Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jul. 29, 2017 | |
Document And Entity Information [Abstract] | |
Document Type | S1 |
Amendment Flag | false |
Document Period End Date | Jul. 29, 2017 |
Trading Symbol | REVG |
Entity Registrant Name | REV Group, Inc. |
Entity Central Index Key | 1,687,221 |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 14,132 | $ 10,821 | $ 4,968 |
Accounts receivables, net | 243,405 | 181,239 | 113,059 |
Inventories, net | 457,835 | 325,633 | 246,962 |
Deferred income taxes | 23,599 | ||
Other current assets | 14,853 | 12,037 | 10,152 |
Total current assets | 730,225 | 529,730 | 398,740 |
Property, plant and equipment, net | 207,634 | 146,422 | 89,145 |
Goodwill | 129,746 | 84,507 | 82,825 |
Intangible assets, net | 170,517 | 124,040 | 118,903 |
Other long-term assets | 7,960 | 4,320 | 6,208 |
Total assets | 1,246,082 | 889,019 | 695,821 |
Current liabilities: | |||
Current portion of long-term debt | 750 | 236 | |
Accounts payable | 170,199 | 129,481 | 69,950 |
Customer advances | 104,254 | 87,627 | 36,489 |
Accrued warranty | 19,012 | 22,693 | 18,153 |
Other current liabilities | 64,573 | 91,803 | 55,073 |
Total current liabilities | 358,788 | 331,604 | 179,901 |
Long-term debt, less current maturities | 299,367 | 256,040 | 212,394 |
Deferred income taxes | 17,105 | 17,449 | 45,604 |
Other long-term liabilities | 23,073 | 23,710 | 18,008 |
Total liabilities | 698,333 | 628,803 | 455,907 |
Contingently redeemable common stock | 0 | 22,293 | 15,350 |
Commitments and contingencies | |||
Shareholders' Equity: | |||
Preferred stock | |||
Common stock | 64 | ||
Additional paid-in capital | 526,883 | 206,179 | 204,624 |
Retained earnings | 20,899 | 31,655 | 24,607 |
Accumulated other comprehensive income (loss) | (97) | 39 | (26) |
Total shareholders' equity | 547,749 | 237,923 | 224,564 |
Common stock in treasury, at cost (0 and 770,240 shares, respectively) | (4,641) | ||
Total liabilities and shareholders' equity | $ 1,246,082 | 889,019 | 695,821 |
Common Class A [Member] | |||
Shareholders' Equity: | |||
Common stock | 7 | 0 | |
Total shareholders' equity | 7 | ||
Common Class B [Member] | |||
Shareholders' Equity: | |||
Common stock | 43 | $ 0 | |
Total shareholders' equity | 43 | ||
Scenario, Previously Reported [Member] | |||
Shareholders' Equity: | |||
Additional paid-in capital | 206,229 | ||
Scenario, Previously Reported [Member] | Common Class A [Member] | |||
Shareholders' Equity: | |||
Common stock | 0 | ||
Scenario, Previously Reported [Member] | Common Class B [Member] | |||
Shareholders' Equity: | |||
Common stock | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized shares | 605,000,000 | 605,000,000 | |
Common stock, shares issued | 0 | 63,802,795 | |
Common stock, shares outstanding | 0 | 63,802,795 | |
Contingently redeemable common stock, shares outstanding | 0 | 1,607,760 | 2,064,240 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 95,000,000 | 95,000,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock in treasury | 0 | 770,240 | |
Scenario, Previously Reported [Member] | |||
Preferred stock, authorized shares | 5,000 | ||
Common Class A [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 46,000,000 | 46,000,000 | 46,000,000 |
Common stock, shares issued | 0 | 6,930,720 | 8,557,200 |
Common stock, shares outstanding | 0 | 6,930,720 | 7,786,960 |
Common Class A [Member] | Scenario, Previously Reported [Member] | |||
Common stock, shares issued | 6,905,120 | ||
Common Class B [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 43,200,000 | 43,200,000 | 43,200,000 |
Common stock, shares issued | 0 | 42,684,320 | 42,684,320 |
Common stock, shares outstanding | 0 | 42,684,320 | 42,684,320 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement [Abstract] | |||||||
Net sales | $ 595,602 | $ 528,238 | $ 1,583,855 | $ 1,381,247 | $ 1,925,999 | $ 1,735,081 | $ 1,721,116 |
Cost of sales | 517,597 | 464,285 | 1,385,485 | 1,223,635 | 1,696,068 | 1,553,127 | 1,557,877 |
Gross profit | 78,005 | 63,953 | 198,370 | 157,612 | 229,931 | 181,954 | 163,239 |
Operating expenses: | |||||||
Selling, general and administrative | 40,576 | 35,481 | 139,678 | 97,901 | 139,771 | 102,309 | 111,820 |
Research and development costs | 1,199 | 1,330 | 3,360 | 3,763 | 4,815 | 5,106 | 8,275 |
Restructuring | 2,279 | 57 | 3,479 | 2,807 | 3,521 | 3,869 | 3,376 |
Amortization of intangible assets | 5,109 | 2,505 | 10,417 | 6,948 | 9,423 | 8,586 | 8,790 |
Total operating expenses | 49,163 | 39,373 | 156,934 | 111,419 | 157,530 | 119,870 | 132,261 |
Operating income | 28,842 | 24,580 | 41,436 | 46,193 | 72,401 | 62,084 | 30,978 |
Interest expense | 4,560 | 7,364 | 15,453 | 20,828 | 29,158 | 27,272 | 26,195 |
Loss on early extinguishment of debt | 11,920 | ||||||
Income (loss) before provision (benefit) for income taxes | 24,282 | 17,216 | 14,063 | 25,365 | 43,243 | 34,812 | 4,783 |
Provision (benefit) for income taxes | 9,091 | 4,136 | 5,362 | 7,254 | 13,050 | 11,935 | 3,295 |
Net income (loss) | $ 15,191 | $ 13,080 | $ 8,701 | $ 18,111 | $ 30,193 | $ 22,877 | $ 1,488 |
Income (loss) per common share: | |||||||
Basic | $ 0.24 | $ 0.26 | $ 0.15 | $ 0.35 | $ 0.59 | $ 0.43 | $ 0.03 |
Diluted | 0.23 | $ 0.25 | 0.14 | $ 0.35 | $ 0.58 | $ 0.43 | $ 0.03 |
Dividends declared per common share | $ 0.05 | $ 0.10 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 15,191 | $ 13,080 | $ 8,701 | $ 18,111 | $ 30,193 | $ 22,877 | $ 1,488 |
Other comprehensive income (loss), net of tax | (268) | (103) | (136) | (77) | 65 | (120) | 80 |
Comprehensive income (loss) | $ 14,923 | $ 12,977 | $ 8,565 | $ 18,034 | $ 30,258 | $ 22,757 | $ 1,568 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ 8,701 | $ 18,111 | $ 30,193 | $ 22,877 | $ 1,488 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||
Depreciation and amortization | 26,811 | 17,115 | 24,593 | 19,084 | 18,901 |
Amortization of deferred financing costs | 1,340 | 1,697 | 2,713 | 2,330 | 2,540 |
Amortization of senior note discount | 50 | 150 | 249 | 217 | 235 |
Stock-based compensation expense | 26,131 | 12,298 | 19,692 | 3,237 | 859 |
Deferred income taxes | (5,090) | (5,979) | (3,661) | (5,325) | (325) |
Loss on early extinguishment of debt | 11,920 | ||||
(Gain) loss on disposal of property, plant and equipment | (594) | (207) | (342) | 28 | (1,819) |
Changes in operating assets and liabilities net of effects of business acquisitions: | |||||
Receivables, net | (37,012) | (32,120) | (52,428) | 7,518 | (38,190) |
Inventories, net | (71,171) | (40,623) | (8,054) | (2,795) | 18,754 |
Other current assets | (2,719) | (48) | (691) | (3,553) | 4,742 |
Accounts payable | 7,861 | 21,169 | 44,805 | (15,831) | 284 |
Accrued warranty | (7,125) | (3,522) | (4,001) | (5,863) | (691) |
Customer advances | 7,715 | (3,951) | 2,855 | 5,218 | (366) |
Other liabilities | (26,163) | 6,281 | 18,667 | (1,395) | (1,167) |
Long-term assets | (637) | (1,580) | 980 | (108) | 684 |
Net Cash (used in) provided by operating activities | (59,982) | (11,209) | 75,570 | 25,639 | 5,929 |
Cash flows from investing activities: | |||||
Purchase of property, plant and equipment | (49,891) | (19,525) | (48,542) | (15,430) | (12,067) |
Payments for rental fleet vehicles | (9,679) | (11,041) | |||
Proceeds from sale of property, plant and equipment | 3,643 | 1,113 | 2,274 | 4,290 | |
Acquisition of businesses, net of cash acquired | (155,142) | (31,729) | (31,727) | (5,043) | |
Acquisition of Ancira assets | (6,435) | (6,435) | |||
Other | (187) | ||||
Net cash provided by (used in) investing activities | (211,069) | (67,617) | (84,430) | (15,617) | (12,820) |
Cash flows from financing activities: | |||||
Net proceeds (payments) from borrowings under revolving credit facility | 146,257 | 116,919 | 61,777 | (13,705) | 1,929 |
Proceeds from Term Loan | 75,000 | ||||
Payment of dividends | (3,191) | ||||
Net proceeds from initial public offering | 253,593 | ||||
Repayment of debt assumed from acquisition | (3,698) | (3,698) | |||
Payment of debt issuance costs | (6,717) | (704) | (1,085) | ||
Dividends paid on subsidiary preferred shares upon cancellation | (186) | ||||
Repayment of long-term debt and capital leases | (180,000) | (179) | (20,536) | (269) | (353) |
Senior Note prepayment premium | (7,650) | ||||
Redemption of common stock and stock options | (3,251) | (21,214) | (21,745) | (5,461) | (3,125) |
Proceeds from exercise of common stock options | 321 | ||||
Net proceeds from the issuance of common stock | 2,000 | 2,855 | |||
Payments received on stock subscription receivable | 48 | 79 | |||
Net cash (used in) provided by financing activities | 274,362 | 91,124 | 14,713 | (17,573) | 1,385 |
Net increase (decrease) in cash and cash equivalents | 3,311 | 12,298 | 5,853 | (7,551) | (5,506) |
Cash and cash equivalents, beginning of period | 10,821 | 4,968 | 4,968 | 12,519 | 18,025 |
Cash and cash equivalents, end of period | 14,132 | 17,266 | 10,821 | 4,968 | 12,519 |
Cash paid for: | |||||
Interest | 21,789 | 22,329 | 25,789 | 24,638 | 15,636 |
Income taxes, net of refunds | $ 11,545 | $ 5,093 | $ 5,845 | $ 18,390 | $ (906) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Shareholders' Equity and Contingently Redeemable Common Stock - USD ($) $ in Thousands | Total | Redeemable Common Stock [Member] | Common Class A [Member] | Common Class B [Member] | APIC [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Common Stock Subscription [Member] | Treasury Stock, Common [Member] | Common Stock [Member] |
Balance at Oct. 31, 2013 | $ 202,603 | $ 194,563 | $ 8,878 | $ 14 | $ (127) | $ (725) | ||||
Balance, shares at Oct. 31, 2013 | 6,954,960 | 42,684,320 | ||||||||
Net income | 1,488 | 1,488 | ||||||||
Other comprehensive income | 80 | 80 | ||||||||
Stock-based compensation expense | 643 | 643 | ||||||||
Redemption of common shares | (3,125) | (3,125) | ||||||||
Redemption of common shares, shares | (657,040) | |||||||||
Payments received on share subscription receivable | 79 | 79 | ||||||||
Change in value of contingently redeemable common stock | (2,024) | (2,024) | ||||||||
Reclassification of contingently redeemable common stock to permanent equity | $ 3,355 | 3,355 | ||||||||
Reclassification of contingently redeemable common stock to permanent equity, shares | (695,520) | 695,520 | ||||||||
Issuance of contingently redeemable common stock | (1,093) | 1,093 | ||||||||
Exercise of common stock options, shares | 0 | |||||||||
Balance at Oct. 31, 2014 | $ 203,099 | 197,468 | 8,342 | 94 | (48) | (2,757) | ||||
Balance, shares at Oct. 31, 2014 | 6,993,440 | 42,684,320 | ||||||||
Temporary equity balance at Oct. 31, 2013 | $ 13,894 | |||||||||
Temporary equity balance, shares at Oct. 31, 2013 | 3,184,880 | |||||||||
Change in value of contingently redeemable common stock | $ 2,024 | |||||||||
Reclassification of contingently redeemable common stock to permanent equity | (3,355) | |||||||||
Issuance of contingently redeemable common stock | $ 2,855 | |||||||||
Issuance of contingently redeemable common stock, shares | 577,200 | |||||||||
Temporary equity balance at Oct. 31, 2014 | $ 15,418 | |||||||||
Temporary equity balance, shares at Oct. 31, 2014 | 3,066,560 | |||||||||
Net income | $ 22,877 | 22,877 | ||||||||
Other comprehensive income | (120) | (120) | ||||||||
Stock-based compensation expense | 828 | 828 | ||||||||
Redemption of common shares | (4,050) | (269) | (3,781) | |||||||
Redemption of common shares, shares | (599,120) | |||||||||
Dividends paid on subsidiary preferred shares upon cancellation | (186) | (186) | ||||||||
Payments received on share subscription receivable | 48 | $ 48 | ||||||||
Change in value of contingently redeemable common stock | (6,426) | (6,426) | ||||||||
