Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 17, 2019 | Apr. 30, 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 | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 24,191,338 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 85,476,723 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
ASSETS: | ||
Cash and cash equivalents | $ 14,320 | $ 16,843 |
Accounts receivable, net | 172,468 | 209,733 |
Related party accounts receivable | 1,477 | 996 |
Prepaid income taxes | 1,853 | 1,391 |
Inventories, net | 63,547 | 71,412 |
Prepaid expenses | 8,980 | 10,478 |
Other current assets | 13,354 | 22,124 |
Total current assets | 275,999 | 332,977 |
Property, plant and equipment, net | 328,026 | 316,176 |
Goodwill | 22,395 | 27,376 |
Intangible assets, net | 13,025 | 14,939 |
Deferred income taxes | 5,169 | 5,665 |
Other assets | 7,077 | 12,542 |
Total assets | 651,691 | 709,675 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||
Current debt | 1,975 | 1,327 |
Accounts payable | 155,754 | 177,400 |
Other accrued expenses | 50,093 | 63,031 |
Accrued income taxes | 316 | 1,874 |
Total current liabilities | 208,138 | 243,632 |
Long-term debt | 248,695 | 245,351 |
Long-term benefit liabilities | 24,147 | 15,553 |
Deferred income taxes | 798 | 2,894 |
Other liabilities | 2,399 | 2,723 |
Total liabilities | 484,177 | 510,153 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 per share; 5,000,000 shares authorized; no shares issued and outstanding at October 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 October 31, 2019 and October 31, 2018, respectively; 23,790,258 and 23,417,107 shares issued and outstanding at October 31, 2019 and October 31, 2018, respectively | 238 | 234 |
Paid-in capital | 116,436 | 114,405 |
Retained earnings | 115,866 | 135,813 |
Accumulated other comprehensive loss, net | (65,026) | (50,930) |
Total stockholders’ equity | 167,514 | 199,522 |
Total liabilities and stockholders’ equity | $ 651,691 | $ 709,675 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parentheticals - $ / shares | Oct. 31, 2019 | Oct. 31, 2018 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 50,000,000 |
Common stock, shares issued | 23,790,258 | 23,417,107 |
Common stock, shares outstanding | 23,790,258 | 23,417,107 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Income Statement [Abstract] | ||||
Net revenues | $ 1,054,707 | $ 1,139,944 | $ 1,041,986 | |
Cost of sales | [1] | 964,131 | 1,023,849 | 926,631 |
Gross profit | 90,576 | 116,095 | 115,355 | |
Selling, general & administrative expenses | [1] | 71,312 | 88,604 | 83,070 |
Amortization of intangible assets | 2,075 | 2,372 | 2,259 | |
Asset impairment, net | 5,701 | 0 | 241 | |
Restructuring | 17,072 | 6,613 | 4,777 | |
Operating income (loss) | (5,584) | 18,506 | 25,008 | |
Interest expense | 16,258 | 11,343 | 15,088 | |
Interest income | (12) | (10) | (4) | |
Other (income) expense, net | [1] | (1,272) | 913 | 3,501 |
Income (loss) before income taxes | (20,558) | 6,260 | 6,423 | |
Provision (benefit) for income taxes | (611) | (5,219) | 7,120 | |
Net income (loss) | $ (19,947) | $ 11,479 | $ (697) | |
Earnings per share: | ||||
Basic earnings (loss) per share | $ (0.85) | $ 0.49 | $ (0.04) | |
Basic weighted average number of common shares | 23,506 | 23,229 | 19,233 | |
Diluted earnings (loss) per share | $ (0.85) | $ 0.49 | $ (0.04) | |
Diluted weighted average number of common shares | 23,506 | 23,369 | 19,233 | |
[1] | Fiscal year 2017 reflects the reclassification of non-service cost components of net benefit costs to outside of operating income as a result of ASU 2017-07 adoption, effective November 1, 2017. |
Consolidated Statement of Other
Consolidated Statement of Other Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (19,947) | $ 11,479 | $ (697) |
Defined benefit pension plans & other post-retirement benefits | |||
Amortization of net actuarial loss | 1,156 | 1,318 | 1,480 |
Actuarial net gain (loss) | (13,016) | 7,861 | 604 |
Asset net gain (loss) | 3,331 | (2,889) | 5,729 |
Cumulative effect of adoption of ASU 2018-02 (1) | 0 | (6,138) | 0 |
Income tax provision | (217) | (1,442) | (3,001) |
Total defined benefit pension plans & other post retirement benefits, net of tax | (8,746) | (1,290) | 4,812 |
Marketable securities | |||
Unrealized gain (loss) on marketable securities | 0 | (173) | 45 |
Cumulative effect of adoption of ASU 2018-02 (1) | 0 | (7) | 0 |
Income tax benefit (expense) | 0 | 10 | (250) |
Realized income | 18 | 0 | 0 |
Reclassification of other-than-temporary impairment losses on marketable securities included in net income (loss) | 0 | 154 | 669 |
Total marketable securities, net of tax | 18 | (16) | 464 |
Derivatives and hedging | |||
Unrealized (loss) gain on interest rate swap agreements | (1,225) | 1,452 | |
Unrealized (loss) gain on interest rate swap agreements | 1,543 | ||
Cumulative effect of adoption of ASU 2018-02 (1) | 0 | (213) | 0 |
Income tax benefit (provision) | (217) | 588 | |
Income tax benefit (provision) | 217 | (588) | (1,151) |
Reclassification adjustments for settlement of derivatives included in net income | (276) | (772) | |
Reclassification adjustments for settlement of derivatives included in net income | 1,401 | ||
Change in fair value of derivative instruments, net of tax | (732) | 1,423 | |
Change in fair value of derivative instruments, net of tax | 1,793 | ||
Foreign currency translation adjustments | |||
Foreign currency translation gain (loss) | (3,959) | (7,879) | 7,156 |
Income tax provision | (677) | (931) | 0 |
Unrealized loss on foreign currency translation | (4,636) | (8,810) | 7,156 |
Comprehensive income (loss), net | $ (34,043) | $ 2,786 | $ 13,528 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (19,947) | $ 11,479 | $ (697) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 46,753 | 45,728 | 41,648 |
Amortization of deferred financing costs | 1,541 | 1,244 | 3,115 |
Asset impairment, net | 5,701 | 0 | 241 |
Restructuring | 4,863 | 280 | 4,420 |
Deferred income taxes | (3,013) | (9,770) | 4,174 |
Stock-based compensation expense | 2,035 | 1,984 | 1,698 |
(Gain) loss on sale of assets | 2,637 | (993) | (1,590) |
Loss on marketable securities | 29 | 154 | 695 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 34,114 | (1,426) | (2,919) |
Inventories, net | 7,083 | 412 | (888) |
Prepaids and other assets | (1,619) | 1,733 | 5,375 |
Payables and other liabilities | (41,644) | (1,462) | 16,715 |
Prepaid and accrued income taxes | (2,013) | 1,877 | 1,148 |
Net cash provided by operating activities | 31,246 | 53,226 | 76,315 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (55,225) | (50,135) | (48,395) |
Sale of joint venture | 0 | 0 | 1,170 |
Acquisitions, net of cash required | 0 | (62,514) | 0 |
Derivative settlements | 5,855 | 0 | 0 |
Proceeds from sale of assets | 12,393 | 3,592 | 7,605 |
Net cash used in investing activities | (36,977) | (109,057) | (39,620) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payment of capital leases | (582) | (886) | (879) |
Proceeds from long-term borrowings | 280,500 | 266,900 | 221,600 |
Repayments of long-term borrowings | (275,100) | (202,282) | (296,770) |
Payment of deferred financing costs | (1,954) | (105) | (1,779) |
Proceeds from exercise of stock options | 0 | 73 | 78 |
Proceeds from the issuance of common stock | 0 | 0 | 40,227 |
Net cash provided by (used in) financing activities | 2,864 | 63,700 | (37,523) |
Effect of foreign currency exchange rate fluctuations on cash | 344 | 238 | 868 |
Net increase (decrease) in cash and cash equivalents | (2,523) | 8,107 | 40 |
Cash and cash equivalents at beginning of period | 16,843 | 8,736 | 8,696 |
Cash and cash equivalents at end of period | 14,320 | 16,843 | 8,736 |
Supplemental Cash Flow Information: | |||
Cash paid for interest | 14,820 | 10,594 | 12,432 |
Cash paid for income taxes | 3,951 | 3,423 | 1,780 |
Non-cash Activities: | |||
Capital equipment included in accounts payable | $ 8,262 | $ 4,049 | $ 4,239 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
Stockholders' equity, beginning balance at Oct. 31, 2016 | $ 132,790 | $ 176 | $ 70,403 | $ 118,673 | $ (56,462) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (697) | (697) | ||||
Other comprehensive income, net of tax | 14,225 | 14,225 | ||||
Reclassification of stranded tax effects | (6,358) | |||||
Restricted stock and exercise of stock options | 78 | 3 | 75 | |||
Issuance of common stock | (40,227) | (52) | (40,175) | |||
Stock-based compensation cost | 1,698 | 1,698 | ||||
Stockholders' equity, ending balance at Oct. 31, 2017 | 188,321 | 231 | 112,351 | 117,976 | (42,237) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | 11,479 | 11,479 | ||||
Other comprehensive income, net of tax | (2,335) | (2,335) | ||||
Reclassification of stranded tax effects | [1] | 0 | 6,358 | (6,358) | ||
Restricted stock and exercise of stock options | 73 | 3 | 70 | |||
Issuance of common stock | 0 | |||||
Stock-based compensation cost | 1,984 | 1,984 | ||||
Stockholders' equity, ending balance at Oct. 31, 2018 | 199,522 | 234 | 114,405 | 135,813 | (50,930) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (19,947) | (19,947) | ||||
Other comprehensive income, net of tax | (14,096) | (14,096) | ||||
Restricted stock and exercise of stock options | 0 | 4 | (4) | |||
Issuance of common stock | 0 | |||||
Stock-based compensation cost | 2,035 | 2,035 | ||||
Stockholders' equity, ending balance at Oct. 31, 2019 | $ 167,514 | $ 238 | $ 116,436 | $ 115,866 | $ (65,026) | |
[1] | The adoption of ASU 2018-02 required reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects in accumulated other comprehensive loss results from the Tax Cuts and Jobs Act of 2017. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies General: We are a global innovative solutions provider focusing on lightweighting technologies that provides environmental and safety benefits to the mobility market. Our multi-component, multi-material solutions are comprised of a variety of alloys in aluminum, magnesium and steel grades, along with its proprietary line of noise and vibration reducing ShilohCore® acoustic laminate products. The strategic BlankLight®, CastLight® and StampLight® brands combine to maximize lightweighting solutions without compromising safety or performance. Shiloh delivers these solutions in body structure, chassis and propulsion systems to original equipment manufacturers ("OEMs") and several "Tier 1" suppliers to the OEMs in the automotive and commercial vehicle markets. The Company has thirty-five wholly-owned subsidiaries at locations in Asia, Europe and North America as of the fiscal year ended October 31, 2019 . Oak Tree Holdings (the parent of MTD Products Inc.) and affiliates owned 31% of the Company's outstanding shares of common stock as of October 31, 2019 , making Oak Tree Holdings and MTD Products Inc. related parties of the Company. Principles of Consolidation: The consolidated financial statements include the accounts of Shiloh Industries, Inc. and all wholly-owned subsidiaries. Intercompany transactions are eliminated in the consolidation process of the financial statements. Revenue Recognition: We enter into contracts with our customers to provide production parts generally at the beginning of a vehicle’s life cycle. Typically, these contracts do not provide for a specified quantity of products, but once entered into, we are often expected to fulfill our customers’ purchasing requirements for the production life of the vehicle. Many of these contracts may be terminated by our customers at any time. Historically, terminations of these contracts have been minimal. We receive purchase orders from our customers, which provide the commercial terms for a particular production part, including price (but not quantities). Contracts may also provide for annual price reductions over the production life of the vehicle, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors. Revenue is recognized at a point in time when control of the product is transferred to the customer under standard commercial terms, as we do not have an enforceable right to payment prior to such transfer. The amount of revenue recognized reflects the consideration that we expect to be entitled to in exchange for those products based on the annual purchase orders and annual price reductions. Our customers pay for products received in accordance with payment terms that are customary within the industry. Our contracts with our customers do not have significant financing components. Amounts billed to customers related to shipping and handling costs are included in net sales in the consolidated statements of operations. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales in the consolidated statements of operations. Also see “Note 3 - Revenue” for further information. Shipping and Handling Activities: Shipping and handling costs associated with outbound freight after parts have transferred to a customer, are accounted for as a fulfillment cost and are included in cost of sales. Inventories: Inventories are valued at the lower of cost and net realizable value, using the first-in first-out ("FIFO") method. Pre-production and Development Costs: We enter into contractual agreements with certain customers for tooling. All such tooling contracts relate to parts that we will supply to customers under supply agreements. Tooling costs are capitalized in other current assets as tooling contracts are separate from standard production contracts. At October 31, 2019 and 2018 , tooling costs of $6,747 and $5,510 , respectively, were included in other current assets. Property, Plant and Equipment: Property, plant and equipment are stated at cost or at fair market value for plant, property and equipment acquired through acquisitions. Expenditures for maintenance, repairs and renewals are charged to expense as incurred, while major improvements are capitalized. The costs of these improvements are depreciated over their estimated useful lives. Useful lives range from three to ten years for furniture and fixtures and machinery and equipment, or if the assets are dedicated to a customer program, over the estimated life of that program, ten years for land improvements and twenty years for buildings and their related improvements. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. When assets are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is included in the earnings for the current period. Income Taxes: We utilize the asset and liability method in accounting for income taxes. Income tax expense includes U.S. and international income taxes minus tax credits and other incentives that will reduce tax expense in the year they are claimed. Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial accounting and income tax basis of assets and liabilities and operating losses and tax credit carry-forwards. Valuation allowances are recorded to reduce net deferred tax assets to the amount that is more likely than not to be realized. We assess both positive and negative evidence when measuring the need for a valuation allowance. Evidence typically assessed includes the operating results for the most recent three -year period and the expectations of future profitability, available tax planning strategies, the time period over which the temporary differences will reverse and taxable income in prior carry-back years if carry-back is permitted under the tax law. The calculation of our tax liabilities also involves dealing with uncertainties in the application of complex tax laws and regulations. We recognize liabilities for uncertain income tax positions based on the Company’s estimate of whether, and the extent to which, additional taxes will be required. We report interest and penalties related to uncertain income tax positions as income taxes. Tax provision or benefits from other comprehensive income activities reflect the statutory rate of such activities. Business Combinations: We account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration on the acquisition date at fair value. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our consolidated financial statements from the acquisition date. Intangible Assets: Intangible assets with definitive lives are amortized over their estimated useful lives. We amortize our acquired intangible assets with definitive lives on a straight-line basis over periods ranging from three months to fifteen years . See note 8 - "Goodwill and Intangible Assets, Net" for a description of the current intangible assets and their estimated amortization expense. An impairment analysis of definite-lived intangible assets is performed when indicators of potential impairment exists. Goodwill: Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to impairment assessment. In accordance with ASC 350, " Intangibles-Goodwill and Other ," we assess goodwill for impairment on an annual basis, or more frequently, if an event occurs or circumstances change that would more likely than not reduce the fair value below the carrying amount. Our annual impairment assessment is performed as of September 30. Such assessment can be done on a qualitative or quantitative basis. When conducting a qualitative assessment, we consider relevant events and circumstances that affect the fair value or carrying amount of the reporting unit. A quantitative assessment is required only if we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or we elect not to perform a qualitative assessment of a reporting unit. We consider the extent to which each of the events and circumstances identified affect the comparison of the reporting unit's fair value or the carrying amount. Such events and circumstances could include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, product brand level specific events and cost factors. We place more weight on the events and circumstances that may affect the determination of whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform a quantitative goodwill impairment assessment. We perform a quantitative annual goodwill impairment assessment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount exceeds the fair value, we recognize an impairment charge for the amount by which the carrying amount exceeds the fair value, not to exceed the total amount of goodwill in that reporting unit. Share-based Payments: We record compensation expense for the fair value of nonvested stock option awards and restricted stock awards over the remaining vesting period. We have elected to use the simplified method and utilize the historical weighted average volatility to calculate the expected term of the stock options outstanding. Any outstanding option will not be exercisable more than ten years from the date of grant. We determine the volatility and risk-free rate assumptions used in computing the fair value using the Black-Scholes option-pricing model, in consultation with an outside third party. The expected term for a restricted stock award is between one and three years . The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that depicted in the financial statements. In addition, we do not estimate a forfeiture rate at the time of grant instead we elected to recognize share-based compensation expense as forfeitures occur. New restricted stock and restricted stock unit grants are valued at the closing market price on the date of grant. In addition, we do not estimate a forfeiture rate at the time of grant, instead, we elected to recognize share-based compensation expense as forfeitures occur. Employee Benefit Plans: We accrue the cost of U.S. defined benefit pension plans, which are frozen, in accordance with Statement of FASB ASC Topic 715 "Compensation - Retirement Benefits." The plans are funded based on the requirements and limitations of the Employee Retirement Income Security Act of 1974. As of October 31, 2019 , 98% of our U.S. employees participated in discretionary profit sharing plans administered by us. We also provide post-retirement medical benefits to 12 former employees. Actual results that differ from these estimates may result in more or less future Company funding into the pension plans than is planned by management. Cash and Cash Equivalents: Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Cash in foreign subsidiaries totaled $13,101 and $16,107 at October 31, 2019 and October 31, 2018 , respectively. Concentration of Risk: We sell products to customers primarily in the automotive and commercial vehicle markets. Financial instruments, which potentially subject us to concentration of credit risk, are primarily accounts receivable. We perform on-going credit evaluations of our customers' financial condition. The allowance for doubtful accounts is based on the expected collectability of all accounts receivable. Losses have historically been within management's expectations. We do not have financial instruments with off-balance sheet risk. See note 19- "Business Segment Information" for a breakdown of concentration of revenues. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Fair Value of Financial Instruments: The carrying amounts of cash and cash equivalents, trade receivables and payables approximate fair value because of the short maturity of those instruments. The carrying value of our debt and derivative instruments are considered to approximate the fair value of these instruments based on the borrowing rates currently available to us for loans with similar terms and maturities. Derivative Financial Instruments: We use interest rate swaps to manage volatility of underlying exposures. We recognize all of our derivative instruments as either assets or liabilities at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated, and is effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of Comprehensive Income (Loss) and subsequently recognized in earnings when the hedged item affects earnings. