Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Jul. 31, 2019 | Sep. 03, 2019 | |
DEI [Abstract] | ||
Entity Registrant Name | SHILOH INDUSTRIES INC | |
Entity Central Index Key | 0000904979 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,791,200 | |
Entity Current Reporting Status | Yes | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Public Float | $ 121,837,289 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2019 | Oct. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 11,936 | $ 16,843 |
Accounts receivable, net | 180,502 | 209,733 |
Related-party accounts receivable | 466 | 996 |
Prepaid income taxes | 6,341 | 1,391 |
Inventories, net | 67,615 | 71,412 |
Prepaid expenses | 11,854 | 10,478 |
Other current assets | 10,318 | 22,124 |
Total current assets | 289,032 | 332,977 |
Property, plant and equipment, net | 333,840 | 316,176 |
Goodwill | 27,384 | 27,376 |
Intangible assets, net | 13,489 | 14,939 |
Deferred income taxes | 2,811 | 5,665 |
Other assets | 7,732 | 12,542 |
Total assets | 674,288 | 709,675 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 350 | 1,327 |
Accounts payable | 170,175 | 177,400 |
Other accrued expenses | 45,411 | 63,031 |
Accrued income taxes | 27 | 1,874 |
Total current liabilities | 215,963 | 243,632 |
Long-term debt | 248,393 | 245,351 |
Long-term benefit liabilities | 14,579 | 15,553 |
Deferred income taxes | 792 | 2,894 |
Other liabilities | 3,440 | 2,723 |
Total liabilities | 483,167 | 510,153 |
Stockholders’ equity: | ||
Preferred stock, $0.01 per share; 5,000,000 shares authorized; no shares issued and outstanding at July 31, 2019 and October 31, 2018, respectively | 0 | 0 |
Common stock, par value $0.01 per share; 75,000,000 and 50,000,000 shares authorized at July 31, 2019 and October 31, 2018, respectively; 23,799,035 and 23,417,107 shares issued and outstanding at July 31, 2019 and October 31, 2018, respectively | 238 | 234 |
Paid-in capital | 115,977 | 114,405 |
Retained earnings | 129,518 | 135,813 |
Accumulated other comprehensive loss, net | (54,612) | (50,930) |
Total stockholders’ equity | 191,121 | 199,522 |
Total liabilities and stockholders’ equity | $ 674,288 | $ 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 | 75,000,000 | 50,000,000 |
Common stock, shares issued | 23,799,035 | 23,172,792 |
Common Stock, Shares, Outstanding | 23,799,035 | 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 | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Statement [Abstract] | ||||
Net revenues | $ 263,445 | $ 294,883 | $ 795,748 | $ 839,889 |
Cost of sales | 239,857 | 262,003 | 729,790 | 747,616 |
Gross profit | 23,588 | 32,880 | 65,958 | 92,273 |
Selling, general & administrative expenses | 18,105 | 22,773 | 51,069 | 66,159 |
Amortization of intangible assets | 518 | 607 | 1,558 | 1,767 |
Restructuring | 3,905 | 1,965 | 11,371 | 4,962 |
Operating income | 1,060 | 7,535 | 1,960 | 19,385 |
Interest expense | 4,633 | 3,209 | 11,836 | 8,194 |
Interest income | (4) | (1) | (10) | (9) |
Other (income) expense, net | 113 | 289 | (959) | 1,119 |
Income (loss) before income taxes | (3,682) | 4,038 | (8,907) | 10,081 |
Benefit for income taxes | (973) | (7,014) | (2,612) | (9,854) |
Net income (loss) | $ (2,709) | $ 11,052 | $ (6,295) | $ 19,935 |
Income (loss) per share: | ||||
Basic earnings (loss) per share | $ (0.11) | $ 0.47 | $ (0.27) | $ 0.86 |
Basic weighted average number of common shares | 23,557 | 23,278 | 23,486 | 23,202 |
Diluted earnings (loss) per share | $ (0.11) | $ 0.47 | $ (0.27) | $ 0.85 |
Diluted weighted average number of common shares | 23,557 | 23,453 | 23,486 | 23,341 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (2,709) | $ 11,052 | $ (6,295) | $ 19,935 |
Defined benefit pension plans & other post-retirement benefits | ||||
Amortization of net actuarial loss | 289 | 328 | 865 | 984 |
Cumulative effect of adoption of ASU 2018-02 (1) | 0 | (6,138) | 0 | (6,138) |
Income tax provision | (66) | (76) | (198) | (258) |
Total defined benefit pension plans & other post retirement benefits, net of tax | 223 | (5,886) | 667 | (5,412) |
Marketable securities | ||||
Unrealized loss on marketable securities | 0 | (22) | 0 | (151) |
Cumulative effect of adoption of ASU 2018-02 (1) | 0 | (7) | 0 | (7) |
Income tax benefit | 0 | 4 | 0 | 38 |
Realized income | 0 | 122 | 18 | 122 |
Total marketable securities, net of tax | 0 | 97 | 18 | 2 |
Derivatives and hedging | ||||
Unrealized (loss) gain on interest rate swap agreements | (301) | 171 | (1,030) | 1,331 |
Cumulative effect of adoption of ASU 2018-02 (1) | 0 | (213) | 0 | (213) |
Income tax benefit (provision) | 58 | (76) | 195 | (533) |
Reclassification adjustments for settlement of derivatives included in net income (loss) | 51 | 153 | 181 | 648 |
Change in fair value of derivative instruments, net of tax | (192) | 35 | (654) | 1,233 |
Foreign currency translation adjustments | ||||
Foreign currency translation loss | (1,940) | (2,834) | (3,713) | (2,953) |
Unrealized loss on foreign currency translation | (1,940) | (2,834) | (3,713) | (2,953) |
Comprehensive income (loss), net | $ (4,618) | $ 2,464 | $ (9,977) | $ 12,805 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (6,295) | $ 19,935 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 35,010 | 33,775 |
Restructuring | 1,610 | 672 |
Amortization of deferred financing costs | 1,033 | 935 |
Deferred income taxes | 232 | (2,251) |
Stock-based compensation expense | 1,576 | 1,557 |
(Gain) loss on sale of assets | (3,562) | 2,300 |
Loss on marketable securities | 29 | 154 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 30,213 | 18,599 |
Inventories, net | 3,900 | (2,656) |
Prepaids and other assets | (1,564) | (4,884) |
Payables and other liabilities | (30,965) | (6,989) |
Prepaid and accrued income taxes | (6,863) | (10,266) |
Net cash provided by operating activities | 24,354 | 50,881 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (48,643) | (38,668) |
Proceeds from sale of marketable securities | 14 | 0 |
Acquisitions, net of cash required | 0 | (62,481) |
Derivative settlements | 5,855 | 0 |
Proceeds from sale of assets | 12,339 | 2,696 |
Net cash used for investing activities | (30,435) | (98,453) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of capital leases | (495) | (667) |
Proceeds from long-term borrowings | 223,400 | 218,300 |
Repayments of long-term borrowings | (220,000) | (161,793) |
Payment of deferred financing costs | (1,948) | (105) |
Proceeds from exercise of stock options | 0 | 41 |
Net cash provided by financing activities | 957 | 55,776 |
Effect of foreign currency exchange rate fluctuations on cash | 217 | 336 |
Net increase (decrease) in cash and cash equivalents | (4,907) | 8,540 |
Cash and cash equivalents at beginning of period | 16,843 | 8,736 |
Cash and cash equivalents at end of period | $ 11,936 | $ 17,276 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Oct. 31, 2017 | $ 188,321 | $ 231 | $ 112,351 | $ 117,976 | $ (42,237) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification of stranded tax effects | 0 | 0 | 0 | 6,358 | (6,358) |
Provision for Doubtful Accounts | 14 | ||||
Stock-based compensation cost | (1,557) | ||||
Ending Balance at Jul. 31, 2018 | 209,082 | 234 | 113,946 | 144,269 | (49,367) |
Beginning Balance at Oct. 31, 2017 | 188,321 | 231 | 112,351 | 117,976 | (42,237) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification of stranded tax effects | 0 | 0 | 0 | 6,358 | (6,358) |
Ending Balance at Oct. 31, 2018 | 199,522 | 234 | 114,405 | 135,813 | (50,930) |
Beginning Balance at Apr. 30, 2018 | 199,738 | 234 | 113,424 | 126,859 | (40,779) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 11,052 | 0 | 0 | 11,052 | 0 |
Other comprehensive income, net of tax | (2,230) | 0 | 0 | 0 | (2,230) |
Restricted stock and exercise of stock options | 7 | 0 | 7 | 0 | 0 |
Provision for Doubtful Accounts | (32) | ||||
Stock-based compensation cost | (515) | 0 | (515) | 0 | 0 |
Ending Balance at Jul. 31, 2018 | 209,082 | 234 | 113,946 | 144,269 | (49,367) |
Beginning Balance at Oct. 31, 2018 | 199,522 | 234 | 114,405 | 135,813 | (50,930) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | (6,295) | 0 | 0 | (6,295) | 0 |
Other comprehensive income, net of tax | (3,682) | 0 | 0 | 0 | (3,682) |
Restricted stock and exercise of stock options | 0 | 4 | (4) | 0 | 0 |
Provision for Doubtful Accounts | 329 | ||||
Stock-based compensation cost | (1,576) | 0 | (1,576) | 0 | 0 |
Ending Balance at Jul. 31, 2019 | 191,121 | 238 | 115,977 | 129,518 | (54,612) |
Beginning Balance at Jan. 31, 2019 | 195,153 | 238 | 115,391 | 132,227 | (52,703) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | (2,709) | 0 | 0 | (2,709) | 0 |
Other comprehensive income, net of tax | (1,909) | 0 | 0 | 0 | (1,909) |
Stock-based compensation cost | (586) | 0 | (586) | 0 | 0 |
