SELECTED FINANCIAL STATEMENT INFORMATION

6 Months Ended

Apr. 30, 2024

Selected Financial Statement Information [Abstract]

Selected Financial Statement Information [Text Block]

SELECTED FINANCIAL STATEMENT INFORMATION

Accounts Receivable

(in thousands)	April 30, 2024	October 31, 2023
Accounts receivable	$517,633	$521,696
Less: Allowance for doubtful accounts	(13,271)	(12,621)
Accounts receivable, net	$504,362	$509,075

Inventories

(in thousands)	April 30, 2024	October 31, 2023
Finished products	$659,590	$622,395
Work in process	91,326	79,789
Materials, parts, assemblies and supplies	337,185	311,496
Inventories, net of valuation reserves	$1,088,101	$1,013,680

Property, Plant and Equipment

(in thousands)	April 30, 2024	October 31, 2023
Land	$19,809	$19,706
Buildings and improvements	207,253	202,499
Machinery, equipment and tooling	403,944	386,602
Construction in progress	30,518	25,867
	661,524	634,674
Less: Accumulated depreciation and amortization	(334,784)	(312,826)
Property, plant and equipment, net	$326,740	$321,848

Accrued Customer Rebates and Credits

The aggregate amount of accrued customer rebates and credits included within accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets was $25.5 million as of April 30, 2024 and $24.5 million as of October 31, 2023. The total customer rebates and credits deducted within net sales for the six months ended April 30, 2024 and 2023 was $5.8 million and $4.2 million, respectively. The total customer rebates and credits deducted within net sales for the three months ended April 30, 2024 and 2023 was $2.3 million and $2.0 million, respectively.

Research and Development Expenses

The amount of new product research and development ("R&D") expenses included in cost of sales for the six and three months ended April 30, 2024 and 2023 is as follows (in thousands):

	Six months ended April 30,		Three months ended April 30,
	2024	2023	2024	2023
R&D expenses	$53,031	$43,134	$27,935	$22,896

Redeemable Noncontrolling Interests

The holders of equity interests in certain of the Company's subsidiaries have rights ("Put Rights") that may be exercised on varying dates causing the Company to purchase their equity interests through fiscal 2032. The Put Rights, all of which relate either to common shares or membership interests in limited liability companies, provide that the cash consideration to be paid for their equity interests (the "Redemption Amount") be at fair value or a formula that management intended to reasonably approximate fair value based solely on a multiple of future earnings over a measurement period. Management's estimate of the aggregate Redemption Amount of all Put Rights that the Company could be required to pay is as follows (in thousands):

	April 30, 2024	October 31, 2023
Redeemable at fair value	$309,005	$308,472
Redeemable based on a multiple of future earnings	59,364	56,335
Redeemable noncontrolling interests	$368,369	$364,807

During fiscal 2024, the holders of a 15% noncontrolling equity interest in a subsidiary of the ETG that was acquired in fiscal 2019 exercised their option to cause the Company to purchase their noncontrolling interest over a four-year period ending in fiscal 2027. Accordingly, the Company acquired one-fourth of such interest in March 2024, which increased the Company's ownership interest in the subsidiary to 88.75%.

During fiscal 2022, the holder of a 19.9% noncontrolling equity interest in a subsidiary of the FSG that was acquired in fiscal 2015 exercised their option to cause the Company to purchase their noncontrolling interest over a four-year period ending in fiscal 2026. In December 2023, the Company acquired an additional one-fourth of such interest, which increased the Company's ownership interest in the subsidiary to 90.05%.

Accumulated Other Comprehensive Loss

Changes in the components of accumulated other comprehensive loss for the six months ended April 30, 2024 are as follows (in thousands):

	Foreign Currency Translation	Defined Benefit Pension Plan	Accumulated Other Comprehensive Loss
Balances as of October 31, 2023	($39,165)	($1,015)	($40,180)
Unrealized gain	4,477	—	4,477
Amortization of unrealized loss	—	26	26
Balances as of April 30, 2024	($34,688)	($989)	($35,677)