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Our objective for holding derivatives is to minimize risk using the most effective and cost-efficient methods available. Foreign Currency Translation: Our functional currency is the U.S. dollar as a substantial part of our operations are based in the U.S. The financial statements of all subsidiaries with a functional currency other than the U.S. Dollar have been translated into U.S. Dollars. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated from the applicable foreign currency using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Other Comprehensive Income (Loss) ("OCI"). We engage in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Gains and losses resulting from foreign currency transactions are recognized in net income (loss) in the consolidated statements of operations. Non-functional currency denominated intercompany balances which are long-term in nature are recognized in accumulated other comprehensive loss. Guarantees: We have certain indemnification clauses within our Credit Agreement (as defined above) and certain lease agreements that are considered to be guarantees within the scope of ASC 460, " Guarantees ." We do not consider these guarantees to be probable, and we cannot estimate their maximum exposure. Additionally, our exposure to warranty-related obligations is not material. Accounting Estimates: The preparation of the consolidated financial statements is in conformity with accounting principles generally accepted in the United States. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Also, the reported amounts of revenues and expenses are affected during the reporting period. On an ongoing basis, management reviews its estimates based upon current available information. Actual results could differ from those estimates. Prior Year Reclassifications: During the fourth quarter of fiscal 2019, the Company reclassified the category for payments in the liability rollforward table contained in Note 18 "Restructuring Charges" to the Consolidated Financial Statements, included in Item 8 of this report. There was no impact on our financial position or results of operations. Recently Issued Accounting Standards: Standard Description Effective Date Effect on our financial statements and other significant matters ASU 2018-14 Compensation-Retirements Benefits-Defined Benefit Plans This Accounting Standards Update ("ASU") amendment adds the following to disclosure requirements: (1) The weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; (2) A narrative description of the reasons for significant gains and losses affecting the benefit obligation for the period; (3) An explanation of any other significant changes in the benefit obligation or plan assets that are not otherwise apparent in the other disclosures required by Accounting Standards Codification ("ASC") Topic 715, Compensation-Retirement Benefits . Also, this amendment clarifies the guidance in ASC 715-20-50-3 on defined benefit plans to require disclosure of (1) the projected benefit obligation (PBO) and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation (ABO) and fair value of plan assets for pension plans with ABOs in excess of plan assets. November 1, 2021 We are in the process of evaluating the impact of adoption of this standard on our financial statements. 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. 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). Also, the amendments 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. ASU 2018-13 Fair Value Measuremen t The amendments contained within this ASU eliminate the need to explain transfers between Level 1 and 2 within the fair value hierarchy. Additionally, the ASC expands on disclosure and accounting requirements for Level 3 within the fair value hierarchy. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's consolidated financial statements, as the Company does not have any level 3 fair value measurements. ASU 2018-16 Derivatives and Hedging This new amendment adds the Overnight Index Swap rate (OIS) based on the Secured Overnight Financing Rate ("SOFR") as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's consolidated financial statements. 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 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. See below (1) (1) We substantially completed our assessment of the impacts of the new lease standard during the fourth quarter. We have determined that the adoption of ASU 2016-02 will result in recognizing right of use assets and liabilities on the consolidated balance sheet for leases currently classified as operating leases. We expect to utilize the following practical expedients: • to retrospectively record the right of use assets and lease liabilities as of November 1, 2019 with any cumulative effect of the initial application recorded to retained earnings; • package of practical expedients to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for any existing leases; • to use hindsight in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of the Company’s right-of-use assets; • to exclude short-term leases from the balance sheet; and • to not assess whether existing or expired land easements that were not previously accounted for as leases under Topic 840 are, or contain, a lease. We expect that the disclosures in the notes to our consolidated financial statements related to leases will be expanded under the new standard, specifically: • general disclosures about the Company’s leases, the significant judgments made in applying the requirements in this standard to those leases, and the amounts recognized in the consolidated financial statements relating to those leases; • requiring a general description of the leases, the existence and terms and conditions of options to extend or terminate the lease including narrative disclosure about the options that are recognized as part of its right-of-use assets and lease liabilities and those that are not, information about leases that have not yet commenced but that create significant rights and obligations for the Company, significant assumptions and judgments made in determining whether a contract contains a lease, the allocation of the consideration in a contract between lease and non-lease components and the determination of discount rates for leases; • requiring the disclosure for each period presented in the consolidated financial statements relating to the Company’s total lease cost, which includes both amounts recognized in profit or loss during the period and any amounts capitalized as part of the cost of another asset and the cash flows arising from lease transactions for finance leasing cost, segregated between the amortization of the right-of-use assets and interest on the lease liabilities; operating lease costs; and short-term lease costs; amounts segregated between those for finance and operating leases for cash paid for amounts included in the measurement of lease liabilities, segregated between operating and financing cash flows, supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets, the weighted-average remaining lease term and the weighted-average discount rate; • requires a maturity analysis of the Company’s finance lease and operating lease liabilities, separately, showing the undiscounted cash flows on an annual basis for each of the first five years and a total amount for the remaining years; and • requires the Company to disclose the fact that it elected to exclude short term leases from the balance sheet and disclose the amount of short term lease commitments if the lease expense for the period does not reasonably reflect the entity’s short term lease commitments. It is expected that certain other provisions of ASC 842 not mentioned above will not significantly impact the Company. We will adopt ASU 2016-02 as of November 1, 2019 using the current-period adjustment approach. As a result, in the first quarter of 2020, we expect to record right of use assets and liabilities for operating leases ranging from $65,000 to $70,000 and for financing lease(s) of approximately $2,000 . We are unable to precisely quantify the impact to expenses for future periods since expenses recognized in those periods will depend on the actual leasing levels in those periods, but we do not expect those expenses from recognizing right of use assets and lease liabilities to change significantly. 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 the Company's financial position, results of operations or financial statement disclosures. The Company'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 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 ASC 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 calculation 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 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 the Company'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 Extinguishment (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) November 1, 2018 Adoption of the clarifications and corrections in this ASU did not have a material impact on the Company's financial position, results of operations or financial statement disclosures. ASU 2018-05 Income Taxes In 2018, the Financial Accounting Standards Board issued Accounting Standards Update ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (ASU 2018-05), which updates the income tax accounting in U.S. generally accepted accounting principles to reflect the SEC interpretive guidance released on December 22, 2017, when the 2017 Act was signed into law. October 31, 2019 Adoption of the clarificatio |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On March 1, 2018 , a subsidiary of the Company acquired all of the issued and outstanding capital of 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. The fair value of the final valuation was $39,824 for current assets, $53,200 for fixed assets, $2,328 for intangible assets and $30,079 for liabilities. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Oct. 31, 2019 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | 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 $884 and $676 at October 31, 2019 and 2018 , respectively. We recognized bad debt expense of $416 , $32 and $493 during fiscal 2019 , 2018 and 2017 , respectively, in the consolidated statements of operations. We continually monitor our exposure with our customers and additional consideration is given to individual accounts in light of the market conditions in the automotive and commercial vehicle markets. As a part of our working capital management, the Company has entered into factoring agreements with third party financial institutions ("institutions") for the sale of certain accounts receivable, with and without recourse. The sale of the receivables is accounted for in accordance with Financial Accounting Standards Board ("FASB") ASC 860, Transfers and Servicing . Under that guidance, receivables are considered sold when they are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the receivables, and the Company has surrendered control over the transferred receivables. In addition, certain agreements address events and conditions which may obligate the Company to immediately repay to the institutions the outstanding purchase price of the receivables sold. The total amount of receivables factored with recourse as of October 31, 2019 and 2018 , was $8,779 and $13,545 , respectively. As these sales are of trade accounts receivable with recourse, $9,188 and $11,742 were recorded in accounts payable as of October 31, 2019 and 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 consolidated statements of operations. As of October 31, 2019 and 2018 , $2,538 and $4,137 of trade accounts receivable were subject to factoring without recourse, respectively. The amounts subject to factoring without recourse for the year 2019 have been included in the proceeds for net cash provided by operating activities in the consolidated statements of cash flows. The expense associated with the sale of the receivables is recorded as a component of selling, general and administrative expense in the accompanying consolidated statements of operations. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Oct. 31, 2019 | |
Revenue from Contract with Customer [Abstract] [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 2019 2018 2017 Region: North America $ 812,492 $ 887,481 $ 884,650 Europe & Asia 276,115 281,692 178,895 Eliminations (33,900 ) (29,229 ) (21,559 ) Total Company $ 1,054,707 $ 1,139,944 $ 1,041,986 |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Oct. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | —Related Party Receivables Sales to MTD Products Inc. and its affiliates were $6,996 , $5,374 and $5,129 for fiscal years 2019 , 2018 and 2017 , respectively. At October 31, 2019 and 2018 , we had receivable balances of $1,477 and $996 , respectively, due from MTD Products Inc. and its affiliates. |
Inventories
Inventories | 12 Months Ended |
Oct. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | Inventories, Net Inventories, net consists of the following: October 31, 2019 2018 Raw materials $ 26,653 $ 28,457 Work-in-process 21,369 24,435 Finished goods 19,470 21,637 Reserves (3,945 ) (3,117 ) Total inventories, net $ 63,547 $ 71,412 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: October 31, 2019 2018 Land and improvements $ 13,930 $ 13,954 Buildings and improvements 127,241 124,076 Machinery and equipment 523,272 493,522 Furniture and fixtures 24,653 22,556 Construction in progress 54,723 41,964 Total, at cost 743,819 696,072 Less: Accumulated depreciation 415,793 379,896 Property, plant and equipment, net $ 328,026 $ 316,176 Depreciation expense was $44,678 , $43,356 and $39,389 in fiscal 2019 , 2018 and 2017 , respectively. During the years ended October 31, 2019 , 2018 and 2017 interest capitalized as part of property, plant and equipment was $1,183 , $648 and $704 , respectively. We had unpaid capital expenditures included in accounts payable of $8,262 , $4,049 and $4,239 at October 31, 2019 , 2018 and 2017 , respectively, and consequently such amounts are excluded from capital expenditures in the accompanying consolidated statements of cash flows for the fiscal years 2019 and 2018 . Capital Leases: Leased property, net is calculated based on the following: October 31, 2019 2018 Leased Property: Machinery and equipment $ 4,071 $ 6,701 Less: Accumulated depreciation 1,769 3,073 Leased property, net $ 2,302 $ 3,628 The Company maintains a capital lease that bears interest at a variable rate based on the STIBOR 90 and requires monthly payments through October 31, 2020. As of October 31, 2019 and 2018 , $ 2,000 and $ 2,543 remained outstanding under this agreement and was classified as debt in our consolidated balance sheet, respectively. At the end of the lease term, a lump sum payment of $ 1,617 is required. Future minimum rental payments to be made under capital leases at October 31, 2019 are as follows: Twelve Months Ending October 31, 2020 $ 1,975 2021 — 2022 — 2023 — 2024 — 1,975 Plus amount representing interest of 2.18% at October 31, 2019 25 Total obligations under capital leases $ 2,000 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets [Text Block] | Intangible Assets, Net Goodwill: In accordance with FASB ASC Topic 350, " Intangibles – Goodwill and Other ", goodwill must be reviewed for impairment annually, or more frequently if events and circumstances arise that suggest the asset may be impaired. We conduct our review for goodwill impairment on September 30 of each year. Goodwill impairment testing is performed at the reporting unit level. The fair value is compared to the carrying value including goodwill. If the carrying value exceeds the fair value, then goodwill impairment exists. We performed a quantitative assessment at the reporting unit level in 2019 and determined that our Europe and Asia reporting unit carrying value exceeds the fair value. The annual assessment of goodwill for Europe and Asia considered changes in macroeconomic conditions and industry trends in the fourth quarter, historical and future operating results, timing of restructuring plans and timing of new business and resulted in the calculated fair value being below the carrying value. As a result of the interim goodwill impairment test performed as of September 30, 2019, a goodwill impairment charge of $4,901 was recognized. Our goodwill impairment test as of September 30, 2018 concluded there was no impairment of goodwill. The changes in the carrying amount of goodwill are as follows: Balance October 31, 2017 $ 27,859 Foreign currency translation (483 ) Balance October 31, 2018 27,376 Impairment (4,901 ) Foreign currency translation (80 ) Balance October 31, 2019 $ 22,395 Intangible Assets: The changes in the carrying amount of finite-lived intangible assets for the years ended October 31, 2019 and 2018 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2017 $ 11,648 $ 1,997 $ 31 $ 1,254 $ 95 $ 15,025 Acquisitions — 2,328 — — — 2,328 Amortization expense (1,332 ) (751 ) (16 ) (123 ) (17 ) (2,239 ) Foreign currency translation (5 ) (170 ) — — — (175 ) Balance October 31, 2018 10,311 3,404 15 1,131 78 14,939 Amortization expense (1,331 ) (394 ) (15 ) (123 ) (17 ) (1,880 ) Foreign currency translation (3 ) (31 ) — — — (34 ) Balance October 31, 2019 $ 8,977 $ 2,979 $ — $ 1,008 $ 61 $ 13,025 Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major class of intangible assets: October 31, 2019 Weighted Average Remaining Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 6.70 $ 17,561 $ (8,584 ) $ 8,977 Developed technology 9.1 7,134 (4,155 ) 2,979 Non-compete agreements 0 824 (824 ) — Trade names 8.2 1,875 (867 ) 1,008 Trademarks 3.8 166 (105 ) 61 Total intangible assets $ 27,560 $ (14,535 ) $ 13,025 October 31, 2018 Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships $ 17,564 $ (7,253 ) $ 10,311 Developed technology 7,165 (3,761 ) 3,404 Non-compete agreements 824 (809 ) 15 Trade names 1,875 (744 ) 1,131 Trademarks 166 (88 ) 78 Total intangible assets $ 27,594 $ (12,655 ) $ 14,939 Total amortization expense for the years ended October 31, 2019 , 2018 and 2017 was $2,075 , $2,372 and $2,259 , respectively. A favorable lease asset of $1,458 was acquired as part of the Brabant acquisitions in fiscal 2018 with a 7 year useful life. Amortization expense of $195 for this asset is included in amortization of intangible assets for fiscal 2019 and the balance of $1,004 is included within other assets. Amortization expense related to intangible assets and the favorable lease asset for the following fiscal years ending is estimated to be as follows: 2020 $ 2,057 2021 2,058 2022 2,058 2023 2,054 2024 2,019 Thereafter 3,783 $ 14,029 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Oct. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | —Financing Arrangements Debt consists of the following: October 31, 2019 2018 Credit Agreement —interest at 5.18% and 4.59% at October 31, 2019 and October 31, 2018, respectively $ 248,695 $ 243,300 Capital lease obligations 1,975 2,640 Insurance broker financing agreement — 738 Total debt 250,670 246,678 Less: Current debt 1,975 1,327 Total long-term debt $ 248,695 $ 245,351 At October 31, 2019 , the Company had floating rate debt on a revolving line of credit of $248,695 , net of its capital lease obligations. The weighted average interest rate of all debt was 5.16% and 3.91% for fiscal years 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, which among other things, provides for an aggregate availability of $350,000 , $275,000 of which is available to the Company through the Tranche A Facility and $75,000 of which is available to the Dutch borrower through the Tranche B Facility, and eliminates the scheduled reductions in such availability. The amendment increases the aggregate amount of incremental commitment increases allowed under the Credit Agreement to up to $150,000 subject to our pro forma compliance with financial covenants, the Administrative Agent’s approval and the Company obtaining commitments for any such increase. The Amendment extended the commitment period to October 31, 2022. On July 31, 2017, we executed the Seventh Amendment which modifies investments in subsidiaries and various cumulative financial covenant thresholds, in each case, under the Credit Agreement. The Seventh Amendment also enhances our ability to take advantage of customer supply chain finance programs. 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 provides for an interest rate margin on LIBOR loans of 1.5% to 3.0% and of 0.50% to 2.0% on base rate loans depending on our leverage ratio. The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding our outstanding indebtedness and maximum leverage and interest coverage ratios. The Credit Agreement also contains standard provisions relating to conditions of borrowing. In addition, the Credit Agreement contains customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. If an event of default occurs, all amounts outstanding under the Credit Agreement may be accelerated and become immediately due and payable. We were in compliance with the financial covenants as of October 31, 2019 and October 31, 2018 . In the next fiscal year the interest coverage ratio remains at 3.5 times and the leverage ratio decreases from 4.75 times in the first quarter to 3.25 times in the fourth quarter. After considering letters of credit of $4,254 that we have issued, unused commitments under the Credit Agreement were $97,051 at October 31, 2019 . 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 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 2.05% and requires monthly payments of $94 through May 2019 . We maintain capital leases for equipment used in our manufacturing facilities with lease terms expiring during fiscal 2020 . As of October 31, 2019 , the present value of minimum lease payments under our capital leases was $1,975 . Scheduled repayments of debt for the next five years are listed below: Twelve Months Ending October 31, Credit Agreement Capital Lease Obligations Total 2020 $ — $ 1,975 $ 1,975 2021 — — — 2022 248,695 — 248,695 2023 — — — 2024 — — — Total $ 248,695 $ 1,975 $ 250,670 |
