Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 31, 2019 | Mar. 11, 2019 | |
DEI [Abstract] | ||
Entity Registrant Name | SHILOH INDUSTRIES INC | |
Entity Central Index Key | 0000904979 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,708,904 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2019 | Oct. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 11,667 | $ 16,843 |
Accounts receivable, net | 175,852 | 209,733 |
Related-party accounts receivable | 1,727 | 996 |
Prepaid income taxes | 1,451 | 1,391 |
Inventories, net | 73,467 | 71,412 |
Prepaid expenses and other assets | 10,298 | 10,478 |
Other Assets, Current | 12,713 | 22,124 |
Total current assets | 287,175 | 332,977 |
Property, plant and equipment, net | 328,315 | 316,176 |
Goodwill | 27,609 | 27,376 |
Intangible assets, net | 14,490 | 14,939 |
Deferred income taxes | 7,314 | 5,665 |
Other assets | 11,099 | 12,542 |
Total assets | 676,002 | 709,675 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 813 | 1,327 |
Accounts payable | 168,749 | 177,400 |
Other accrued expenses | 50,247 | 63,031 |
Accrued income taxes | 130 | 1,874 |
Total current liabilities | 219,939 | 243,632 |
Long-term debt | 238,581 | 245,351 |
Long-term benefit liabilities | 15,647 | 15,553 |
Deferred income taxes | 819 | 2,894 |
Other liabilities | 3,076 | 2,723 |
Total liabilities | 478,062 | 510,153 |
Stockholders’ equity: | ||
Preferred stock, $.01 per share; 5,000,000 shares authorized; no shares issued and outstanding at January 31, 2018 and October 31, 2017, respectively | 0 | 0 |
Common stock, par value $.01 per share; 50,000,000 shares authorized; 23,347,545 and 23,121,957 shares issued and outstanding at January 31, 2018 and October 31, 2017, respectively | 237 | 234 |
Paid-in capital | 114,947 | 114,405 |
Retained earnings | 131,115 | 135,813 |
Accumulated other comprehensive loss, net | (48,359) | (50,930) |
Total stockholders’ equity | 197,940 | 199,522 |
Total liabilities and stockholders’ equity | $ 676,002 | $ 709,675 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - Parentheticals - $ / shares | Jul. 31, 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 | 23,347,545 | 23,172,792 |
Common Stock, Shares, Outstanding | 23,347,545 | 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 Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Net revenues | $ 258,933 | $ 247,666 |
Cost of sales | 245,242 | 219,776 |
Gross profit | 13,691 | 27,890 |
Selling, general and administrative expenses | 16,085 | 21,240 |
Amortization of intangible assets | 521 | 565 |
Restructuring | 3,006 | 1,514 |
Operating (loss) income | (5,921) | 4,571 |
Interest expense | 3,355 | 2,340 |
Interest income | (5) | (5) |
Other (income) expense, net | (1,486) | 436 |
Income (loss) before income taxes | (7,785) | 1,800 |
Provision (benefit) for income taxes | (3,087) | (3,058) |
Net income (loss) | $ (4,698) | $ 4,858 |
Earnings Per Share | ||
Basic earnings (loss) per share | $ (0.20) | $ 0.21 |
Basic weighted average number of common shares | 23,385 | 23,107 |
Diluted earnings (loss) per share | $ (0.20) | $ 0.21 |
Diluted weighted average number of common shares | 23,385 | 23,287 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (4,698) | $ 4,858 |
Amortization of net actuarial loss | 288 | 328 |
Income tax benefit (provision) | (66) | (107) |
Total defined benefit pension plans & other post retirement benefits, net of tax | 222 | 221 |
Unrealized loss on marketable securities | 0 | (144) |
Income tax benefit (provision) | 0 | 37 |
Realized income | 18 | 0 |
Total marketable securities, net of tax | 18 | (107) |
Unrealized (loss) gain on interest rate swap agreements | (571) | 866 |
Income tax benefit (provision) | 111 | (341) |
Reclassification adjustments for settlement of derivatives included in net income (loss) | 86 | 280 |
Change in fair value of derivative instruments, net of tax | (374) | 805 |
Foreign currency translation gain (loss) | 2,705 | 7,783 |
Unrealized gain (loss) on foreign currency translation | 2,705 | 7,783 |
Comprehensive income (loss), net | $ (2,127) | $ 13,560 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (4,698) | $ 4,858 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 11,860 | 10,117 |
Restructuring | 1,043 | 277 |
Amortization of deferred financing costs | 297 | 309 |
Deferred income taxes | (3,918) | (3,551) |
Stock-based compensation expense | 545 | 516 |
(Gain) loss on sale of assets | (2,915) | (12) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 20 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 40,283 | 32,313 |
Inventories | 704 | (671) |
Prepaids and other assets | 1,059 | (6,044) |
Payables and other liabilities | (34,138) | (23,522) |
Prepaid and accrued income taxes | (3,781) | (2,950) |
Net cash provided by operating activities | 6,361 | 11,640 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (15,661) | (9,885) |
Proceeds from sale of assets | 10,858 | 0 |
Net cash used for investing activities | (4,803) | (9,885) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of capital leases | (201) | (223) |
Proceeds from long-term borrowings | 61,600 | 46,900 |
Repayments of long-term borrowings | (68,300) | (45,370) |
Payment of deferred financing costs | 0 | (57) |
Net cash used for financing activities | (6,901) | 1,250 |
Effect of foreign currency exchange rate fluctuations on cash | 167 | (675) |
Net increase (decrease) in cash and cash equivalents | (5,176) | 2,330 |
Cash and cash equivalents at beginning of period | 16,843 | 8,736 |
Cash and cash equivalents at end of period | $ 11,667 | $ 11,066 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jan. 31, 2019 | |
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, 2018 . Revenues and operating results for the three months ended January 31, 2019 are not necessarily indicative of the results to be expected for the full year. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Jan. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards Recently Issued Accounting Standards: Standard Description Effective Date Effect on our financial statements and other significant matters ASU 2018-15 Goodwill and Other-Internal-Use Software The amendments apply to the accounting for implementation, setup and other upfront costs (collectively referred to as implementation costs) for entities that are a customer in a hosting arrangement and align the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments also require customers to expense capitalized implementation costs over the term of the hosting arrangement and in the same line on the income statement as the fees associated with the hosting service and payments for the capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting service. November 1, 2020 with early adoption permitted. We are in the process of evaluating the impact of adoption of this standard on our financial statements and disclosures. Standard Description Effective Date Effect on our financial statements and other significant matters 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 which clarifies certain areas within ASU 2016-02. ASU 2018-11 Targeted Improvements to Topic 842, Leases. This amendment provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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. Recently Adopted Accounting Standards: Standard Description Adoption Date Effect on our financial statements and other significant matters 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 The adoption of this framework did not have a material impact on Shiloh's financial position, results of operations or financial statement disclosures. Shiloh's awards are rarely modified after grant. Standard Description Adoption Date Effect on our financial statements and other significant matters 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 Refer to Note 3. ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities This amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Most prominent among the amendments is the requirement for changes in the fair value of the Company's equity investments, with certain exceptions, to be recognized through net income rather than other comprehensive income ("OCI"). The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet in year of adoption. November 1, 2018 The adoption of this framework did not have a significant impact on Shiloh's financial position, results of operations or financial statement disclosures. Standard Description Adoption Date Effect on our financial statements and other significant matters ASU 2018-09 Codification Improvements These amendments provide clarifications and corrections to certain ASC subtopics including the following: Income Statement - Reporting Comprehensive Income – Overall (Topic 220-10), Debt - Modifications and Extinguishments (Topic 470-50), Distinguishing Liabilities from Equity – Overall (Topic 480-10), Compensation - Stock Compensation - Income Taxes (Topic 718-740), Business Combinations - Income Taxes (Topic 805-740), Derivatives and Hedging – Overall (Topic 815-10) and Fair Value Measurement – Overall (Topic 820-10). The majority of the amendments will be effective November 1, 2019 while others were effective upon the issuance of the ASU. Adoption of the clarifications and corrections in this ASU did not have a material impact on Shiloh's financial position, results of operations or financial statement disclosures. |