Ending Balance at Apr. 30, 2019 | (52,703) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Provision for Doubtful Accounts | 3 | ||||
Ending Balance at Jul. 31, 2019 | $ 191,121 | $ 238 | $ 115,977 | $ 129,518 | $ (54,612) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jul. 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 for 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 and nine months ended July 31, 2019 are not necessarily indicative of the results to be expected for the full year. |
Recent Accounting Standards
Recent Accounting Standards | 9 Months Ended |
Jul. 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 2016-13 Measurement of Credit Losses on Financial Instruments The amendments change the impairment model for financial assets measured at amortized cost and available for sale equity securities. This new model will apply to instruments such as loans, held-to-maturity debt securities, loan commitments (including lines of credit), financial guarantees accounted for under ASC 460, net investments in leases, reinsurance and trade receivables. This model will result in an earlier recognition of allowances for losses through the establishment of an allowance account. The estimate of expected credit losses should consider historical and current information, and the reasonable and supportable forecasts of future events and circumstances, as well as estimates of prepayments. 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. 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. Our continued efforts include assessing the available practical expedients, calculating the lease asset and liability balances associated with individual contractual arrangements and assessing disclosure requirements. In addition, we continue to monitor FASB amendments to ASC Topic 842. While we continue to evaluate the effect of the standard, we anticipate that the adoption will result in a material increase in assets and liabilities on our consolidated balance sheet and will not have a material impact on our consolidated income statement or statement of cash flows. 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 material 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 | 9 Months Ended |
Jul. 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 July 31, Nine Months Ended July 31, Region: 2019 2018 2019 2018 North America $ 203,920 $ 223,074 $ 606,872 $ 648,705 Europe & Asia 65,214 77,438 205,760 206,108 Eliminations (5,689 ) (5,629 ) (16,884 ) (14,924 ) Total Company $ 263,445 $ 294,883 $ 795,748 $ 839,889 |
Acquisitions
Acquisitions | 9 Months Ended |
Jul. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 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. 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
Accounts Receivable, Net | 9 Months Ended |
Jul. 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 $831 and $676 at July 31, 2019 and October 31, 2018 , respectively. We recognized bad debt expense of $3 and $329 for the three and nine months ended July 31, 2019 , and recognized bad debt expense (benefit) of $(32) and $14 during the three and nine months ended July 31, 2018 , 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, we have 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. 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 $10,829 and $13,545 as of July 31, 2019 and October 31, 2018 , respectively. As these sales of accounts receivable are with recourse, $9,915 and $11,742 were recorded in accounts payable as of July 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, the date the customer’s invoice is due and the interest rate. The expense associated with the sale of these receivables is recorded as a component of selling, general and administrative expense in the accompanying condensed consolidated statements of operations. |
Related Party Receivables
Related Party Receivables | 9 Months Ended |
Jul. 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 $1,322 and $5,521 for the three and nine months ended July 31, 2019 , respectively and $1,114 and $4,380 for the three and nine months ended July 31, 2018 , respectively. At July 31, 2019 and October 31, 2018 , we had related party receivable balances of $466 and $996 , respectively, due from MTD Products Inc. and its affiliates. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Jul. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net Inventories, net consists of the following: July 31, 2019 October 31, 2018 Raw materials $ 28,978 $ 28,457 Work in process 23,319 24,435 Finished goods 19,785 21,637 Reserves $ (4,467 ) $ (3,117 ) Total inventories, net $ 67,615 $ 71,412 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jul. 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 nine months ended July 31, 2019 are as follows: Balance October 31, 2018 $ 27,376 Foreign currency translation 8 Balance July 31, 2019 $ 27,384 Intangible Assets The changes in the carrying amount of finite-lived intangible assets for the nine months ended July 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 (998 ) (296 ) (12 ) (93 ) (12 ) (1,411 ) Foreign currency translation (3 ) (36 ) — — — (39 ) Balance July 31, 2019 $ 9,310 $ 3,072 $ 3 $ 1,038 $ 66 $ 13,489 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: July 31, 2019 Weighted Average Useful Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 7.2 17,561 $ (8,251 ) $ 9,310 Developed technology 9.1 7,129 (4,057 ) 3,072 Non-compete 0.2 824 (821 ) 3 Trade Name 8.4 1,875 (837 ) 1,038 Trademark 4.0 166 (100 ) 66 $ 27,555 $ (14,066 ) $ 13,489 Total amortization expense was $518 and $1,558 for the three and nine months ended July 31, 2019 , respectively, and $607 and $1,767 for the three and nine months ended July 31, 2018 , respectively. A favorable lease asset of $1,458 was acquired as part of the Brabant acquisitions in fiscal year 2018 with a 7 year useful life. Amortization expense for the three and nine months ended July 31, 2019 was $49 and $147 , respectively. A net balance of $1,050 is included within other assets for the favorable lease asset. 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 July 31, 2020 $ 2,060 2021 2,057 2022 2,057 2023 2,056 2024 2,041 Thereafter 4,268 $ 14,539 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Jul. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements [Text Block] | Financing Arrangements Debt consists of the following: July 31, October 31, 2018 Credit Agreement—interest rate of 5.27% at July 31, 2019 and 4.59% at October 31, 2018 $ 246,700 $ 243,300 Capital lease obligations 2,043 2,640 Insurance broker financing agreement — 738 Total debt 248,743 246,678 Less: Current debt 350 1,327 Total long-term debt $ 248,393 $ 245,351 At July 31, 2019 , we had total debt, excluding capital leases, of $246,700 , consisting of a revolving line of credit under the Credit Agreement of floating rate debt of $246,700 . The weighted average interest rate of all debt was 5.26% and 3.82% for the nine months ended July 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 June 6, 2019, we executed the Ninth Amendment to the Credit Agreement which improved certain thresholds for the consolidated leverage ratio and various baskets related to the indebtedness of foreign subsidiaries, disposition of assets, capital expenditures and sale leaseback transactions. The Ninth Amendment also adjusted the interest rate margins based on the applicable pricing tiers, but did not modify the aggregate revolving commitments under the Credit Agreement. On October 31, 2017 , we executed the Eighth Amendment to the Credit Agreement which, among other things, provided 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 eliminated the scheduled reductions in such availability; increased the aggregate amount of incremental commitment increase 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 modified investments in subsidiaries and various cumulative financial covenant thresholds, in each case, under the Credit Agreement. The Amendment also enhanced our ability to take advantage of customer supply chain finance programs. On October 28, 2016, we executed the Sixth Amendment which increased the permitted consolidated leverage ratio for periods beginning after July 31, 2016; increased the permitted consolidated fixed charge coverage ratio for periods beginning after April 30, 2017, modified various baskets related to sale of accounts receivable, disposition of assets, sale-leaseback transactions, and made 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 leverage ratio increases in restriction until maturity. 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 July 31, 2019 and October 31, 2018 . After considering letters of credit of $6,206 that we have issued, unused commitments under the Credit Agreement were $97,094 as of July 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 required monthly payments of $94 through May 2019 . We maintain capital leases for equipment used in our manufacturing facilities with lease terms expiring between 2019 and 2020. As of July 31, 2019 , the present value of minimum lease payments under our capital leases amounted to $2,043 . Scheduled repayments of debt for the next five years are listed below: Twelve Months Ending July 31, Credit Agreement Capital Lease Obligations Total 2020 $ — $ 350 $ 350 2021 — 1,693 1,693 2022 — — — 2023 246,700 — 246,700 2024 — — — Total $ 246,700 $ 2,043 $ 248,743 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Matters | 9 Months Ended |