Operating Leases
Operating Leases | 12 Months Ended |
Oct. 31, 2019 | |
Operating Leases [Abstract] | |
Operating Leases | Operating Leases We lease buildings, material handling, manufacturing and office equipment under operating leases with terms that range from one to fifteen years at inception. The leases do not include step rent provisions, escalation clauses, capital improvement funding or other lease concessions that qualify the leases as a contingent rental. Also, the leases do not include a variable related to a published index. Our operating leases are charged to expense over the lease term, on a straight-line basis. The longest lease term of our current leases extends to May, 2033 . Rent expense under operating leases for fiscal years 2019 , 2018 and 2017 was $14,266 , $14,243 and $11,147 , respectively. Future minimum lease payments under operating leases are as follows at October 31, 2019 : 2020 $ 12,040 2021 8,960 2022 5,102 2023 3,816 2024 2,717 Thereafter 10,513 Total commitments under non-cancelable operating leases $ 43,148 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits Disclosure | 12 Months Ended |
Oct. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We maintain pension plans, which are frozen, covering our eligible employees. We provide an unfunded postretirement health care benefit plan for 12 retirees and their dependents. The measurement date for our employee benefit plans coincides with our fiscal year end. Obligations and Funded Status of U.S. Plans at October 31: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ (79,898 ) $ (89,063 ) $ (283 ) $ (313 ) Interest cost (3,366 ) (3,166 ) (11 ) (11 ) Actuarial gain/(loss) (12,995 ) 7,849 (21 ) 12 Benefits paid 5,062 4,482 32 29 Benefit obligation at end of year (91,197 ) (79,898 ) (283 ) (283 ) Change in plan assets: Fair value of plan assets at beginning of year 65,646 69,215 — — Actual return on plan assets 6,672 468 — — Employer contributions 1,351 445 32 29 Benefits paid (5,062 ) (4,482 ) (32 ) (29 ) Fair value of plan assets at end of year 68,607 65,646 — — Funded status, benefit obligations in excess of plan assets $ (22,590 ) $ (14,252 ) $ (283 ) $ (283 ) The following amounts are recorded in the liabilities section of the consolidated balance sheets as follows: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Other accrued expenses (1) $ — $ — $ (39 ) $ (39 ) Long-term benefit liabilities (22,590 ) (14,252 ) (244 ) (244 ) Total $ (22,590 ) $ (14,252 ) $ (283 ) $ (283 ) (1) As pension assets exceed expected benefit payments over the next year, liabilities for the pension plan are considered long-term. Components of Net Periodic Benefit Cost U.S. Plans Pension Benefits Other Post Retirement Benefits 2019 2018 2017 2019 2018 2017 Interest cost $ 3,366 $ 3,166 $ 3,282 $ 11 $ 11 $ 13 Expected return on plan assets (3,341 ) (3,357 ) (3,455 ) — — — Amortization of net actuarial loss 1,150 1,311 1,508 6 7 10 Net periodic benefit cost $ 1,175 $ 1,120 $ 1,335 $ 17 $ 18 23 We expect to recognize in the consolidated statements of operations the following amounts that will be amortized from accumulated other comprehensive loss in fiscal 2020 . Pension Benefits Other Post Retirement Benefits Amortization of net actuarial loss $ 1,497 $ 8 We have recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive loss: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Net actuarial loss $ 46,224 $ 37,710 $ 80 $ 64 Recognized in accumulated other comprehensive loss $ 46,224 $ 37,710 $ 80 $ 64 Additional Information on U.S. Plans Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Increase (decrease) in minimum liability included in other comprehensive income (loss) $ 8,514 $ (6,272 ) $ 15 $ (20 ) Assumptions for U.S. Plans: Weighted-average assumptions used to determine benefit obligations at October 31 Pension Benefits Other Post Retirement Benefits 2019 2018 2017 2019 2018 2017 Discount rate 3.05 % 4.35 % 3.65 % 3.05 % 4.35 % 3.65 % Pension Benefits Other Post Retirement Benefits Weighted-average assumptions used to determine net periodic benefit costs for years ended October 31 2019 2018 2017 2019 2018 2017 Discount rate 4.35 % 3.65 % 3.70 % 4.35 % 3.65 % 3.70 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % — — — These assumptions are used to develop the projected obligation at fiscal year end and to develop net periodic benefit cost for the subsequent fiscal year. Therefore, the assumptions used to determine the net periodic benefit costs in fiscal 2019 were established at October 31, 2018 , while the assumptions used to determine the benefit obligations were established at October 31, 2019 . We use the Principal Pension Discount Yield Curve ("Principal Curve") for the U.S. Plans as the basis for determining the discount rate for reporting pension and retiree medical liabilities. The Principal Curve has several advantages to other methods, including: transparency of construction, lower statistical errors and continuous forward rates for all years. We determine the annual rate of return for the U.S. pension plan assets by analyzing the composition of its asset portfolio and applying historical rates of return to the portfolio. Our outside investment advisors and actuaries review the computed rate of return. Industry comparables and other outside guidance are also considered in the annual selection of the expected rates of return on pension assets. The long-term expected rate of return on plan assets takes into account years with exceptional gains and years with exceptional losses. October 31, Assumed health care trend rates 2019 2018 Health care cost trend rate assumed for next year 6.8% 7.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5% 4.5% Year that the rate reaches the ultimate trend rate 2030 2027 The aforementioned assumed health care cost trend rates will have a significant effect on the amounts reported for the health care plan. The Company's assumed health care trend rate was based on reduced health care claims experienced by a small and declining retiree population. A one-percentage point change in assumed health care cost trend rates would have the following effects at October 31, 2019 : One-Percentage Point Increase One-Percentage Point Decrease Effect on total of service and interest cost components $ 3 $ (2 ) Effect on post retirement obligation $ 20 $ (18 ) Plan Assets - U.S. Plan Assets The Company has established a targeted asset allocation percentage by asset category that re-balances the assets of each U.S. plan when pension contributions are funded. Our pension plan weighted-average asset allocations at October 31, 2019 and 2018 , by asset category and comparison to the target allocation percentage are as follows: Target Allocation Percentage Plan Assets at October 31, 2019 2018 Asset Category Equity securities 30-70% 62% 59% Debt securities 30-70% 33% 35% Real estate 0-10% 5% 6% Total 100% 100% The investment policy for assets of the U.S. plans is to obtain a reasonable long-term return consistent with the level of risk assumed. Also, we seek to control the cost of funding the plans within prudent levels of risk through the investment of plan assets. Lastly, in an effort to avoid the risk of large losses and maximize the return of the Company's plans with market and economic risk in mind, we seek to provide diversification of assets. Fair Value The plans' investments are reported at fair value. Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. FASB ASC Topic 820, Fair Value Measurements and Disclosures ("FASB ASC 820"), clarifies fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 : Quoted prices (unadjusted) for identical assets or liabilities in active markets that the plans have the ability to access as of the measurement date. Level 2 : Other significant observable inputs other than level 1 prices. These could be quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3 : Unobservable significant inputs that reflect the plans' own assumptions about the assumptions market participants would use in pricing an asset or liability. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in FASB ASC 820: • Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). • Income approach: Techniques to convert future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing and excess earnings models). The following descriptions of the valuation methods and assumptions used by the plans to estimate the fair values of investments apply to investments held directly by the plans. Mutual funds : The fair values of mutual fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs). Pooled separate accounts : The fair values of participation units held in pooled separate accounts are based on their net asset values, as reported by the managers of the pooled separate accounts as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date (level 2 inputs). Each of the pooled separate accounts in a fund sponsored by Principal Financial Group, investment and actuarial advisors of the Company, invests in multiple securities. Each pooled separate account provides for daily redemptions by the plans with no advance notice requirements, and has redemption prices that are determined by the fund's net asset value per unit. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while 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. Investments totaling $68,607 and $65,646 at October 31, 2019 and 2018 measured at fair value on a recurring basis are summarized below: Fair Value Measurements Fair Value Measurements October 31, 2019 October 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Market Valuation Technique Plan Assets Measured at Net Asset Value Quoted Prices in Active Markets for Identical Assets (Level 1) Market Valuation Technique Plan Assets Measured at Net Asset Value U.S. Plans Investments Equity Large U.S. Equity $ 15,382 $ 5,545 $ 14,269 $ 5,131 Small/Mid U.S. Equity 8,371 665 7,540 601 International Equity 11,363 — 10,062 — Fixed Income Money Market — 868 — 754 Corporate 18,544 3,782 18,963 4,144 Real Estate (Primarily Commercial) — 4,087 — 4,182 Total Investments $ 53,660 $ 14,947 $ 50,834 $ 14,812 Cash Flows Contributions We expect to contribute $1,290 to our U.S. pension plan in fiscal 2020 . We contributed $1,351 to fund the plan in fiscal 2019 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: Pension Benefits Other Benefits 2020 $ 5,220 $ 39 2021 4,210 29 2022 4,590 27 2023 5,010 24 2024 4,870 23 2025-2029 25,700 91 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 $1,267 at the end of fiscal 2019 and $1,081 at the end of fiscal 2018 . The liability represents the present value of future obligations and is calculated on an actuarial basis. The Polish operations recognized expense of $799 , $215 and $148 for the fiscal years ended October 31, 2019 , 2018 and 2017 , 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. Defined Contribution Plans In addition to the defined benefit plans described above, we maintain a number of defined contribution plans for our U.S. locations. Under the terms of the plans, eligible employees may contribute a selected percentage of their base pay. We match a percentage of the employees' contributions up to a stated percentage, subject to statutory limitations. We recorded an expense related to the matching program for the fiscal years ended 2019 , 2018 and 2017 of $5,731 , $5,307 and $4,310 , respectively. Labor Agreements As of October 31, 2019 , we had approximately 3,600 employees. Organized labor unions represent 15% of the Company's U.S. hourly employees and 99% of the Company's non-U.S. employees. Each of our unionized manufacturing facilities has its own labor agreement with its own expiration date. As a result, no contract expiration date affects more than one facility. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss | 12 Months Ended |
Oct. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (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 (124 ) (131 ) 864 (8,810 ) (8,201 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 4,972 122 772 — 5,866 Net current-period other comprehensive income (loss) 4,848 (9 ) 1,636 (8,810 ) (2,335 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at October 31, 2018 $ (29,137 ) $ (18 ) $ 104 $ (21,879 ) $ (50,930 ) Other comprehensive income (loss), net of tax 939 — (949 ) (4,636 ) (4,646 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (9,685 ) 18 217 — (9,450 ) Net current-period other comprehensive income (loss) (8,746 ) 18 (732 ) (4,636 ) (14,096 ) Balance at October 31, 2019 $ (37,883 ) $ — $ (628 ) $ (26,515 ) $ (65,026 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with manufacturing expenses included in cost of goods sold on the statements of 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. |
Derivatives and Financial Instr
Derivatives and Financial Instruments Derivatives and Financial Instruments | 12 Months Ended |
Oct. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Financial Instruments | Derivatives and Financial Instruments The Company is exposed to, among other risks, the impact of changes in commodity prices, foreign currency exchange rates, and interest rates in the normal course of business. The Company's financial risk management program is designed to manage the exposure and volatility arising from these risks and utilizes derivative financial instruments to offset a portion of these risks. 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 ratings. 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 effective at offsetting changes in cumulative translation adjustment related to the portion of our net investment in Brabant up to the notional amount of the cross-currency interest rate swap. Under the cross-currency interest rate swap, we received €53,000 , on which we will settle interest at the 1-month Euribor rate, and we lent to the counterparty $64,930 , on which we will settle interest at the 1-month LIBOR rate. Interest payments 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 rate swap was entered into, we designated the interest rate swap as a hedge of the variability of cash flows to be paid relative to our variable rate monies borrowed. Any ineffectiveness in the hedging relationship is recognized immediately into earnings. The following table discloses the fair value and balance sheet location of our derivative instruments: Asset (Liability) Derivatives Balance Sheet Location October 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 assets (Other liabilities) $ (814 ) $ 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 consolidated statements of operations and the effects of hedging on those line items: Location Year Ended Interest expense $ 16,258 Effect of hedging on interest expense $ (469 ) Location Year Ended Interest expense $ 11,343 Effect of hedging on interest expense $ (205 ) |
Fair Value of Other Financial I
Fair Value of Other Financial Instruments Fair Value of Other Financial Instruments | 12 Months Ended |
Oct. 31, 2019 | |
Other Fair Value Financial Instruments [Abstract] | |
Fair Value Financial Instruments | Fair Value 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 October 31, 2019 and 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 October 31, 2019 Interest Rate Swap Contracts (814 ) — (814 ) 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. |
Stock Incentive Compensation
Stock Incentive Compensation | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Incentive Compensation | —Stock Incentive Compensation Stock Incentive Compensation requires us to expense share-based payment awards granted. Compensation cost for share-based payment 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 average market price of our common stock over a consistent predetermined number of days prior to the grant date. 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 during the years ended October 31, 2019 , 2018 and 2017 : 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, 2016 90 $9.67 3.04 376 $6.11 1.83 22 $ 4.17 1.46 Granted — — 247 7.94 29 8.62 Options exercised or restricted stock vested (8 ) 9.79 (174 ) 6.11 (14 ) 4.17 Forfeited or expired (24 ) 13.38 (8 ) 9.57 (1 ) 7.06 October 31, 2017 58 $8.16 2.53 441 $7.07 1.60 36 $ 7.69 1.82 Granted — — 316 8.18 18 7.90 Options exercised or restricted stock vested (17 ) 4.09 (225 ) 7.80 (15 ) 8.30 Forfeited or expired (8 ) 12.04 (54 ) 7.13 (12 ) 6.18 October 31, 2018 33 $9.42 1.84 478 $7.45 1.87 27 $8.17 1.37 Granted — — 457 6.51 43 6.47 Options exercised or restricted stock vested — — (234 ) 6.87 (14 ) 7.98 Forfeited or expired (10 ) 5.30 (98 ) 7.21 (9 ) 7.26 October 31, 2019 23 $11.25 1.31 603 $7.00 1.86 47 $6.81 1.88 We recorded stock compensation expense related to restricted stock and restricted stock units during the fiscal years ended October 31, 2019 , 2018 and 2017 as follows: 2019 2018 2017 Restricted stock $ 1,883 $ 1,863 $ 1,583 Restricted stock units 152 121 115 Total $ 2,035 $ 1,984 $ 1,698 Stock Options The exercise price of each stock option equals the market price of our common stock on its grant date. Compensation expense is recorded at the grant date fair value, adjusted for forfeitures as they occur and is recognized on a straight-line basis over the applicable vesting period. Our stock options generally vest over three years , with a maximum term of ten years . There was zero stock compensation expense related to stock options in fiscal 2019 , 2018 or 2017 . Stock options were not granted during fiscal years 2019 , 2018 and 2017 . Cash received from the exercise of options for the fiscal years ended October 31, 2019 , 2018 , and 2017 was $0 , $73 , and $78 , respectively. At October 31, 2019 , the options outstanding and exercisable had an intrinsic value of $0 . Options that have an exercise price greater than the market price on October 31, 2019 were excluded from the intrinsic value computation. The intrinsic value of options exercised during fiscal 2019 and 2018 was $0 and $94 , respectively. The following table provides additional information regarding options outstanding as of October 31, 2019 : Exercise Prices Options Outstanding Exercise Price of Options Outstanding and Options Exercisable Options Exercisable Weighted Average Remaining Contractual Life $8.10 4,500 $8.10 4,500 2.11 $12.04 18,000 $12.04 18,000 1.11 Totals 22,500 22,500 Restricted Stock Awards New restricted stock grants are valued at the average market price of our common stock over a consistent predetermined amount of days prior to 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 October 31, 2019 , there was $2,706 of total unrecognized compensation costs related to these restricted stock awards to be recognized over the next three fiscal years. Restricted Stock Units New restricted stock unit grants are valued at the average market price of our common stock over a consistent predetermined amount of days prior to 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 October 31, 2019 , there was $193 of total unrecognized compensation expense related to these restricted stock units that is expected to be recognized over the next three fiscal years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2019 | |
