Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 2 Inputs

The following table sets forth Cooper’s financial assets and liabilities that were measured at fair value on a recurring basis using Level 2 inputs during the fiscal years 2013 and 2012, within the fair value hierarchy at October 31:

(In millions)	2013		2012
Assets:
Foreign exchange contracts	$	0.3	$	0.2
Liabilities:
Interest rate swaps	$	1.7	$	3.9
Foreign exchange contracts	0.6		0.2
	$	2.3	$	4.1

We recorded contingent consideration representing the estimated fair value of the additional variable cash consideration payable related to an acquisition in our fiscal first quarter of 2013. We recorded the fair value of the acquisition-related contingent consideration as liabilities on the acquisition date using the discounted cash flow approach. Cooper uses unobservable Level 3 inputs including a forecast of new customer accounts and discount rates to fair value the liabilities. Significant increases or decreases in these unobservable inputs in isolation would result in a significantly lower or higher fair value measurement. At October 31, 2013, the fair value of the contingent consideration payable totaled $2.6 million.