Jul. 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 and nine months ended July 31, 2019 and 2018 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Interest cost $ 843 $ 791 $ 3 $ 3 Expected return on plan assets (836 ) (839 ) — — Amortization of net actuarial loss 288 328 1 1 Net periodic cost $ 295 $ 280 $ 4 $ 4 Pension Benefits Other Post-Retirement Benefits Nine Months Ended July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Interest cost $ 2,525 $ 2,375 $ 9 $ 8 Expected return on plan assets (2,506 ) (2,519 ) — — Amortization of net actuarial loss 861 984 4 5 Net periodic cost $ 880 $ 840 $ 13 $ 13 We made contributions of $1,183 to our U.S. pension plans during the three and nine months ended July 31, 2019 . We expect to contribute an additional $219 to our U.S. pension plans before the end of 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 pension obligations are covered by insurance policies with insurance companies. Pension commitments in our Polish operations were $1,233 at July 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 $40 and $223 for the three and nine months ended July 31, 2019 , respectively and $52 and $163 for the three and nine months ended July 31, 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 | 9 Months Ended |
Jul. 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 July 31, 2019 and 2018 is as follows: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at April 31, 2018 $ (27,373 ) $ (97 ) $ (121 ) $ (13,188 ) $ (40,779 ) Other comprehensive income (loss), net of tax — (18 ) 95 (2,834 ) (2,757 ) Amounts reclassified from accumulated other comprehensive loss 252 122 153 — 527 Net current-period other comprehensive income (loss) 252 104 248 (2,834 ) (2,230 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at July 31, 2018 $ (33,259 ) $ — — $ (86 ) — $ (16,022 ) $ (49,367 ) Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at April 30, 2019 $ (28,693 ) $ — $ (358 ) $ (23,652 ) $ (52,703 ) Other comprehensive income (loss), net of tax — — (243 ) (1,940 ) (2,183 ) Amounts reclassified from accumulated other comprehensive loss 223 — 51 — 274 Net current-period other comprehensive income (loss) 223 — (192 ) (1,940 ) (1,909 ) Balance at July 31, 2019 $ (28,470 ) $ — $ (550 ) $ (25,592 ) $ (54,612 ) (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. (4) In the three months ended July 31, 2018, Shiloh early adopted ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ." As a result, the stranded tax effects resulting from the TCJA enacted in December 2017 were reclassified from accumulated other comprehensive loss to retaining earnings. Changes in accumulated other comprehensive loss in stockholders' equity by component for the nine months ended July 31, 2019 and 2018 is as follows: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2017 $ (27,847 ) $ (2 ) $ (1,319 ) $ (13,069 ) $ (42,237 ) Other comprehensive income (loss), net of tax — (113 ) 798 (2,953 ) (2,268 ) Amounts reclassified from accumulated other comprehensive loss 726 122 648 — 1,496 Net current-period other comprehensive income (loss) 726 9 1,446 (2,953 ) (772 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at July 31, 2018 $ (33,259 ) $ — $ (86 ) $ (16,022 ) $ (49,367 ) Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) 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 — — (835 ) (3,713 ) (4,548 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 667 18 181 — 866 Net current-period other comprehensive income (loss) 667 18 (654 ) (3,713 ) (3,682 ) Balance at July 31, 2019 $ (28,470 ) $ — $ (550 ) $ (25,592 ) $ (54,612 ) (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. (4) In the nine months ended July 31, 2018, Shiloh early adopted ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. " As a result, the stranded tax effects resulting from the TCJA enacted in December 2017 were reclassified from accumulated other comprehensive loss to retaining earnings. |
Derivatives and Financial Instr
Derivatives and Financial Instruments | 9 Months Ended |
Jul. 31, 2019 | |
Derivative and Financial Instruments [Abstract] | |
Derivative and Financial Instruments | Derivatives and Financial Instruments Shiloh 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. Shiloh’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. We do not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, we monitor counterparty credit ratings. We consider credit non-performance risk to be low because we enter into agreements with commercial institutions that have investment grade credit rating. On March 1, 2018, we entered into a cross-currency swap in which we would 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 was 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 was 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 was 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 would settle interest at the 1-month Euribor rate, and we lent to the counterparty $64,930 on which we would settle interest at the 1-month LIBOR rate. Interest payments were 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 were to be repaid at the end of the cross-currency interest rate swap period. The initial maturity of the cross-currency interest rate swap was October 31, 2022. In the second quarter of fiscal 2019, the cross-currency interest rate swap was discontinued and settled in cash for $5,110 . The cash value at settlement was driven by changes in foreign currency exchange rates and debt markets from inception to settlement. There was no impact to net income upon settlement. 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. Our derivatives at July 31, 2019 consist of interest rate swap contracts, 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. The following table discloses the fair value and balance sheet location of our derivative instruments: Asset (Liability) Derivatives Balance Sheet Location July 31, 2019 October 31, 2018 Net Investment Hedging Instruments: Cross-currency interest rate swap contract Other assets $ — $ 4,432 Cash Flow Hedging Instruments: Interest rate swap contracts (Other liabilities) Other assets $ (715 ) $ 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 Three Months Ended July 31, 2019 Three Months Ended July 31, 2018 Interest expense $ 4,633 $ 3,209 Effect of hedging on interest expense $ 51 $ (274 ) Location Nine Months Ended Nine Months Ended Interest expense $ 11,836 $ 8,194 Effect of hedging on interest expense $ (564 ) $ 27 |
Stock Incentive Compensation
Stock Incentive Compensation | 9 Months Ended |
Jul. 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 unit 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. 2019 Equity and Incentive Compensation Plan Long-Term / Annual Incentives On February 26, 2019, stockholders approved and adopted the 2019 Equity and Incentive Compensation Plan ("2019 Plan" or "Incentive Plan") which replaced the 2016 Equity and Incentive Compensation Plan. The 2019 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) stock options, (ii) appreciation rights, (iii) restricted shares, (iv) restricted stock units, (v) cash incentive awards, performance shares and performance units and (vi) other awards. An aggregate of 1,500,000 shares of Common Stock, subject to adjustment upon occurrence of certain events to prevent dilution or expansion of the rights of participants that might otherwise result from the occurrence of such events, was reserved for issuance pursuant to the Incentive Plan. An individual’s award of options and / or appreciation rights is limited to 500,000 shares during any calendar year. Also, an individual's award of restricted shares, restricted share units and performance based awards is limited to 350,000 shares during any calendar year. The following table summarizes the Company’s Incentive Plan activity for the nine months ended July 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 — — 296 8.12 18 7.90 Options exercised or restricted stock vested (12 ) 3.26 (200 ) 7.51 (15 ) 8.30 Forfeited or expired (3 ) 12.04 (41 ) 7.08 (12 ) 6.18 July 31, 2018 43 $9.33 1.83 496 $7.52 1.95 26 $8.17 1.72 November 1, 2018 33 $9.42 1.84 478 $7.45 1.87 27 $8.17 1.37 Granted — — 418 6.73 42 6.47 Options exercised or restricted stock vested — — (230 ) 6.84 (14 ) 7.98 Forfeited or expired — — (54 ) 7.39 (4 ) 7.35 July 31, 2019 33 $9.42 1.09 612 $7.20 1.97 51 $6.84 2.00 We recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the three and nine months ended July 31, 2019 and 2018 as follows: Three Months Ended July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Restricted stock $ 544 $ 488 $ 1,461 $ 1,465 Restricted stock units 42 27 115 92 Total $ 586 $ 515 $ 1,576 $ 1,557 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 nine months ended July 31, 2019 and 2018 . Cash received from the exercise of options for the nine months ended July 31, 2019 and July 31, 2018 was $0 and $41 , respectively. Options that have an exercise price greater than the market price are excluded from the intrinsic value computation. At July 31, 2019 and October 31, 2018 , the options outstanding and exercisable had an intrinsic value of $0 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 July 31, 2019 , there was $3,280 of 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 July 31, 2019 , there was $258 of 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 | 9 Months Ended |
Jul. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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 July 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 July 31, 2019 Interest Rate Swap Contracts $ (715 ) — $ (715 ) Income 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 | 9 Months Ended |
Jul. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During the fourth quarter of fiscal 2017 , management initiated restructuring activities to reshape Shiloh's global footprint to be flexible to market conditions. Activities included actions such as consolidating manufacturing facilities, making geographical shifts to place production closer to customer facilities, centralizing departments, optimizing our product portfolio and capturing synergies. Management believes these strategic moves will result in a stronger and more agile organization. During the three and nine months ended July 31, 2019 , respectively, we incurred $3,905 and $11,371 related to employee, professional, legal and other restructuring related costs. We have incurred restructuring expenses of $22,761 since initiating the restructuring activities. Global restructuring initiatives have continued to evolve and expand across the organization. We expect to incur additional restructuring costs over and beyond the next twelve months to execute planned restructuring initiatives. Costs of planned restructuring actions will primarily include employee costs and professional fees to execute initiatives. Future restructuring actions will depend upon market conditions, customer actions and other factors. The following table presents information about restructuring costs recorded for the three and nine months ended July 31, 2019 : Three Months Ended July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Employee costs $ 947 $ 1,352 $ 2,377 $ 2,931 Professional and legal costs 2,608 58 6,769 1,170 Other 350 555 2,225 861 $ 3,905 $ 1,965 $ 11,371 $ 4,962 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 July 31, 2019 : Balance as of October 31, 2018 Restructuring Expense Payments Balance as of July 31, 2019 Employee costs $ 367 2,377 2,744 $ — Professional and legal costs 248 6,769 $ 4,792 2,225 Other — 2,225 $ 2,225 — $ 615 $ 11,371 $ 9,761 $ 2,225 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 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 July 31, 2019 was a benefit of $973 on loss before income taxes of $3,682 for a consolidated effective tax rate of 26.4% . The provision for income taxes for the nine months ended July 31, 2019 was a benefit of $2,612 on loss before income taxes of $8,907 for a consolidated effective tax rate of 29.3% . 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 July 31, 2018 was a benefit of $7,014 on income before income taxes of $4,038 for a consolidated effective tax rate of (173.7)% . Income taxes included a $2,300 net benefit related to a return to provision due to a change in estimate and a $5,500 benefit based on adjusting the estimated annual tax rate used to calculate the quarterly provision related to 2018 . The provision for income taxes for the nine months ended July 31, 2018 was a benefit of $9,854 on income before taxes of $10,081 for a consolidated effective tax rate of (97.7)% . The consolidated effective tax rate for the year decreased primarily due to a $2,300 net tax benefit related to a return to provision due to a change in estimate, a $5,500 tax benefit based on adjusting estimated annual tax rate and tax benefit of $3,966 due to the enactment of the TCJA. 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 $8,000 , 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 Share | 9 Months Ended |
Jul. 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 2019 Plan are included in the diluted earnings per share calculation to the extent they are dilutive. For the nine months ended July 31, 2019 and 2018 , 141 and 316 stock awards, respectively, were excluded from the computation of diluted earnings per share because their inclusion would be 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 July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Net income (loss) available to common stockholders $ (2,709 ) $ 11,052 $ (6,295 ) $ 19,935 Basic weighted average shares 23,557 23,278 23,486 23,202 Effect of dilutive securities: Restricted stock, units and stock options (1) — 175 — 139 Diluted weighted average shares 23,557 23,453 23,486 23,341 Basic income (loss) per share $ (0.11 ) $ 0.47 $ (0.27 ) $ 0.86 Diluted income (loss) per share $ (0.11 ) $ 0.47 $ (0.27 ) $ 0.85 (1) Due to a loss for the three and nine months ended July 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 | 9 Months Ended |
Jul. 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. Foreign net revenues (those outside the United States before eliminations) were $82,621 or 31.4% and $245,376 or 30.8% of net revenues for the three and nine months ended July 31, 2019 , respectively, and $87,393 or 29.6% and $235,037 or 28.0% for the three and nine months ended July 31, 2018 , respectively. Foreign net revenues, and geographic regions quantified in the table below, are based upon the location of the entity recording the sale. Net Revenues Net Revenues Three Months Ended July 31, Nine Months Ended July 31, Geographic Region: 2019 2018 2019 2018 North America $ 203,920 $ 223,074 $ 606,872 $ 648,705 Europe & Asia 65,214 77,438 205,760 206,108 Eliminations (5,689 ) (5,629 ) (16,884 ) (14,924 ) Total Company $ 263,445 $ 294,883 795,748 $ 839,889 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) Foreign Currency Gain (Loss) Three Months Ended July 31, Nine Months Ended July 31, Geographic Region: 2019 2018 2019 2018 North America $ (221 ) $ 259 $ (10 ) $ 228 Europe & Asia $ 484 $ 21 $ 478 $ (222 ) Long-lived assets consist primarily of net property, plant and equipment, goodwill and intangibles. Long-Lived Assets Geographic Region: July 31, 2019 October 31, 2018 North America $ 272,595 $ 253,711 Europe & Asia 102,118 104,780 Total Company $ 374,713 $ 358,491 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies 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. |
Recent Accounting Standards New
Recent Accounting Standards New Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2019 | |
Recent Accounting Standards [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivatives and Financial Instruments Shiloh 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. Shiloh’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. We do not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, we monitor counterparty credit ratings. We consider credit non-performance risk to be low because we enter into agreements with commercial institutions that have investment grade credit rating. |