Equity [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 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 years ended October 31, 2019 , 2018 and 2017 , respectively, 169 , 80 and 68 stock awards were excluded from the computation of diluted earnings per share because they were anti-dilutive. The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for net income (loss) per share: Years Ended October 31, 2019 2018 2017 Net income (loss) available to common stockholders $ (19,947 ) $ 11,479 $ (697 ) Basic weighted average shares 23,506 23,229 19,233 Restricted stock units and stock options — 140 — Diluted weighted average shares 23,506 23,369 19,233 Basic earnings (loss) per share $ (0.85 ) $ 0.49 $ (0.04 ) Diluted earnings (loss) per share $ (0.85 ) $ 0.49 $ (0.04 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) before income taxes consists of the following: Years Ended October 31, 2019 2018 2017 Domestic $ (17,821 ) $ (3,635 ) $ 4,251 Foreign (2,737 ) 9,895 2,172 Total $ (20,558 ) $ 6,260 $ 6,423 The components of the provision (benefit) for income taxes from continuing operations were as follows: Years Ended October 31, 2019 2018 2017 Current: Federal $ — $ 1,998 $ 66 State and local 113 (157 ) 386 Foreign 2,289 2,710 2,494 Total current 2,402 4,551 2,946 Deferred: Federal (3,265 ) (10,692 ) 856 State and local 120 700 (329 ) Foreign 132 222 3,647 Total deferred (3,013 ) (9,770 ) 4,174 Provision (benefit) $ (611 ) $ (5,219 ) $ 7,120 Net deferred income tax assets (liabilities) included in the consolidated balance sheet consist of the tax effects of temporary differences related to the following: Years Ended October 31, 2019 2018 Deferred tax assets: Accrued compensation and benefits $ 1,515 $ 1,405 Inventory 329 424 State depreciation adjustments and loss carryforwards 4,722 5,309 Pension obligations and post retirement benefits 5,261 3,053 Net operating losses 29,230 26,695 Tax credit carryforwards 9,127 5,958 Other accruals and reserves 1,202 2,889 Goodwill and intangible amortization 2,455 3,331 Interest expense disallowance 3,056 — Foreign currency translation — 116 Interest rate swap 186 — Total deferred tax assets 57,083 49,180 Less: Valuation allowance (30,222 ) (24,051 ) Net deferred tax assets $ 26,861 $ 25,129 Deferred tax liabilities: Fixed assets $ (20,075 ) $ (20,631 ) Prepaid expenses and other (920 ) (1,727 ) Uncertain tax positions (1,405 ) — Foreign currency translation (90 ) — Net deferred tax (liability) asset $ 4,371 $ 2,771 Change in net deferred tax asset: Benefit (provision) for deferred taxes $ 3,013 $ 9,769 Acquisitions — (872 ) Uncertain tax positions (810 ) — Currency translation adjustment 74 (347 ) Components of other comprehensive income (loss): Defined benefit pension plans & other post-retirement benefits (217 ) (1,442 ) Marketable securities — 10 Derivatives and hedging 217 (588 ) Other adjustments (677 ) (931 ) Total change in net deferred tax asset $ 1,600 $ 5,599 As required by FASB ASC Topic 740, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Activities and balances of unrecognized tax benefits for 2019 , 2018 and 2017 are summarized below: Years Ended October 31, 2019 2018 2017 Balance at beginning of year $ 2,186 $ 540 $ 561 Additions based on tax positions related to the current year — 747 88 Additions for tax positions of prior years 537 1,079 9 Reductions for tax positions of prior years (33 ) (68 ) — Reductions as a result of lapse of applicable statute of limitations — (112 ) (118 ) Balance at end of year $ 2,690 $ 2,186 $ 540 The U.S. Internal Revenue Service ("IRS") has challenged the Company’s application of the U.S. R&D credit qualification rules and proposed disallowances of the majority of fiscal year 2012 and fiscal year 2013 credits claimed. This tax credit matter is principally related to what types of activities and related expenses qualify for the credit. We filed a petition in the U.S. Tax Court on October 22, 2018, disputing the R&D credit adjustments proposed by the IRS. Although the current reserves for the matter recognize the probability of a loss, we believe we will substantially prevail such that the ultimate resolution of the matter will not materially impact our financial position, results of operations or cash flows. With any tax controversy and litigation, however, there is a chance of unforeseen loss which, due to the number of years involved could materially impact our results, financial position and cash flows. As of October 31, 2019 the total amounts related to the unreserved portion of the tax contingency, inclusive of any related interest is $8,076 . 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. We have assessed the likelihood that the majority of R&D credit unreserved portion ultimately resulting in a loss as remote. The total amount of unrecognized tax benefits that, if recognized, would affect the effective rate was $2,621 at October 31, 2019 and $2,110 at October 31, 2018 . We recognize interest accrued and penalties related to unrecognized tax benefits as part of income tax expense. We recognized $107 of expense in 2019 , $125 of expense in 2018 and $102 of benefit in 2017 for interest and penalties. We had accrued $643 at October 31, 2019 and $536 at October 31, 2018 for the payment of interest and penalties. We are subject to income taxes in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years ending prior to October 31, 2013 and no longer subject to non-U.S. income tax examinations for calendar years ending before December 31, 2011. It is possible that within the next 12 months, the total unrecognized tax benefits could be reduced significantly due to the settlement of examinations. A valuation allowance of $30,222 is recorded as of October 31, 2019 for deferred tax assets whose realization remains uncertain. The comparable amount of the valuation allowance at October 31, 2018 was $24,051 . We assess both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is established when there is uncertainty of realizing certain loss carry forwards, other deferred tax assets and foreign tax credits in the United States and various foreign jurisdictions. We believe the remaining deferred tax assets will be realizable based on projected book income, the reversals of existing taxable temporary differences and available tax planning strategies that would be implemented and generate ordinary income in the United States or foreign jurisdictions to realize the deferred tax assets. We intend to maintain a valuation allowance against certain deferred tax assets until such time that sufficient positive evidence exists to support realization of the deferred tax assets. In the event we would be able to realize these deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period the determination was made. Conversely, should we determine that we would not be able to realize all or part of the net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to income in the period such determination was made. A reconciliation of income tax expense / (benefit) is as follows: Years Ended October 31, 2019 2018 2017 Taxes at U.S. federal statutory rate $ (4,182 ) $ 1,461 $ 2,248 State and local income taxes, net of federal benefit (42 ) (321 ) (1,639 ) Valuation allowance change 3,995 674 5,749 Domestic tax credits (3,100 ) (3,308 ) (803 ) Domestic production activities deduction — — (455 ) Foreign operations 1,368 1,188 1,182 Adjustment of uncertain tax positions 595 1,886 (83 ) Provision to return adjustment 247 (3,355 ) 285 Adjustment for tax law change — (3,966 ) — Other 508 522 636 Total income tax expense (benefit) $ (611 ) $ (5,219 ) $ 7,120 At October 31, 2019, we had operating loss carry forwards of $ 201,227 in Sweden, Netherlands, Italy, China, Hong Kong, Mexico, the U.S. and certain U.S. states. Domestically, we had federal and state net operating loss carry forward benefits. As of October 31, 2019 and 2018 , we had a U.S. federal net operating loss carry forwards benefit of $5,568 and $4,878 . The state and federal net operating loss carry forwards will expire between 2019 and 2038. The table below summarizes the various state and country operating losses, credit carry forwards and associated valuation allowances as of October 31, 2019 and 2018 . October 31, 2019 October 31, 2018 Jurisdiction Gross NOL Carryforward NOL Tax Effected Valuation Allowance Gross NOL Carryforward NOL Tax Effected Valuation Allowance Netherlands $ 43,954 $ 10,988 $ 10,988 $ 42,712 $ 10,678 $ 10,678 Italy 22,520 5,405 5,405 17,996 4,319 4,319 Sweden 23,350 5,081 40 24,404 5,165 39 China 6,261 1,565 1,565 4,442 1,111 1,111 Hong Kong 240 40 40 221 36 36 Mexico 1,942 583 583 1,693 508 508 U.S. (State) 76,447 4,745 4,745 76,073 4,666 4,666 U.S. Federal 26,513 5,568 — 23,228 4,878 — Total $ 201,227 $ 33,975 $ 23,366 $ 190,769 $ 31,361 $ 21,357 We paid income taxes, net of refunds, of $3,951 in 2019 and $3,423 in 2018 . Foreign withholding taxes are not provided on undistributed earnings of foreign subsidiaries because such earnings are not planned to be distributed. On December 22, 2017, the President signed U.S. tax reform legislation. The legislation had many provisions including a change in the U.S. corporate income tax rate from 35% to 21% . Accounting for the income tax effects of the U.S. tax reform legislation was complete at October 31, 2018 . |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Oct. 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 years ended 2019 and 2018 , respectively, we incurred $17,072 and $6,613 related to employee, professional, legal and other restructuring related costs. We have incurred restructuring expenses of $28,462 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 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 during the fiscal years ended October 31, 2019 , 2018 , and 2017 : October 31, 2019 October 31, 2018 October 31, 2017 Employee costs $ 4,573 $ 3,030 $ 392 Impairment of fixed assets — — 4,085 Professional and legal costs 8,899 1,731 270 Other 3,600 1,852 30 $ 17,072 $ 6,613 $ 4,777 The following tables are rollforwards of the beginning and ending liability balances related to restructuring activities which are included in the consolidated balance sheets in other accrued expenses for the fiscal years ending October 31, 2019 and October 31, 2018 : Balance as of October 31, 2018 Restructuring Expense Payments Balance as of October 31, 2019 Employee costs $ 367 $ 4,573 $ 2,301 $ 2,639 Professional and legal costs 248 8,899 7,475 1,672 Other — 3,600 2,433 1,167 $ 615 $ 17,072 $ 12,209 $ 5,478 Balance as of October 31, 2017 Restructuring Expense Payments Balance as of October 31, 2018 Employee costs $ 65 $ 3,030 $ 2,728 $ 367 Professional and legal costs 270 1,731 1,753 248 Other — 1,852 1,852 — $ 335 $ 6,613 $ 6,333 $ 615 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information [Text Block] | Business Segment Information We conduct our business and report our information as one operating segment and, therefore, disclose one reportable segment - Automotive and Commercial Vehicles. Our chief operating decision maker is the executive leadership team, which includes certain Vice Presidents, all Senior Vice Presidents and the Chief Executive Officer. This team has the final authority over performance assessment and resource allocation decisions. In determining that one operating segment is appropriate, we considered the nature of the business activities and the existence of managers responsible for the operating activities. Customers and suppliers are substantially the same in the automotive and commercial vehicle industry. Revenues of foreign geographic regions in the table below are attributed to external customers based upon the location of the entity recording the sale. These foreign revenues represent 29.9% , 27.0% and 19.5% of total revenues for fiscal years 2019 , 2018 and 2017 , respectively. Net Revenues Long-Lived Assets 2019 2018 2017 2019 2018 2017 United States $ 739,640 $ 831,782 $ 839,013 $ 249,743 $ 234,690 $ 235,663 Europe 255,667 266,679 169,398 81,532 95,763 53,569 China 17,257 14,756 8,532 13,001 127 128 Rest of World 42,143 26,727 25,043 19,170 27,911 20,415 Total Company $ 1,054,707 $ 1,139,944 $ 1,041,986 $ 363,446 $ 358,491 $ 309,775 The foreign currency gain (loss) in the table below is included as a component of other expense, net in the consolidated statements of operations. Foreign Currency Gain (Loss) 2019 2018 2017 Europe $ 1,752 $ (82 ) $ (473 ) China (252 ) 16 (192 ) Rest of World (410 ) 498 (430 ) The table below details customers that accounted for more than 10% of our revenues in fiscal 2019 , 2018 and 2017 : Net Revenues Customer 2019 2018 2017 General Motors 17.4 % 18.8 % 17.9 % FCA 17.0 % 15.8 % 15.0 % |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Oct. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarterly Results of Operations (Unaudited) (amounts in thousands except per share data) The following is a summary of our consolidated quarterly results for each of the fiscal years ended October 31, 2019 and 2018 : Year Ended October 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $258,933 $273,370 $263,445 $258,959 Gross profit 13,691 28,679 23,588 24,618 Operating income (loss) (5,921 ) 6,821 1,060 (7,544 ) Provision (benefit) for income taxes (3,087 ) 1,448 (973 ) 2,001 Net income (loss) $(4,698) $1,112 $(2,709) $(13,652) Net income (loss) per share basic $(0.20) $0.05 $(0.11) $(0.59) Net income (loss) per share diluted $(0.20) $0.05 $(0.11) $(0.59) Weighted average number of shares: Basic 23,385 23,516 23,557 23,566 Diluted 23,385 23,559 23,557 23,566 Year Ended October 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $247,666 $297,340 $294,883 $300,055 Gross profit 27,890 31,503 32,880 23,822 Operating income (loss) 4,571 7,279 7,535 (879) Provision (benefit) for income taxes (3,058 ) 218 (7,014 ) 4,635 Net income (loss) $4,858 $4,025 $11,052 $(8,456) Net income (loss) per share basic $0.21 $0.17 $0.47 $(0.36) Net income (loss) per share diluted $0.21 $0.17 $0.47 $(0.36) Weighted average number of shares: Basic 23,107 23,222 23,278 23,309 Diluted 23,287 23,357 23,453 23,309 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Litigation A securities class action lawsuit was filed on September 21, 2015 in the United States District Court for the Southern District of New York against the Company and certain of our officers. The District Court rendered an opinion and order granting our motion to dismiss the lawsuit on September 19, 2018, and the time period for the appeal has expired. As amended, the lawsuit claimed in part that we issued inaccurate information about, among other things, our earnings and income and our internal controls over financial reporting for fiscal 2014 and the first and second fiscal quarters of 2015 in violation of the Exchange Act. A shareholder derivative lawsuit was filed on April 1, 2016 in the Court of Common Pleas, Medina County, Ohio against the Company's President and Chief Executive Officer and Vice President of Finance and Treasurer and members of our Board of Directors. The lawsuit claimed in part that the defendants breached fiduciary duties owed to the Company by failing to exercise appropriate oversight over our accounting controls, leading to the accounting issues and the restatement announced in September 2015. Following the dismissal of the securities class action lawsuit described in the previous paragraph, a Joint Stipulation and Order of Dismissal was filed on November 14, 2018 dismissing the shareholder derivative lawsuit without prejudice. 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. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Oct. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | (a) The following documents are filed as a part of this Annual Report on Form 10-K under Item 8. 1. Financial Statements. Reports of Independent Registered Public Accounting Firm Consolidated Balance Sheets at October 31, 2019 and 2018. Consolidated Statements of Operations for the years ended October 31, 2019, 2018 and 2017. Consolidated Statements of Other Comprehensive Income (Loss) for the years ended October 31, 2019, 2018 and 2017. Consolidated Statements of Cash Flows for the years ended October 31, 2019, 2018 and 2017. Consolidated Statements of Stockholders' Equity for the years ended October 31, 2019, 2018 and 2017. Notes to Consolidated Financial Statements. 2. Financial Statement Schedule. The following consolidated financial statement schedule of the Company and its subsidiaries and the report of the independent accountant thereon are filed as part of this Annual Report on Form 10-K and should be read in conjunction with the consolidated financial statements of the Company and its subsidiaries included in the Annual Report on Form 10-K. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Description Balance at Beginning of Year Additions (Reductions) Charged to Costs and Expenses Deductions Foreign Currency Adjustment Acquisitions Balance at End of Year Valuation allowance for accounts receivable Year ended October 31, 2019 $ 676 $ 416 $ 218 $ 10 $ — $ 884 Year ended October 31, 2018 $ 1,271 $ 32 $ 615 $ (12 ) $ — $ 676 Year ended October 31, 2017 $ 790 $ 493 $ 24 $ 12 $ — $ 1,271 Valuation allowance for inventory reserves Year ended October 31, 2019 $ 3,117 $ 2,025 $ 593 $ (604 ) $ — $ 3,945 Year ended October 31, 2018 $ 5,535 $ (173 ) $ 1,965 $ (280 ) $ — $ 3,117 Year ended October 31, 2017 $ 2,946 $ 2,933 $ 384 $ 40 $ — $ 5,535 Valuation allowance for deferred tax assets Year ended October 31, 2019 $ 24,051 $ 6,303 $ — $ (132 ) $ — $ 30,222 Year ended October 31, 2018 $ 9,401 $ 674 $ — $ (278 ) $ 14,254 $ 24,051 Year ended October 31, 2017 $ 2,782 $ 6,619 $ — $ — $ — $ 9,401 Schedules not listed above have been omitted because they are not applicable or are not required or the information required to be set forth therein is included in the consolidated financial statements or notes thereto. 3. Exhibits. The exhibits listed in the accompanying Exhibit Index and required by Item 601 of Regulation S-K (numbered in accordance with Item 601 of Regulation S-K) are filed as part of this Annual Report on Form 10-K. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of Shiloh Industries, Inc. and all wholly-owned subsidiaries. Intercompany transactions are eliminated in the consolidation process of the financial statements. | |
Revenue Recognition | Revenue Recognition: | |
Inventories | Inventories: Inventories are valued at the lower of cost and net realizable value, using the first-in first-out ("FIFO") method. | |
Pre-production and Development Costs | Pre-production and Development Costs: We enter into contractual agreements with certain customers for tooling. All such tooling contracts relate to parts that we will supply to customers under supply agreements. Tooling costs are capitalized in other current assets as tooling contracts are separate from standard production contracts. | |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost or at fair market value for plant, property and equipment acquired through acquisitions. Expenditures for maintenance, repairs and renewals are charged to expense as incurred, while major improvements are capitalized. The costs of these improvements are depreciated over their estimated useful lives. Useful lives range from three to ten years for furniture and fixtures and machinery and equipment, or if the assets are dedicated to a customer program, over the estimated life of that program, ten years for land improvements and twenty years for buildings and their related improvements. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. When assets are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is included in the earnings for the current period. | |
Income Taxes | Income Taxes: We utilize the asset and liability method in accounting for income taxes. Income tax expense includes U.S. and international income taxes minus tax credits and other incentives that will reduce tax expense in the year they are claimed. Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial accounting and income tax basis of assets and liabilities and operating losses and tax credit carry-forwards. Valuation allowances are recorded to reduce net deferred tax assets to the amount that is more likely than not to be realized. We assess both positive and negative evidence when measuring the need for a valuation allowance. Evidence typically assessed includes the operating results for the most recent three -year period and the expectations of future profitability, available tax planning strategies, the time period over which the temporary differences will reverse and taxable income in prior carry-back years if carry-back is permitted under the tax law. The calculation of our tax liabilities also involves dealing with uncertainties in the application of complex tax laws and regulations. We recognize liabilities for uncertain income tax positions based on the Company’s estimate of whether, and the extent to which, additional taxes will be required. We report interest and penalties related to uncertain income tax positions as income taxes. | |
Business Combinations | Business Combinations: We account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets acquired, the liabilities assumed, including any contingent consideration on the acquisition date at fair value. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Acquisition-related costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our consolidated financial statements from the acquisition date. | |
Intangible Assets | Intangible Assets: Intangible assets with definitive lives are amortized over their estimated useful lives. We amortize our acquired intangible assets with definitive lives on a straight-line basis over periods ranging from three months to fifteen years . See note 8 - "Goodwill and Intangible Assets, Net" for a description of the current intangible assets and their estimated amortization expense. An impairment analysis of definite-lived intangible assets is performed when indicators of potential impairment exists. | |
Goodwill | Goodwill: | |
Share-based Payments | Share-based Payments: We record compensation expense for the fair value of nonvested stock option awards and restricted stock awards over the remaining vesting period. We have elected to use the simplified method and utilize the historical weighted average volatility to calculate the expected term of the stock options outstanding. Any outstanding option will not be exercisable more than ten years from the date of grant. We determine the volatility and risk-free rate assumptions used in computing the fair value using the Black-Scholes option-pricing model, in consultation with an outside third party. The expected term for a restricted stock award is between one and three years . The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that depicted in the financial statements. In addition, we do not estimate a forfeiture rate at the time of grant instead we elected to recognize share-based compensation expense as forfeitures occur. New restricted stock and restricted stock unit grants are valued at the closing market price on the date of grant. In addition, we do not estimate a forfeiture rate at the time of grant, instead, we elected to recognize share-based compensation expense as forfeitures occur. | |