Revenue
Revenue | 3 Months Ended |
Jan. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue On November 1, 2018, we adopted ASU 2014-09, ASC Topic 606, " Revenue from Contracts with Customers " using the modified retrospective transition method with no impact to previously reported periods and no adjustment to retained earnings as of November 1, 2018 as there was no impact to previously reported revenue or expenses associated with the adoption of ASC 606. The new guidance requires new disclosures regarding the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new standard recognizes revenue when a customer obtains control rather than when substantially all the risks and rewards of a good or service are transferred. The new guidance supersedes most existing revenue recognition guidance, including industry-specific guidance. We manufacture and sell products, primarily to original equipment manufacturers ("OEMs") and to OEMs through Tier 1 suppliers. We enter into contracts with customers that create enforceable rights and obligations for the sale of those products. While certain production is provided under awarded multi-year programs, these programs do not contain any commitment to volume by the customer. Individual customer volume releases, blanket purchase orders, supply agreements, terms and conditions represent the contract with the customer. Volume releases are limited to near-term customer requirements generally with delivery periods within a few weeks. We do not have contract assets or liabilities as defined under ASC 606. Each unit produced represents a separate performance obligation. Customer contracts do not provide an enforceable right to payment for performance completed throughout the production process. As such, product revenue is recognized at the point in time when shipment occurs and control has been transferred to the customer. We participate in certain customers’ materials repurchase programs, under which we purchase materials directly from a customer’s designated supplier, for use in manufacturing products for that customer. We take delivery and title to such materials and bear the risk of loss and obsolescence. We invoice customers based upon negotiated selling prices, which inherently include a component for materials under such repurchase programs. We have risks and rewards of a principal, and as such, for transactions in which we participate in customers' materials resale programs, revenue is recognized on a gross basis for the entire amount, including the component for purchases under that customers' material resale programs. We provide customers with standard warranties customary in the industry that products will operate as intended or designed, which are not separate performance obligations under ASC 606. We do not provide customers with the right to a refund, but provide for product replacement. Returns or refunds for nonconforming products are not separate performance obligations applicable to Shiloh's contract arrangements with customers. We continue to include shipping and handling fees billed to customers in revenue, while including costs of shipping and handling in costs of sales as a fulfillment cost. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate government agencies. Payment terms with customers are established based on industry and regional practices and do not exceed 180 days. Disaggregation of Net Revenues Net Revenues Three Months Ended January 31, Region: 2019 2018 North America $ 195,145 $ 200,698 Europe & Asia $ 68,678 $ 51,725 Eliminations $ (4,890 ) $ (4,757 ) Total Company $ 258,933 $ 247,666 |
Acquisitions
Acquisitions | 3 Months Ended |
Jan. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ote 4—Acquisitions On March 1, 2018 , a subsidiary of the Company acquired all of the issued and outstanding capital 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 acquisitions were accounted for as business combinations under the acquisition method in accordance with the FASB ASC Topic 805, Business Combinations . The acquisitions complement Shiloh’s global footprint with the expansion of aluminum and magnesium casting capabilities, while providing capacity for growth. The aggregate fair value of consideration transferred was $65,273 ( $62,514 net of cash acquired), on the date of the acquisitions. Brabant acquisitions have 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. |
Accounts Receivable, Net Accoun
Accounts Receivable, Net Accounts Receivable, Net | 3 Months Ended |
Jan. 31, 2019 | |
Accounts Receivable [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net is expected to be collected within one year and is net of an allowance for doubtful accounts in the amount of $1,011 and $676 at January 31, 2019 and October 31, 2018 , respectively. We recognized bad debt expense of $329 and a benefit of $120 from receivables previously expensed for the three months ended January 31, 2019 and 2018 , respectively, in the condensed consolidated statement of operations. 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 and commercial vehicle 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 agreements address 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 $8,903 and $13,545 as of January 31, 2019 and October 31, 2018 , respectively. As these sales of accounts receivable are with recourse, $7,808 and $11,742 were recorded in accounts payable as of January 31, 2019 and October 31, 2018 , 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 client’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 in the accompanying condensed consolidated statements of operations. |
Related Party Receivables
Related Party Receivables | 3 Months Ended |
Jan. 31, 2019 | |
Related Party Receivables [Abstract] | |
Related Party Receivables | Related Party Receivables MTD Products Inc. and MTD Holdings LLC are affiliates of Oak Tree Holdings LLC, which is a greater than 5% beneficial owner of the Company's shares of Common Stock. Sales to MTD Products Inc. and its affiliates were $1,857 and $1,042 for the three months ended January 31, 2019 and 2018 , respectively. At January 31, 2019 and October 31, 2018 , we had related party receivable balances of $1,727 and $996 , respectively, due from MTD Products Inc. and its affiliates. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Jan. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net Inventories, net consist of the following: January 31, 2019 October 31, 2018 Raw materials $ 30,007 $ 28,457 Work-in-process 26,350 24,435 Finished goods 21,402 21,637 Reserves $ (4,292 ) $ (3,117 ) Total inventory $ 73,467 $ 71,412 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill: The changes in the carrying amount of goodwill for the three months ended January 31, 2019 are as follows: Balance October 31, 2018 $ 27,376 Foreign currency translation 233 Balance January 31, 2019 $ 27,609 Intangible Assets The changes in the carrying amount of finite-lived intangible assets for the three months ended January 31, 2019 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2018 $ 10,311 $ 3,404 $ 15 $ 1,131 $ 78 $ 14,939 Amortization expense (333 ) (99 ) (4 ) (31 ) (4 ) (471 ) Foreign currency translation 1 21 — — — 22 Balance January 31, 2019 $ 9,979 $ 3,326 $ 11 $ 1,100 $ 74 $ 14,490 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: January 31, 2019 Weighted Average Useful Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 7.7 17,565 $ (7,586 ) $ 9,979 Developed technology 9.6 7,186 (3,860 ) 3,326 Non-compete 0.7 824 (813 ) 11 Trade Name 8.9 1,875 (775 ) 1,100 Trademark 4.5 166 (92 ) 74 $ 27,616 $ (13,126 ) $ 14,490 Total amortization expense for the three months ended January 31, 2019 and 2018 was $521 and $565 , respectively. A favorable lease asset of $1,458 was acquired as part of the Brabant acquisitions in fiscal 2018 with a 7 year useful life. Amortization expense of $50 for this asset is included in the amortization of intangible assets and the balance of $1,180 is included within other assets for the three months ended January 31, 2019 . Amortization expense related to intangible assets and the favorable lease asset for the following fiscal years ending is estimated to be as follows: Twelve Months Ended January 31, 2020 $ 2,078 2021 2,067 2022 2,067 2023 2,067 2024 2,059 Thereafter 5,332 $ 15,670 |
Financing Arrangements