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 2016-13 Measurement of Credit Losses on Financial Instruments The amendments change the impairment model for financial assets measured at amortized cost and available for sale equity securities. This new model will apply to instruments such as loans, held-to-maturity debt securities, loan commitments (including lines of credit), financial guarantees accounted for under ASC 460, net investments in leases, reinsurance and trade receivables. This model will result in an earlier recognition of allowances for losses through the establishment of an allowance account. The estimate of expected credit losses should consider historical and current information, and the reasonable and supportable forecasts of future events and circumstances, as well as estimates of prepayments. 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. 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. Our continued efforts include assessing the available practical expedients, calculating the lease asset and liability balances associated with individual contractual arrangements and assessing disclosure requirements. In addition, we continue to monitor FASB amendments to ASC Topic 842. While we continue to evaluate the effect of the standard, we anticipate that the adoption will result in a material increase in assets and liabilities on our consolidated balance sheet and will not have a material impact on our consolidated income statement or statement of cash flows. 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 material 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. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 9 Months Ended |
Jul. 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 2016-13 Measurement of Credit Losses on Financial Instruments The amendments change the impairment model for financial assets measured at amortized cost and available for sale equity securities. This new model will apply to instruments such as loans, held-to-maturity debt securities, loan commitments (including lines of credit), financial guarantees accounted for under ASC 460, net investments in leases, reinsurance and trade receivables. This model will result in an earlier recognition of allowances for losses through the establishment of an allowance account. The estimate of expected credit losses should consider historical and current information, and the reasonable and supportable forecasts of future events and circumstances, as well as estimates of prepayments. 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. 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. Our continued efforts include assessing the available practical expedients, calculating the lease asset and liability balances associated with individual contractual arrangements and assessing disclosure requirements. In addition, we continue to monitor FASB amendments to ASC Topic 842. While we continue to evaluate the effect of the standard, we anticipate that the adoption will result in a material increase in assets and liabilities on our consolidated balance sheet and will not have a material impact on our consolidated income statement or statement of cash flows. 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 material 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) | 9 Months Ended |
Jul. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Revenues Three Months Ended July 31, Nine Months Ended July 31, Region: 2019 2018 2019 2018 North America $ 203,920 $ 223,074 $ 606,872 $ 648,705 Europe & Asia 65,214 77,438 205,760 206,108 Eliminations (5,689 ) (5,629 ) (16,884 ) (14,924 ) Total Company $ 263,445 $ 294,883 $ 795,748 $ 839,889 Net Revenues Net Revenues Three Months Ended July 31, Nine Months Ended July 31, Geographic Region: 2019 2018 2019 2018 North America $ 203,920 $ 223,074 $ 606,872 $ 648,705 Europe & Asia 65,214 77,438 205,760 206,108 Eliminations (5,689 ) (5,629 ) (16,884 ) (14,924 ) Total Company $ 263,445 $ 294,883 795,748 $ 839,889 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consists of the following: July 31, 2019 October 31, 2018 Raw materials $ 28,978 $ 28,457 Work in process 23,319 24,435 Finished goods 19,785 21,637 Reserves $ (4,467 ) $ (3,117 ) Total inventories, net $ 67,615 $ 71,412 |
Goodwil and Intangible Assets (
Goodwil and Intangible Assets (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the nine months ended July 31, 2019 are as follows: Balance October 31, 2018 $ 27,376 Foreign currency translation 8 Balance July 31, 2019 $ 27,384 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The changes in the carrying amount of finite-lived intangible assets for the nine months ended July 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 (998 ) (296 ) (12 ) (93 ) (12 ) (1,411 ) Foreign currency translation (3 ) (36 ) — — — (39 ) Balance July 31, 2019 $ 9,310 $ 3,072 $ 3 $ 1,038 $ 66 $ 13,489 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | July 31, 2019 Weighted Average Useful Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 7.2 17,561 $ (8,251 ) $ 9,310 Developed technology 9.1 7,129 (4,057 ) 3,072 Non-compete 0.2 824 (821 ) 3 Trade Name 8.4 1,875 (837 ) 1,038 Trademark 4.0 166 (100 ) 66 $ 27,555 $ (14,066 ) $ 13,489 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Twelve Months Ended July 31, 2020 $ 2,060 2021 2,057 2022 2,057 2023 2,056 2024 2,041 Thereafter 4,268 $ 14,539 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt consists of the following: July 31, October 31, 2018 Credit Agreement—interest rate of 5.27% at July 31, 2019 and 4.59% at October 31, 2018 $ 246,700 $ 243,300 Capital lease obligations 2,043 2,640 Insurance broker financing agreement — 738 Total debt 248,743 246,678 Less: Current debt 350 1,327 Total long-term debt $ 248,393 $ 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 July 31, Credit Agreement Capital Lease Obligations Total 2020 $ — $ 350 $ 350 2021 — 1,693 1,693 2022 — — — 2023 246,700 — 246,700 2024 — — — Total $ 246,700 $ 2,043 $ 248,743 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Table) | 9 Months Ended |
Jul. 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 and nine months ended July 31, 2019 and 2018 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended July 31, Three Months Ended July 31, 2019 2018 2019 2018 Interest cost $ 843 $ 791 $ 3 $ 3 Expected return on plan assets (836 ) (839 ) — — Amortization of net actuarial loss 288 328 1 1 Net periodic cost $ 295 $ 280 $ 4 $ 4 Pension Benefits Other Post-Retirement Benefits Nine Months Ended July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Interest cost $ 2,525 $ 2,375 $ 9 $ 8 Expected return on plan assets (2,506 ) (2,519 ) — — Amortization of net actuarial loss 861 984 4 5 Net periodic cost $ 880 $ 840 $ 13 $ 13 |
Amounts Recognized Into Other C
Amounts Recognized Into Other Comprehensive Loss (Tables) | 9 Months Ended |
Jul. 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 July 31, 2019 and 2018 is as follows: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at April 31, 2018 $ (27,373 ) $ (97 ) $ (121 ) $ (13,188 ) $ (40,779 ) Other comprehensive income (loss), net of tax — (18 ) 95 (2,834 ) (2,757 ) Amounts reclassified from accumulated other comprehensive loss 252 122 153 — 527 Net current-period other comprehensive income (loss) 252 104 248 (2,834 ) (2,230 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at July 31, 2018 $ (33,259 ) $ — — $ (86 ) — $ (16,022 ) $ (49,367 ) Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at April 30, 2019 $ (28,693 ) $ — $ (358 ) $ (23,652 ) $ (52,703 ) Other comprehensive income (loss), net of tax — — (243 ) (1,940 ) (2,183 ) Amounts reclassified from accumulated other comprehensive loss 223 — 51 — 274 Net current-period other comprehensive income (loss) 223 — (192 ) (1,940 ) (1,909 ) Balance at July 31, 2019 $ (28,470 ) $ — $ (550 ) $ (25,592 ) $ (54,612 ) (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. (4) In the three months ended July 31, 2018, Shiloh early adopted ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ." As a result, the stranded tax effects resulting from the TCJA enacted in December 2017 were reclassified from accumulated other comprehensive loss to retaining earnings. Changes in accumulated other comprehensive loss in stockholders' equity by component for the nine months ended July 31, 2019 and 2018 is as follows: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) Interest Rate Swap Adjustment (2) Foreign Currency Translation Adjustment (3) Accumulated Other Comprehensive Loss Balance at October 31, 2017 $ (27,847 ) $ (2 ) $ (1,319 ) $ (13,069 ) $ (42,237 ) Other comprehensive income (loss), net of tax — (113 ) 798 (2,953 ) (2,268 ) Amounts reclassified from accumulated other comprehensive loss 726 122 648 — 1,496 Net current-period other comprehensive income (loss) 726 9 1,446 (2,953 ) (772 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at July 31, 2018 $ (33,259 ) $ — $ (86 ) $ (16,022 ) $ (49,367 ) Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (1) 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 — — (835 ) (3,713 ) (4,548 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 667 18 181 — 866 Net current-period other comprehensive income (loss) 667 18 (654 ) (3,713 ) (3,682 ) Balance at July 31, 2019 $ (28,470 ) $ — $ (550 ) $ (25,592 ) $ (54,612 ) (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. (4) In the nine months ended July 31, 2018, Shiloh early adopted ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. " As a result, the stranded tax effects resulting from the TCJA enacted in December 2017 were reclassified from accumulated other comprehensive loss to retaining earnings. |