Employee Benefit Plans | Employee Benefit Plans: We accrue the cost of U.S. defined benefit pension plans, which are frozen, in accordance with Statement of FASB ASC Topic 715 "Compensation - Retirement Benefits." The plans are funded based on the requirements and limitations of the Employee Retirement Income Security Act of 1974. As of October 31, 2019 , 98% of our U.S. employees participated in discretionary profit sharing plans administered by us. We also provide post-retirement medical benefits to 12 former employees. Actual results that differ from these estimates may result in more or less future Company funding into the pension plans than is planned by management. | |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Cash in foreign subsidiaries totaled $13,101 and $16,107 at October 31, 2019 and October 31, 2018 , respectively. | |
Concentration of Risk | Concentration of Risk: We sell products to customers primarily in the automotive and commercial vehicle markets. Financial instruments, which potentially subject us to concentration of credit risk, are primarily accounts receivable. We perform on-going credit evaluations of our customers' financial condition. The allowance for doubtful accounts is based on the expected collectability of all accounts receivable. Losses have historically been within management's expectations. We do not have financial instruments with off-balance sheet risk. See note 19- "Business Segment Information" for a breakdown of concentration of revenues. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The carrying amounts of cash and cash equivalents, trade receivables and payables approximate fair value because of the short maturity of those instruments. The carrying value of our debt and derivative instruments are considered to approximate the fair value of these instruments based on the borrowing rates currently available to us for loans with similar terms and maturities. | |
Derivative Financial Instruments | Derivative Financial Instruments: We use interest rate swaps to manage volatility of underlying exposures. We recognize all of our derivative instruments as either assets or liabilities at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated, and is effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of Comprehensive Income (Loss) and subsequently recognized in earnings when the hedged item affects earnings. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. We do not hold or issue derivative financial instruments for trading or speculative purposes. Our objective for holding derivatives is to minimize risk using the most effective and cost-efficient methods available. | |
Foreign Currency Translation | Foreign Currency Translation: Our functional currency is the U.S. dollar as a substantial part of our operations are based in the U.S. The financial statements of all subsidiaries with a functional currency other than the U.S. Dollar have been translated into U.S. Dollars. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated from the applicable foreign currency using a weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Other Comprehensive Income (Loss) ("OCI"). We engage in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Gains and losses resulting from foreign currency transactions are recognized in net income (loss) in the consolidated statements of operations. | |
Guarantees | Guarantees: We have certain indemnification clauses within our Credit Agreement (as defined above) and certain lease agreements that are considered to be guarantees within the scope of ASC 460, " Guarantees ." We do not consider these guarantees to be probable, and we cannot estimate their maximum exposure. Additionally, our exposure to warranty-related obligations is not material. | |
Accounting Estimates | Accounting Estimates: The preparation of the consolidated financial statements is in conformity with accounting principles generally accepted in the United States. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Also, the reported amounts of revenues and expenses are affected during the reporting period. On an ongoing basis, management reviews its estimates based upon current available information. Actual results could differ from those estimates. | |
Reclassification | Prior Year Reclassifications: | |
Recent Accounting Pronouncements | Recently Issued Accounting Standards: Standard Description Effective Date Effect on our financial statements and other significant matters ASU 2018-14 Compensation-Retirements Benefits-Defined Benefit Plans This Accounting Standards Update ("ASU") amendment adds the following to disclosure requirements: (1) The weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; (2) A narrative description of the reasons for significant gains and losses affecting the benefit obligation for the period; (3) An explanation of any other significant changes in the benefit obligation or plan assets that are not otherwise apparent in the other disclosures required by Accounting Standards Codification ("ASC") Topic 715, Compensation-Retirement Benefits . Also, this amendment clarifies the guidance in ASC 715-20-50-3 on defined benefit plans to require disclosure of (1) the projected benefit obligation (PBO) and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation (ABO) and fair value of plan assets for pension plans with ABOs in excess of plan assets. November 1, 2021 We are in the process of evaluating the impact of adoption of this standard on our financial statements. 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. 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). Also, the amendments 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. ASU 2018-13 Fair Value Measuremen t The amendments contained within this ASU eliminate the need to explain transfers between Level 1 and 2 within the fair value hierarchy. Additionally, the ASC expands on disclosure and accounting requirements for Level 3 within the fair value hierarchy. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's consolidated financial statements, as the Company does not have any level 3 fair value measurements. ASU 2018-16 Derivatives and Hedging This new amendment adds the Overnight Index Swap rate (OIS) based on the Secured Overnight Financing Rate ("SOFR") as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. November 1, 2019 with early adoption permitted. We do not expect the adoption of these provisions to have a significant impact on the Company's consolidated financial statements. 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 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. See below (1) (1) We substantially completed our assessment of the impacts of the new lease standard during the fourth quarter. We have determined that the adoption of ASU 2016-02 will result in recognizing right of use assets and liabilities on the consolidated balance sheet for leases currently classified as operating leases. We expect to utilize the following practical expedients: • to retrospectively record the right of use assets and lease liabilities as of November 1, 2019 with any cumulative effect of the initial application recorded to retained earnings; • package of practical expedients to not reassess whether any expired or existing contracts are or contain leases, not reassess the lease classification for any expired or existing leases, and not reassess initial direct costs for any existing leases; • to use hindsight in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of the Company’s right-of-use assets; • to exclude short-term leases from the balance sheet; and • to not assess whether existing or expired land easements that were not previously accounted for as leases under Topic 840 are, or contain, a lease. We expect that the disclosures in the notes to our consolidated financial statements related to leases will be expanded under the new standard, specifically: • general disclosures about the Company’s leases, the significant judgments made in applying the requirements in this standard to those leases, and the amounts recognized in the consolidated financial statements relating to those leases; • requiring a general description of the leases, the existence and terms and conditions of options to extend or terminate the lease including narrative disclosure about the options that are recognized as part of its right-of-use assets and lease liabilities and those that are not, information about leases that have not yet commenced but that create significant rights and obligations for the Company, significant assumptions and judgments made in determining whether a contract contains a lease, the allocation of the consideration in a contract between lease and non-lease components and the determination of discount rates for leases; • requiring the disclosure for each period presented in the consolidated financial statements relating to the Company’s total lease cost, which includes both amounts recognized in profit or loss during the period and any amounts capitalized as part of the cost of another asset and the cash flows arising from lease transactions for finance leasing cost, segregated between the amortization of the right-of-use assets and interest on the lease liabilities; operating lease costs; and short-term lease costs; amounts segregated between those for finance and operating leases for cash paid for amounts included in the measurement of lease liabilities, segregated between operating and financing cash flows, supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets, the weighted-average remaining lease term and the weighted-average discount rate; • requires a maturity analysis of the Company’s finance lease and operating lease liabilities, separately, showing the undiscounted cash flows on an annual basis for each of the first five years and a total amount for the remaining years; and • requires the Company to disclose the fact that it elected to exclude short term leases from the balance sheet and disclose the amount of short term lease commitments if the lease expense for the period does not reasonably reflect the entity’s short term lease commitments. It is expected that certain other provisions of ASC 842 not mentioned above will not significantly impact the Company. We will adopt ASU 2016-02 as of November 1, 2019 using the current-period adjustment approach. As a result, in the first quarter of 2020, we expect to record right of use assets and liabilities for operating leases ranging from $65,000 to $70,000 and for financing lease(s) of approximately $2,000 . We are unable to precisely quantify the impact to expenses for future periods since expenses recognized in those periods will depend on the actual leasing levels in those periods, but we do not expect those expenses from recognizing right of use assets and lease liabilities to change significantly. 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 the Company's financial position, results of operations or financial statement disclosures. The Company'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 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 ASC 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 calculation 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 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 the Company'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 Extinguishment (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) November 1, 2018 Adoption of the clarifications and corrections in this ASU did not have a material impact on the Company's financial position, results of operations or financial statement disclosures. ASU 2018-05 Income Taxes In 2018, the Financial Accounting Standards Board issued Accounting Standards Update ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (ASU 2018-05), which updates the income tax accounting in U.S. generally accepted accounting principles to reflect the SEC interpretive guidance released on December 22, 2017, when the 2017 Act was signed into law. October 31, 2019 Adoption of the clarifications and technical improvements within this ASU did not have a material impact on the Company's financial position, results of operations or financial statement disclosures. ASU 2018-03 Technical Corrections and improvements to Financial Instruments - Overall The improvements within this ASU provide clarification regarding the following: (1) The ability to discontinue application of the measurement alternative for equity securities without a readily determinable fair value, (2) the measurement date for fair value adjustments to the carrying amount of equity securities without a readily determinable fair value for which the measurement alternative is elected, (3) the unit of account for fair value adjustments to forward contracts and purchased options on equity securities without a readily determinable fair value for which the measurement alternative is expected to be elected, (4) presentation requirements for certain hybrid financial liabilities for which the fair value option is elected, (5) measurement of financial liabilities denominated in a foreign currency for which the fair value option is elected and (6) transition guidance for equity securities without a readily determinable fair value. October 31, 2019 Adoption of the clarifications and technical improvements within this ASU did not have a material impact on the Company's financial position, results of operations or financial statement disclosures. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Revenue from Contract with Customer [Abstract] [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Revenues 2019 2018 2017 Region: North America $ 812,492 $ 887,481 $ 884,650 Europe & Asia 276,115 281,692 178,895 Eliminations (33,900 ) (29,229 ) (21,559 ) Total Company $ 1,054,707 $ 1,139,944 $ 1,041,986 Revenues of foreign geographic regions in the table below are attributed to external customers based upon the location of the entity recording the sale. These foreign revenues represent 29.9% , 27.0% and 19.5% of total revenues for fiscal years 2019 , 2018 and 2017 , respectively. Net Revenues Long-Lived Assets 2019 2018 2017 2019 2018 2017 United States $ 739,640 $ 831,782 $ 839,013 $ 249,743 $ 234,690 $ 235,663 Europe 255,667 266,679 169,398 81,532 95,763 53,569 China 17,257 14,756 8,532 13,001 127 128 Rest of World 42,143 26,727 25,043 19,170 27,911 20,415 Total Company $ 1,054,707 $ 1,139,944 $ 1,041,986 $ 363,446 $ 358,491 $ 309,775 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, Net Inventories, net consists of the following: October 31, 2019 2018 Raw materials $ 26,653 $ 28,457 Work-in-process 21,369 24,435 Finished goods 19,470 21,637 Reserves (3,945 ) (3,117 ) Total inventories, net $ 63,547 $ 71,412 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: October 31, 2019 2018 Land and improvements $ 13,930 $ 13,954 Buildings and improvements 127,241 124,076 Machinery and equipment 523,272 493,522 Furniture and fixtures 24,653 22,556 Construction in progress 54,723 41,964 Total, at cost 743,819 696,072 Less: Accumulated depreciation 415,793 379,896 Property, plant and equipment, net $ 328,026 $ 316,176 |
Schedule of Capital Leased Assets [Table Text Block] | Capital Leases: Leased property, net is calculated based on the following: October 31, 2019 2018 Leased Property: Machinery and equipment $ 4,071 $ 6,701 Less: Accumulated depreciation 1,769 3,073 Leased property, net $ 2,302 $ 3,628 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum rental payments to be made under capital leases at October 31, 2019 are as follows: Twelve Months Ending October 31, 2020 $ 1,975 2021 — 2022 — 2023 — 2024 — 1,975 Plus amount representing interest of 2.18% at October 31, 2019 25 Total obligations under capital leases $ 2,000 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill are as follows: Balance October 31, 2017 $ 27,859 Foreign currency translation (483 ) Balance October 31, 2018 27,376 Impairment (4,901 ) Foreign currency translation (80 ) Balance October 31, 2019 $ 22,395 | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The changes in the carrying amount of finite-lived intangible assets for the years ended October 31, 2019 and 2018 are as follows: Customer Relationships Developed Technology Non-Compete Trade Name Trademark Total Balance October 31, 2017 $ 11,648 $ 1,997 $ 31 $ 1,254 $ 95 $ 15,025 Acquisitions — 2,328 — — — 2,328 Amortization expense (1,332 ) (751 ) (16 ) (123 ) (17 ) (2,239 ) Foreign currency translation (5 ) (170 ) — — — (175 ) Balance October 31, 2018 10,311 3,404 15 1,131 78 14,939 Amortization expense (1,331 ) (394 ) (15 ) (123 ) (17 ) (1,880 ) Foreign currency translation (3 ) (31 ) — — — (34 ) Balance October 31, 2019 $ 8,977 $ 2,979 $ — $ 1,008 $ 61 $ 13,025 | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major class of intangible assets: October 31, 2019 Weighted Average Remaining Life (years) Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships 6.70 $ 17,561 $ (8,584 ) $ 8,977 Developed technology 9.1 7,134 (4,155 ) 2,979 Non-compete agreements 0 824 (824 ) — Trade names 8.2 1,875 (867 ) 1,008 Trademarks 3.8 166 (105 ) 61 Total intangible assets $ 27,560 $ (14,535 ) $ 13,025 October 31, 2018 Gross Carrying Value Net of Foreign Currency Accumulated Amortization Net Customer relationships $ 17,564 $ (7,253 ) $ 10,311 Developed technology 7,165 (3,761 ) 3,404 Non-compete agreements 824 (809 ) 15 Trade names 1,875 (744 ) 1,131 Trademarks 166 (88 ) 78 Total intangible assets $ 27,594 $ (12,655 ) $ 14,939 | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization expense related to intangible assets and the favorable lease asset for the following fiscal years ending is estimated to be as follows: 2020 $ 2,057 2021 2,058 2022 2,058 2023 2,054 2024 2,019 Thereafter 3,783 $ 14,029 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consists of the following: October 31, 2019 2018 Credit Agreement —interest at 5.18% and 4.59% at October 31, 2019 and October 31, 2018, respectively $ 248,695 $ 243,300 Capital lease obligations 1,975 2,640 Insurance broker financing agreement — 738 Total debt 250,670 246,678 Less: Current debt 1,975 1,327 Total long-term debt $ 248,695 $ 245,351 |
Schedule of Maturities of Debt | Twelve Months Ending October 31, Credit Agreement Capital Lease Obligations Total 2020 $ — $ 1,975 $ 1,975 2021 — — — 2022 248,695 — 248,695 2023 — — — 2024 — — — Total $ 248,695 $ 1,975 $ 250,670 |
Operating Leases Operating Leas
Operating Leases Operating Leases (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Operating Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under operating leases are as follows at October 31, 2019 : 2020 $ 12,040 2021 8,960 2022 5,102 2023 3,816 2024 2,717 Thereafter 10,513 Total commitments under non-cancelable operating leases $ 43,148 |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Obligations and Funded Status | Obligations and Funded Status of U.S. Plans at October 31: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ (79,898 ) $ (89,063 ) $ (283 ) $ (313 ) Interest cost (3,366 ) (3,166 ) (11 ) (11 ) Actuarial gain/(loss) (12,995 ) 7,849 (21 ) 12 Benefits paid 5,062 4,482 32 29 Benefit obligation at end of year (91,197 ) (79,898 ) (283 ) (283 ) Change in plan assets: Fair value of plan assets at beginning of year 65,646 69,215 — — Actual return on plan assets 6,672 468 — — Employer contributions 1,351 445 32 29 Benefits paid (5,062 ) (4,482 ) (32 ) (29 ) Fair value of plan assets at end of year 68,607 65,646 — — Funded status, benefit obligations in excess of plan assets $ (22,590 ) $ (14,252 ) $ (283 ) $ (283 ) |
Amounts Recorded in the Liability Section of the Consolidated Balance Sheet | The following amounts are recorded in the liabilities section of the consolidated balance sheets as follows: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Other accrued expenses (1) $ — $ — $ (39 ) $ (39 ) Long-term benefit liabilities (22,590 ) (14,252 ) (244 ) (244 ) Total $ (22,590 ) $ (14,252 ) $ (283 ) $ (283 ) (1) As pension assets exceed expected benefit payments over the next year, liabilities for the pension plan are considered long-term. |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost U.S. Plans Pension Benefits Other Post Retirement Benefits 2019 2018 2017 2019 2018 2017 Interest cost $ 3,366 $ 3,166 $ 3,282 $ 11 $ 11 $ 13 Expected return on plan assets (3,341 ) (3,357 ) (3,455 ) — — — Amortization of net actuarial loss 1,150 1,311 1,508 6 7 10 Net periodic benefit cost $ 1,175 $ 1,120 $ 1,335 $ 17 $ 18 23 |
Amortization of Net Actuarial Loss | We expect to recognize in the consolidated statements of operations the following amounts that will be amortized from accumulated other comprehensive loss in fiscal 2020 . Pension Benefits Other Post Retirement Benefits Amortization of net actuarial loss $ 1,497 $ 8 |
