | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 47 | 137 | 47 | 137 |
Restricted Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Compensation Expense Recognized | 497 | 395 | 977 | 771 |
Compensation Cost, Nonvested Awards, Not yet Recognized | 3,101 | 3,101 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Class of Stock [Line Items] | ||||
Compensation Expense Recognized | 29 | $ 24 | 65 | $ 46 |
Compensation Cost, Nonvested Awards, Not yet Recognized | $ 193 | $ 193 |
Equity Matters Stock Based Comp
Equity Matters Stock Based Compensation Cash Incentive Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from Stock Options Exercised | $ 33 | $ 78 | |||
Compensation expense recognized | $ 526 | $ 419 | 1,042 | 817 | |
Cash Incentive Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense recognized | 181 | $ 210 | 380 | $ 282 | |
Liability | $ 916 | $ 916 | $ 536 | ||
Minimum [Member] | Cash Incentive Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance range | 0.00% | ||||
Maximum [Member] | Cash Incentive Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance range | 200.00% |
Fair Value of Financial Instr66
Fair Value of Financial Instruments Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Apr. 30, 2018 | Oct. 31, 2017 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | $ (433) | $ (2,088) |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 64 | $ 194 |
Cross Currency Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | $ (6) |
Restructuring Restructuring (De
Restructuring Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2018USD ($) | Apr. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | $ 1,483 | $ 2,997 |
Restructuring and Related Cost, Cost Incurred to Date | 7,774 | 7,774 |
Restructuring and Related Cost, Expected Cost Remaining | 9,200 | 9,200 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 335 | |
Restructuring Expense | 2,997 | |
Payments | 2,416 | |
Ending Balance | 916 | 916 |
Legal and Professional Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | 281 | 1,112 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 270 | |
Restructuring Expense | 1,112 | |
Payments | 1,155 | |
Ending Balance | 227 | 227 |
Employee Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | 968 | 1,579 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 65 | |
Restructuring Expense | 1,579 | |
Payments | 955 | |
Ending Balance | 689 | 689 |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | 234 | 306 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | |
Restructuring Expense | 306 | |
Payments | 306 | |
Ending Balance | $ 0 | $ 0 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Jan. 31, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense (Benefit) | $ 218 | $ 2,323 | $ (2,840) | $ 2,247 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 4,243 | $ 6,552 | $ 6,043 | $ 4,458 | |
Effective Income Tax Rate Reconciliation, Percent | 5.10% | 35.50% | (47.00%) | 50.00% | |
Remeasurement of Deferred Tax Liabilities | $ 840 | $ 3,126 |
Earnings Per Share Earnings P69
Earnings Per Share 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 | 6 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7 | 308 | ||
Net income available to common stockholders | $ 4,025 | $ 4,229 | $ 8,883 | $ 2,211 |
Basic weighted average number of common shares | 23,222 | 17,858 | 23,164 | 17,788 |
Restricted stock units and stock options (1) | 135 | 30 | 147 | 21 |
Diluted weighted average number of common shares | 23,357 | 17,888 | 23,311 | 17,809 |
Basic earnings per share | $ 0.17 | $ 0.24 | $ 0.38 | $ 0.12 |
Diluted earnings per share | $ 0.17 | $ 0.24 | $ 0.38 | $ 0.12 |
Business Segment Information 70
Business Segment Information Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Oct. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenue, Net | $ 297,340 | $ 273,031 | $ 545,006 | $ 520,969 | |
Long-Lived Assets | 372,181 | 372,181 | $ 309,775 | ||
UNITED STATES | Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | 213,560 | 223,563 | 403,018 | 426,763 | |
Long-Lived Assets | 239,252 | 239,252 | 235,663 | ||
Europe [Member] | Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | 73,966 | 42,503 | 122,345 | 78,172 | |
Foreign Currency Transaction Gain, before Tax | (187) | (173) | (318) | (32) | |
Long-Lived Assets | 107,387 | 107,387 | 53,569 | ||
Rest of World [Member] | Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | 9,814 | 6,965 | 19,643 | 16,034 | |
Foreign Currency Transaction Gain, before Tax | 29 | $ (131) | 44 | $ (404) | |
Long-Lived Assets | $ 25,542 | $ 25,542 | $ 20,543 | ||
Sales [Member] | Non-US [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 28.20% | 18.10% | 26.10% | 18.10% |