Derivatives and Financial Ins_2
Derivatives and Financial Instruments (Tables) | 9 Months Ended |
Jul. 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 July 31, 2019 October 31, 2018 Net Investment Hedging Instruments: Cross-currency interest rate swap contract Other assets $ — $ 4,432 Cash Flow Hedging Instruments: Interest rate swap contracts (Other liabilities) Other assets $ (715 ) $ 135 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Location Three Months Ended July 31, 2019 Three Months Ended July 31, 2018 Interest expense $ 4,633 $ 3,209 Effect of hedging on interest expense $ 51 $ (274 ) Location Nine Months Ended Nine Months Ended Interest expense $ 11,836 $ 8,194 Effect of hedging on interest expense $ (564 ) $ 27 |
Stock Incentive Compensation (T
Stock Incentive Compensation (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Schedule of share based compensation activity | The following table summarizes the Company’s Incentive Plan activity for the nine months ended July 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 — — 296 8.12 18 7.90 Options exercised or restricted stock vested (12 ) 3.26 (200 ) 7.51 (15 ) 8.30 Forfeited or expired (3 ) 12.04 (41 ) 7.08 (12 ) 6.18 July 31, 2018 43 $9.33 1.83 496 $7.52 1.95 26 $8.17 1.72 November 1, 2018 33 $9.42 1.84 478 $7.45 1.87 27 $8.17 1.37 Granted — — 418 6.73 42 6.47 Options exercised or restricted stock vested — — (230 ) 6.84 (14 ) 7.98 Forfeited or expired — — (54 ) 7.39 (4 ) 7.35 July 31, 2019 33 $9.42 1.09 612 $7.20 1.97 51 $6.84 2.00 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | We recorded stock compensation expense related to stock options, restricted stock and restricted stock units during the three and nine months ended July 31, 2019 and 2018 as follows: Three Months Ended July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Restricted stock $ 544 $ 488 $ 1,461 $ 1,465 Restricted stock units 42 27 115 92 Total $ 586 $ 515 $ 1,576 $ 1,557 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value on Recurring Basis | Assets and liabilities remeasured and disclosed at fair value on a recurring basis at July 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 July 31, 2019 Interest Rate Swap Contracts $ (715 ) — $ (715 ) Income Approach |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Jul. 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 and nine months ended July 31, 2019 : Three Months Ended July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Employee costs $ 947 $ 1,352 $ 2,377 $ 2,931 Professional and legal costs 2,608 58 6,769 1,170 Other 350 555 2,225 861 $ 3,905 $ 1,965 $ 11,371 $ 4,962 |
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 July 31, 2019 : Balance as of October 31, 2018 Restructuring Expense Payments Balance as of July 31, 2019 Employee costs $ 367 2,377 2,744 $ — Professional and legal costs 248 6,769 $ 4,792 2,225 Other — 2,225 $ 2,225 — $ 615 $ 11,371 $ 9,761 $ 2,225 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jul. 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 July 31, Nine Months Ended July 31, 2019 2018 2019 2018 Net income (loss) available to common stockholders $ (2,709 ) $ 11,052 $ (6,295 ) $ 19,935 Basic weighted average shares 23,557 23,278 23,486 23,202 Effect of dilutive securities: Restricted stock, units and stock options (1) — 175 — 139 Diluted weighted average shares 23,557 23,453 23,486 23,341 Basic income (loss) per share $ (0.11 ) $ 0.47 $ (0.27 ) $ 0.86 Diluted income (loss) per share $ (0.11 ) $ 0.47 $ (0.27 ) $ 0.85 (1) Due to a loss for the three and nine months ended July 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) | 9 Months Ended |
Jul. 31, 2019 | |
Segments, Geographical Areas [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Revenues Three Months Ended July 31, Nine Months Ended July 31, Region: 2019 2018 2019 2018 North America $ 203,920 $ 223,074 $ 606,872 $ 648,705 Europe & Asia 65,214 77,438 205,760 206,108 Eliminations (5,689 ) (5,629 ) (16,884 ) (14,924 ) Total Company $ 263,445 $ 294,883 $ 795,748 $ 839,889 Net Revenues Net Revenues Three Months Ended July 31, Nine Months Ended July 31, Geographic Region: 2019 2018 2019 2018 North America $ 203,920 $ 223,074 $ 606,872 $ 648,705 Europe & Asia 65,214 77,438 205,760 206,108 Eliminations (5,689 ) (5,629 ) (16,884 ) (14,924 ) Total Company $ 263,445 $ 294,883 795,748 $ 839,889 |
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) Foreign Currency Gain (Loss) Three Months Ended July 31, Nine Months Ended July 31, Geographic Region: 2019 2018 2019 2018 North America $ (221 ) $ 259 $ (10 ) $ 228 Europe & Asia $ 484 $ 21 $ 478 $ (222 ) |
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: July 31, 2019 October 31, 2018 North America $ 272,595 $ 253,711 Europe & Asia 102,118 104,780 Total Company $ 374,713 $ 358,491 |
Basis of Presentation (Details)
Basis of Presentation (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Jul. 31, 2019 | Oct. 31, 2018 |
Other Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivative Liability | $ (715) | $ 135 |
Fair Value, Measurements, Recurring [Member] | ||
Derivative Liability | $ (715) |
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 | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue, Net | $ 263,445 | $ 294,883 | $ 795,748 | $ 839,889 |
Reportable Geographical Components [Member] | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Net | 203,920 | 223,074 | 606,872 | 648,705 |
Reportable Geographical Components [Member] | Europe & Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Net | 65,214 | 77,438 | 205,760 | 206,108 |
Geography Eliminations [Member] | Rest of World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Net | $ (5,689) | $ (5,629) | $ (16,884) | $ (14,924) |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Mar. 01, 2018 | Jul. 31, 2019 | Oct. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 27,384 | $ 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 | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Allowance for Doubtful Accounts | $ 831 | $ 831 | $ 676 | ||||
Provision for Doubtful Accounts | 3 | $ (32) | 329 | $ 14 | |||
Accounts Receivable Factored | 10,829 | 13,545 | |||||
Accounts receivable recourse liability | 9,915 | $ 9,915 | $ 11,742 | ||||
Significant Shareholder [Member] | MTD Holdings Inc. [Member] | |||||||
Revenue from Related Parties | $ 1,114 | $ 1,322 | $ 5,521 | $ 4,380 |
Related Party Receivables (Deta
Related Party Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Apr. 30, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Related-party accounts receivable | $ 466 | $ 996 | ||||
MTD Holdings Inc. [Member] | Significant Shareholder [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Revenue from Related Parties | 1,114 | $ 1,322 | $ 5,521 | $ 4,380 | ||
Related-party accounts receivable | $ 466 | $ 996 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Oct. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 28,978 | $ 28,457 |
Work-in-process | 23,319 | 24,435 |
Finished goods | 19,785 | 21,637 |
Inventory Valuation Reserves | (4,467) | (3,117) |
Total inventories, net | $ 67,615 | $ 71,412 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Changes in carrying amount of goodwill (Details) $ in Thousands | 9 Months Ended |
Jul. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill at beginning of period | $ 27,376 |
Foreign currency translation | 8 |
Goodwill at end of period | $ 27,384 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Changes in carrying amount of finite-lived intangible assets (Details) $ in Thousands | 9 Months Ended |
Jul. 31, 2019USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible Assets, Net, Beginning of Period | $ 14,939 |
Amortization expense | (1,411) |
Foreign currency translation and other | (39) |
Intangible Assets, Net, End of Period | 13,489 |
Customer Relationships [Member] | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible Assets, Net, Beginning of Period | 10,311 |
Amortization expense | (998) |
Foreign currency translation and other | (3) |
Intangible Assets, Net, End of Period | 9,310 |
Developed Technology Rights [Member] | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible Assets, Net, Beginning of Period | 3,404 |
Amortization expense | (296) |
Foreign currency translation and other | (36) |
Intangible Assets, Net, End of Period | 3,072 |
Noncompete Agreements [Member] | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible Assets, Net, Beginning of Period | 15 |
