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Basis of Presentation
6 Months Ended
Apr. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statement presentation.
Quiksilver, Inc. and its subsidiaries (the “Company”) has included all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the results of operations for all periods presented. The Company's fiscal year ends on October 31 (for example, “fiscal 2014” refers to the year ending October 31, 2014). The condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended October 31, 2013 included in the Company’s most recent Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year.
In November 2013, the Company sold Mervin Manufacturing, Inc., its subsidiary that manufactured snowboards and related products under the “Lib Technologies” and “GNU” brands, (“Mervin”). In January 2014, the Company sold substantially all of the assets of Hawk Designs, Inc., its subsidiary that owned and operated the “Hawk” brand, (“Hawk”). The Company’s Mervin and Hawk businesses were classified as “held for sale” as of October 31, 2013 and are presented as discontinued operations in the accompanying condensed consolidated financial statements for all periods presented. As of October 31, 2013, the Company had also classified Surfdome Shop, Ltd. (“Surfdome”), a multi-brand e-commerce retailer, as "held for sale" based on the Company's intent and ability to sell its majority stake in Surfdome at that time. During the second quarter of fiscal 2014, the Company decided to maintain its investment in Surfdome. As a result, the Company has reclassified Surfdome back into continuing operations for all periods presented. The Company recorded an impairment charge of $15 million within continuing operations to write-down Surfdome goodwill and intangible assets to their estimated fair market value (see Note 15, "Discontinued Operations").