Net Actuarial Loss in Other Comprehensive Income | We have recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive loss: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Net actuarial loss $ 46,224 $ 37,710 $ 80 $ 64 Recognized in accumulated other comprehensive loss $ 46,224 $ 37,710 $ 80 $ 64 The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (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 (124 ) (131 ) 864 (8,810 ) (8,201 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 4,972 122 772 — 5,866 Net current-period other comprehensive income (loss) 4,848 (9 ) 1,636 (8,810 ) (2,335 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at October 31, 2018 $ (29,137 ) $ (18 ) $ 104 $ (21,879 ) $ (50,930 ) Other comprehensive income (loss), net of tax 939 — (949 ) (4,636 ) (4,646 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (9,685 ) 18 217 — (9,450 ) Net current-period other comprehensive income (loss) (8,746 ) 18 (732 ) (4,636 ) (14,096 ) Balance at October 31, 2019 $ (37,883 ) $ — $ (628 ) $ (26,515 ) $ (65,026 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with manufacturing expenses included in cost of goods sold on the statements of 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. |
Minimum Liability Included in Other Comprehensive Income | Additional Information on U.S. Plans Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Increase (decrease) in minimum liability included in other comprehensive income (loss) $ 8,514 $ (6,272 ) $ 15 $ (20 ) |
Assumptions | Assumptions for U.S. Plans: Weighted-average assumptions used to determine benefit obligations at October 31 Pension Benefits Other Post Retirement Benefits 2019 2018 2017 2019 2018 2017 Discount rate 3.05 % 4.35 % 3.65 % 3.05 % 4.35 % 3.65 % Pension Benefits Other Post Retirement Benefits Weighted-average assumptions used to determine net periodic benefit costs for years ended October 31 2019 2018 2017 2019 2018 2017 Discount rate 4.35 % 3.65 % 3.70 % 4.35 % 3.65 % 3.70 % Expected long-term return on plan assets 6.50 % 6.50 % 6.50 % — — — |
Assumed Health Care Cost Trend Rates | October 31, Assumed health care trend rates 2019 2018 Health care cost trend rate assumed for next year 6.8% 7.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5% 4.5% Year that the rate reaches the ultimate trend rate 2030 2027 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects at October 31, 2019 : One-Percentage Point Increase One-Percentage Point Decrease Effect on total of service and interest cost components $ 3 $ (2 ) Effect on post retirement obligation $ 20 $ (18 ) |
Allocation of Plan Assets | pension plan weighted-average asset allocations at October 31, 2019 and 2018 , by asset category and comparison to the target allocation percentage are as follows: Target Allocation Percentage Plan Assets at October 31, 2019 2018 Asset Category Equity securities 30-70% 62% 59% Debt securities 30-70% 33% 35% Real estate 0-10% 5% 6% Total 100% 100% |
Investments Measured At Fair Value | Investments totaling $68,607 and $65,646 at October 31, 2019 and 2018 measured at fair value on a recurring basis are summarized below: Fair Value Measurements Fair Value Measurements October 31, 2019 October 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Market Valuation Technique Plan Assets Measured at Net Asset Value Quoted Prices in Active Markets for Identical Assets (Level 1) Market Valuation Technique Plan Assets Measured at Net Asset Value U.S. Plans Investments Equity Large U.S. Equity $ 15,382 $ 5,545 $ 14,269 $ 5,131 Small/Mid U.S. Equity 8,371 665 7,540 601 International Equity 11,363 — 10,062 — Fixed Income Money Market — 868 — 754 Corporate 18,544 3,782 18,963 4,144 Real Estate (Primarily Commercial) — 4,087 — 4,182 Total Investments $ 53,660 $ 14,947 $ 50,834 $ 14,812 |
Estimated Future Benefit Payments | Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: Pension Benefits Other Benefits 2020 $ 5,220 $ 39 2021 4,210 29 2022 4,590 27 2023 5,010 24 2024 4,870 23 2025-2029 25,700 91 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Income (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | We have recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive loss: Pension Benefits Other Post Retirement Benefits 2019 2018 2019 2018 Net actuarial loss $ 46,224 $ 37,710 $ 80 $ 64 Recognized in accumulated other comprehensive loss $ 46,224 $ 37,710 $ 80 $ 64 The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax: Pension and Post Retirement Plan Liability (1) Marketable Securities Adjustment (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 (124 ) (131 ) 864 (8,810 ) (8,201 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 4,972 122 772 — 5,866 Net current-period other comprehensive income (loss) 4,848 (9 ) 1,636 (8,810 ) (2,335 ) Reclassification to retained earnings (4) (6,138 ) (7 ) (213 ) — (6,358 ) Balance at October 31, 2018 $ (29,137 ) $ (18 ) $ 104 $ (21,879 ) $ (50,930 ) Other comprehensive income (loss), net of tax 939 — (949 ) (4,636 ) (4,646 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (9,685 ) 18 217 — (9,450 ) Net current-period other comprehensive income (loss) (8,746 ) 18 (732 ) (4,636 ) (14,096 ) Balance at October 31, 2019 $ (37,883 ) $ — $ (628 ) $ (26,515 ) $ (65,026 ) (1) Amounts reclassified from accumulated other comprehensive loss, net of tax are classified with manufacturing expenses included in cost of goods sold on the statements of 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. |
Derivatives and Financial Ins_2
Derivatives and Financial Instruments Derivatives and Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [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 October 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 assets (Other liabilities) $ (814 ) $ 135 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of our derivative instruments on the consolidated statements of operations and the effects of hedging on those line items: Location Year Ended Interest expense $ 16,258 Effect of hedging on interest expense $ (469 ) Location Year Ended Interest expense $ 11,343 Effect of hedging on interest expense $ (205 ) |
Fair Value of Other Financial_2
Fair Value of Other Financial Instruments Fair Value of Other Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Other Fair Value Financial Instruments [Abstract] | |
Assets and Liabilities Measured on a Recurring Basis | Assets and liabilities remeasured and disclosed at fair value on a recurring basis at October 31, 2019 and 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 October 31, 2019 Interest Rate Swap Contracts (814 ) — (814 ) Income Approach |
Stock Incentive Compensation (T
Stock Incentive Compensation (Tables) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Share-based Compensation, Activity | Stock Options Restricted Stock Restricted Stock Units Outstanding at: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Restricted Shares Grant Fair Value Weighted Average Remaining Contractual Life Restricted Share Units Grant Fair Value Weighted Average Remaining Contractual Life November 1, 2016 90 $9.67 3.04 376 $6.11 1.83 22 $ 4.17 1.46 Granted — — 247 7.94 29 8.62 Options exercised or restricted stock vested (8 ) 9.79 (174 ) 6.11 (14 ) 4.17 Forfeited or expired (24 ) 13.38 (8 ) 9.57 (1 ) 7.06 October 31, 2017 58 $8.16 2.53 441 $7.07 1.60 36 $ 7.69 1.82 Granted — — 316 8.18 18 7.90 Options exercised or restricted stock vested (17 ) 4.09 (225 ) 7.80 (15 ) 8.30 Forfeited or expired (8 ) 12.04 (54 ) 7.13 (12 ) 6.18 October 31, 2018 33 $9.42 1.84 478 $7.45 1.87 27 $8.17 1.37 Granted — — 457 6.51 43 6.47 Options exercised or restricted stock vested — — (234 ) 6.87 (14 ) 7.98 Forfeited or expired (10 ) 5.30 (98 ) 7.21 (9 ) 7.26 October 31, 2019 23 $11.25 1.31 603 $7.00 1.86 47 $6.81 1.88 | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | recorded stock compensation expense related to restricted stock and restricted stock units during the fiscal years ended October 31, 2019 , 2018 and 2017 as follows: 2019 2018 2017 Restricted stock $ 1,883 $ 1,863 $ 1,583 Restricted stock units 152 121 115 Total $ 2,035 $ 1,984 $ 1,698 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | Exercise Prices Options Outstanding Exercise Price of Options Outstanding and Options Exercisable Options Exercisable Weighted Average Remaining Contractual Life $8.10 4,500 $8.10 4,500 2.11 $12.04 18,000 $12.04 18,000 1.11 Totals 22,500 22,500 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Equity [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | he following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for net income (loss) per share: Years Ended October 31, 2019 2018 2017 Net income (loss) available to common stockholders $ (19,947 ) $ 11,479 $ (697 ) Basic weighted average shares 23,506 23,229 19,233 Restricted stock units and stock options — 140 — Diluted weighted average shares 23,506 23,369 19,233 Basic earnings (loss) per share $ (0.85 ) $ 0.49 $ (0.04 ) Diluted earnings (loss) per share $ (0.85 ) $ 0.49 $ (0.04 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income (loss) before income taxes consists of the following: Years Ended October 31, 2019 2018 2017 Domestic $ (17,821 ) $ (3,635 ) $ 4,251 Foreign (2,737 ) 9,895 2,172 Total $ (20,558 ) $ 6,260 $ 6,423 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes from continuing operations were as follows: Years Ended October 31, 2019 2018 2017 Current: Federal $ — $ 1,998 $ 66 State and local 113 (157 ) 386 Foreign 2,289 2,710 2,494 Total current 2,402 4,551 2,946 Deferred: Federal (3,265 ) (10,692 ) 856 State and local 120 700 (329 ) Foreign 132 222 3,647 Total deferred (3,013 ) (9,770 ) 4,174 Provision (benefit) $ (611 ) $ (5,219 ) $ 7,120 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred income tax assets (liabilities) included in the consolidated balance sheet consist of the tax effects of temporary differences related to the following: Years Ended October 31, 2019 2018 Deferred tax assets: Accrued compensation and benefits $ 1,515 $ 1,405 Inventory 329 424 State depreciation adjustments and loss carryforwards 4,722 5,309 Pension obligations and post retirement benefits 5,261 3,053 Net operating losses 29,230 26,695 Tax credit carryforwards 9,127 5,958 Other accruals and reserves 1,202 2,889 Goodwill and intangible amortization 2,455 3,331 Interest expense disallowance 3,056 — Foreign currency translation — 116 Interest rate swap 186 — Total deferred tax assets 57,083 49,180 Less: Valuation allowance (30,222 ) (24,051 ) Net deferred tax assets $ 26,861 $ 25,129 Deferred tax liabilities: Fixed assets $ (20,075 ) $ (20,631 ) Prepaid expenses and other (920 ) (1,727 ) Uncertain tax positions (1,405 ) — Foreign currency translation (90 ) — Net deferred tax (liability) asset $ 4,371 $ 2,771 Change in net deferred tax asset: Benefit (provision) for deferred taxes $ 3,013 $ 9,769 Acquisitions — (872 ) Uncertain tax positions (810 ) — Currency translation adjustment 74 (347 ) Components of other comprehensive income (loss): Defined benefit pension plans & other post-retirement benefits (217 ) (1,442 ) Marketable securities — 10 Derivatives and hedging 217 (588 ) Other adjustments (677 ) (931 ) Total change in net deferred tax asset $ 1,600 $ 5,599 |
Summary of Income Tax Contingencies [Table Text Block] | Activities and balances of unrecognized tax benefits for 2019 , 2018 and 2017 are summarized below: Years Ended October 31, 2019 2018 2017 Balance at beginning of year $ 2,186 $ 540 $ 561 Additions based on tax positions related to the current year — 747 88 Additions for tax positions of prior years 537 1,079 9 Reductions for tax positions of prior years (33 ) (68 ) — Reductions as a result of lapse of applicable statute of limitations — (112 ) (118 ) Balance at end of year $ 2,690 $ 2,186 $ 540 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense / (benefit) is as follows: Years Ended October 31, 2019 2018 2017 Taxes at U.S. federal statutory rate $ (4,182 ) $ 1,461 $ 2,248 State and local income taxes, net of federal benefit (42 ) (321 ) (1,639 ) Valuation allowance change 3,995 674 5,749 Domestic tax credits (3,100 ) (3,308 ) (803 ) Domestic production activities deduction — — (455 ) Foreign operations 1,368 1,188 1,182 Adjustment of uncertain tax positions 595 1,886 (83 ) Provision to return adjustment 247 (3,355 ) 285 Adjustment for tax law change — (3,966 ) — Other 508 522 636 Total income tax expense (benefit) $ (611 ) $ (5,219 ) $ 7,120 |
Summary of Operating Loss Carryforwards [Table Text Block] | The table below summarizes the various state and country operating losses, credit carry forwards and associated valuation allowances as of October 31, 2019 and 2018 . October 31, 2019 October 31, 2018 Jurisdiction Gross NOL Carryforward NOL Tax Effected Valuation Allowance Gross NOL Carryforward NOL Tax Effected Valuation Allowance Netherlands $ 43,954 $ 10,988 $ 10,988 $ 42,712 $ 10,678 $ 10,678 Italy 22,520 5,405 5,405 17,996 4,319 4,319 Sweden 23,350 5,081 40 24,404 5,165 39 China 6,261 1,565 1,565 4,442 1,111 1,111 Hong Kong 240 40 40 221 36 36 Mexico 1,942 583 583 1,693 508 508 U.S. (State) 76,447 4,745 4,745 76,073 4,666 4,666 U.S. Federal 26,513 5,568 — 23,228 4,878 — Total $ 201,227 $ 33,975 $ 23,366 $ 190,769 $ 31,361 $ 21,357 |
Restructuring Charges Restructu
Restructuring Charges Restructuring Charges (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table presents information about restructuring costs recorded during the fiscal years ended October 31, 2019 , 2018 , and 2017 : October 31, 2019 October 31, 2018 October 31, 2017 Employee costs $ 4,573 $ 3,030 $ 392 Impairment of fixed assets — — 4,085 Professional and legal costs 8,899 1,731 270 Other 3,600 1,852 30 $ 17,072 $ 6,613 $ 4,777 |
Schedule of Restructuring Reserve | The following tables are rollforwards of the beginning and ending liability balances related to restructuring activities which are included in the consolidated balance sheets in other accrued expenses for the fiscal years ending October 31, 2019 and October 31, 2018 : Balance as of October 31, 2018 Restructuring Expense Payments Balance as of October 31, 2019 Employee costs $ 367 $ 4,573 $ 2,301 $ 2,639 Professional and legal costs 248 8,899 7,475 1,672 Other — 3,600 2,433 1,167 $ 615 $ 17,072 $ 12,209 $ 5,478 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net Revenues 2019 2018 2017 Region: North America $ 812,492 $ 887,481 $ 884,650 Europe & Asia 276,115 281,692 178,895 Eliminations (33,900 ) (29,229 ) (21,559 ) Total Company $ 1,054,707 $ 1,139,944 $ 1,041,986 Revenues of foreign geographic regions in the table below are attributed to external customers based upon the location of the entity recording the sale. These foreign revenues represent 29.9% , 27.0% and 19.5% of total revenues for fiscal years 2019 , 2018 and 2017 , respectively. Net Revenues Long-Lived Assets 2019 2018 2017 2019 2018 2017 United States $ 739,640 $ 831,782 $ 839,013 $ 249,743 $ 234,690 $ 235,663 Europe 255,667 266,679 169,398 81,532 95,763 53,569 China 17,257 14,756 8,532 13,001 127 128 Rest of World 42,143 26,727 25,043 19,170 27,911 20,415 Total Company $ 1,054,707 $ 1,139,944 $ 1,041,986 $ 363,446 $ 358,491 $ 309,775 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The foreign currency gain (loss) in the table below is included as a component of other expense, net in the consolidated statements of operations. Foreign Currency Gain (Loss) 2019 2018 2017 Europe $ 1,752 $ (82 ) $ (473 ) China (252 ) 16 (192 ) Rest of World (410 ) 498 (430 ) |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The table below details customers that accounted for more than 10% of our revenues in fiscal 2019 , 2018 and 2017 : Net Revenues Customer 2019 2018 2017 General Motors 17.4 % 18.8 % 17.9 % FCA 17.0 % 15.8 % 15.0 % |
Quarterly Results of Operatio_2
Quarterly Results of Operations Quarterly Results of Operations (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Year Ended October 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $258,933 $273,370 $263,445 $258,959 Gross profit 13,691 28,679 23,588 24,618 Operating income (loss) (5,921 ) 6,821 1,060 (7,544 ) Provision (benefit) for income taxes (3,087 ) 1,448 (973 ) 2,001 Net income (loss) $(4,698) $1,112 $(2,709) $(13,652) Net income (loss) per share basic $(0.20) $0.05 $(0.11) $(0.59) Net income (loss) per share diluted $(0.20) $0.05 $(0.11) $(0.59) Weighted average number of shares: Basic 23,385 23,516 23,557 23,566 Diluted 23,385 23,559 23,557 23,566 Year Ended October 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenues $247,666 $297,340 $294,883 $300,055 Gross profit 27,890 31,503 32,880 23,822 Operating income (loss) 4,571 7,279 7,535 (879) Provision (benefit) for income taxes (3,058 ) 218 (7,014 ) 4,635 Net income (loss) $4,858 $4,025 $11,052 $(8,456) Net income (loss) per share basic $0.21 $0.17 $0.47 $(0.36) Net income (loss) per share diluted $0.21 $0.17 $0.47 $(0.36) Weighted average number of shares: Basic 23,107 23,222 23,278 23,309 Diluted 23,287 23,357 23,453 23,309 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Oct. 31, 2019USD ($)employeesSubsidiaries | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Operating results and expectation of future probability, term | 3 years | ||
Tooling | $ 6,747,000 | $ 5,510,000 | |
Number of Subsidiaries | Subsidiaries | 35 | ||
Goodwill | $ 22,395,000 | 27,376,000 | $ 27,859,000 |
Percent of employees participating in a discretionary profit sharing plan | 98.00% | ||
Number of employees receiving post-retirement benefits | employees | 12 | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 months | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Furniture & Fixtures, Machinery & Equip, Assets Specifically for Customer Programs [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | ||
Furniture & Fixtures, Machinery & Equip, Assets Specifically for Customer Programs [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P20Y | ||
MTD Holdings Inc. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Common Stock, Percentage Owned by Related Party | 31.00% | ||
Affiliated Entity [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cash | $ 13,101,000 | 16,107,000 | |
Other Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Derivative Liability | (814,000) | 135,000 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Derivative Liability | (814,000) | ||
Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equity Securities, FV-NI | 21,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Derivative Liability | 0 | ||
Derivative, Fair Value, Net | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equity Securities, FV-NI | $ 21,000 | ||
Pension Plan [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Employer contributions | $ 1,290 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Share-based Payments (Details) | 12 Months Ended |
Oct. 31, 2019 | |
Minimum [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Avg Remaining Contractual LIfe | 10 years |
Maximum [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) | 12 Months Ended | ||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Nov. 01, 2019 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other Nonoperating Income (Expense) | [1] | $ 1,272,000 | $ (913,000) | $ (3,501,000) | |
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Liability | $ 2,000,000 | ||||
Scenario, Forecast [Member] | Minimum [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Right-of-Use Asset | 65,000,000 | ||||
Operating Lease, Liability | 65,000,000 | ||||
Scenario, Forecast [Member] | Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Right-of-Use Asset | 70,000,000 | ||||
Operating Lease, Liability | $ 70,000,000 | ||||
[1] | Fiscal year 2017 reflects the reclassification of non-service cost components of net benefit costs to outside of operating income as a result of ASU 2017-07 adoption, effective November 1, 2017. |
Acquisitions Acquisitions (Deta
Acquisitions Acquisitions (Details) - Brabant Italy Site Verres S.r.l. [Member] $ in Thousands | Mar. 01, 2018USD ($) |
Business Acquisition [Line Items] | |
Consideration Transferred | $ 65,273 |
Consideration Transferred, Other | 62,514 |
Current assets | 39,824 |
Fixed assets | 53,200 |
Intangible assets | 2,328 |
Liabilities | $ 30,079 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Accounts Receivable [Abstract] | |||
Allowance for doubtful accounts | $ 884 | $ 676 | |
Bad debt expense | 416 | 32 | $ 493 |
Accounts receivable factored | 8,779 | 13,545 | |
Accounts receivable recourse liability | 9,188 | 11,742 | |
Trade Receivables Held-for-sale, Amount | $ 2,538 | $ 4,137 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 258,959 | $ 263,445 | $ 273,370 | $ 258,933 | $ 300,055 | $ 294,883 | $ 297,340 | $ 247,666 | $ 1,054,707 | $ 1,139,944 | $ 1,041,986 |
Reportable Geographical Components [Member] | North America [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 812,492 | 887,481 | 884,650 | ||||||||
Reportable Geographical Components [Member] | Europe and Asia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 276,115 | 281,692 | 178,895 | ||||||||
Geography Eliminations [Member] | Rest of World [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ (33,900) | $ (29,229) | $ (21,559) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Related party accounts receivable | $ 1,477 | $ 996 | |
MTD Holdings Inc. [Member] | Significant Shareholder [Member] | |||
Related Party Transaction [Line Items] | |||
Related-party revenue | 6,996 | 5,374 | $ 5,129 |
Related party accounts receivable | $ 1,477 | $ 996 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 26,653 | $ 28,457 |
Work in Process | 21,369 | 24,435 |
Finished Goods | 19,470 | 21,637 |
Total inventories, net | 63,547 | 71,412 |
Inventory Valuation Reserves | $ (3,945) | $ (3,117) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Capital Lease Obligations | $ 2,000 | $ 2,543 | |
Land and improvements | 13,930 | 13,954 | |
Buildings and improvements | 127,241 | 124,076 | |
Machinery and equipment | 523,272 | 493,522 | |