Reclassification of contingently redeemable common stock to permanent equity | $ 8,494 | 8,494 | ||||||||
Reclassification of contingently redeemable common stock to permanent equity, shares | (1,392,640) | 1,392,640 | ||||||||
Issuance of contingently redeemable common stock | (1,897) | 1,897 | ||||||||
Exercise of common stock options, shares | 0 | |||||||||
Balance at Oct. 31, 2015 | $ 224,564 | 204,624 | 24,607 | (26) | (4,641) | |||||
Balance, shares at Oct. 31, 2015 | 7,786,960 | 42,684,320 | ||||||||
Change in value of contingently redeemable common stock | 6,426 | |||||||||
Reclassification of contingently redeemable common stock to permanent equity | (8,494) | |||||||||
Issuance of contingently redeemable common stock | $ 2,000 | |||||||||
Issuance of contingently redeemable common stock, shares | 390,320 | |||||||||
Temporary equity balance at Oct. 31, 2015 | $ 15,350 | |||||||||
Temporary equity balance, shares at Oct. 31, 2015 | 2,064,240 | |||||||||
Net income | $ 30,193 | 30,193 | ||||||||
Other comprehensive income | 65 | 65 | ||||||||
Stock-based compensation expense | 1,445 | 1,445 | ||||||||
Redemption of common shares | (11,401) | (717) | (10,684) | |||||||
Redemption of common shares, shares | (1,312,720) | |||||||||
Retirement of treasury stock | (2,896) | (12,429) | $ 15,325 | |||||||
Change in value of contingently redeemable common stock | (10,716) | (10,716) | ||||||||
Reclassification of contingently redeemable common stock to permanent equity | $ 3,773 | 3,773 | ||||||||
Reclassification of contingently redeemable common stock to permanent equity, shares | (456,480) | 456,480 | ||||||||
Exercise of common stock options, shares | 0 | |||||||||
Balance (Scenario, Previously Reported [Member]) at Oct. 29, 2016 | 206,229 | |||||||||
Balance at Oct. 29, 2016 | $ 237,923 | $ 7 | $ 43 | 206,179 | 31,655 | 39 | ||||
Balance, shares at Oct. 29, 2016 | 6,930,720 | 42,684,320 | ||||||||
Change in value of contingently redeemable common stock | 10,716 | |||||||||
Reclassification of contingently redeemable common stock to permanent equity | (3,773) | |||||||||
Temporary equity balance at Oct. 29, 2016 | $ 22,293 | |||||||||
Temporary equity balance, shares at Oct. 29, 2016 | 1,607,760 | |||||||||
Net income | $ 8,701 | 8,701 | ||||||||
Other comprehensive income | (136) | (136) | ||||||||
Stock-based compensation expense | 4,948 | 4,948 | ||||||||
Change in value of contingently redeemable common stock | (13,078) | (13,078) | ||||||||
Reclassification of contingently redeemable common stock to permanent equity | 35,371 | $ 2 | 35,369 | |||||||
Reclassification of contingently redeemable common stock to permanent equity, shares | (1,607,760) | 1,607,760 | ||||||||
Reclassification of liability awards | 26,485 | 26,485 | ||||||||
Net proceeds from initial public offering | 253,593 | 253,581 | $ 12 | |||||||
Net proceeds from initial public offering, shares | 12,500,000 | |||||||||
Reclassification of shares of common stock | $ (9) | $ (43) | $ 52 | |||||||
Reclassification of shares of common stock, shares | (8,538,480) | (42,684,320) | 51,222,800 | |||||||
Exercise of common stock options | 321 | 321 | ||||||||
Exercise of common stock options, shares | 80,000 | |||||||||
Dividends declared on common stock | (6,379) | (6,379) | ||||||||
Rounding of partial shares held prior to stock split, shares | (5) | |||||||||
Balance at Jul. 29, 2017 | 547,749 | $ 526,883 | $ 20,899 | $ (97) | $ 64 | |||||
Balance, shares at Jul. 29, 2017 | 63,802,795 | |||||||||
Change in value of contingently redeemable common stock | 13,078 | |||||||||
Reclassification of contingently redeemable common stock to permanent equity | (35,371) | |||||||||
Temporary equity balance at Jul. 29, 2017 | $ 0 | |||||||||
Temporary equity balance, shares at Jul. 29, 2017 | 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Note 1. Basis of Presentation The condensed unaudited consolidated financial statements include the accounts of REV Group, Inc. (“REV” or “the Company”) and all of its subsidiaries and are prepared in conformity within generally accepted accounting principles in the United States of America (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed unaudited consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly REV’s consolidated financial position as of July 29, 2017, and October 29, 2016, and the consolidated results of operations and comprehensive income for the three and nine months ended July 29, 2017 and July 30, 2016 and the consolidated cash flows for the nine months then ended. The condensed unaudited consolidated statements of income and comprehensive income for the three and nine months ended July 29, 2017, and July 30, 2016 are not necessarily indicative of the results to be expected for the full year. The condensed unaudited consolidated balance sheet data as of October 29, 2016, was derived from audited financial statements, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto. During fiscal year 2016, the Company changed its fiscal year end from October 31 of each year to the last Saturday in October of each year going forward. The preparation of financial statements in conformity with U.S. GAAP requires 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Initial Public Offering: 80-for-one | Note 1. Nature of Operations and Basis of Presentation REV Group, Inc. (formerly Allied Specialty Vehicles, Inc.) is one of North America’s leading manufacturers of specialty vehicles serving three market segments: Fire & Emergency, Commercial, and Recreation. The Company’s Fire & Emergency business is conducted through its wholly owned subsidiaries Halcore Group, Inc., Wheeled Coach Industries, Inc., E-ONE, Inc. and Kovatch Mobile Equipment Corp. The Company’s Commercial business is conducted through its wholly owned subsidiaries Collins Bus Corporation, Capacity of Texas Inc., Mobile Products, Inc., Champion Bus, Inc., General Coach America, Inc., Goshen Coach, Inc., ElDorado National (California), Inc. and ElDorado National Kansas, Inc. The Company’s Recreation vehicle business is conducted through its wholly owned subsidiaries REV Recreation Group, Inc. and Goldshield Fiberglass, Inc. Effective November 1, 2015, Allied Specialty Vehicles, Inc. changed its name to REV Group, Inc. (collectively, the “Company” or “REV”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation Fiscal Year Reclassifications Use of Estimates Business Combinations Assets acquired and liabilities assumed generally include tangible and intangible assets, and contingent assets and liabilities. When available, the estimated fair values of these assets and liabilities are determined based on observable inputs such as quoted market prices, information from comparable transactions, and the replacement cost of assets in the same condition or stage of usefulness (Level 1 and 2). If observable inputs are not available, unobservable inputs are used such as expected future cash flows or internally developed estimates of value (Level 3). Cash and Cash Equivalents Deposits held with financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand, and are maintained with major financial institutions within the United States. Credit ratings of these financial institutions are monitored by management to mitigate risk of loss. At October 29, 2016, the Company had $9,763 of uninsured cash balances in excess of Federal Depository Insurance Company limits. Accounts Receivable The Company establishes a reserve for specific accounts receivable that are believed to be uncollectible, as well as an estimate of uncollectible receivables not specifically known. Historical trends and the Company’s current knowledge of potential collection problems provide the Company with sufficient information to establish a reasonable estimate for an allowance for doubtful accounts. Accounts Receivable in the Company’s consolidated balance sheets at October 29, 2016 and October 31, 2015 are stated net of an allowance for doubtful accounts of $1,623 and $768, respectively. Receivables are written off when management determines collection is highly unlikely and collection efforts have ceased. The change in the allowance for doubtful accounts is as follows: Fiscal Year Ended October 29, October 31, October 31, Beginning balance $ 768 $ 795 $ 564 Net recorded expense 1,075 620 850 Write-offs, net of recoveries/payments (220 ) (647 ) (619 ) Ending balance $ 1,623 $ 768 $ 795 Concentrations of Credit Risk Inventories Property, Plant and Equipment Years Buildings, related improvements and land improvements 5-39 Machinery and equipment 3-15 Office, furniture and other 3-15 Expenditures that extend the useful life of existing property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Expenditures for repairs and maintenance are expensed as incurred. When property, plant and equipment are retired or sold, the cost and related accumulated depreciation is removed from the Company’s balance sheet, with any gain or loss reflected in operations. Accumulated depreciation on capitalized lease assets is included in property, plant and equipment. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets, consisting of trade names, are not amortized, however, the Company reviews goodwill and indefinite-lived intangible assets for impairment at least annually or more often if an event occurs or circumstances change which indicates that its carrying amount may not exceed its fair value. The annual impairment review is performed as of the first day of the fourth quarter of each fiscal year based upon information and estimates available at that time. To perform the impairment testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair values of the Company’s reporting units or indefinite-lived intangible assets are less than their carrying amounts as a basis for determining whether or not to perform the quantitative impairment test. The Company then estimates the fair value of each reporting unit and each indefinite-lived intangible asset not meeting the qualitative criteria and compares their fair values to their carrying values. The fair value of each reporting unit of the Company is determined by using the income approach and involves the use of significant estimates and assumptions. The income approach involves discounting management’s projections of future cash flows and a terminal value discounted at a discount rate which approximates the Company’s weighted-average cost of capital (“WACC”). Key assumptions used in the income approach include future sales growth, gross margin and operating expenses trends, depreciation expense, taxes, capital expenditures and changes in working capital. Projected future cash flows are based on income forecasts and management’s knowledge of the current operating environment and expectations for the future. The WACC incorporates equity and debt return rates observed in the market for a group of comparable public companies in the industry, and is determined using an average debt to equity ratio of selected comparable public companies, and is also adjusted for risk premiums and the Company’s capital structure. The terminal value is based upon the projected cash flow for the final projected year, and is calculated using estimates of growth of the net cash flows based on the Company’s estimate of stable growth for each financial reporting unit. The inputs and assumptions used in the determination of fair value are considered Level 3 inputs within the fair value hierarchy. If the fair value of any reporting unit, as calculated using the income approach, is less than its carrying value, the fair value of the implied goodwill is calculated as the difference between the fair value of the reporting unit and the fair value of the