Financing Arrangements | 3 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements [Text Block] | Financing Arrangements Debt consists of the following: January 31, October 31, 2018 Credit Agreement—interest rate of 5.04% at January 31, 2019 and 4.59% at October 31, 2018 $ 236,600 $ 243,300 Capital lease obligations 2,468 2,640 Insurance broker financing agreement 326 738 Total debt 239,394 246,678 Less: Current debt 813 1,327 Total long-term debt $ 238,581 $ 245,351 At January 31, 2019 , we had total debt, excluding capital leases, of $236,926 , consisting of a revolving line of credit under the Credit Agreement of floating rate debt of $236,600 , which considers interest rate swap agreements in Note 12 and fixed rate debt of $326 . The weighted average interest rate of all debt was 5.03% and 3.88% for the three months ended January 31, 2019 and 2018 , respectively. Revolving Credit Facility: The Company and its subsidiaries are party to a Credit Agreement, dated October 25, 2013, as amended (the "Credit Agreement") with Bank of America, N.A., as Administrative Agent, Swing Line Lender, Dutch Swing Line Lender and L/C Issuer, JPMorgan Chase Bank, N.A. as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and The Huntington National Bank, N.A., as Co-Documentation Agents and the other lender parties thereto. On October 31, 2017 , we executed the 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 Amendment extended the commitment period to October 31, 2022. On July 31, 2017, we executed the Seventh Amendment which modifies investments in subsidiaries and various cumulative financial covenant thresholds, in each case, under the Credit Agreement. The 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. On October 30, 2015, we executed the Fifth Amendment which increased the permitted leverage ratio with periodic reductions beginning after July 30, 2016. In addition, the Amendment permitted various investments as well as up to $40,000 aggregate outstanding principal amount of subordinated indebtedness, subject to certain conditions. Finally, the Amendment provided for a consolidated fixed charge coverage ratio, and provided for up to $50,000 of capital expenditures by the Company and our subsidiaries throughout the year ending October 31, 2016, subject to certain quarterly baskets. On April 29, 2015, we executed the Fourth Amendment to the Credit Agreement that maintained the commitment period of September 29, 2019 and allowed for an incremental increase of $25,000 (or if certain ratios are met, $100,000 ) to the original revolving commitments of $360,000 , subject to our pro forma compliance with financial covenants, the administrative agent's approval, and the Company obtaining commitments for such increase. The Fourth Amendment included scheduled commitment reductions beginning after January 30, 2016 totaling $30,000 , allocated proportionately between the Aggregate Revolving A and B commitments. On April 30, 2016, the first committed reduction of $5,000 decreased the existing revolving commitment to $355,000 , subject to our pro forma compliance with financial covenants. 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 Fifth Amendment provided for an interest rate margin on LIBOR loans of 1.5% to 3.0% and of 0.5% to 2.0% 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 January 31, 2019 and October 31, 2018 . After considering letters of credit of $5,931 that we have issued, unused commitments under the Credit Agreement were $107,469 as of January 31, 2019 . Actual borrowing capacity is subject to Credit Agreement covenants. 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 66% of the stock of our foreign subsidiaries. Other Debt: On August 1, 2018, we entered into a finance agreement with an insurance broker for various insurance policies that bears interest at a fixed rate of 2.55% and requires monthly payments of $94 through May 2019 . As of January 31, 2019 , $326 of principal 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 2019 and 2020. As of January 31, 2019 , the present value of minimum lease payments under our capital leases amounted to $2,468 . Scheduled repayments of debt for the next five years are listed below: Twelve Months Ending January 31, Credit Agreement Capital Lease Obligations Other Debt Total 2020 $ — $ 487 $ 326 $ 813 2021 — 1,981 — 1,981 2022 — — — — 2023 236,600 — — 236,600 2024 — — — — Total $ 236,600 $ 2,468 $ 326 $ 239,394 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Matters | 3 Months Ended |
Jan. 31, 2019 | |
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 months ended January 31, 2019 and 2018 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended January 31, Three Months Ended January 31, 2019 2018 2019 2018 Interest cost $ 841 $ 792 $ 3 $ 3 Expected return on plan assets (835 ) (840 ) — — Amortization of net actuarial loss 287 328 1 2 Net periodic cost $ 293 $ 280 $ 4 $ 5 We were not required to and therefore did not contribute to our U.S. pension plans during the three months ended January 31, 2019 and 2018 . We expect to contribute at least $1,620 to our U.S. pension plans in fiscal 2019. We report the service cost component of the net periodic pension and post-retirement costs in the same caption as other compensation costs arising from services rendered. The other components of net period costs are presented outside of operating income in other (income) expense, net. Non-U.S. Plans For our Swedish operations, the majority of the pensions obligations are covered by insurance policies with insurance companies. Pension commitments in our Polish operations were $1,166 at January 31, 2019 and $1,081 at October 31, 2018 . The liability represents the present value of future obligations and is calculated on an actuarial basis. The Polish operations recognized expense of $86 and $57 for the three months ended January 31, 2019 and 2018 , respectively. The insurance contracts guarantee a minimum rate of return. We have no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jan. 31, 2019 | |
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 January 31, 2019 is as follows: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2018 $ (29,137 ) $ (18 ) $ 104 $ (21,879 ) $ (50,930 ) Other comprehensive income (loss), net of tax — — (460 ) 2,705 2,245 Amounts reclassified from accumulated other comprehensive loss 222 18 86 — 326 Net current-period other comprehensive income (loss) 222 18 (374 ) 2,705 2,571 Balance at January 1, 2019 $ (28,915 ) $ — $ (270 ) $ (19,174 ) $ (48,359 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with other expense included on the statements of operations. (2) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the statements of operations. (3) The net investment derivative instrument is recognized in accumulated other comprehensive loss and reclassified to income in the same period when a gain or loss related to that net investment in foreign operation is included in income. |
Derivatives and Financial Instr
Derivatives and Financial Instruments Derivatives and Financial Instruments | 3 Months Ended |
Jan. 31, 2019 | |
Derivative 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 financial 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 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 U.S. 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 in Note 9 - Financing Arrangements, 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: Asset (Liability) Derivatives Balance Sheet Location January 31, 2019 October 31, 2018 Net Investment Hedging Instruments: Cross-currency interest rate swap contract Other assets $ 3,857 $ 4,432 Cash Flow Hedging Instruments: Interest rate swap contracts (Other liabilities) Other assets $ (350 ) $ 135 As a result of the hedging relationships being highly effective, the net interest payments accrued each period are reflected in net income (loss) as adjustments of interest expense, and the remaining change in the fair value of the derivatives is recognized in accumulated other comprehensive loss ("AOCI"). Derivative activity is included in interest expense and cash paid for interest. The following table presents the effect of our derivative instruments on the condensed consolidated statements of operations and the effects of hedging on those line items: Location January 31, 2019 January 31, 2018 Interest expense $ 3,355 $ 2,340 Effect of hedging on interest expense $ (368 ) $ 280 |
Stock Incentive Compensation