Amortization expense | (12) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | 3 |
Trade Names [Member] | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible Assets, Net, Beginning of Period | 1,131 |
Amortization expense | (93) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | 1,038 |
Trademarks [Member] | |
Finite-lived Intangible Assets [Roll Forward] | |
Intangible Assets, Net, Beginning of Period | 78 |
Amortization expense | (12) |
Foreign currency translation and other | 0 |
Intangible Assets, Net, End of Period | $ 66 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 01, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Cost | $ 27,555 | $ 27,555 | ||||
Accumulated Amortization | (14,066) | (14,066) | ||||
Net | (13,489) | (13,489) | $ (14,939) | |||
Amortization of Intangible Assets | (518) | $ (607) | (1,558) | $ (1,767) | ||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 7 years 2 months 12 days | |||||
Cost | 17,561 | 17,561 | ||||
Accumulated Amortization | (8,251) | (8,251) | ||||
Net | (9,310) | (9,310) | (10,311) | |||
Developed Technology Rights [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years 1 month 6 days | |||||
Cost | 7,129 | 7,129 | ||||
Accumulated Amortization | (4,057) | (4,057) | ||||
Net | (3,072) | (3,072) | (3,404) | |||
Noncompete Agreements [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 2 months 12 days | |||||
Cost | 824 | 824 | ||||
Accumulated Amortization | (821) | (821) | ||||
Net | (3) | (3) | (15) | |||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 8 years 4 months 24 days | |||||
Cost | 1,875 | 1,875 | ||||
Accumulated Amortization | (837) | (837) | ||||
Net | (1,038) | (1,038) | (1,131) | |||
Trademarks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||
Cost | 166 | 166 | ||||
Accumulated Amortization | (100) | (100) | ||||
Net | (66) | (66) | $ (78) | |||
Brabant Italy Site Verres S.r.l. [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | (49) | (147) | ||||
Brabant Italy Site Verres S.r.l. [Member] | Above Market Leases [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 1,458 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||
Brabant Italy Site Verres S.r.l. [Member] | Other Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Accumulated Amortization | $ (1,050) | $ (1,050) |
Schedule of Amortization Expens
Schedule of Amortization Expense Next 5 Years (Details) $ in Thousands | Jul. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 2,060 |
2021 | 2,057 |
2022 | 2,057 |
2023 | 2,056 |
2024 | 2,041 |
Thereafter | 4,268 |
Total Future Amortization | $ 14,539 |
Financing Balances at Period En
Financing Balances at Period End (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2017 |
Debt Instrument [Line Items] | ||||
Credit Agreement Interest Rate: | 5.27% | 4.59% | ||
Long-term Debt | $ 246,700 | |||
Total Debt | 248,743 | $ 246,678 | ||
Debt, Current | 350 | 1,327 | ||
Long-term debt | 248,393 | 245,351 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 246,700 | 243,300 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 2,043 | 2,640 | ||
Insurance Financing Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt | $ 0 | $ 738 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2016 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | Oct. 30, 2015 | Apr. 29, 2015 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 5.26% | 3.82% | ||||
Letters of Credit Outstanding, Amount | $ 6,206 | |||||
Collateral Agreement | 66.00% | |||||
Long-term Debt | $ 246,700 | |||||
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 | 97,094 | |||||
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 | 246,700 | $ 243,300 | ||||
Capital Lease Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 2,043 | 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 | |||||
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 | $ 0 | $ 738 |
Debt Maturities of Debt (Detail
Debt Maturities of Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Oct. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 246,700 | |
2019 | 350 | |
2020 | 1,693 | |
2021 | 0 | |
2022 | 246,700 | |
2023 | 0 | |
Total Debt | 248,743 | $ 246,678 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 246,700 | |
2023 | 0 | |
Long-term Debt | 246,700 | 243,300 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,043 | 2,640 |
2019 | 350 | |
2020 | 1,693 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | 2,043 | |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Other Debt | $ 0 | $ 738 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $ 843,000 | $ 791,000 | $ 2,525,000 | $ 2,375,000 | |
Expected return on plan assets | (836,000) | (839,000) | (2,506,000) | (2,519,000) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (288,000) | (328,000) | (861,000) | (984,000) | |
Net periodic (benefit) cost | 295,000 | 280,000 | 880,000 | 840,000 | |
Pension Contributions | $ 1,183,000 | 219,000 | |||
Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 3,000 | 3,000 | 9,000 | 8,000 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (1,000) | (1,000) | (4,000) | (5,000) | |
Net periodic (benefit) cost | $ 4,000 | $ 4,000 | $ 13,000 | $ 13,000 |
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 | 6 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension Contributions | $ 1,183,000 | $ 219,000 | ||||
Foreign Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated benefit obligation | $ 1,233,000 | 1,233,000 | $ 1,081,000 | |||
Pension Contributions | $ 40,000 | $ 52,000 | $ 223,000 | $ 163,000 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 199,738 | $ 199,522 | $ 188,321 | $ 188,321 | |
Ending Balance | $ 191,121 | 209,082 | 191,121 | 209,082 | 199,522 |
Tax Cuts And Jobs Act of 2017 - ReclassificationFromAociToRetainedEarningsTaxEffect | 0 | 0 | |||
Pension and Post Retirement Plan Liability [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (28,693) | (29,137) | |||
Other comprehensive income (loss) | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 223 | 667 | |||
Net current-period other comprehensive income (loss) | 223 | 667 | |||
Ending Balance | (28,470) | (28,470) | (29,137) | ||
Tax Cuts And Jobs Act of 2017 - ReclassificationFromAociToRetainedEarningsTaxEffect | (6,138) | ||||
Marketable Securities [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | 0 | (18) | |||
Other comprehensive income (loss) | 0 | 0 | (113) | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 18 | |||
Net current-period other comprehensive income (loss) | 0 | 18 | 9 | ||
Ending Balance | 0 | 0 | (18) | ||
Tax Cuts And Jobs Act of 2017 - ReclassificationFromAociToRetainedEarningsTaxEffect | (7) | ||||
Interest Rate Swap Adjustment [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (358) | (121) | 104 | ||
Other comprehensive income (loss) | (243) | 95 | (835) | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 51 | 181 | 648 | ||
Net current-period other comprehensive income (loss) | (192) | (654) | |||
Ending Balance | (550) | (550) | 104 | ||
Tax Cuts And Jobs Act of 2017 - ReclassificationFromAociToRetainedEarningsTaxEffect | (213) | ||||
Accumulated Translation Adjustment [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (23,652) | (21,879) | |||
Other comprehensive income (loss) | (1,940) | (3,713) | (2,953) | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | |||
Net current-period other comprehensive income (loss) | (1,940) | (3,713) | |||
Ending Balance | (25,592) | (25,592) | (21,879) | ||
Tax Cuts And Jobs Act of 2017 - ReclassificationFromAociToRetainedEarningsTaxEffect | 0 | ||||
AOCI Attributable to Parent [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (52,703) | (40,779) | (50,930) | (42,237) | (42,237) |
Other comprehensive income (loss) | (2,183) | (4,548) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 274 | 866 | |||
Net current-period other comprehensive income (loss) | (1,909) | (3,682) | (772) | ||
Ending Balance | $ (54,612) | $ (49,367) | $ (54,612) | (49,367) | (50,930) |
Tax Cuts And Jobs Act of 2017 - ReclassificationFromAociToRetainedEarningsTaxEffect | $ (6,358) | $ (6,358) |
Derivatives and Financial Ins_3
Derivatives and Financial Instruments Derivatives and Financial Instruments (Details) - USD ($) number in Thousands, $ in Thousands | Apr. 29, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | 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 | $ 4,633 | $ 3,209 | $ 11,836 | $ 8,194 | ||||||
Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 5,110 | |||||||||
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 | (715) | (715) | $ 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 | 51 | $ (274) | (564) | $ 27 | ||||||