Furniture and fixtures | 24,653 | 22,556 | |
Construction in progress | 54,723 | 41,964 | |
Total, at cost | 743,819 | 696,072 | |
Accumulated depreciation | 415,793 | 379,896 | |
Property, Plant and Equipment, Net | 328,026 | 316,176 | |
Depreciation | 44,678 | 43,356 | $ 39,389 |
Capital equipment included in accounts payable | 8,262 | 4,049 | 4,239 |
Asset impairment, net | 5,701 | 0 | 241 |
Future lump sum payment due at end of lease term | 1,617 | ||
Capitalized interest | |||
Property, Plant and Equipment [Line Items] | |||
Interest Costs Capitalized | 1,183 | $ 648 | $ 704 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairment, net | $ 800 |
Property, Plant and Equipment C
Property, Plant and Equipment Capital Leased Assets Included in Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 4,071 | $ 6,701 |
Less: Accumulated depreciation | 1,769 | 3,073 |
Leased property, net | $ 2,302 | $ 3,628 |
Property, Plant and Equipment F
Property, Plant and Equipment Future Minimum Lease Payments (Details) $ in Thousands | Oct. 31, 2019USD ($) |
Property, Plant and Equipment [Line Items] | |
Plus amount representing interest of 2.18% at October 31, 2019 | $ 25 |
Total obligations under capital leases | $ 2,000 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.05% |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.77% |
Capital Lease Obligations [Member] | |
Property, Plant and Equipment [Line Items] | |
2019 | $ 1,975 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Total | $ 1,975 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill at beginning of period | $ 27,376 | $ 27,859 | |
Impairment | $ (4,901) | (4,901) | |
Foreign currency translation | (80) | (483) | |
Goodwill at end of period | $ 22,395 | $ 22,395 | $ 27,376 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2019 | Oct. 31, 2017 | Oct. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Beginning of Period | $ 14,939 | $ 15,025 | |
Acquisitions | $ 2,328 | ||
Amortization expense | (1,880) | (2,239) | |
Finite-Lived Intangible Assets, Translation Adjustments | (34) | (175) | |
Finite-Lived Intangible Assets, Net, End of Period | 13,025 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Beginning of Period | 10,311 | 11,648 | |
Acquisitions | 0 | ||
Amortization expense | (1,331) | (1,332) | |
Finite-Lived Intangible Assets, Translation Adjustments | (3) | (5) | |
Finite-Lived Intangible Assets, Net, End of Period | 8,977 | ||
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Beginning of Period | 3,404 | 1,997 | |
Acquisitions | 2,328 | ||
Amortization expense | (394) | (751) | |
Finite-Lived Intangible Assets, Translation Adjustments | (31) | (170) | |
Finite-Lived Intangible Assets, Net, End of Period | 2,979 | ||
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Beginning of Period | 15 | 31 | |
Acquisitions | 0 | ||
Amortization expense | (15) | (16) | |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 | |
Finite-Lived Intangible Assets, Net, End of Period | 0 | ||
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Beginning of Period | 1,131 | 1,254 | |
Acquisitions | 0 | ||
Amortization expense | (123) | (123) | |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | 0 | |
Finite-Lived Intangible Assets, Net, End of Period | 1,008 | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Beginning of Period | 78 | 95 | |
Acquisitions | $ 0 | ||
Amortization expense | (17) | (17) | |
Finite-Lived Intangible Assets, Translation Adjustments | 0 | $ 0 | |
Finite-Lived Intangible Assets, Net, End of Period | $ 61 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2019 | Oct. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 2,075 | $ 2,372 | $ 2,259 | ||
Finite-Lived Intangible Assets, Gross | 27,560 | 27,594 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (14,535) | (12,655) | |||
Finite-Lived Intangible Assets, Net | $ 13,025 | 14,939 | $ 13,025 | $ 15,025 | |
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years 8 months 12 days | ||||
Finite-Lived Intangible Assets, Gross | $ 17,561 | 17,564 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (8,584) | (7,253) | |||
Finite-Lived Intangible Assets, Net | $ 8,977 | 10,311 | 8,977 | 11,648 | |
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 1 month 6 days | ||||
Finite-Lived Intangible Assets, Gross | $ 7,134 | 7,165 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (4,155) | (3,761) | |||
Finite-Lived Intangible Assets, Net | $ 2,979 | 3,404 | 2,979 | 1,997 | |
Noncompete Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 0 days | ||||
Finite-Lived Intangible Assets, Gross | $ 824 | 824 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (824) | (809) | |||
Finite-Lived Intangible Assets, Net | $ 0 | 15 | 0 | 31 | |
Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years 2 months 12 days | ||||
Finite-Lived Intangible Assets, Gross | $ 1,875 | 1,875 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (867) | (744) | |||
Finite-Lived Intangible Assets, Net | $ 1,008 | 1,131 | 1,008 | 1,254 | |
Trademarks [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years 9 months 18 days | ||||
Finite-Lived Intangible Assets, Gross | $ 166 | 166 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (105) | (88) | |||
Finite-Lived Intangible Assets, Net | $ 61 | $ 78 | $ 61 | $ 95 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Schedule of Amortization Expense Next 5 Years (Details) - USD ($) $ in Thousands | Mar. 01, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 2,075 | $ 2,372 | $ 2,259 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 14,535 | $ 12,655 | ||
2019 | 2,057 | |||
2020 | 2,058 | |||
2021 | 2,058 | |||
2022 | 2,054 | |||
2023 | 2,019 | |||
Thereafter | 3,783 | |||
Finite Lived Intangible Assets, Future Amortization | 14,029 | |||
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 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 195 | |||
Brabant Italy Site Verres S.r.l. [Member] | Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,004 |
Financing Arrangements Financin
Financing Arrangements Financing Balances at Period End (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 248,695 | |
Total debt | 250,670 | $ 246,678 |
Less: Current debt | 1,975 | 1,327 |
Total long-term debt | 248,695 | 245,351 |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt | $ 0 | $ 738 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 5.53% | 4.59% |
Long-term Debt | $ 248,695 | $ 243,300 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,975 | $ 2,640 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 31, 2018 | Oct. 31, 2016 | Jul. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2019 | Oct. 30, 2015 | Apr. 29, 2015 | |
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate During Period | 5.16% | 3.91% | ||||||
Letters of Credit Outstanding, Amount | $ 4,254 | |||||||
Collateral Agreement | 66.00% | |||||||
Equipment security note | 248,695 | |||||||
Equipment Security Note, Long-term Portion | $ (248,695) | $ (245,351) | ||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.77% | |||||||
Lender Two [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Increase Minimum | $ 25,000 | |||||||
Line of Credit Increase Maximum | 150,000 | 100,000 | ||||||
Maximum Borrowing Capacity | 350,000 | 360,000 | ||||||
Line of Credit, Committed Reductions | $ 30,000 | |||||||
Line of Credit Facility, Increase (Decrease), Net | $ 5,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 355,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97,051 | |||||||
Lender Two [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Capacity Available for Debt Issuance | 40,000 | |||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 50,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Lender Two [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Lender Two [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Base Rate [Member] | Lender Two [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Base Rate [Member] | Lender Two [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Equipment security note | 248,695 | 243,300 | ||||||
Equipment Security Note, Short-Term Portion | 0 | |||||||
Insurance Financing Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.05% | |||||||
Debt Instrument, Periodic Payment | $ 94 | |||||||
Short-term Debt | $ 0 | 738 | ||||||
Tranche A Facility [Member] | Lender Two [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum Borrowing Capacity | 275,000 | |||||||
Tranche B Facility [Member] | Lender Two [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum Borrowing Capacity | $ 75,000 |
Financing Arrangements Maturiti
Financing Arrangements Maturities of Debt (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 248,695 | |
2019 | 1,975 | |
2020 | 0 | |
2021 | 248,695 | |
2022 | 0 | |
2023 | 0 | |
Total debt | 250,670 | $ 246,678 |
Insurance Financing Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Other Debt | 0 | 738 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 0 | |
2020 | 0 | |
2021 | 248,695 | |
2022 | 0 | |
2023 | 0 | |
Long-term Debt | 248,695 | 243,300 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Capital Leases, Future Minimum Payments Due in Five Years | 0 | |
Long-term Debt | 1,975 | $ 2,640 |
2019 | 1,975 | |
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
Total | $ 1,975 |
Operating Leases Operting Lease
Operating Leases Operting Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 14,266 | $ 14,243 | $ 11,147 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 1 year | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 15 years |
Operating Leases Schedule of Fu
Operating Leases Schedule of Future Minimum Rental (Details) $ in Thousands | Oct. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 12,040 |
2020 | 8,960 |
2021 | 5,102 |
2022 | 3,816 |
2023 | 2,717 |
Thereafter | 10,513 |
Total | $ 43,148 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Matters (Details) | 12 Months Ended | ||
Oct. 31, 2019USD ($)employees | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employees receiving post-retirement benefits | employees | 12 | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Interest cost | $ (3,366,000) | $ (3,166,000) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | 1,290 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Interest cost | (11,000) | (11,000) | |
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | (79,898,000) | (89,063,000) | |
Interest cost | (3,366,000) | (3,166,000) | $ (3,282,000) |
Actuarial gain/(loss) | 12,995,000 | (7,849,000) | |
Benefits paid | 5,062,000 | 4,482,000 | |
Benefit obligation at end of year | (91,197,000) | (79,898,000) | (89,063,000) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 65,646,000 | 69,215,000 | |
Actual return on plan assets | 6,672,000 | 468,000 | |
Employer contributions | 1,351,000 | 445,000 | |
Fair value of plan assets at end of year | 68,607,000 | 65,646,000 | 69,215,000 |
Funded status, benefit obligations in excess of plan assets | (22,590,000) | (14,252,000) | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | (283,000) | (313,000) | |
Interest cost | (11,000) | (11,000) | (13,000) |
Actuarial gain/(loss) | 21,000 | (12,000) | |
Benefits paid | 32,000 | 29,000 | |
Benefit obligation at end of year | (283,000) | (283,000) | (313,000) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 32,000 | 29,000 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status, benefit obligations in excess of plan assets | $ (283,000) | $ (283,000) |
Pension and Post-Retirement Ben
Pension and Post-Retirement Benefits on Balance Sheet (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Long-term benefit liabilities | $ (24,147) | $ (15,553) |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other accrued expenses | 0 | 0 |
Long-term benefit liabilities | (22,590) | (14,252) |
Total | (22,590) | (14,252) |
Other Postretirement Benefits Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other accrued expenses | (39) | (39) |
Long-term benefit liabilities | (244) | (244) |
Total | $ (283) | $ (283) |
Employee Benefit Plans Componen
Employee Benefit Plans Components of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | $ 3,366 | $ 3,166 | |
Expected return on plan assets | (3,341) | (3,357) | |
Amortization of net actuarial loss | 1,150 | 1,311 | |
Net periodic benefit cost | 1,175 | 1,120 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | 11 | 11 | |
Expected return on plan assets | 0 | 0 | |
Amortization of net actuarial loss | 6 | 7 | |
Net periodic benefit cost | 17 | 18 | |
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | 3,366 | 3,166 | $ 3,282 |
Expected return on plan assets | (3,455) | ||
Amortization of net actuarial loss | 1,508 | ||
Net periodic benefit cost | 1,335 | ||
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Cost | $ 11 | $ 11 | 13 |
Expected return on plan assets | 0 | ||
Amortization of net actuarial loss | 10 | ||
Net periodic benefit cost | $ 23 |
Employee Benefit Plans Accumula
Employee Benefit Plans Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Comprehensive income (loss), net | $ (34,043) | $ 2,786 | $ 13,528 |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net acutarial loss | 1,497 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 46,224 | 37,710 | |
Comprehensive income (loss), net | 8,514 | (6,272) | |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net acutarial loss | 8 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 80 | 64 | |
Comprehensive income (loss), net | $ 15 | $ (20) |
Employee Benefit Plans Assumpti
Employee Benefit Plans Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.80% | 7.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2030 | 2027 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 3 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (2) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 20 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (18) | ||
UNITED STATES | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.05% | 4.35% | 3.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.35% | 3.65% | 3.70% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | 6.50% | 6.50% |
Defined Benefit Plan, Benefit Obligation | $ 91,197 | $ 79,898 | $ 89,063 |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.05% | 4.35% | 3.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.35% | 3.65% | 3.70% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Defined Benefit Plan, Benefit Obligation | $ 283 | $ 283 | $ 313 |
Employee Benefit Plans Plan Ass
Employee Benefit Plans Plan Assets (Details) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Minimum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.62 | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.33 | |
Minimum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.05 | |
Maximum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.59 | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.35 | |
Maximum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.06 | |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 62.00% | 59.00% |
UNITED STATES | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 33.00% | 35.00% |
UNITED STATES | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 5.00% | 6.00% |
Employee Benefit Plans Fair Val
Employee Benefit Plans Fair Value (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2017 |
Retirement Benefits [Abstract] | ||
Financial Instruments, Owned, at Fair Value | $ 68,607 | $ 65,646 |
Employee Benefit Plans Fair V_2
Employee Benefit Plans Fair Value of Investments (Details) - UNITED STATES - Valuation, Market Approach [Member] - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 53,660 | $ 50,834 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 14,947 | 14,812 |
Equity - Large U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 15,382 | 14,269 |
Equity - Large U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 5,545 | 5,131 |
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 8,371 | 7,540 |
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 665 | 601 |
Equity - International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 11,363 | 10,062 |
Equity - International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 868 | 754 |
Fixed Income - Corporate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 18,544 | 18,963 |
Fixed Income - Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,782 | 4,144 |
Real Estate (Primarily Commercial) [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Real Estate (Primarily Commercial) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 4,087 | $ 4,182 |
Employee Benefit Plans Pension
Employee Benefit Plans Pension cash flows (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 1,290 | |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 1,351,000 | $ 445,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 5,220,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 4,210,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 4,590,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 5,010,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 4,870,000 | |
Defined Benefit Plans, Expected Future Benefit Payments, Thereafter | 25,700,000 | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 32,000 | $ 29,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 39,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 29,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 27,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 24,000 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 23,000 | |
Defined Benefit Plans, Expected Future Benefit Payments, Thereafter | $ 91,000 |
Employee Benefit Plans Non-U.S.
Employee Benefit Plans Non-U.S. Plans (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,267,000 | $ 1,081,000 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 1,290 | ||
POLAND | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 799,000 | $ 215,000 | $ 148,000 |
Employee Benefit Plans Defined
Employee Benefit Plans Defined Contribution Plan (Details) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019USD ($)employee | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Cost | $ | $ 5,731 | $ 5,307 | $ 4,310 |
Entity Number of Employees | employee | 3,600 | ||
Percent of U. S. employees represented by labor unions | 15.00% | ||
Percent of foreign employees represented by labor unions | 99.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Amounts Recognized Into Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | $ 199,522 | $ 188,321 | $ 132,790 | ||
Reclassification of stranded tax effects | [1] | 0 | |||
Stockholders' equity, ending balance | 167,514 | 199,522 | 188,321 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (50,930) | (42,237) | (56,462) | ||
Other comprehensive income (loss), net of tax | (4,646) | (8,201) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (9,450) | 5,866 | |||
Net current-period other comprehensive income (loss) | (14,096) | (2,335) | |||
Reclassification of stranded tax effects | (6,358) | [1] | (6,358) | ||
Stockholders' equity, ending balance | (65,026) | (50,930) | (42,237) | ||
Pension and Post Retirement Plan Liability | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (29,137) | (27,847) | |||
Other comprehensive income (loss), net of tax | 939 | (124) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (9,685) | 4,972 | |||
Net current-period other comprehensive income (loss) | (8,746) | 4,848 | |||
Reclassification of stranded tax effects | (6,138) | ||||
Stockholders' equity, ending balance | (37,883) | (29,137) | (27,847) | ||
Marketable Securities Adjustment (1) | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (18) | (2) | |||
Other comprehensive income (loss), net of tax | 0 | (131) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 18 | 122 | |||
Net current-period other comprehensive income (loss) | 18 | (9) | |||
Reclassification of stranded tax effects | (7) | ||||
Stockholders' equity, ending balance | 0 | (18) | (2) | ||
Interest Rate Swap Adjustment | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | 104 | (1,319) | |||
Other comprehensive income (loss), net of tax | (949) | 864 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 217 | 772 | |||
Net current-period other comprehensive income (loss) | (732) | 1,636 | |||
Reclassification of stranded tax effects | (213) | ||||
Stockholders' equity, ending balance | (628) | 104 | (1,319) | ||
Foreign Currency Translation Adjustment (3) | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (21,879) | (13,069) | |||
Other comprehensive income (loss), net of tax | (4,636) | (8,810) | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | |||
Net current-period other comprehensive income (loss) | (4,636) | (8,810) | |||
Reclassification of stranded tax effects | 0 | ||||
Stockholders' equity, ending balance | $ (26,515) | $ (21,879) | $ (13,069) | ||
[1] | The adoption of ASU 2018-02 required reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects in accumulated other comprehensive loss results from the Tax Cuts and Jobs Act of 2017. |
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, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2019 | Feb. 28, 2018 | Mar. 01, 2016 | Sep. 01, 2015 | Feb. 24, 2014 |
Derivative [Line Items] | ||||||||||
Unrealized (loss) gain on interest rate swap agreements | $ 1,543 | |||||||||
Derivatives, Interest Rate Swap, Maturity | 5 years | |||||||||
Interest expense | $ 16,258 | $ 11,343 | $ 15,088 | |||||||
Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Unrealized (loss) gain on interest rate swap agreements | $ 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 | |||||||||
Euro Member Countries, Euro | Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | $ 53,000 | |||||||||
London Interbank Offered Rate (LIBOR) | Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | $ 64,930 | |||||||||
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 | (814) | |||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Fair Value, Net | 0 | 4,432 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Liability | $ (814) | |||||||||
Cash Flow Hedging [Member] | Other Liabilities [Member] | Interest Rate Swap [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative Liability | (814) | 135 | ||||||||
Interest Expense [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (469) | $ (205) |
Fair Value of Other Financial_3
Fair Value of Other Financial Instruments Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset impairment, net | $ 5,701 | $ 0 | $ 241 | |
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 | (814) | |||
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 Liability | 0 | |||
Derivative, Fair Value, Net | 0 | |||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 135 | |||
Derivative Liability | $ (814) | |||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | 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] | ||||
Equity Securities, FV-NI | 21 | |||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Fair Value, Net | 0 | |||
Cross Currency Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Fair Value, Net | 0 | |||
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 | |||
Derivative, Fair Value, Net | $ 0 | $ 4,432 |
Stock Incentive Compensation St
Stock Incentive Compensation Stock Incentive Plan (Details) | 3 Months Ended |
Jan. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,500,000,000 |
Employee Stock Option and / or Stock Appreication Righs (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 500,000,000 |
Restricted Stock, Restricted Stock Units (RSUs) and Performance Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 350,000,000 |
Stock Incentive Compensation Aw
Stock Incentive Compensation Awards Granted During the Year (Details) - $ / shares | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 457,000 | 316,000 | 247,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.51 | $ 8.18 | $ 7.94 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 603,000 | 478,000 | 441,000 | 376,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 7 | $ 7.45 | $ 7.07 | $ 6.11 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 43,000 | 18,000 | 29,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.47 | $ 7.90 | $ 8.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 46,700 | 27,000 | 36,000 | 22,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.81 | $ 8.17 | $ 7.69 | $ 4.17 |
Stock Incentive Compensation _2
Stock Incentive Compensation Stock Activity - Options and Restricted (Details) - $ / shares | Nov. 01, 2017 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Stock Options Activity | |||||
Options outstanding, beginning of period | 22,500 | ||||
Options outstanding, end of period | 22,500 | ||||
Employee Stock Option [Member] | |||||
Stock Options Activity | |||||
Options outstanding, beginning of period | 58,000 | 33,000 | 58,000 | 90,000 | |
Options Granted | 0 | 0 | 0 | ||
Options Exercised | 0 | (17,000) | (8,000) | ||
Forfeited or expired | (10,000) | (8,000) | (24,000) | ||
Options outstanding, end of period | 22,500 | 33,000 | 58,000 | 90,000 | |
Weighted Average Exercise Price Options | |||||
Weighted average option price, outstanding, beginning of period | $ 8.16 | $ 9.42 | $ 8.16 | $ 9.67 | |
Granted | 0 | 0 | 0 | ||
Options exercised or restricted stock vested | 0 | 4.09 | 9.79 | ||
Forfeited or expired | 5.30 | 12.04 | 13.38 | ||
Weighted average option price, outstanding, end of period | $ 11.25 | $ 9.42 | $ 8.16 | $ 9.67 | |
Weighted Avg Remaining Contractual LIfe | 1 year 3 months 22 days | 1 year 10 months 2 days | 2 years 6 months 11 days | 3 years 15 days | |
Restricted Stock [Member] | |||||
Restricted Stock Activity [Line Items] | |||||
Restricted stock, beginning of period | 441,000 | 478,000 | 441,000 | 376,000 | |
Granted | 457,000 | 316,000 | 247,000 | ||
Vested | (234,000) | (225,000) | (174,000) | ||
Forfeited | (98,000) | (54,000) | (8,000) | ||
Restricted stock, end of period | 603,000 | 478,000 | 441,000 | 376,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 7 | $ 7.45 | $ 7.07 | $ 6.11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 6.51 | 8.18 | 7.94 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 6.87 | 7.80 | 6.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 7.21 | $ 7.13 | $ 9.57 | ||
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 10 months 10 days | 1 year 10 months 13 days | 1 year 9 months 29 days | |
Restricted Stock Units (RSUs) [Member] | |||||
Restricted Stock Activity [Line Items] | |||||
Restricted stock, beginning of period | 36,000 | 27,000 | 36,000 | 22,000 | |
Granted | 43,000 | 18,000 | 29,000 | ||
Vested | (14,300) | (15,400) | (14,000) | ||
Forfeited | (9,000) | (12,400) | (1,000) | ||
Restricted stock, end of period | 46,700 | 27,000 | 36,000 | 22,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.81 | $ 8.17 | $ 7.69 | $ 4.17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 6.47 | 7.90 | 8.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 7.98 | 8.30 | 4.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 7.26 | $ 6.18 | $ 7.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 9 months 25 days | 1 year 10 months 18 days | 1 year 4 months 13 days | 1 year 5 months 16 days |
Stock Incentive Compensation Co
Stock Incentive Compensation Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 2,035 | $ 1,984 | $ 1,698 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 1,883 | 1,863 | 1,583 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 152 | $ 121 | $ 115 |
Stock Incentive Compensation _3
Stock Incentive Compensation Stock Components Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Proceeds from exercise of stock options | $ 0 | $ 73 | $ 78 | |||
Options Outstanding | 22,500 | |||||
Options Exercisable | 22,500 | |||||
Options Granted August 13, 2009 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Exercise Prices | $ 8.10 | |||||
Options Outstanding | 4,500 | |||||
Exercise Price of Options Outstanding and Options Exercisable | $ 8.10 | |||||
Options Exercisable | 4,500 | |||||
Weighted Avg Remaining Contractual LIfe | 2 years 1 month 10 days | |||||
Options Granted December 10, 2010 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Exercise Prices | $ 12.04 | |||||
Options Outstanding | 18,000 | |||||
Exercise Price of Options Outstanding and Options Exercisable | $ 12.04 | |||||
Options Exercisable | 18,000 | |||||
Weighted Avg Remaining Contractual LIfe | 1 year 1 month 10 days | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 94 | ||||
Options Outstanding | 22,500 | 33,000 | 58,000 | 90,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 11.25 | $ 9.42 | $ 8.16 | $ 9.67 | ||
Weighted Avg Remaining Contractual LIfe | 1 year 3 months 22 days | 1 year 10 months 2 days | 2 years 6 months 11 days | 3 years 15 days | ||
Restricted Stock [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,706 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 193 | |||||
Maximum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Weighted Avg Remaining Contractual LIfe | 10 years | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock Incentive Compensation _4
Stock Incentive Compensation Stock Based Compensation Cash Incentive Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 2,035 | $ 1,984 | $ 1,698 |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation of Numerator and Denominator of the basic and diluted earnings per share computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net income available to common stockholders | $ (13,652) | $ (2,709) | $ 1,112 | $ (4,698) | $ (8,456) | $ 11,052 | $ 4,025 | $ 4,858 | $ (19,947) | $ 11,479 | $ (697) |
Basic weighted average number of common shares | 23,566 | 23,557 | 23,516 | 23,385 | 23,309 | 23,278 | 23,222 | 23,107 | 23,506 | 23,229 | 19,233 |
Restricted stock units and stock options | 0 | 140 | 0 | ||||||||
Diluted weighted average number of common shares | 23,566 | 23,557 | 23,559 | 23,385 | 23,309 | 23,453 | 23,357 | 23,287 | 23,506 | 23,369 | 19,233 |
Basic earnings (loss) per share | $ (0.59) | $ (0.11) | $ 0.05 | $ (0.20) | $ (0.36) | $ 0.47 | $ 0.17 | $ 0.21 | $ (0.85) | $ 0.49 | $ (0.04) |
Diluted earnings (loss) per share | $ (0.59) | $ (0.11) | $ 0.05 | $ (0.20) | $ (0.36) | $ 0.47 | $ 0.17 | $ 0.21 | $ (0.85) | $ 0.49 | $ (0.04) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 169 | 80 | 68 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (17,821) | $ (3,635) | $ 4,251 | ||||||||
Foreign | (2,737) | 9,895 | 2,172 | ||||||||
Income before income taxes | 20,558 | (6,260) | (6,423) | ||||||||
Federal | 0 | 1,998 | 66 | ||||||||
State and Local | 113 | (157) | 386 | ||||||||
Foreign | 2,289 | 2,710 | 2,494 | ||||||||
Total current | 2,402 | 4,551 | 2,946 | ||||||||
Federal | (3,265) | (10,692) | 856 | ||||||||
State and Local | 120 | 700 | (329) | ||||||||
Foreign | 132 | 222 | 3,647 | ||||||||
Deferred Income Tax Expense (Benefit) | (3,013) | (9,770) | 4,174 | ||||||||
Provision (benefit) for income taxes | $ 2,001 | $ (973) | $ 1,448 | $ (3,087) | $ 4,635 | $ (7,014) | $ 218 | $ (3,058) | $ (611) | $ (5,219) | $ 7,120 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Accrued compensation and benefits | $ 1,515 | $ 1,405 | |
Inventory | 329 | 424 | |
State depreciation adjustments and loss carryforwards | 4,722 | 5,309 | |
Pension obligations and post retirement benefits | 5,261 | 3,053 | |
Net operating losses | 29,230 | 26,695 | |
Net operating losses | 9,127 | 5,958 | |
Other accruals and reserves | 1,202 | 2,889 | |
Goodwill and intangible amortization | 2,455 | 3,331 | |
Interest expense disallowance | 3,056 | 0 | |
Foreign currency translation | 0 | 116 | |
Interest rate swap | 186 | 0 | |
Total deferred tax assets | 57,083 | 49,180 | |
Less: Valuation allowance | (30,222) | (24,051) | |
Net deferred tax assets | 26,861 | 25,129 | |
Fixed assets | (20,075) | (20,631) | |
Prepaid expenses and other | (920) | (1,727) | |
Uncertain tax positions | (1,405) | 0 | |
Foreign currency translation | (90) | 0 | |
Net deferred tax (liability) asset | 4,371 | 2,771 | |
Change in net deferred tax asset attributable to the provision for deferred taxes | 3,013 | 9,769 | |
Change in net deferred tax assets attributable to purchase accounting adjustments | 0 | 872 | |
Change in net deferred tax assets attributable to Fin No.48 Liability | (810) | 0 | |
Unrecognized tax benefit adjustments | 74 | (347) | |
Defined benefit pension plans & other post-retirement benefits | (217) | (1,442) | $ (3,001) |
Marketable securities | 0 | 10 | (250) |
Interest rate swap | 217 | (588) | $ (1,151) |
Other adjustments | (677) | (931) | |
Total change in net deferred tax asset | $ 1,600 | $ 5,599 |
Income Taxes Activities and bal
Income Taxes Activities and balances of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 2,186 | $ 540 | $ 561 |
Additions based on tax positions related to the current year | 0 | 747 | 88 |
Additions for tax positions of prior years | 537 | 1,079 | 9 |
Reductions for tax positions of prior years | (33) | (68) | 0 |
Reductions as result of lapse of applicable statute of limitations | 0 | (112) | (118) |
Balance at end of year | $ 2,690 | 2,186 | 540 |
Other Information Pertaining to Income Taxes | 8076 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,621 | 2,110 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (107) | (125) | $ (102) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 643 | $ 536 |
Income Taxes Tax Credits (Detai
Income Taxes Tax Credits (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 30,222 | $ 24,051 |
NOL Carryforward | 201,227 | 190,769 |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 33,975 | 31,361 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 26,513 | 23,228 |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 5,568 | 4,878 |
Mexican Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 1,942 | 1,693 |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 583 | 508 |
Chinese Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 6,261 | 4,442 |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 1,565 | 1,111 |
Netherlands Tax Authority Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 43,954 | 42,712 |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | 10,988 | 10,678 |
Swedish Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 23,350 | 24,404 |
Change in Valuation Allowance attributable to foreign operating loss carryforwards | $ 5,081 | $ 5,165 |
Income Taxes Statutory federal
Income Taxes Statutory federal income tax rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal Income Tax Expense (Benefit), Continuing Operations | $ (4,182) | $ 1,461 | $ 2,248 | ||||||||
State and Local Income Tax Expense (Benefit), Continuing Operations | (42) | (321) | (1,639) | ||||||||
Valuation allowance change | 3,995 | 674 | 5,749 | ||||||||
Domestic tax credits | (3,100) | (3,308) | (803) | ||||||||
Domestic production activities deduction | 0 | 0 | (455) | ||||||||
Foreign operations | 1,368 | 1,188 | 1,182 | ||||||||
Adjustment of uncertain tax positions | 595 | 1,886 | (83) | ||||||||
Provision to return adjustment | 247 | (3,355) | 285 | ||||||||
Effective income tax rate change in enacted tax rate, amount | 0 | (3,966) | 0 | ||||||||
Other | 508 | 522 | 636 | ||||||||
Total income tax expense (benefit) | $ 2,001 | $ (973) | $ 1,448 | $ (3,087) | $ 4,635 | $ (7,014) | $ 218 | $ (3,058) | $ (611) | $ (5,219) | $ 7,120 |
Income Taxes Carryforwards (Det
Income Taxes Carryforwards (Details) - USD ($) | Oct. 31, 2019 | Oct. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | $ 201,227,000 | $ 190,769,000 |
NOL Tax Benefit | 33,975,000 | 31,361,000 |
Valuation Allowance | 23,366,000 | 21,357,000 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation Allowance | 4,745,000 | 4,666,000 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation Allowance | 0 | 0 |
Netherlands Tax Authority Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 43,954,000 | 42,712,000 |
NOL Tax Benefit | 10,988,000 | 10,678,000 |
Valuation Allowance | 10,988,000 | 10,678,000 |
Ministry of Economic Affairs and Finance, Italy [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 22,520,000 | 17,996,000 |
NOL Tax Benefit | 5,405,000 | 4,319,000 |
Valuation Allowance | 5,405,000 | 4,319,000 |
Swedish Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 23,350,000 | 24,404,000 |
NOL Tax Benefit | 5,081,000 | 5,165,000 |
Valuation Allowance | 40,000 | 39,000 |
Chinese Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 6,261,000 | 4,442,000 |
NOL Tax Benefit | 1,565,000 | 1,111,000 |
Valuation Allowance | 1,565,000 | 1,111,000 |
Inland Revenue, Hong Kong [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 240,000 | 221,000 |
NOL Tax Benefit | 40,000 | 36,000 |
Valuation Allowance | 40,000 | 36,000 |
Mexican Tax Authority [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 1,942,000 | 1,693,000 |
NOL Tax Benefit | 583,000 | 508,000 |
Valuation Allowance | 583,000 | 508,000 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 26,513,000 | 23,228,000 |
NOL Tax Benefit | 5,568,000 | 4,878,000 |
Domestic Tax Authority [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
NOL Carryforward | 76,447,000 | 76,073,000 |
NOL Tax Benefit | $ 4,745,000 | $ 4,666,000 |
Income Taxes Cash paid for taxe
Income Taxes Cash paid for taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Cash paid for income taxes | $ 3,951 | $ 3,423 | $ 1,780 |
Effective income tax rate change in enacted tax rate, amount | $ 0 | $ (3,966) | $ 0 |
Restructuring Charges Restruc_2
Restructuring Charges Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 17,072 | $ 6,613 | $ 4,777 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 615 | 335 | |
Restructuring Expense | 17,072 | 6,613 | |
Payments | 12,209 | 6,333 | |
Ending balance | 5,478 | 615 | 335 |
Employee costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4,573 | 3,030 | 392 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 367 | 65 | |
Restructuring Expense | 4,573 | 3,030 | |
Payments | 2,301 | 2,728 | |
Ending balance | 2,639 | 367 | 65 |
Impairment of fixed assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 28,462 | ||
Restructuring | 0 | 0 | 4,085 |
Legal and professional costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 8,899 | 1,731 | 270 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 248 | 270 | |
Restructuring Expense | 8,899 | 1,731 | |
Payments | 7,475 | 1,753 | |
Ending balance | 1,672 | 248 | 270 |
Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3,600 | 1,852 | 30 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Restructuring Expense | 3,600 | 1,852 | |
Payments | 2,433 | 1,852 | |
Ending balance | $ 1,167 | $ 0 | $ 0 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 258,959 | $ 263,445 | $ 273,370 | $ 258,933 | $ 300,055 | $ 294,883 | $ 297,340 | $ 247,666 | $ 1,054,707 | $ 1,139,944 | $ 1,041,986 |
Long-Lived Assets | 363,446 | 358,491 | 363,446 | 358,491 | 309,775 | ||||||
Reportable Geographical Components [Member] | UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 739,640 | 831,782 | 839,013 | ||||||||
Long-Lived Assets | 249,743 | 234,690 | 249,743 | 234,690 | 235,663 | ||||||
Reportable Geographical Components [Member] | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 255,667 | 266,679 | 169,398 | ||||||||
Long-Lived Assets | 81,532 | 95,763 | 81,532 | 95,763 | 53,569 | ||||||
Reportable Geographical Components [Member] | CHINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,257 | 14,756 | 8,532 | ||||||||
Long-Lived Assets | 13,001 | 127 | 13,001 | 127 | 128 | ||||||
Reportable Geographical Components [Member] | Rest of World | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 42,143 | 26,727 | 25,043 | ||||||||
Long-Lived Assets | $ 19,170 | $ 27,911 | $ 19,170 | $ 27,911 | $ 20,415 | ||||||
Sales [Member] | Rest of World | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 29.90% | 27.00% | 19.50% |
Business Segment Information Fo
Business Segment Information Foreign Currency Transaction Gain (Loss) (Details) - Reportable Geographical Components [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Foreign Currency Transaction Loss, before Tax | $ 1,752 | $ (82) | $ (473) |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Foreign Currency Transaction Loss, before Tax | (252) | 16 | (192) |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Foreign Currency Transaction Loss, before Tax | $ (410) | $ 498 | $ (430) |
Business Segment Information Re
Business Segment Information Revenue by Major Customer (Details) - Sales [Member] | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 17.40% | 18.80% | 17.90% |
FCA [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 17.00% | 15.80% | 15.00% |
Quarterly Results of Operatio_3
Quarterly Results of Operations Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Net revenues | $ 258,959 | $ 263,445 | $ 273,370 | $ 258,933 | $ 300,055 | $ 294,883 | $ 297,340 | $ 247,666 | $ 1,054,707 | $ 1,139,944 | $ 1,041,986 |
Gross profit | 24,618 | 23,588 | 28,679 | 13,691 | 23,822 | 32,880 | 31,503 | 27,890 | 90,576 | 116,095 | 115,355 |
Operating Income (Loss) | (7,544) | 1,060 | 6,821 | (5,921) | (879) | 7,535 | 7,279 | 4,571 | (5,584) | 18,506 | 25,008 |
Provision (benefit) for income taxes | 2,001 | (973) | 1,448 | (3,087) | 4,635 | (7,014) | 218 | (3,058) | (611) | (5,219) | 7,120 |
Net income (loss) | $ 13,652 | $ 2,709 | $ (1,112) | $ 4,698 | $ 8,456 | $ (11,052) | $ (4,025) | $ (4,858) | $ 19,947 | $ (11,479) | $ 697 |
Net income (loss) per share basic | $ (0.59) | $ (0.11) | $ 0.05 | $ (0.20) | $ (0.36) | $ 0.47 | $ 0.17 | $ 0.21 | $ (0.85) | $ 0.49 | $ (0.04) |
Net income (loss) per share diluted | $ (0.59) | $ (0.11) | $ 0.05 | $ (0.20) | $ (0.36) | $ 0.47 | $ 0.17 | $ 0.21 | $ (0.85) | $ 0.49 | $ (0.04) |
Basic | 23,566 | 23,557 | 23,516 | 23,385 | 23,309 | 23,278 | 23,222 | 23,107 | 23,506 | 23,229 | 19,233 |
Diluted | 23,566 | 23,557 | 23,559 | 23,385 | 23,309 | 23,453 | 23,357 | 23,287 | 23,506 | 23,369 | 19,233 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Valuation allowance for accounts receivable | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 676 | $ 1,271 | $ 790 |
Additions (Reductions) Charged to Costs and Expenses | 416 | 32 | 493 |
Deductions | 218 | 615 | 24 |
Foreign Currency Adjustment | 10 | (12) | 12 |
Acquisitions | 0 | 0 | 0 |
Balance at End of Year | 884 | 676 | 1,271 |
Valuation allowance for inventory reserves | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 3,117 | 5,535 | 2,946 |
Additions (Reductions) Charged to Costs and Expenses | 2,025 | (173) | 2,933 |
Deductions | 593 | 1,965 | 384 |
Foreign Currency Adjustment | (604) | (280) | 40 |
Acquisitions | 0 | 0 | 0 |
Balance at End of Year | 3,945 | 3,117 | 5,535 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 24,051 | 9,401 | 2,782 |
Additions (Reductions) Charged to Costs and Expenses | 6,303 | 674 | 6,619 |
Deductions | 0 | 0 | 0 |
Foreign Currency Adjustment | (132) | (278) | 0 |
Acquisitions | 0 | 14,254 | 0 |
Balance at End of Year | $ 30,222 | $ 24,051 | $ 9,401 |