Stock Incentive Compensation | 3 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Stock Incentive Compensation | Stock Incentive Compensation Stock Incentive Compensation requires us to expense share-based payment awards granted. Compensation cost for share-based payments transactions are measured at fair value. For stock options, we 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. New restricted stock and restricted stock units grants are valued at the closing market price of our common stock on the date of grant. We do not estimate a forfeiture rate at the time of grant. Instead, we 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 1,500,000 shares of Common Stock, subject to adjustment upon occurrence of certain events to prevent dilution or expansion of the rights of participants that might otherwise result from the occurrence of such events, was reserved for issuance pursuant to the Incentive Plan. An individual’s award of option and / or appreciation rights is limited to 500,000 shares during any calendar year. Also, an individual's award of restricted shares, restricted share units and performance based awards is limited to 350,000 shares during any calendar year. The following table summarizes the Company’s Incentive Plan activity for the three months ended January 31, 2019 and 2018 : Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares Grant Fair Value Weighted Average Remaining Contractual Life Restricted Share Units Grant Fair Value Weighted Average Remaining Contractual Life November 1, 2017 58 $8.16 2.53 441 $7.07 1.60 36 $7.69 1.82 Granted — — 220 8.20 12 8.20 Options exercised or restricted stock vested — — (88 ) 8.48 (7 ) 7.06 Forfeited or expired — — (1 ) 7.06 — — January 31, 2018 58 $8.16 2.27 572 $7.29 2.22 41 $7.94 1.89 November 1, 2018 33 $9.42 1.84 478 $7.45 1.87 26 $8.17 1.37 Granted — — 294 7.06 22 6.96 Options exercised or restricted stock vested — — (123 ) 7.66 (6 ) 7.68 Forfeited or expired — — (32 ) 7.24 — January 31, 2019 33 $9.42 1.59 617 $7.23 2.36 42 $7.60 2.31 We recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the three months ended January 31, 2019 and 2018 as follows: Three Months Ended January 31, 2019 2018 Restricted stock $ 509 $ 480 Restricted stock units 36 36 Total $ 545 $ 516 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 months ended January 31, 2019 and 2018 . During the three months ended January 31, 2019 and 2018 , stock options were not exercised. Options that have an exercise price greater than the market price are excluded from the intrinsic value computation. At January 31, 2019 and October 31, 2018 , the options outstanding and exercisable had an intrinsic value of $7 and $42 , respectively. Restricted Stock Awards - New restricted stock grants are valued at the closing 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. The vesting periods range between one to three years. As of January 31, 2019 , there was approximately $3,704 of total unrecognized compensation expense related to non-vested restricted stock that is expected to be recognized over the next three fiscal years. Restricted Stock Units - New restricted stock unit grants are valued at the closing 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. The vesting periods range between one to three years. As of January 31, 2019 , there was approximately $245 of total unrecognized compensation expense related to these restricted stock units that is expected to be recognized over the applicable vesting periods. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value of Financial Instruments 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 at January 31, 2019 and October 31, 2018 are set forth in the table below: Asset (Liability) Level 1 Level 2 Valuation Technique October 31, 2018 Cross-Currency Interest Rate Swap $ 4,432 — $ 4,432 Income Approach Interest Rate Swap Contracts 135 — 135 Income Approach Marketable Securities 21 21 — Market Approach January 31, 2019 Cross-Currency Interest Rate Swap $ 3,857 — $ 3,857 Income Approach Interest Rate Swap Contracts (350 ) — (350 ) Income Approach Marketable Securities 23 23 — Market Approach We calculate the fair value of our cross-currency and interest rate swap contracts using quoted interest rate curves to calculate forward values and then discount the forward values. The discount rates for all derivative contracts are based on quoted swap interest rates or bank deposit rates. For contracts which, when aggregated by counterparty, are in a liability position, the rates are adjusted by the credit spread that market participants would apply if buying these contracts from our counterparties. We calculate the fair value of our marketable securities by using the closing stock price on the last business day of the quarter. |
Restructuring Restructuring
Restructuring Restructuring | 3 Months Ended |
Jan. 31, 2019 | |
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, providing 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 months ended January 31, 2019 and 2018 , respectively, we incurred $3,006 and $1,514 related to employee, professional, legal and other restructuring related costs. Pendergrass assets held for sale of $1,257 are included in other current assets at January 31, 2019 . We have incurred restructuring expenses of $14,396 to date. We expect to incur additional costs over the next twelve months. 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 months ended January 31, 2019 : January 31, 2019 January 31, 2018 Employee costs $ 553 $ 611 Professional and legal costs 1,242 831 Other 1,211 72 $ 3,006 $ 1,514 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 January 31, 2019 : Balance as of October 31, 2018 Restructuring Expense Payments Balance as of January 31, 2019 Employee costs $ 367 553 181 $ 739 Professional and legal costs 248 1,242 $ 571 919 Other — 1,211 $ 1,211 — $ 615 $ 3,006 $ 1,963 $ 1,658 |
Income Taxes Income Taxes
Income Taxes Income Taxes | 3 Months Ended |
Jan. 31, 2019 | |
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 January 31, 2019 was a benefit of $3,087 on loss before income taxes of $7,785 for a consolidated effective tax rate of 39.7% . The year-to-date benefit was calculated using the year-to-date loss, considering non-taxable and non-deductible items expected to be incurred for the full year multiplied by the statutory rate. This methodology is required by ASC 740, Income Taxes , as the use of an estimated annual effective rate would not be reliable. The provision for income taxes for the three months ended January 31, 2018 was a benefit of $3,058 on income before income taxes of $1,800 for a consolidated effective tax rate of (169.9)% . The consolidated effective tax rate was impacted by the Tax Cuts and Jobs Act (the "TCJA") and foreign losses without tax benefit. The U.S. Internal Revenue Service has proposed disallowances of the majority of fiscal year 2012 and fiscal year 2013 U.S. R&D credits claimed. We are disputing this tax credit matter and intend to vigorously defend our position. We believe the ultimate resolution of the matters will not materially impact our results of operations, financial position or cash flows. With any tax controversy and litigation, there is, however, a chance of unforeseen loss which due to the number of years involved could materially impact our results, financial position and cash flows. For open tax years through fiscal year 2019 , the total amounts related to the unreserved portion of the tax contingency, inclusive of any related interest, amounts to approximately $8,500 , of which the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. We routinely assess tax matters as to the probability of incurring a loss and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share | 3 Months Ended |
Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | —Earnings Per Share Basic earnings per share is computed by dividing net income (loss) 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 three months ended January 31, 2019 and 2018 , approximately 625 and 259 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 (loss) per share: Three Months Ended January 31, 2019 2018 Net income (loss) available to common stockholders $ (4,698 ) $ 4,858 Basic weighted average shares 23,385 23,107 Effect of dilutive securities: Restricted stock, units and stock options (1) — 180 Diluted weighted average shares 23,385 23,287 Basic income (loss) per share $ (0.20 ) $ 0.21 Diluted income (loss) per share $ (0.20 ) $ 0.21 (1) Due to a loss for the three months ended January 31, 2019, no restricted stock, restricted stock units or stock options are included because the effect would be anti-dilutive. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Jan. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Business Segment Information We conduct our business and report our information as one operating segment and, therefore, disclose one reportable segment - Automotive and Commercial Vehicles. Our chief operating decision maker is the executive leadership team, which includes certain Vice Presidents, all Senior Vice Presidents and the Chief Executive Officer. 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 and the existence of managers responsible for the operating activities. Customers and suppliers are substantially the same in the automotive and commercial vehicle industry. Revenues of foreign geographic regions in the table below are attributed to external customers based upon the location of the entity recording the sale. These foreign revenues represent 30.2% and 24.6% of net revenues for the three months ended January 31, 2019 and 2018 , respectively. Net Revenues Three Months Ended January 31 Geographic Region: 2019 2018 North America $ 195,145 $ 200,698 Europe & Asia $ 68,678 $ 51,725 Eliminations $ (4,890 ) $ (4,757 ) Total Company $ 258,933 $ 247,666 The foreign currency gain (loss) is included as a component of other expense, net in the condensed consolidated statements of operations. Foreign Currency Gain (Loss) Three Months Ended January 31, Geographic Region: 2019 2018 North America $ 238 $ 12 Europe & Asia $ 1 $ (128 ) Long-lived assets consist primarily of net property, plant and equipment, goodwill and intangibles. Long-Lived Assets Geographic Region: January 31, 2019 October 31, 2018 North America $ 262,990 $ 253,711 Europe & Asia 107,424 104,780 Total Company $ 370,414 $ 358,491 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jan. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Litigation: 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 claimed in part that the defendants breached 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. A Joint Stipulation and Order of Dismissal was filed on November 14, 2018 dismissing the shareholder derivative lawsuit without prejudice. 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 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 position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jan. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 26, 2019, the 2019 Annual Meeting of Stockholders of Shiloh Industries, Inc. was held. Resolutions approved at the meeting included an approval of the 2019 Equity and Incentive Compensation Plan which, among other things, expanded the shares available for grant. Further, a resolution to expand authorized shares of Common Stock was also approved. Both resolutions are subject to future registration statements. |
Recent Accounting Standards New
Recent Accounting Standards New Accounting Policies (Policies) | 3 Months Ended |
Jan. 31, 2019 | |
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 2018-15 Goodwill and Other-Internal-Use Software The amendments apply to the accounting for implementation, setup and other upfront costs (collectively referred to as implementation costs) for entities that are a customer in a hosting arrangement and align the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments also require customers to expense capitalized implementation costs over the term of the hosting arrangement and in the same line on the income statement as the fees associated with the hosting service and payments for the capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting service. November 1, 2020 with early adoption permitted. We are in the process of evaluating the impact of adoption of this standard on our financial statements and disclosures. Standard Description Effective Date Effect on our financial statements and other significant matters 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 which clarifies certain areas within ASU 2016-02. ASU 2018-11 Targeted Improvements to Topic 842, Leases. This amendment provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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. Recently Adopted Accounting Standards: Standard Description Adoption Date Effect on our financial statements and other significant matters 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 The adoption of this framework did not have a material impact on Shiloh's financial position, results of operations or financial statement disclosures. Shiloh's awards are rarely modified after grant. Standard Description Adoption Date Effect on our financial statements and other significant matters 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 Refer to Note 3. ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities This amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Most prominent among the amendments is the requirement for changes in the fair value of the Company's equity investments, with certain exceptions, to be recognized through net income rather than other comprehensive income ("OCI"). The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet in year of adoption. November 1, 2018 The adoption of this framework did not have a significant impact on Shiloh's financial position, results of operations or financial statement disclosures. Standard Description Adoption Date Effect on our financial statements and other significant matters ASU 2018-09 Codification Improvements These amendments provide clarifications and corrections to certain ASC subtopics including the following: Income Statement - Reporting Comprehensive Income – Overall (Topic 220-10), Debt - Modifications and Extinguishments (Topic 470-50), Distinguishing Liabilities from Equity – Overall (Topic 480-10), Compensation - Stock Compensation - Income Taxes (Topic 718-740), Business Combinations - Income Taxes (Topic 805-740), Derivatives and Hedging – Overall (Topic 815-10) and Fair Value Measurement – Overall (Topic 820-10). The majority of the amendments will be effective November 1, 2019 while others were effective upon the issuance of the ASU. Adoption of the clarifications and corrections in this ASU did not have a material impact on Shiloh's financial position, results of operations or financial statement disclosures. |
Derivatives and Financial Ins_2
Derivatives and Financial Instruments Derivatives, Policy (Policies) | 3 Months Ended |
Jan. 31, 2019 | |
Derivatives, Policy [Abstract] | |
Derivatives, Policy | 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 financial 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. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
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 2018-15 Goodwill and Other-Internal-Use Software The amendments apply to the accounting for implementation, setup and other upfront costs (collectively referred to as implementation costs) for entities that are a customer in a hosting arrangement and align the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments also require customers to expense capitalized implementation costs over the term of the hosting arrangement and in the same line on the income statement as the fees associated with the hosting service and payments for the capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting service. November 1, 2020 with early adoption permitted. We are in the process of evaluating the impact of adoption of this standard on our financial statements and disclosures. Standard Description Effective Date Effect on our financial statements and other significant matters 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 which clarifies certain areas within ASU 2016-02. ASU 2018-11 Targeted Improvements to Topic 842, Leases. This amendment provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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. Recently Adopted Accounting Standards: Standard Description Adoption Date Effect on our financial statements and other significant matters 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 The adoption of this framework did not have a material impact on Shiloh's financial position, results of operations or financial statement disclosures. Shiloh's awards are rarely modified after grant. Standard Description Adoption Date Effect on our financial statements and other significant matters 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 Refer to Note 3. ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities This amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Most prominent among the amendments is the requirement for changes in the fair value of the Company's equity investments, with certain exceptions, to be recognized through net income rather than other comprehensive income ("OCI"). The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet in year of adoption. November 1, 2018 The adoption of this framework did not have a significant impact on Shiloh's financial position, results of operations or financial statement disclosures. Standard Description Adoption Date Effect on our financial statements and other significant matters ASU 2018-09 Codification Improvements These amendments provide clarifications and corrections to certain ASC subtopics including the following: Income Statement - Reporting Comprehensive Income – Overall (Topic 220-10), Debt - Modifications and Extinguishments (Topic 470-50), Distinguishing Liabilities from Equity – Overall (Topic 480-10), Compensation - Stock Compensation - Income Taxes (Topic 718-740), Business Combinations - Income Taxes (Topic 805-740), Derivatives and Hedging – Overall (Topic 815-10) and Fair Value Measurement – Overall (Topic 820-10). The majority of the amendments will be effective November 1, 2019 while others were effective upon the issuance of the ASU. Adoption of the clarifications and corrections in this ASU did not have a material impact on Shiloh's financial position, results of operations or financial statement disclosures. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Revenues Three Months Ended January 31, Region: 2019 2018 North America $ 195,145 $ 200,698 Europe & Asia $ 68,678 $ 51,725 Eliminations $ (4,890 ) $ (4,757 ) Total Company $ 258,933 $ 247,666 Net Revenues Three Months Ended January 31 Geographic Region: 2019 2018 North America $ 195,145 $ 200,698 Europe & Asia $ 68,678 $ 51,725 Eliminations $ (4,890 ) $ (4,757 ) Total Company $ 258,933 $ 247,666 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consist of the following: January 31, 2019 October 31, 2018 Raw materials $ 30,007 $ 28,457 Work-in-process 26,350 24,435 Finished goods 21,402 21,637 Reserves $ (4,292 ) $ (3,117 ) Total inventory $ 73,467 $ 71,412 |