underlying assets and liabilities, excluding goodwill. An impairment charge is recorded for any excess of the carrying value of goodwill over the implied fair value for each reporting unit. When determining the fair value of indefinite-lived trade names, the Company uses the relief from royalty method which requires the determination of fair value based on if the Company was licensing the right to the trade name in exchange for a royalty fee. The Company utilizes the income approach to determine future revenues to which to apply a royalty rate. The royalty rate is based on research of industry and market data related to transactions involving the licensing of comparable intangible assets. In considering the value of trade names, the Company looks to relative age, consistent use, quality, expansion possibilities, relative profitability and relative market potential. As a result of the annual Company’s impairment test on goodwill and indefinite-lived intangible assets, it was concluded that there is no impairment of such assets for fiscal years 2016, 2015 and 2014. Long-Lived Assets Including Definite-Lived Intangible Assets Debt Issuance Costs Self-Insurance For employee medical coverage, annual claims of up to $275 per member are the risk of the company. Paid claims during the calendar year greater than $275 for any member are covered under a stop-loss policy with a commercial insurance carrier. Health expenses were $27,807, $23,744 and $21,669 during fiscal years 2016, 2015 and 2014, respectively. Accrued health benefit liability was $4,739 and $3,899 at October 29, 2016 and October 31, 2015, respectively, and is included as a component of payroll and related benefits and taxes in other current liabilities in the Company’s consolidated balance sheets. The Company is insured for workers’ compensation claims under both state and private insurance plans. The Company’s product liability and workers’ compensation accruals including residual claims under previous years SIR programs are also included within other current liabilities in the Company’s consolidated balance sheets. Accrued workers’ compensation claims totaled $962 and $970 at October 29, 2016 and October 31, 2015, respectively. Income Taxes tax rates and laws. Valuation allowances are established to reduce deferred tax assets to the amount ultimately expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of taxable income during the periods in which those temporary differences become deductible for income tax purposes. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The evaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. The amount of unrecognized tax benefits, including interest and penalties, was $2,895 and $4,202 as of October 29, 2016 and October 31, 2015, respectively. The Company classifies accrued interest and penalties related to income tax liabilities in the provision for income taxes in the Company’s consolidated statements of operations. Liabilities for income taxes payable, accrued interest and penalties that are due within one year of the balance sheet date are included in other current liabilities. Earnings (Loss) Per Common Share Comprehensive Income The components of accumulated other comprehensive income (loss) are as follows: Fiscal Year Ended October 31, 2014 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2013 $ (41 ) $ 55 $ 14 Changes 56 24 80 Balance at October 31, 2014 $ 15 $ 79 $ 94 Fiscal Year Ended October 31, 2015 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2014 $ 15 $ 79 $ 94 Changes 43 (163 ) (120 ) Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Fiscal Year Ended October 29, 2016 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (78 ) 143 65 Balance at October 29, 2016 $ (20 ) $ 59 $ 39 Revenue Recognition Revenues from the sale of parts and the Company’s Goldshield Fiberglass businesses are recognized when title to products and the risk of loss are transferred to the customer, which is generally upon shipment. Revenue from service agreements is recognized as earned when services are rendered. Intercompany sales are eliminated upon consolidation. Provisions are made for discounts, returns and sales allowances based on management’s best estimate and the historical experience of each business unit. Sales are recorded net of amounts invoiced for taxes imposed on the customer, such as excise or value-added taxes. Customer advances include amounts received in advance of the completion of vehicles or in advance of services being rendered. Such customer advances are recorded as current liabilities in the consolidated balance sheets until the vehicle is shipped or the service rendered. Warranty Advertising Costs Research and Development Costs Fair Value Measurements Foreign currency forward contracts held or issued by the Company for risk management purposes are traded in over-the counter markets where quoted market prices are not readily available. For these derivatives, the Company measures fair value using the foreign currency spot rate at the reporting period compared to the contractual rate. The estimated carrying and fair values of the Company’s financial instruments recognized and measured at fair value, which consist of foreign currency forward contracts and considered Level 2 inputs, are $89 and $0 as of October 29, 2016 and October 31, 2015, respectively. The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants at the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs (Levels 1 and 2) and minimize the use of unobservable inputs (Level 3) within the fair value hierarchy established by the Financial Accounting Standards Board (“FASB”). The Company applies a “market approach” or an “income approach” to determine fair value. The market approach method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. When determining the fair value measurements for assets and liabilities, which are required to be recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. In the absence of significant market based inputs, the Company will use an “income approach” to estimate the fair value of the asset. This approach is based on the principle that the present value of the expected income that can be generated from the ownership of the asset approximates its fair value. This approach generally includes management’s estimates of assumptions that market participants would use to price the asset or liability including, projected income, a time period over which that income can be earned and an estimate of risk-adjusted discount and capitalization rates. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Based on recent open market transactions of the Company’s Senior Secured Notes, the fair value is approximately $185,850 and $209,100 as of October 29, 2016 and October 31, 2015, respectively. The fair value of the Company’s outstanding borrowings on its ABL Facility approximates book value. For illustrative purposes, the levels within the FASB fair value hierarchy are as follows: Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable, including the company’s own assumptions in determining fair value. The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, consisting of derivative financial instruments and contingently redeemable common stock (discussed in Note 14, Contingently Redeemable Common Stock), which are valued based upon Level 3 inputs. The Company applies fair value accounting to its non-financial assets and liabilities, which consists principally of indefinite lived intangible assets (for purposes of the Company’s annual impairment test). Change in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the fiscal years 2016 and 2015 were as follows: Contingently Redeemable Balance at October 31, 2014 $ 15,418 Change in fair value 6,426 Issuance of contingently redeemable common stock 2,000 Reclassification of contingently redeemable common stock to permanent equity (8,494 ) Balance at October 31, 2015 15,350 Change in fair value 10,716 Issuance of contingently redeemable common stock — Reclassification of contingently redeemable common stock to permanent equity (3,773 ) Balance at October 29, 2016 $ 22,293 Derivative Financial Instruments Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period, which management evaluates periodically. The effective portion of gains and losses is deferred as a component of accumulated other comprehensive income (loss). As a matter of policy, the Company only enters into transactions which it believes will be highly effective at offsetting the underlying risk, and it does not use derivatives for trading or speculative purposes. Stock-Based Compensation The fair value of the Company’s common stock is calculated by determining enterprise value by applying an earnings multiple to the Adjusted EBITDA over the previous 12 months, and deducting outstanding debt, then dividing by the number of shares of common stock outstanding. The assumption for forfeitures is based upon historical experience. As the Company has not historically paid dividends on its common stock, a 0% dividend rate has been assumed for all outstanding stock options. As of October 29, 2016, as a result of the Company’s filing of a Form S-1 with the U.S. Securities and Exchange Commission, the Company was considered a public entity, and as such, recognized the liability share awards at fair value in the Company’s consolidated balance sheet. Changes in fair value of liability share awards are recorded as stock compensation expense. Foreign Currency Translation and Transactions New Accounting Pronouncements Revenue from Contracts with Customers (Topic 606) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330) In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805)—Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU 2015-17, Income Taxes, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases |
Acquisitions
Acquisitions | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Business Combinations [Abstract] | ||