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] | Interest Rate Swap [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Liability | (715) | (715) | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Fair Value, Net | 0 | 0 | $ 4,432 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Liability | $ (715) | $ (715) |
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 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 |
Employee Stock Option [Member] | |||||
Number of Shares | |||||
Granted | 0 | ||||
Exercised | 0 | (12,000) | |||
Canceled | 0 | (3,000) | |||
Options, Outstanding End of Period | 32,500 | 58,166 | 32,500 | 43,166 | |
Weighted-Average Exercise Price | |||||
Granted, Weighted Average Exercise Price Per Share | $ 0 | ||||
Exercised, Weighted Average Exercise Price Per Share | 0 | $ 3.26 | |||
Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | 12.04 | |||
Options, Outstanding, End of Period, Weighted Average Exercise Price Per Share | $ 9.42 | $ 8.16 | $ 9.42 | $ 9.33 | |
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 1 month 4 days | 1 year 9 months 29 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 | 418,000 | 296,000 | |||
Stock, Vested | (230,000) | (200,000) | |||
Stock, Forfeited | (54,000) | (41,000) | |||
Nonvested, End of Period | 478,000 | 441,282 | 612,000 | 496,282 | |
Granted, Weighted Average Grant Date Fair Value | $ 6.73 | $ 8.12 | |||
Vested, Weighted Average Grant Date Fair Value | 6.84 | 7.51 | |||
Forfeited, Weighted Average Grant Date Fair Value | 7.39 | 7.08 | |||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 7.45 | $ 7.07 | $ 7.20 | $ 7.52 | |
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 | 1 year 11 months 20 days | 1 year 11 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||||
Weighted Average Grant Date Fair Value Restricted Stock and RSUs | |||||
Stock, Granted | 42,000 | 18,000 | |||
Stock, Vested | (14,000) | (15,400) | |||
Stock, Forfeited | (4,000) | (12,400) | |||
Nonvested, End of Period | 27,000 | 36,000 | 51,000 | 26,200 | |
Granted, Weighted Average Grant Date Fair Value | $ 6.47 | $ 7.90 | |||
Vested, Weighted Average Grant Date Fair Value | 7.98 | 8.30 | |||
Forfeited, Weighted Average Grant Date Fair Value | 7.35 | 6.18 | |||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 8.17 | $ 7.69 | $ 6.84 | $ 8.17 | |
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 | 1 year 8 months 19 days | |
Minimum [Member] | Employee Stock Option [Member] | |||||
Class of Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Maximum [Member] | Employee Stock Option [Member] | |||||
Class of Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years |
Stock Incentive Compensation St
Stock Incentive Compensation Stock Based Compensation Equity Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Class of Stock [Line Items] | |||||
Compensation Expense Recognized | $ 586 | $ 515 | $ 1,576 | $ 1,557 | |
Proceeds from exercise of stock options | 0 | 41 | |||
Employee Stock Option [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0 | 0 | $ 42 | ||
Restricted Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Compensation Expense Recognized | 544 | 488 | 1,461 | 1,465 | |
Compensation Cost, Nonvested Awards, Not yet Recognized | 3,280 | 3,280 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Class of Stock [Line Items] | |||||
Compensation Expense Recognized | 42 | $ 27 | 115 | $ 92 | |
Compensation Cost, Nonvested Awards, Not yet Recognized | $ 258 | $ 258 |
Stock Incentive Compensation _2
Stock Incentive Compensation Stock Based Compensation Cash Incentive Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | $ 586 | $ 515 | $ 1,576 | $ 1,557 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 41 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Apr. 29, 2019 | Jul. 31, 2019 | Oct. 31, 2018 |
Cross Currency Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 5,110 | ||
Cross Currency Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 4,432 | ||
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 Asset | 4,432 | ||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 135 | ||
Derivative Liability | $ (715) | ||
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 Asset | 135 | ||
Derivative Liability | $ (715) | ||
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 Asset | 0 | ||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable Securities | 21 | ||
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] | |||
Marketable Securities | $ 21 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 3,905 | $ 1,965 | $ 11,371 | $ 4,962 | |
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | $ 615 | 615 | |||
Restructuring Expense | 11,371 | ||||
Payments | 9,761 | ||||
Ending Balance | 2,225 | 2,225 | |||
Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | 22,761 | ||||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 947 | 2,377 | 2,931 | ||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 367 | 367 | |||
Restructuring Expense | 2,377 | ||||
Payments | 1,352 | 2,744 | |||
Ending Balance | 0 | 0 | |||
Legal and Professional Expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 2,608 | 6,769 | 1,170 | ||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 248 | 248 | |||
Restructuring Expense | 6,769 | ||||
Payments | 58 | 4,792 | |||
Ending Balance | 2,225 | 2,225 | |||
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 350 | 2,225 | $ 861 | ||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | $ 0 | 0 | |||
Restructuring Expense | 2,225 | ||||
Payments | $ 555 | 2,225 | |||
Ending Balance | $ 0 | $ 0 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ (973) | $ (7,014) | $ (2,612) | $ (9,854) |
Income before income taxes | $ (3,682) | $ 4,038 | $ (8,907) | $ 10,081 |
Effective tax rate | 26.40% | (173.70%) | 29.30% | (97.70%) |
Benefit based on adjusting the estimated annual tax rate | $ (5,500) | |||
Tax benefit due to enactment of TCJA | 3,966 | |||
Income Tax Examination [Line Items] | ||||
Tax contingency | $ 2,300 | |||
U.S. | Internal Revenue Service | ||||
Income Tax Examination [Line Items] | ||||
Tax contingency | $ 8,000 |
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 | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 141 | 316 | ||
Net income (loss) available to common stockholders | $ (2,709) | $ 11,052 | $ (6,295) | $ 19,935 |
Basic weighted average number of common shares | 23,557 | 23,278 | 23,486 | 23,202 |
Restricted stock units and stock options (1) | 0 | 175 | 0 | 139 |
Diluted weighted average number of common shares | 23,557 | 23,453 | 23,486 | 23,341 |
Basic earnings (loss) per share | $ (0.11) | $ 0.47 | $ (0.27) | $ 0.86 |
Diluted earnings (loss) per share | $ (0.11) | $ 0.47 | $ (0.27) | $ 0.85 |
Business Segment Information _2
Business Segment Information Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Revenue, Net | $ 263,445 | $ 294,883 | $ 795,748 | $ 839,889 | |
Long-Lived Assets | 374,713 | 374,713 | $ 358,491 | ||
Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | 102,118 | 102,118 | 104,780 | ||
Non-US [Member] | Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | 82,621 | 87,393 | 245,376 | 235,037 | |
North America | Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | 203,920 | 223,074 | 606,872 | 648,705 | |
Foreign Currency Transaction Gain, before Tax | (221) | 259 | (10) | 228 | |
Long-Lived Assets | 272,595 | 272,595 | $ 253,711 | ||
Rest of World [Member] | Geography Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | (5,689) | (5,629) | (16,884) | (14,924) | |
Europe and Asia [Member] | Reportable Geographical Components [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, Net | 65,214 | 77,438 | 205,760 | 206,108 | |
Foreign Currency Transaction Gain, before Tax | $ 484 | $ 21 | $ 478 | $ (222) | |
Sales [Member] | Non-US [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 31.40% | 29.60% | 30.80% | 28.00% |
Uncategorized Items - shlo-2019
Label | Element | Value |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ 19,935,000 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | (772,000) |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 41,000 |
AOCI Attributable to Parent [Member] | ||
Share-based Compensation | us-gaap_ShareBasedCompensation | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | (772,000) |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Additional Paid-in Capital [Member] | ||
Share-based Compensation | us-gaap_ShareBasedCompensation | 1,557,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 38,000 |
Retained Earnings [Member] | ||
Share-based Compensation | us-gaap_ShareBasedCompensation | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 19,935,000 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Common Stock [Member] | ||
Share-based Compensation | us-gaap_ShareBasedCompensation | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | $ 3,000 |