Goodwil and Intangible Assets (
Goodwil and Intangible Assets (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the three months ended January 31, 2019 are as follows: Balance October 31, 2018 $ 27,376 Foreign currency translation 233 Balance January 31, 2019 $ 27,609 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The changes in the carrying amount of finite-lived intangible assets for the three months ended January 31, 2019 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2018 $ 10,311 $ 3,404 $ 15 $ 1,131 $ 78 $ 14,939 Amortization expense (333 ) (99 ) (4 ) (31 ) (4 ) (471 ) Foreign currency translation 1 21 — — — 22 Balance January 31, 2019 $ 9,979 $ 3,326 $ 11 $ 1,100 $ 74 $ 14,490 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | January 31, 2019 Weighted Average Useful Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 7.7 17,565 $ (7,586 ) $ 9,979 Developed technology 9.6 7,186 (3,860 ) 3,326 Non-compete 0.7 824 (813 ) 11 Trade Name 8.9 1,875 (775 ) 1,100 Trademark 4.5 166 (92 ) 74 $ 27,616 $ (13,126 ) $ 14,490 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Twelve Months Ended January 31, 2020 $ 2,078 2021 2,067 2022 2,067 2023 2,067 2024 2,059 Thereafter 5,332 $ 15,670 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt consists of the following: January 31, October 31, 2018 Credit Agreement—interest rate of 5.04% at January 31, 2019 and 4.59% at October 31, 2018 $ 236,600 $ 243,300 Capital lease obligations 2,468 2,640 Insurance broker financing agreement 326 738 Total debt 239,394 246,678 Less: Current debt 813 1,327 Total long-term debt $ 238,581 $ 245,351 |
Schedule of Maturities of Debt [Table Text Block] | Scheduled repayments of debt for the next five years are listed below: Twelve Months Ending January 31, Credit Agreement Capital Lease Obligations Other Debt Total 2020 $ — $ 487 $ 326 $ 813 2021 — 1,981 — 1,981 2022 — — — — 2023 236,600 — — 236,600 2024 — — — — Total $ 236,600 $ 2,468 $ 326 $ 239,394 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Table) | 3 Months Ended |
Jan. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | The components of net periodic benefit cost for the three months ended January 31, 2019 and 2018 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended January 31, Three Months Ended January 31, 2019 2018 2019 2018 Interest cost $ 841 $ 792 $ 3 $ 3 Expected return on plan assets (835 ) (840 ) — — Amortization of net actuarial loss 287 328 1 2 Net periodic cost $ 293 $ 280 $ 4 $ 5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Loss (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
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 January 31, 2019 is as follows: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2018 $ (29,137 ) $ (18 ) $ 104 $ (21,879 ) $ (50,930 ) Other comprehensive income (loss), net of tax — — (460 ) 2,705 2,245 Amounts reclassified from accumulated other comprehensive loss 222 18 86 — 326 Net current-period other comprehensive income (loss) 222 18 (374 ) 2,705 2,571 Balance at January 1, 2019 $ (28,915 ) $ — $ (270 ) $ (19,174 ) $ (48,359 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with other expense included on the statements of operations. (2) Amounts reclassified from accumulated other comprehensive income loss, net of tax are classified with interest expense included on the statements of operations. (3) The net investment derivative instrument is recognized in accumulated other comprehensive loss and reclassified to income in the same period when a gain or loss related to that net investment in foreign operation is included in income. |
Derivatives and Financial Ins_3
Derivatives and Financial Instruments Derivatives and Financial Instruments (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Derivative and Financial Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table discloses the fair value and balance sheet location of our derivative instruments: Asset (Liability) Derivatives Balance Sheet Location January 31, 2019 October 31, 2018 Net Investment Hedging Instruments: Cross-currency interest rate swap contract Other assets $ 3,857 $ 4,432 Cash Flow Hedging Instruments: Interest rate swap contracts (Other liabilities) Other assets $ (350 ) $ 135 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Location January 31, 2019 January 31, 2018 Interest expense $ 3,355 $ 2,340 Effect of hedging on interest expense $ (368 ) $ 280 |
Stock Incentive Compensation (T
Stock Incentive Compensation (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Schedule of share based compensation activity | The following table summarizes the Company’s Incentive Plan activity for the three months ended January 31, 2019 and 2018 : Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares Grant Fair Value Weighted Average Remaining Contractual Life Restricted Share Units Grant Fair Value Weighted Average Remaining Contractual Life November 1, 2017 58 $8.16 2.53 441 $7.07 1.60 36 $7.69 1.82 Granted — — 220 8.20 12 8.20 Options exercised or restricted stock vested — — (88 ) 8.48 (7 ) 7.06 Forfeited or expired — — (1 ) 7.06 — — January 31, 2018 58 $8.16 2.27 572 $7.29 2.22 41 $7.94 1.89 November 1, 2018 33 $9.42 1.84 478 $7.45 1.87 26 $8.17 1.37 Granted — — 294 7.06 22 6.96 Options exercised or restricted stock vested — — (123 ) 7.66 (6 ) 7.68 Forfeited or expired — — (32 ) 7.24 — January 31, 2019 33 $9.42 1.59 617 $7.23 2.36 42 $7.60 2.31 |
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 months ended January 31, 2019 and 2018 as follows: Three Months Ended January 31, 2019 2018 Restricted stock $ 509 $ 480 Restricted stock units 36 36 Total $ 545 $ 516 |
Restructuring Restructuring (Ta
Restructuring Restructuring (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table presents information about restructuring costs recorded for the three months ended January 31, 2019 : January 31, 2019 January 31, 2018 Employee costs $ 553 $ 611 Professional and legal costs 1,242 831 Other 1,211 72 $ 3,006 $ 1,514 |
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 January 31, 2019 : Balance as of October 31, 2018 Restructuring Expense Payments Balance as of January 31, 2019 Employee costs $ 367 553 181 $ 739 Professional and legal costs 248 1,242 $ 571 919 Other — 1,211 $ 1,211 — $ 615 $ 3,006 $ 1,963 $ 1,658 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
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 (loss) per share: Three Months Ended January 31, 2019 2018 Net income (loss) available to common stockholders $ (4,698 ) $ 4,858 Basic weighted average shares 23,385 23,107 Effect of dilutive securities: Restricted stock, units and stock options (1) — 180 Diluted weighted average shares 23,385 23,287 Basic income (loss) per share $ (0.20 ) $ 0.21 Diluted income (loss) per share $ (0.20 ) $ 0.21 (1) Due to a loss for the three months ended January 31, 2019, no restricted stock, restricted stock units or stock options are included because the effect would be anti-dilutive. |
Business Segment Information Bu
Business Segment Information Business Segment Information (Tables) | 3 Months Ended |
Jan. 31, 2019 | |
Segments, Geographical Areas [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Revenues Three Months Ended January 31, Region: 2019 2018 North America $ 195,145 $ 200,698 Europe & Asia $ 68,678 $ 51,725 Eliminations $ (4,890 ) $ (4,757 ) Total Company $ 258,933 $ 247,666 Net Revenues Three Months Ended January 31 Geographic Region: 2019 2018 North America $ 195,145 $ 200,698 Europe & Asia $ 68,678 $ 51,725 Eliminations $ (4,890 ) $ (4,757 ) Total Company $ 258,933 $ 247,666 |
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 operations. Foreign Currency Gain (Loss) Three Months Ended January 31, Geographic Region: 2019 2018 North America $ 238 $ 12 Europe & Asia $ 1 $ (128 ) |
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: January 31, 2019 October 31, 2018 North America $ 262,990 $ 253,711 Europe & Asia 107,424 104,780 Total Company $ 370,414 $ 358,491 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Oct. 31, 2018 |
Other Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | $ (350) | $ 135 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | ||
Derivative, Fair Value, Net | $ 23 | $ 21 |
Recent Accounting Standards N_2
Recent Accounting Standards New Accounting Standards (Details) $ in Thousands | 9 Months Ended |
Jul. 31, 2018USD ($) | |
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) | $ 322 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | $ 258,933 | $ 247,666 |
Reportable Geographical Components [Member] | Europe & Asia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | $ 68,678 | $ 51,725 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Mar. 01, 2018 | Jan. 31, 2019 | Oct. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 27,609 | $ 27,376 | |