Acquisitions | Note 2. Acquisitions Van-Mor On May 15, 2017, the Company acquired certain real estate assets and operating assets and liabilities of Van-Mor (“Van-Mor” “Van-Mor Van-Mor Van-Mor Van-Mor The Van-Mor As of July 29, 2017, the Company has not completed its assessment of the fair value of all acquired assets and liabilities assumed, as well as the completion of the determination of the final purchase price calculation, as defined in the purchase agreement. The Company acquired land and buildings which were valued at approximately $1.2 million as of the closing date, and as this amount represents a significant portion of the purchase consideration, the Company does not anticipate to recognize a material amount of goodwill, if any. Midwest Automotive Designs Acquisition On April 13, 2017, the Company acquired certain assets and liabilities of Midwest Automotive Designs (“Midwest” and the “Midwest Acquisition”). Midwest manufactures Class B recreational vehicles (“RVs”) and luxury vans. This acquisition enhances the Company’s product offerings in both its Recreation and Commercial segments, by adding a selection of Class B recreational vehicles and multiple products for the luxury limousine, charter and tour bus markets. The purchase price for Midwest was $35.5 million ($35.5 million net of cash acquired), subject to an adjustment based on the level of net working capital at closing, as defined in the purchase agreement. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Midwest is reported as part of the Recreation segment. The preliminary purchase price allocation resulted in goodwill of $13.3 million, which is deductible for income tax purposes. The Midwest Acquisition will be accounted for as a business combination using the acquisition method of accounting, whereby the purchase price will be allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. As of July 29, 2017, the Company had not completed its assessment of the fair value of all acquired assets and liabilities assumed, as well as the completion of the determination of the final purchase price calculation, as defined in the purchase agreement. The estimated fair values are preliminary and based on the information that was available as of the date of the acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Midwest (in thousands): Assets: Cash $ 1 Accounts receivable, net 4,390 Inventories, net 8,960 Other current assets 65 Property, plant and equipment 179 Intangible assets, net 16,548 Total assets acquired 30,143 Liabilities: Accounts payable 6,601 Accrued warranty 312 Customer advances 898 Other current liabilities 181 Total liabilities assumed 7,992 Net Assets Acquired 22,151 Consideration Paid 35,482 Goodwill $ 13,331 Intangible assets acquired as a result of the Midwest Acquisition are as follows (in thousands): Customer relationships (6 year life) $ 12,900 Order backlog (1 year life) 548 Trade names (indefinite life) 3,100 Total intangible assets, net $ 16,548 Net sales and operating loss attributable to Midwest were $12.1 million and $0.1 million for the three months ended July 29, 2017, and net sales and operating income of $13.7 million and $0.1 million for the nine months ended July 29, 2017, respectively. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the Midwest Acquisition did not meet the materiality requirement for such disclosure. Ferrara Fire Apparatus Acquisition On April 25, 2017, the Company acquired 100% of the common shares of Ferrara Fire Apparatus, Inc. (“Ferrara” and the “Ferrara Acquisition”). Ferrara is a leading custom fire apparatus and rescue vehicle manufacturer that engineers and manufactures vehicles for municipal and industrial customers. This acquisition enhances the Company’s emergency vehicle product offering, particularly with custom fire apparatus including pumpers, aerials, and industrial vehicles. The purchase price for Ferrara was $100.1 million ($97.1 million net of $3.0 million cash acquired), subject to an adjustment based on the level of net working capital at closing, as defined in the purchase agreement. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Ferrara is reported as part of the Fire & Emergency segment. The preliminary purchase price allocation resulted in goodwill of $27.4 million, which is not deductible for income tax purposes. The Ferrara Acquisition will be accounted for as a business combination using the acquisition method of accounting, whereby the purchase price will be allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. As of July 29, 2017, the Company had not completed its assessment of the fair value of all acquired assets and liabilities assumed, or of the determination of the final purchase price calculation, as defined in the purchase agreement. The estimated fair values are preliminary and based on the information that was available as of the date of the acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Ferrara (in thousands): Assets: Cash $ 3,013 Accounts receivable, net 19,042 Inventories, net 38,182 Other current assets 360 Property, plant and equipment 13,898 Other long-term assets 76 Intangible assets, net 32,250 Total assets acquired 106,821 Liabilities: Accounts payable 17,042 Accrued warranty 2,621 Customer advances 7,740 Deferred income taxes 4,639 Other current liabilities 2,102 Total liabilities assumed 34,144 Net Assets Acquired 72,677 Consideration Paid 100,113 Goodwill $ 27,436 Intangible assets acquired as a result of the Ferrara Acquisition are as follows (in thousands): Customer relationships (12 year life) $ 14,080 Order backlog (1 year life) 3,030 Non-compete 1,530 Trade names (indefinite life) 13,610 Total intangible assets, net $ 32,250 Net sales and operating loss attributable to Ferrara were $30.7 million and ($0.8) million for the three months ended July 29, 2017, and $31.8 million and ($0.8) million for the nine months ended July 29, 2017, respectively. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the Ferrara Acquisition did not meet the materiality requirement for such disclosure. Renegade RV Acquisition On December 30, 2016, the Company acquired 100% of the common shares of Kibbi, LLC, which operated as Renegade RV (“Renegade” and the “Renegade Acquisition”). Renegade is a leading manufacturer of Class C and “Super C” RVs and heavy-duty special application trailers. The purchase price for Renegade was $22.5 million ($21.0 million net of $1.6 million cash acquired), which included a $0.3 million payment to Renegade’s sellers based on the level of net working capital on the acquisition date. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Renegade is reported as part of the Recreation segment. The preliminary purchase price allocation resulted in goodwill of $3.4 million, which is not deductible for income tax purposes. The Renegade Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. As of July 29, 2017, the Company had not completed its assessment of the fair value of all acquired assets and liabilities assumed, or of the determination of the final purchase price calculation, as defined in the purchase agreement. The estimated fair values are preliminary and based on the information that was available as of the date of the acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Renegade (in thousands): Assets: Cash $ 1,597 Accounts receivable, net 2,334 Inventories, net 14,322 Other current assets 131 Property, plant and equipment 892 Intangible assets, net 6,400 Total assets acquired 25,676 Liabilities: Accounts payable 4,231 Accrued warranty 390 Customer advances 272 Other current liabilities 1,035 Deferred income taxes 524 Other long-term liabilities 65 Total liabilities assumed 6,517 Net Assets Acquired 19,159 Consideration Paid 22,549 Goodwill $ 3,390 Intangible assets acquired as a result of the Renegade Acquisition are as follows (in thousands): Customer relationships (6 year life) $ 4,100 Order backlog (1 year life) 700 Trade names (indefinite life) 1,600 Total intangible assets, net $ 6,400 Net sales and operating income attributable to Renegade were $26.7 million and $1.7 million for the three months ended July 29, 2017, and $53.2 million and $2.6 million for the nine months ended July 29, 2017, respectively. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the Renegade Acquisition did not meet the materiality requirement for such disclosure. Kovatch Mobile Equipment Acquisition On April 22, 2016, the Company acquired certain real estate assets and 100% of the common shares of Kovatch Mobile Equipment Corp. (“KME” and the “KME Acquisition”). KME produces a broad portfolio of customized specialty fire apparatus vehicles, and markets them to fire-rescue, military, aviation, and industrial customers globally. The KME Acquisition strengthened the Company’s share in the emergency vehicle market by expanding the Company’s fire apparatus product portfolio. The purchase price for KME was $39.6 million ($30.1 million net of $9.5 million cash acquired), which included a $0.5 million payment to the Seller based on the level of net working capital and debt at closing. The net cash consideration paid at closing was funded through the Company’s ABL Facility. KME is reported as part of the Fire & Emergency segment. The purchase price allocation resulted in goodwill of $2.4 million, which is not deductible for income tax purposes. The KME Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. Fair value measurements have been applied based on assumptions that market participants would use in pricing of the asset or liability. The following table summarizes the fair values of the assets acquired and liabilities assumed for KME (in thousands): Assets: Cash $ 9,490 Receivables, net 11,850 Inventories, net 67,439 Deferred income taxes 1,454 Other current assets 1,580 Property, plant and equipment 15,332 Intangible assets, net 10,950 Other long-term assets 22 Total assets acquired 118,117 Liabilities: Accounts payable 13,834 Customer advances 43,438 Accrued warranty 14,357 Other current liabilities 9,282 Total liabilities assumed 80,911 Net Assets Acquired 37,206 Consideration Paid 39,602 Goodwill $ 2,396 Intangible assets acquired as a result of the KME Acquisition are as follows (in thousands): Customer relationships (9 year life) $ 8,550 Trade names (indefinite life) 2,400 Total intangible assets, net $ 10,950 Net sales and operating income attributable to KME were $42.4 million and $2.6 million for the three months ended July 29, 2017, and $122.6 million and $2.7 million for the nine months ended July 29, 2017, respectively. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the KME Acquisition did not meet the materiality requirement for such disclosure. Hall-Mark Fire Apparatus Acquisition On November 20, 2015, the Company acquired certain assets and assumed certain liabilities of Hall-Mark Fire Apparatus Inc. (“Hall-Mark” and the “Hall-Mark Acquisition”). The Hall-Mark acquisition provides the Company with the opportunity to expand its parts and service offerings to its customers. The purchase price was $3.0 million in cash with $2.0 million paid at closing and a total of $1.0 million payable in quarterly installments over the next five years. Additionally, the Company assumed $3.7 million of Hall-Mark’s debt, offset by $0.4 million of cash acquired. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Hall-Mark is reported as part of the Fire & Emergency segment. The purchase price allocation resulted in goodwill of $0.4 million, which is deductible for income tax purposes. The Hall-Mark Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. Fair value measurements have been applied based on assumptions that market participants would use in pricing of the asset or liability. The following table summarizes the fair values of the assets acquired and liabilities assumed for Hall-Mark (in thousands): Assets: Cash $ 385 Accounts receivable 3,135 Inventories 2,718 Prepaids & other assets 3,493 Property, plant and equipment 191 Trade names 870 Customer relationships 750 Order backlog 220 Non-compete 530 Total assets acquired 12,292 Liabilities: Accounts payable 891 Other current liabilities 226 Customer deposits 4,845 Debt 3,698 Total liabilities assumed 9,660 Net Assets Acquired 2,632 Consideration Paid 3,000 Goodwill $ 368 The Hall-Mark trade names will be amortized over five years, customer relationships will be amortized over nine years, non-compete one-year Ancira Acquisition On December 14, 2015, the Company entered into an agreement to acquire the land, building, and inventory of a recreational vehicle dealer in Texas (“Ancira” and the “Ancira Acquisition”). The purchase price for the Ancira Acquisition was $20.0 million. Since the Company only acquired assets from Ancira, and did not acquire any ongoing business processes, namely the dealer license, the Ancira Acquisition was accounted for as an asset acquisition, and accordingly, the total purchase price was allocated to the assets acquired based on their relative fair value. No intangible assets were acquired or recognized as a result of the Ancira Acquisition. The following table summarizes the allocated cost of the assets acquired in the Ancira Acquisition (in thousands): Inventory $ 13,541 Land & land improvements 1,400 Building & improvements 4,849 Machinery & equipment 186 Total purchase price $ 19,976 | Note 3. Acquisitions Kovatch Mobile Equipment Acquisition On April 22, 2016, the Company acquired certain real estate assets and 100% of the common shares of Kovatch Mobile Equipment Corp. (“KME” and the “KME Acquisition”). KME produces a broad portfolio of customized specialty fire apparatus vehicles, and markets them to fire-rescue, military, aviation, and industrial customers globally. The KME Acquisition strengthens the Company’s share in the emergency vehicle market by expanding the Company’s product portfolio into segments of the fire apparatus market, which have not been previously served by the Company’s existing businesses and compliments the Company’s existing product portfolio. The purchase price for KME was $39,602 ($30,112 net of $9,490 cash acquired) and a subsequent $511 adjustment paid to the Company based on the level of net working capital and debt at closing. The net cash consideration paid at closing was funded through the Company’s ABL Facility. KME is reported as part of the Fire & Emergency segment. The preliminary purchase price allocation resulted in goodwill of $1,314, which is not deductible for income tax purposes. The acquisition of KME has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. Fair value measurements have been applied based on assumptions that market participants would use in pricing of the asset or liability. The accounting for this transaction is preliminary and subject to potential adjustments, no later than one year from the date of acquisition. As of October 29, 2016, the Company had not completed its final assessment of the value of liabilities for environmental, workers compensation and warranty liabilities which existed as of the date of acquisition. Adjustments which may result from the completion of this assessment may result in a change in the value of deferred income tax assets and liabilities. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for KME: Assets: Cash $ 9,490 Receivables, net 12,617 Inventories, net 67,899 Deferred income taxes 6,233 Other current assets 1,580 Property, plant and equipment 15,332 Intangible assets, net 10,950 Other long-term assets 39 Total assets acquired 124,140 Liabilities: Accounts payable 13,834 Customer advances 43,438 Accrued warranty 14,357 Deferred income taxes 5,977 Other current liabilities 8,246 Total liabilities assumed 85,852 Net Assets Acquired 38,288 Consideration Paid 39,602 Goodwill $ 1,314 Intangible assets acquired as a result of the KME Acquisition are as follows: Customer relationships (9 year life) $ 8,550 Trade names (indefinite life) 2,400 Total intangible assets, net $ 10,950 Net sales and operating loss for the fiscal 2016 attributable to the KME acquisition were $97,197 and ($475), respectively. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2014, since the KME Acquisition did not meet the materiality requirement for such disclosure. Hall-Mark Fire Apparatus Acquisition On November 20, 2015, the Company acquired certain assets and assumed certain liabilities of Hall-Mark Fire Apparatus Inc. (“Hall-Mark”, the “Hall-Mark Acquisition”). The Hall-Mark acquisition provides the Company with the opportunity to expand its parts and service offerings to its customers. The purchase price was $3,000 in cash with $2,000 paid at closing and $1,000 payable in quarterly installments over the next five years. Additionally, the Company assumed $3,698 of Hall-Mark’s debt, offset by $385 of cash acquired. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Hall-Mark is reported as part of the Fire & Emergency segment. The purchase price allocation resulted in goodwill of $368, which is deductible for income tax purposes. The Hall-Mark Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. Fair value measurements have been applied based on assumptions that market participants would use in pricing of the asset or liability. The following table summarizes the fair values of the assets acquired and liabilities assumed for Hall-Mark: Assets: Cash $ 385 Accounts receivable 3,135 Inventories 2,718 Prepaids & other assets 3,493 Property, plant and equipment 191 Trade names 870 Customer relationships 750 Order backlog 220 Non-compete Agreements 530 Total assets acquired 12,292 Liabilities Accounts payable 891 Other current liabilities 226 Customer deposits 4,845 Debt 3,698 Total liabilities assumed 9,660 Net Assets Acquired 2,632 Consideration Paid 3,000 Goodwill $ 368 The Hall-Mark trade names will be amortized over five years, customer lists will be amortized over nine years, non-compete agreements will be amortized over six years and the order backlog is being amortized over a one-year period. Net sales and operating income for fiscal 2016 attributable to the Hall-Mark acquisition were $38,290 and $345, respectively. The Company has not included pro forma financial information as if the acquisition had occurred on November 1, 2014, since the Hall-Mark Acquisition did not meet the materiality requirement for such disclosure. Ancira Acquisition On December 14, 2015, the Company entered into an agreement to acquire the land, building, and inventory of a recreational vehicle dealer in Texas (“Ancira”, “Ancira Acquisition”). The purchase price for the Ancira Acquisition was $19,976. As the Company did not acquire any business processes, namely the dealer license from this dealer, the Ancira Acquisition was accounted for as an asset acquisition, and accordingly, the total purchase price was allocated to the assets acquired based on their relative fair value. No intangible assets were acquired or recognized as a result of the Ancira Acquisition. The following table summarizes the allocated cost of the assets acquired in the Ancira Acquisition: Inventory $ 13,541 Land & land improvements 1,400 Building & improvements 4,849 Machinery & equipment 186 Total purchase price $ 19,976 |
Inventories
Inventories | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Inventory Disclosure [Abstract] | ||
Inventories | Note 3. Inventories Inventories, net of reserves, consisted of the following (in thousands): July 29, 2017 October 29, 2016 Chassis $ 44,846 $ 35,227 Raw materials 157,299 112,423 Work in process 194,999 128,145 Finished products 69,793 59,179 466,937 334,974 Less: reserves (9,102 ) (9,341 ) Total inventories, net $ 457,835 $ 325,633 | Note 4. Inventories Inventories, net of reserves, consisted of the following: October 29, 2016 October 31, 2015 Chassis $ 35,227 $ 30,765 Raw materials 112,423 86,533 Work in process 128,145 97,251 Finished products 59,179 40,454 334,974 255,003 Less: reserves (9,341 ) (8,041 ) Total inventories, net $ 325,633 $ 246,962 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment | Note 4. Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): July 29, 2017 October 29, 2016 Land & land improvements $ 19,494 $ 16,247 Buildings & improvements 102,240 85,779 Machinery & equipment 92,969 73,087 Office furniture, fixtures and computer hardware & software 30,011 9,009 Construction in process 40,143 23,445 284,857 207,567 Less: accumulated depreciation (77,223 ) (61,145 ) Total property, plant and equipment, net $ 207,634 $ 146,422 Depreciation expense was $6.4 million and $4.4 million for the three months ended July 29, 2017, and July 30, 2016, respectively, and $16.4 million and $10.2 million for the nine months ended July 29, 2017, and July 30, 2016, respectively. | Note 5. Property, Plant and Equipment Property, plant and equipment consisted of the following: October 29, 2016 October 31, 2015 Land & land improvements $ 16,247 $ 11,579 Buildings & improvements 85,779 60,546 Machinery & equipment 73,087 46,250 Office furniture & fixtures 9,009 7,377 Construction in process 23,445 10,196 207,567 135,948 Less: accumulated depreciation (61,145 ) (46,803 ) Total property, plant and equipment, net $ 146,422 $ 89,145 Depreciation expense for fiscal years 2016, 2015 and 2014 was $15,170, $10,498 and $10,111, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets The table below represents goodwill by segment (in thousands): July 29, 2017 October 29, 2016 Fire & Emergency $ 84,375 $ 55,857 Commercial 28,650 28,650 Recreation 16,721 — Total goodwill $ 129,746 $ 84,507 The change in the net carrying value amount of goodwill consisted of the following (in thousands): Nine Months Ended July 29, 2017 July 30, 2016 Balance at beginning of period $ 84,507 $ 82,825 Activity during the year: Activity from prior year acquisitions 1,082 — Activity from current year acquisitions 44,157 1,770 Balance at end of period $ 129,746 $ 84,595 Intangible assets (excluding goodwill) consisted of the following (in thousands): Weighted-Average Life July 29, 2017 October 29, 2016 Finite-lived intangible assets: Technology-related 7.0 $ 1,657 $ 724 Customer relationships 8.0 110,554 79,172 Order backlog 1.0 4,498 220 Non-compete 5.0 2,060 530 Trade names 7.0 3,477 3,477 122,246 84,123 Less: accumulated amortization (57,802 ) (47,846 ) 64,444 36,277 Indefinite-lived trade names 106,073 87,763 Total intangible assets, net $ 170,517 $ 124,040 Amortization expense was $5.1 million and $2.5 million for the three months ended July 29, 2017, and July 30, 2016, respectively, and $10.4 million and $6.9 million for the nine months ended July 29, 2017, and July 30, 2016, respectively. | Note 6. Goodwill and Intangible Assets As of October 29, 2016 and October 31, 2015, goodwill in the Fire & Emergency segment was $55,857 and $54,175, respectively. Goodwill in the Commercial segment was $28,650 as of October 29, 2016 and October 31, 2015. There is no goodwill in the Recreation segment. The change in the net carrying value amount of goodwill consisted of the following: October 29, 2016 October 31, 2015 Balance at beginning of period $ 82,825 $ 82,825 Activity during the year: Acquisition activity 1,682 — Balance at end of period $ 84,507 $ 82,825 Intangible assets (excluding goodwill) consisted of the following: Weighted-Average Life October 29, 2016 October 31, 2015 Finite-lived intangible assets: Technology-related 7.0 $ 724 $ 724 Customer relationships 8.6 79,172 69,872 Order backlog 1.0 220 — Non-compete agreements 6.0 530 — Trade names 7.0 3,477 1,367 84,123 71,963 Less: accumulated amortization (47,846 ) (38,423 ) 36,277 33,540 Indefinite-lived trade names 87,763 85,363 Total intangible assets, net $ 124,040 $ 118,903 Amortization expense was $9,423, $8,586 and $8,790 for fiscal years 2016, 2015 and 2014, respectively. The estimated future amortization expense of intangible assets for the subsequent five fiscal years is as follows: 2017—$8,837, 2018—$8,340, 2019—$7,345, 2020—$4,766 and 2021—$2,085. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
Other Current Liabilities | Note 6. Other Current Liabilities Other current liabilities consisted of the following (in thousands): July 29, 2017 October 29, 2016 Payroll and related benefits and taxes $ 29,434 $ 27,775 Incentive compensation 4,570 11,715 Customer sales program 4,359 3,549 Restructuring costs 1,275 359 Interest payable 1,757 9,444 Income taxes payable 6,027 8,716 Stock options — 9,117 Dividends payable 3,190 — Other 13,961 21,128 Total other current liabilities $ 64,573 $ 91,803 | Note 7. Other Current Liabilities Other current liabilities consisted of the following: October 29, 2016 October 31, 2015 Payroll and related benefits and taxes $ 27,775 $ 20,629 Incentive compensation 11,715 7,104 Customer sales program 3,549 3,292 Restructuring costs 359 1,776 Interest payable 9,444 9,036 Income taxes payable 8,716 — Stock options 9,117 1,214 Other 21,128 12,022 Total other current liabilities $ 91,803 $ 55,073 |
Long-Term Debt
Long-Term Debt | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Debt Disclosure [Abstract] | ||