Brabant Italy Site Verres S.r.l. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 65,273 | ||
Business Combination, Consideration Transferred, Other | $ 62,514 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2018 | |
Accounts Receivable [Abstract] | |||
Allowance for Doubtful Accounts | $ 1,011 | $ 676 | |
Provision for Doubtful Accounts | 329 | ||
Bad debt benefit | $ (120) | ||
Accounts Receivable Factored | 8,903 | 13,545 | |
Accounts receivable recourse liability | $ 7,808 | $ 11,742 |
Related Party Receivables (Deta
Related Party Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Related-party accounts receivable | $ 1,727 | $ 996 | |
MTD Holdings Inc. [Member] | Significant Shareholder [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revenue from Related Parties | $ 1,857 | $ 1,042 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Oct. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 30,007 | $ 28,457 |
Work-in-process | 26,350 | 24,435 |
Finished goods | 21,402 | 21,637 |
Total inventory | 73,467 | 71,412 |
Inventory Valuation Reserves | $ (4,292) | $ (3,117) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Changes in carrying amount of goodwill (Details) $ in Thousands | 3 Months Ended |
Jan. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill at beginning of period | $ 27,376 |
Foreign currency translation | 233 |
Goodwill at end of period | $ 27,609 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Changes in carrying amount of finite-lived intangible assets (Details) $ in Thousands | 3 Months Ended |
Jan. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | $ 14,939 |
Amortization expense | (471) |
Foreign currency translation and other | 22 |
Intangible Assets, Net, End of Period | 14,490 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 10,311 |
Amortization expense | (333) |
Foreign currency translation and other | 1 |
Intangible Assets, Net, End of Period | 9,979 |
Developed Technology Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 3,404 |
Amortization expense | (99) |
Foreign currency translation and other | 21 |
Intangible Assets, Net, End of Period | 3,326 |
Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 15 |
Amortization expense | (4) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | 11 |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 1,131 |
Amortization expense | (31) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | 1,100 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net, Beginning of Period | 78 |
Amortization expense | (4) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | $ 74 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Cost | $ 27,616 | |||
Accumulated Amortization | (13,126) | |||
Net | (14,490) | $ (14,939) | ||
Amortization of Intangible Assets | (521) | $ (565) | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 13 years 2 months 14 days | |||
Cost | 17,565 | |||
Accumulated Amortization | (7,586) | |||
Net | (9,979) | (10,311) | ||
Developed Technology Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years 3 months 1 day | |||
Cost | 7,186 | |||
Accumulated Amortization | (3,860) | |||
Net | (3,326) | (3,404) | ||
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years 3 months 14 days | |||
Cost | 824 | |||
Accumulated Amortization | (813) | |||
Net | (11) | (15) | ||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 14 years 9 months 14 days | |||
Cost | 1,875 | |||
Accumulated Amortization | (775) | |||
Net | (1,100) | (1,131) | ||
Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years 14 days | |||
Cost | 166 | |||
Accumulated Amortization | (92) | |||
Net | $ (74) | $ (78) |
Schedule of Amortization Expens
Schedule of Amortization Expense Next 5 Years (Details) $ in Thousands | Jan. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 2,078 |
2021 | 2,067 |
2022 | 2,067 |
2023 | 2,067 |
2024 | 2,059 |
Thereafter | 5,332 |
Total Future Amortization | $ 15,670 |
Financing Balances at Period En
Financing Balances at Period End (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2017 |
Debt Instrument [Line Items] | ||||
Credit Agreement Interest Rate: | 5.04% | 4.59% | ||
Long-term Debt | $ 236,926 | |||
Total Debt | 239,394 | $ 246,678 | ||
Debt, Current | 813 | 1,327 | ||
Long-term debt | 238,581 | 245,351 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 236,600 | 243,300 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 2,468 | 2,640 | ||
Insurance Financing Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt | $ 326 | $ 738 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2016 | Jul. 31, 2018 | Oct. 31, 2018 | Oct. 30, 2015 | Apr. 29, 2015 | |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 5.03% | 3.88% | |||||
Letters of Credit Outstanding, Amount | $ 5,931 | ||||||
Collateral Agreement | 66.00% | ||||||
Long-term Debt | $ 236,926 | ||||||
Lender Group Two [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Increase Maximum | $ 150,000 | $ 100,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | 360,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 107,469 | ||||||
Line of Credit Increase Minimum | 25,000 | ||||||
Line of Credit, Committed Reductions | $ 30,000 | ||||||
Line of Credit Facility, Increase (Decrease), Net | $ 5,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 355,000 | ||||||
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% | ||||||
Maximum [Member] | Lender Group Two [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Capacity Available for Debt Issuance | 40,000 | ||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 50,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 236,600 | $ 243,300 | |||||
Capital Lease Obligations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 2,468 | 2,640 | |||||
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 | 326 | ||||||
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 | 2.55% | ||||||
Debt Instrument, Periodic Payment | $ 94 | ||||||
Short-term Debt | $ 326 | $ 738 |
Debt Maturities of Debt (Detail
Debt Maturities of Debt (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Oct. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 236,926 | |
2019 | 813 | |
2020 | 1,981 | |
2021 | 0 | |
2022 | 236,600 | |
2023 | 0 | |
Total Debt | 239,394 | $ 246,678 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 236,600 | |
2023 | 0 | |
Long-term Debt | 236,600 | 243,300 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,468 | 2,640 |
2019 | 487 | |
2020 | 1,981 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | 2,468 | |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 326 | |
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Other Debt | $ 326 | $ 738 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Contributions | $ 1,620,000 | |
Domestic Plan [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 841,000 | $ 792,000 |
Expected return on plan assets | (835,000) | (840,000) |
Defined Benefit Plan, Amortization of Gain (Loss) | (287,000) | (328,000) |
Net periodic (benefit) cost | 293,000 | 280,000 |
Domestic Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 3,000 | 3,000 |
Expected return on plan assets | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | (1,000) | (2,000) |
Net periodic (benefit) cost | $ 4,000 | $ 5,000 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefit Matters Non-U.S. Plans (Details) - Pension Plan [Member] - USD ($) | 3 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Contributions | $ 1,620,000 | ||
POLAND | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 1,166,000 | $ 1,081,000 | |
Pension Contributions | $ 86,000 | $ 57,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Jan. 31, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 199,522 |
Ending Balance | 197,940 |
Pension and Post Retirement Plan Liability [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (29,137) |
Other comprehensive income (loss) | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 222 |
Net current-period other comprehensive income (loss) | 222 |
Ending Balance | (28,915) |
Marketable Securities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (18) |
Other comprehensive income (loss) | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 18 |
Net current-period other comprehensive income (loss) | 18 |
Ending Balance | 0 |
Interest Rate Swap Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 104 |
Other comprehensive income (loss) | (460) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 86 |
Net current-period other comprehensive income (loss) | (374) |
Ending Balance | (270) |
Accumulated Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (21,879) |
Other comprehensive income (loss) | 2,705 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 |
Net current-period other comprehensive income (loss) | 2,705 |
Ending Balance | (19,174) |
AOCI Attributable to Parent [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (50,930) |
Other comprehensive income (loss) | 2,245 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 326 |