Long-Term Debt | Note 7. Long-Term Debt The Company was obligated under the following debt instruments (in thousands): July 29, 2017 October 29, 2016 Senior secured facility: Senior secured notes, net of debt discount ($0 and $455) and debt issuance costs ($0 and $3,505) $ — $ 176,040 ABL Facility 227,000 80,000 Term Loan, net of debt issuance costs ($1,883 and $0) 73,117 — 300,117 256,040 Less: current maturities (750 ) — Long-term debt, less current maturities $ 299,367 $ 256,040 Senior Secured Notes On October 21, 2013, the Company issued (the “Offering”) $200.0 million in aggregate principal amount of its 8.5% Senior Secured Notes (the “Notes”). The net proceeds from the Offering, together with net proceeds from the Company’s ABL Facility (defined below), were used to finance the acquisition of the commercial bus business of Thor Industries, Inc. in fiscal year 2013 and to repay all outstanding debt existing at the time of the Offering. The Notes were to mature on November 1, 2019. Interest accrued on the Notes at the rate of 8.5% per annum, payable semi-annually in arrears on May 1 and November 1 each year. The Notes were guaranteed by all direct and indirect wholly owned domestic subsidiaries of the Company that guarantee debt under the Company’s previous ABL Facility described below. The Notes were secured by a first priority lien on substantially all of the guarantors’ assets other than accounts receivable and inventory, and related assets, pledged under the Company’s previous ABL Facility. The Notes were also secured by a second priority lien on substantially all of the collateral under the Company’s previous ABL Facility. The Notes were effectively subordinated to debt incurred under the Company’s previous ABL Facility, or other permitted debt facilities and obligations, as defined, to the extent of the value of the assets securing the Company’s previous ABL Facility. On October 17, 2016, the Company completed an open market purchase of $20.0 million of its outstanding Notes, which were subsequently cancelled. The Company paid a premium of $0.4 million and accrued interest of $0.8 million as of the date of the purchase. On or after November 1, of the years below, the Company was allowed to redeem all or a part of the Notes at the redemption prices set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date: 104.250% (Year 2016) 102.125% (Year 2017) 100.000% (Year 2018 and thereafter) The Notes were issued with an applicable original issue discount (“OID”) of $1.2 million. The Company also incurred $9.0 million in associated debt issuance costs. On January 17, 2017, the Company issued a Notice of Conditional Redemption, subject to the completion of the Company’s IPO, to redeem all the outstanding Notes at a redemption price of 104.250% plus accrued and unpaid interest. On February 16, 2017, the Company redeemed all Notes, which were outstanding as of that date, and retired the debt. As a result of this redemption, the Company recorded a $11.2 million loss associated with the early extinguishment of the debt, which consisted of a prepayment premium of $7.7 million, $3.1 million of unamortized debt issuance costs and $0.4 million of original issue discount. Term Loan Effective April 25, 2017, the Company entered into a $75.0 million term loan agreement (“Term Loan” and “Term Loan Agreement”), as Borrower with certain subsidiaries of the Company, as Guarantor Subsidiaries. Principal may be prepaid at any time during the term of the Term Loan without penalty. The Company incurred $2.0 million of debt issuance costs related to the Term Loan. The Term Loan Agreement allows for incremental facilities in an aggregate amount of up to $125.0 million. Any such incremental facilities are subject to receiving additional commitments from lenders and certain other customary conditions. The Term Loan agreement requires annual payments of $0.8 million per year, with remaining principle payable at maturity, which is April 25, 2022. Applicable interest rate margins for the Term Loan are initially 2.50% for base rate loans and 3.50% for Eurodollar rate loans (with the Eurodollar rate having a floor of 1.00%). Interest is payable quarterly for all base rate loans, and is payable monthly or quarterly for all Eurodollar rate loans. The Company may voluntarily prepay principal, in whole or in part, at any time, without penalty. Beginning in fiscal 2018, the Company is obligated to prepay certain minimum amounts based on the Company’s excess cash flow, as defined in the Term Loan Agreement. The Term Loan is also subject to mandatory prepayment if the Company or any of its restricted subsidiaries receives proceeds from certain events, including certain asset sales and casualty events, and the issuance of certain debt and equity interests. The Term Loan Agreement contains customary representations and warranties, affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Term Loan Agreement also contains certain customary events of default. The Term Loan Agreement requires the Company to maintain a specified secured leverage ratio as follows: Through July 31, 2018 4.00 to 1.00 Through July 31, 2019 3.75 to 1.00 Through July 31, 2020 3.50 to 1.00 Through July 31, 2021 3.25 to 1.00 Through April 25, 2022 3.00 to 1.00 The Company was in compliance with all financial covenants under the Term Loan as of July 29, 2017. April 2017 ABL Facility Effective April 25, 2017, the Company entered into a $350.0 million revolving credit and guaranty agreement (the “April 2017 ABL Facility”) with a syndicate of lenders. The April 2017 ABL Facility consists of: (i) Revolving Loans, (ii) Swing Line Loans, and (iii) Letters of Credit, aggregating up to a combined maximum of $350.0 million. The total amount borrowed under the April 2017 ABL Facility is subject to a $30.0 million sublimit for Swing Line loans and a $35.0 million sublimit for Letters of Credit, along with certain borrowing base and other customary restrictions as defined in the ABL Agreement. The Company incurred $4.7 million of debt issuance costs related to the April 2017 ABL Facility. The April 2017 ABL Facility allows for incremental borrowing capacity in an aggregate amount of up to $100.0 million, plus the excess, if any, of the borrowing base then in effect over total commitments then in effect. Any such incremental borrowing capacity is subject to receiving additional commitments from lenders and certain other customary conditions. The April 2017 ABL Facility matures on April 25, 2022. Revolving Loans under the April 2017 ABL Facility bear interest at rates equal to, at the Company’s option, either a base rate plus an applicable margin, or a Eurodollar rate plus an applicable margin. Applicable interest rate margins are initially 0.75% for all base rate loans and 1.75% for all Eurodollar rate loans (with the Eurodollar rate having a floor of 0%), subject to adjustment based on utilization in accordance with the ABL Agreement. Interest is payable quarterly for all base rate loans, and is payable monthly or quarterly for all Eurodollar rate loans. The lenders under the April 2017 ABL Facility have a first priority security interest in substantially all accounts receivable and inventory of the Company, and a second priority security interest in substantially all other assets of the Company. The Company may prepay principal, in whole or in part, at any time without penalty. The April 2017 ABL Facility contains customary representations and warranties, affirmative and negative covenants, subject in certain cases to customary limitations, exceptions and exclusions. The April 2017 ABL Facility also contains certain customary events of default, which should such events occur, could result in the termination of the commitments under the April 2017 ABL Facility and the acceleration of all outstanding borrowings under it. The April 2017 ABL Facility contains a financial covenant restricting the Company from allowing its fixed charge coverage ratio to drop below 1.00 to 1.00 during a compliance period, which is triggered when the availability under the April 2017 ABL Facility falls below a threshold set forth in the credit agreement. The Company was in compliance with all financial covenants under the April 2017 ABL Facility as of July 29, 2017. October 2013 ABL Facility Effective October 21, 2013, the Company entered into a $150.0 million senior secured revolving credit and guaranty agreement (the Asset Based Lending “ABL” or the “ABL Facility”) with a syndicate of lenders. The ABL Facility consists of: (i) Revolving Loans, (ii) Swing Line Loans, and (iii) Letters of Credit, aggregating up to a combined maximum of $150.0 million. The total amount borrowed was subject to a $15.0 million sublimit for Swing Line Loans, and a $25.0 million sublimit for Letters of Credit, along with certain borrowing base and other customary restrictions as defined in the agreement. The Company incurred $3.5 million of debt issuance costs related to the ABL Facility. On April 22, 2016, the Company exercised its $50.0 million Incremental Commitment option under the ABL Facility in conjunction with the KME Acquisition, which increased the borrowing capacity under the ABL Facility to $200.0 million at that time. All other terms and conditions remain unchanged. On August 19, 2016, the Company amended the ABL Facility to add an Incremental Commitment option of $100.0 million (the “August 2016 Amendment”), and on that date exercised the Incremental Commitment option. The August 2016 Amendment increased the borrowing capacity under the ABL Facility to $300.0 million. All other terms and conditions remained unchanged. On April 25, 2017, the Company repaid all outstanding loans and obligations under the ABL Facility in full, and the ABL Facility was terminated. In connection with the termination of the ABL Facility, the Company recorded a $0.7 million loss on early extinguishment of debt, which consisted entirely of the write-off All outstanding principal on the ABL Facility was due and payable on the maturity date of October 21, 2018, unless as otherwise amended per the terms of the agreement. Principal could be repaid at any time during the term of the ABL Facility without penalty. The lenders held a first priority security interest in essentially all accounts receivable and inventory of the Company, and a second priority security interest in all other assets of the Company. All obligations under the ABL Facility were effectively subordinate to other debt to the extent of the value of collateral other than accounts receivable and inventory. Revolving Loans under the ABL Facility bore interest at rates equal to, at the Company’s option, either a Base Rate plus an Applicable Margin, or a Eurodollar Rate plus an Applicable Margin. Swing Line Loans under the ABL Facility bore interest at a rate equal to a Base Rate plus an Applicable Margin. Applicable Margins were initially set at 0.75% for Base Rate loans and Swing Line Loans, and 1.75% for Eurodollar loans, and were subject to subsequent adjustment as defined in the agreement. Interest was payable quarterly for all loans in which a Base Rate is applied, and was payable either monthly, quarterly, or semi-annually for all loans in which a Eurodollar Rate was applied. | Note 8. Notes Payable, Bank and Other Long-Term Debt The Company was obligated under the following debt instruments: October 29, 2016 October 31, 2015 Senior secured facility: Senior secured notes, net of debt discount ($455 and $704) and debt issuance costs ($3,505 and $5,426) $ 176,040 $ 193,870 ABL Facility 80,000 18,224 Capital leases — 536 256,040 212,630 Less: current maturities — (236 ) Long-term maturities of notes payable, bank and other long-term debt $ 256,040 $ 212,394 Senior Secured Notes On October 21, 2013, the Company issued (“Offering”) $200,000 in aggregate principal amount