Net current-period other comprehensive income (loss) | 2,571 |
Ending Balance | $ (48,359) |
Derivatives and Financial Ins_4
Derivatives and Financial Instruments Derivatives and Financial Instruments (Details) - USD ($) number in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jan. 31, 2019 | Jan. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2018 | Feb. 28, 2018 | Mar. 01, 2016 | Sep. 01, 2015 | Feb. 24, 2014 | |
Derivative [Line Items] | ||||||||
Derivatives, Interest Rate Swap, Maturity | 5 years | |||||||
Interest expense | $ 3,355 | $ 2,340 | ||||||
Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount, Second Amount Per Base | $ 25,000 | |||||||
Derivative, Notional Amount, Final Amount Per Base | $ 25,000 | |||||||
Other Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability | (350) | $ 135 | ||||||
Euro Member Countries, Euro | Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 53,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 64,930 | |||||||
Interest Expense [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | (368) | $ 280 | ||||||
Lender Group Two [Member] | Revolving Credit Facility [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 75,000 | |||||||
Derivative, Fixed Interest Rate | 0.00% | |||||||
Derivative, Notional Amount, Amount Per Base | $ 25,000 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Fair Value, Net | 3,857 | 4,432 | ||||||
Derivative Liability | 4,432 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Fair Value, Net | $ (350) | |||||||
Derivative Liability | $ 135 |
Stock Incentive Compensation We
Stock Incentive Compensation Weighted Average Assumptions for Grants (Details) | 3 Months Ended |
Jan. 31, 2019shares | |
Class of Stock [Line Items] | |
Number of Shares Available for Grant | 1,500,000,000 |
Employee Stock Option and / or Stock Appreication Righs (SARs) [Member] | |
Class of Stock [Line Items] | |
Maximum Number of Shares Per Employee | 500,000,000 |
Restricted Stock, Restricted Stock Units (RSUs) and Performance Based Awards [Member] | |
Class of Stock [Line Items] | |
Maximum Number of Shares Per Employee | 350,000,000 |
Stock Incentive Compensation Ac
Stock Incentive Compensation Activity - Stock Option, Restricted Stock and Restricted Stock Units (Details) - $ / shares | Nov. 01, 2018 | Nov. 01, 2017 | Jan. 31, 2019 | Jan. 31, 2018 |
Employee Stock Option [Member] | ||||
Number of Shares | ||||
Granted | 0 | |||
Exercised | 0 | 0 | ||
Canceled | 0 | 0 | ||
Options, Outstanding End of Period | 32,500 | 58,166 | 32,500 | 58,166 |
Weighted-Average Exercise Price | ||||
Granted, Weighted Average Exercise Price Per Share | $ 0 | |||
Exercised, Weighted Average Exercise Price Per Share | 0 | $ 0 | ||
Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | 0 | ||
Options, Outstanding, End of Period, Weighted Average Exercise Price Per Share | $ 9.42 | $ 8.16 | $ 9.42 | $ 8.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 10 months 2 days | 2 years 6 months 10 days | 1 year 7 months 2 days | 2 years 3 months 7 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 10 months 13 days | |||
Weighted Average Grant Date Fair Value Restricted Stock and RSUs | ||||
Stock, Granted | 294,000 | 220,396 | ||
Stock, Vested | (123,000) | (87,908) | ||
Stock, Forfeited | (32,000) | (1,382) | ||
Nonvested, End of Period | 478,000 | 441,282 | 617,000 | 572,388 |
Granted, Weighted Average Grant Date Fair Value | $ 7.06 | $ 8.20 | ||
Vested, Weighted Average Grant Date Fair Value | 7.66 | 8.48 | ||
Forfeited, Weighted Average Grant Date Fair Value | 7.24 | 7.06 | ||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 7.45 | $ 7.07 | $ 7.23 | $ 7.29 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 7 months 5 days | 2 years 4 months 8 days | 2 years 2 months 19 days | |
Restricted Stock Units (RSUs) [Member] | ||||
Weighted Average Grant Date Fair Value Restricted Stock and RSUs | ||||
Nonvested, Beginning of Period | 40,804 | 40,804 | ||
Stock, Granted | 22,000 | 11,563 | ||
Stock, Vested | (6,000) | (6,574) | ||
Stock, Forfeited | 0 | 0 | ||
Nonvested, End of Period | 26,000 | 35,815 | 42,000 | |
Granted, Weighted Average Grant Date Fair Value | $ 6.96 | $ 8.20 | ||
Vested, Weighted Average Grant Date Fair Value | 7.68 | 7.06 | ||
Forfeited, Weighted Average Grant Date Fair Value | 0 | |||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 8.17 | $ 7.69 | $ 7.60 | $ 7.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 4 months 13 days | 1 year 9 months 25 days | 2 years 3 months 23 days | 1 year 10 months 21 days |
Stock Incentive Compensation St
Stock Incentive Compensation Stock Based Compensation Equity Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2018 | |
Class of Stock [Line Items] | |||
Compensation Expense Recognized | $ 545 | $ 516 | |
Employee Stock Option [Member] | |||
Class of Stock [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 7 | $ 42 | |
Restricted Stock [Member] | |||
Class of Stock [Line Items] | |||
Compensation Expense Recognized | 509 | 480 | |
Compensation Cost, Nonvested Awards, Not yet Recognized | 3,704 | ||
Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Compensation Expense Recognized | 36 | $ 36 | |
Compensation Cost, Nonvested Awards, Not yet Recognized | $ 245 |
Stock Incentive Compensation _2
Stock Incentive Compensation Stock Based Compensation Cash Incentive Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized | $ 545 | $ 516 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Oct. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restructuring Reserve | $ 1,658 | $ 615 |
Cross Currency Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 3,857 | 4,432 |
Derivative Liability | 4,432 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | (350) | |
Derivative Liability | 135 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 0 | |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 23 | 21 |
Restructuring Reserve | 21 | |
Cash Flow Hedging [Member] | Other Liabilities [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (350) | 135 |
Other Restructuring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restructuring Reserve | $ 0 | $ 0 |
Restructuring Restructuring (De
Restructuring Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 3,006 | $ 1,514 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 615 | |
Restructuring Expense | 3,006 | |
Payments | 1,963 | |
Ending Balance | 1,658 | |
Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | 14,396 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 553 | 611 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 367 | |
Restructuring Expense | 553 | |
Payments | 181 | |
Ending Balance | 739 | |
Legal and Professional Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 1,242 | 831 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 248 | |
Restructuring Expense | 1,242 | |
Payments | 571 | |
Ending Balance | 919 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 1,211 | $ 72 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | |
Restructuring Expense | 1,211 | |
Payments | 1,211 | |
Ending Balance | 0 | |
Other Current Assets [Member] | Pendergrass | ||
Restructuring Cost and Reserve [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 1,257 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax (benefit) expense | $ (3,087) | $ (3,058) |
Income before income taxes | $ (7,785) | $ 1,800 |
Effective tax rate | 39.70% | (169.90%) |
U.S. | Internal Revenue Service | ||
Income Tax Examination [Line Items] | ||
Tax contingency | $ 8,500 |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation of Numerator and Denominator of the basic and diluted earnings per share computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 625 | 259 |
Net income (loss) available to common stockholders | $ (4,698) | $ 4,858 |
Basic weighted average number of common shares | 23,385 | 23,107 |
Restricted stock units and stock options (1) | 0 | 180 |
Diluted weighted average number of common shares | 23,385 | 23,287 |
Basic earnings (loss) per share | $ (0.20) | $ 0.21 |
Diluted earnings (loss) per share | $ (0.20) | $ 0.21 |
Business Segment Information _2
Business Segment Information Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenue, Net | $ 258,933 | $ 247,666 | |
Long-Lived Assets | 370,414 | $ 358,491 | |
Reportable Geographical Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 107,424 | 104,780 | |
North America | Reportable Geographical Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Net | 195,145 | 200,698 | |
Foreign Currency Transaction Gain, before Tax | 238 | 12 | |
Long-Lived Assets | 262,990 | $ 253,711 | |
Europe & Asia | Reportable Geographical Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Net | 68,678 | 51,725 | |
Foreign Currency Transaction Gain, before Tax | 1 | (128) | |
Rest of World [Member] | Geography Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Net | $ (4,890) | $ (4,757) | |
Sales [Member] | Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 30.20% | 24.60% |