of its 8.5% Senior Secured Notes (the “Notes”). The net proceeds from the Offering, together with net proceeds from the Company’s ABL Facility (defined below) were used to finance the acquisition of the commercial bus business of Thor Industries, Inc. in fiscal year 2013 and to repay all outstanding debt existing at the time of the Offering. The Notes mature on November 1, 2019. All principal is due in full on the maturity date. Interest accrues on the Notes at the rate of 8.5% per annum, payable semi-annually in arrears on May 1 and November 1 each year. The Notes are guaranteed by all direct and indirect wholly owned domestic subsidiaries of the Company that guarantee debt under the ABL Facility described below. The Notes are secured by a first priority lien on substantially all of the guarantors’ assets other than accounts receivable and inventory, and related assets, pledged under the ABL Facility. The Notes are also secured by a second priority lien on substantially all of the collateral under the ABL Facility. The Notes are effectively subordinated to debt incurred under the ABL Facility, or other permitted debt facilities and obligations, as defined in the indenture governing the Notes, to the extent of the value of the assets securing the ABL Facility. On October 17, 2016, the Company completed an open market purchase of $20,000 of its outstanding bonds, which were subsequently cancelled. The Company paid a premium of $400 and $784 of accrued interest as of the date of the purchase. On or after November 1, of the years below, the Company may redeem all or a part of the Notes at the redemption prices set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date: 104.250% (Year 2016) 102.125% (Year 2017) 100.000% (Year 2018 and thereafter) Upon a change of control, as defined, each holder of the Notes will have the right to require the Company to repurchase all or any part of the holder’s Notes at 101%, so long as the Note is a minimum of $2,000. The Notes were issued with an applicable original issue discount (“OID”) of $1,166. The Company also incurred $8,980 in associated debt issuance costs. The OID is being accreted and debt issuance costs are being amortized over the debt term using the effective interest method. The principal on the Notes is reported on the consolidated balance sheets net of the unamortized OID of $455 and $704 at October 29, 2016 and October 31, 2015, respectively. The unamortized debt issuance costs are being reported as a direct reduction of related debt instrument in the accompanying consolidated balance sheets and totaled $3,505 and $5,426 at October 29, 2016 and October 31, 2015, respectively. The Notes contain certain financial covenants. The Company was in compliance with all financial covenants under the Notes as of October 29, 2016. At October 29, 2016, the Company had $180,000 in principal outstanding under the Notes. ABL Facility Effective October 21, 2013, the Company entered into a $150,000 senior secured revolving credit and guaranty agreement (the Asset Based Lending or “ABL Facility”) with a syndicate of lenders. The ABL Facility consists of: (i) Revolving Loans, (ii) Swing Line Loans, and (iii) Letters of Credit, aggregating up to a combined maximum of $150,000. The total amount borrowed was subject to a $15,000 sublimit for Swing Line Loans, and a $25,000 sublimit for Letters of Credit, along with certain borrowing base and other customary restrictions as defined in the agreement. The Company incurred $3,526 in debt issuance costs related to the ABL Facility. On April 22, 2016, the Company exercised its $50,000 Incremental Commitment option under the ABL Facility in conjunction with the KME Acquisition, which increased the borrowing capacity under the ABL Facility to $200,000 at that time. All other terms and conditions remain unchanged. The Company incurred $721 in debt issuance costs related to the $50,000 Incremental Commitment. On August 19, 2016, the Company amended the ABL Facility to add an Incremental Commitment option of $100,000 (the “August 2016 Amendment”), and on that date exercised the Incremental Commitment option. The August 2016 Amendment increased the borrowing capacity under the ABL Facility to $300,000. All other terms and conditions remain unchanged. All outstanding principal on the ABL Facility is due and payable on the maturity date of October 21, 2018, unless as otherwise amended per the terms of the agreement. Principal may be repaid at any time during the term of the ABL Facility without penalty. The lenders hold a first priority security interest in essentially all accounts receivable and inventory of the Company, and a second priority security interest in all other assets of the Company. All obligations under the ABL Facility are effectively subordinate to other debt to the extent of the value of collateral other than accounts receivable and inventory. All Revolving Loans under the ABL Facility bear interest at rates equal to, at the Company’s option, either a Base Rate plus an Applicable Margin, or a Eurodollar Rate plus an Applicable Margin. All Swing Line Loans under the ABL Facility bear interest at a rate equal to a Base Rate plus an Applicable Margin. Applicable Margins were initially set at 0.75% for Base Rate loans and Swing Line Loans, and 1.75% for Eurodollar loans, and are subject to subsequent adjustment as defined in the agreement. Interest is payable quarterly for all loans in which a Base Rate is applied, and is payable either monthly or quarterly for all loans in which a Eurodollar Rate is applied. At October 29, 2016, the Company had $80,000 in principal outstanding under Revolving Loans, and had a net unused availability of $213,849. Borrowings under Revolving Loans bear interest at an average rate of 2.24% per annum. The Company had open Letters of Credit of $6,151 at October 29, 2016. The ABL Facility contains certain financial covenants. The Company was in compliance with all financial covenants under the ABL Facility as of October 29, 2016. |
Warranties
Warranties | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Guarantees and Product Warranties [Abstract] | ||
Warranties | Note 8. Warranties The Company’s products generally carry explicit warranties that extend from several months to several years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include warranties from original equipment manufacturers (“OEM”). These OEM warranties are passed on to the end customer of the Company’s products, and the customer deals directly with the applicable OEM for any issues encountered on those components. Changes in the Company’s warranty liability consisted of the following (in thousands): Nine Months Ended July 29, July 30, Balance at beginning of period $ 38,808 $ 28,453 Warranty provisions 21,534 18,615 Settlements made (25,925 ) (22,252 ) Warranties for current year acquisitions 3,317 14,357 Changes in liability of pre-existing (2,655 ) 115 Balance at end of period $ 35,079 $ 39,288 Accrued warranty is classified in the Company’s consolidated balance sheets as follows (in thousands): July 29, 2017 October 29, 2016 Current liabilities $ 19,012 $ 22,693 Other long-term liabilities 16,067 16,115 Total warranty liability $ 35,079 $ 38,808 Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. The potential liability for these issues is evaluated on a case by case basis. | Note 9. Warranties The Company’s products generally carry explicit warranties that extend from several months to several years, based on terms that are generally accepted in their respective markets. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include warranties from original equipment manufacturers (“OEM”). These OEM warranties are passed on to the end customer of the Company’s products, and in some cases the customer deals directly with the applicable OEM manufacturer for any issues encountered. Changes in the Company’s warranty liability consisted of the following: Fiscal Year Ended October 29, October 31, Balance at beginning of period $ 28,453 $ 34,316 Warranty provisions 26,759 22,537 Settlements made (31,232 ) (27,472 ) Warranties for current year acquisitions 14,357 — Changes in liability of pre-existing warranties 471 (928 ) Balance at end of period $ 38,808 $ 28,453 Accrued warranty is classified in the Company’s consolidated balance sheets as follows: October 29, October 31, Current liabilities $ 22,693 $ 18,153 Other long-term liabilities 16,115 10,300 Total warranty liability $ 38,808 $ 28,453 Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Warranty issues may arise that are beyond the scope of the Company’s historical experience and the potential liability for these warranty issues is evaluated on a case by case basis. |
Leases
Leases | 12 Months Ended |
Oct. 29, 2016 | |
Leases [Abstract] | |
Leases | Note 10. Leases Certain administrative and production facilities and equipment are leased under long-term, non-cancelable operating lease agreements. Most leases contain renewal options for varying periods. Leases generally require the Company to pay for insurance, taxes and maintenance of the property. See Note 19 for related party disclosures relating to leases. Total rental expenses for property, plant and equipment charged to operations under non-cancelable operating leases was $3,706, $2,612 and $2,941 during fiscal years 2016, 2015 and 2014, respectively. Future minimum lease payments due under operating leases for the subsequent five fiscal years, are as follows: 2017 2,471 2018 2,164 2019 1,834 2020 1,370 2021 1,090 Thereafter 836 |
Employee Benefit Plan
Employee Benefit Plan | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Postemployment Benefits [Abstract] | ||
Employee Benefit Plan | Note 9. Employee Benefit Plan The Company has a defined contribution 401(k) plan covering substantially all of its employees. The plan allows employees to defer up to 100% of their employment income (subject to annual contribution limits imposed by the I.R.S.) after all taxes and applicable benefit deductions. Each employee who elects to participate is eligible to receive Company matching contributions that are based on employee contributions to the plans, subject to certain limitations. Amounts expensed for the Company’s matching and discretionary contributions were $2.1 million and $1.6 million for the three months ended July 29, 2017 and July 30, 2016, respectively, and $5.8 million and $4.6 million for the nine months ended July 29, 2017 and July 30, 2016, respectively. | Note 11. Employee Benefit Plan The Company has a defined contribution 401(k) plan covering substantially all employees. The plan allows employees to defer up to 100% of their employment income (subject to annual contribution limits imposed by the I.R.S.) after all taxes and applicable benefit deductions. Each employee who elects to participate is eligible to receive Company matching contributions that are based on employee contributions to the plans, subject to certain limitations. Amounts expensed for the Company’s matching and discretionary contributions were $6,085, $5,398 and $4,615 during fiscal years 2016, 2015 and 2014, respectively |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Financial Instruments and Hedging Activities | Note 10. Derivative Financial Instruments and Hedging Activities Cash Flow Hedges To protect against the reduction in value of forecasted foreign currency cash flows resulting from export sales, the Company has instituted a foreign currency cash flow hedging program. The Company hedges portions of its receivables denominated in foreign currencies with forward contracts. When the U.S. dollar weakens against foreign currencies, decreased foreign currency payments are offset by gains in the value of the forward contracts. Conversely, when the U.S. dollar strengthens against foreign currencies, increased foreign currency payments are offset by losses in the value of the forward contracts. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The Company generally hedges its exposure to the variability in future cash flows for a maximum of 12 to 18 months. The ineffective portion of cash flow hedges, which is the remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, or hedge components excluded from the assessment of effectiveness, is recognized immediately during the current period as a component of selling, general and administrative expenses in the Company’s consolidated statement of income. A net amount of $0.1 million recorded as loss in accumulated other comprehensive income is expected to be reclassified to earnings within the next 12 months. The Company had forward foreign exchange contracts with a gross notional value of $11.3 million and $5.2 million as of July 29, 2017 and October 29, 2016, respectively, designated as cash flow hedges. | Note 12. Derivative Financial Instruments and Hedging Activities Cash Flow Hedges To protect against the reduction in value of forecasted foreign currency cash flows resulting from export sales, the Company has instituted a foreign currency cash flow hedging program. The Company hedges portions of its receivables denominated in foreign currencies with forward contracts. When the U.S. dollar weakens against foreign currencies, decreased foreign currency payments are offset by gains in the value of the forward contracts. Conversely, when the U.S. dollar strengthens against foreign currencies, increased foreign currency payments are offset by losses in the value of the forward contracts. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The Company generally hedges its exposure to the variability in future cash flows for a maximum of 12 to 18 months. The ineffective portion of cash flow hedges, which is the remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, or hedge components excluded from the assessment of effectiveness, is recognized in earnings immediately during the current period as a component of selling, general and administrative expenses in the Company’s consolidated statements of operations. A net amount of $39 currently reported in accumulated other comprehensive income is expected to be reclassified to earnings within the next 12 months. The Company had forward foreign exchange contracts with a gross notional value of $5,198 and $5,669 as of October 29, 2016 and October 31, 2015, respectively, designated as cash flow hedges. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Equity [Abstract] | ||
Shareholders' Equity | Note 11. Shareholders’ Equity Prior to the IPO, the Company’s certificate of incorporation allowed for the issuance of up to 46,000,000 Class A common shares and for the issuance of up to 43,200,000 Class B common shares. Concurrent with the closing of the Company’s IPO, the Company amended its certificate of incorporation to provide for the automatic reclassification of its Class A common stock and Class B common stock into a single class of common stock, of which 605,000,000 shares are designated as common stock, and 95,000,000 shares are designated as preferred stock and to effect an 80-for-one Shareholder Rights | Note 13. Shareholders’ Equity The Company’s amended certificate of incorporation allow for the issuance of up to 46,000,000 Class A common shares and for the issuance of up to 43,200,000 Class B common shares. Shareholder Rights |
Contingently Redeemable Common
Contingently Redeemable Common Stock | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Text Block [Abstract] | ||
Contingently Redeemable Common Stock | Note 13. Contingently Redeemable Common Stock Prior to the Company’s IPO, shares of common stock held by employees were eligible to be put to the Company in accordance with the Shareholders Agreement if certain criteria (as defined in the Shareholders Agreement) were met and the former employee or his or her beneficiaries exercised the option to put the shares to the Company in accordance with the Shareholders Agreement. As these provisions were not certain of being met, the shares of common stock held by employees were considered contingently redeemable common stock and recorded as temporary equity on the Company’s consolidated balance sheet until the shares of common stock were either re-purchased When a put option was exercised or expired, the shares were re-measured In connection with the IPO, the put option of employee-owned shares of common stock was eliminated, resulting in the reclassification of $35.4 million to additional paid-in | Note 14. Contingently Redeemable Common Stock Shares of common stock which are held by employees are eligible to be put to the Company in accordance with the Shareholders Agreement if certain criteria (as defined in the Shareholders Agreement) are met and the former employee or his or her beneficiaries exercises the option to put the shares to the Company in accordance with the Shareholders Agreement. As these provisions are not certain of being met, the shares of common stock held by employees are considered contingently redeemable common stock and recorded as temporary equity on the Company’s consolidated balance sheet until the shares of common stock are either re-purchased by the Company or the put option expires. The put option expires 90 or 180 days after termination of employment, depending on the nature of the termination or upon the sale of the Company or an initial public offering of the Company’s common stock. The value of these shares of common stock are presented at fair value on the Company’s consolidated balance sheet. The fair value of the Company’s common stock is calculated by estimating the Company’s enterprise value by applying an earnings multiple to the Company’s Adjusted EBITDA over the previous 12 months, and deducting outstanding net debt. When the put option is exercised or expires, the shares are re-measured at fair value on that date and reclassified from temporary equity to shareholders’ equity. Changes in the fair value of the contingently redeemable shares of common stock are recorded in retained earnings. During fiscal year 2016, the Company reclassified 456,480 contingently redeemable Class A common shares to shareholders’ equity. During fiscal year 2015, the Company issued 390,320 contingently redeemable Class A common shares for proceeds of $2,000. During fiscal year 2014, the Company issued 577,200 contingently redeemable Class A common shares for proceeds of $2,855. |
Stock Compensation
Stock Compensation | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock Compensation | Note 14. Stock Compensation In April 2010, the Company’s board of directors approved the Allied Specialty Vehicles, Inc. 2010 Long-Term Incentive Plan (the “2010 Plan”). Under the 2010 Plan, key employees, including employees who may also be directors or officers of the Company, outside directors, key consultants and key contractors of the Company may be granted incentive stock options, nonqualified stock options, and other share-based awards. The 2010 Plan provides for the granting of options to purchase shares of the Company’s common stock at not less than the fair market value of such shares on the date of grant. Stock options terminate not more than ten years from the date of grant. The 2010 Plan allows acceleration of options upon certain events. The Company recognizes compensation expense for stock options, nonvested restricted stock and performance share awards over the requisite service period for vesting of the award, or to an employee’s eligible retirement date, if earlier and applicable. An aggregate of 8,000,000 shares were reserved for future awards under the 2010 Plan. At July 29, 2017, the Company had 4,449,176 remaining shares available for issuance under the 2010 Plan. With the approval of the 2016 Plan (defined below), the Company will no longer issue share-based awards under the 2010 Plan. In January 2017, the Company’s board of directors approved the REV Group, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”). Under the 2016 Plan, key employees, including employees who may also be directors or officers of the Company, outside directors, key consultants and key contractors of the Company may be granted incentive stock options, nonqualified stock options, and other share-based awards. The 2016 Plan provides for the granting of options to purchase shares of the Company’s common stock at not less than the fair market value of such shares on the date of grant. Stock options terminate not more than ten years from the date of grant. The 2016 Plan allows acceleration of share awards upon certain events. The Company recognizes compensation expense for stock options, nonvested restricted stock and performance share awards over the requisite service period for vesting of the award, or to an employee’s eligible retirement date, if earlier and applicable. An aggregate of 8,000,000 shares were reserved for future awards under the 2016 Plan. At July 29, 2017, the Company had 7,881,835 remaining shares available for issuance under the 2016 Plan. During the three and nine months ended July 29, 2017, the Company recorded stock-based compensation expense of $0.3 million and $26.1 million, respectively, compared to $1.1 million and $12.3 million for the three and nine months ended July 30, 2016, respectively, as selling, general and administrative expenses in the Company’s consolidated statements of income. Stock Option Awards During the three and nine months ended July 29, 2017, the Company recorded stock compensation expense of zero and $3.3 million, respectively, to redeem performance based stock options. During the three and nine months ended July 30, 2016, the Company recorded stock compensation expense of $0.3 million and $10.2 million, respectively, to redeem performance based stock options. The amount paid per share to redeem these stock options was equal to the fair value of the Company’s common stock on the date of redemption less the stock option exercise price. As of July 29, 2017 and October 29, 2016, there were zero and 1,664,000 stock options outstanding, respectively, which were considered liability share awards as the underlying shares were eligible to be sold back to the Company as a result of put rights in the Shareholders Agreement, within a period of time which would not subject the shareholder to the risks and rewards of share ownership for a reasonable period of time. The fair value of the liability share awards was $0 and $9.1 million at July 29, 2017 and October 29, 2016, respectively. Concurrent with the Company’s IPO, the Company’s Shareholders Agreement was terminated, and as such the put rights from that agreement were no longer available to the Company’s shareholders. As such, the fair value of vested outstanding liability share awards were reclassified to additional paid-in re-measured Restricted Stock Units Awards: non-employee non-employee The unvested restricted stock units granted under the 2016 Plan have the right to accrue dividends, but not the right to vote. Dividends are paid in accordance with vesting of the associated restricted stock units. All of the unvested restricted stock units granted under the 2016 Plan vest upon the termination of participants in certain situations and following certain changes of control of the Company. The change in the number of restricted stock units outstanding consisted of the following: Restricted Stock Units Outstanding Weighted-average Outstanding, October 29, 2016 — — Granted 48,364 $ 25.06 Vested — — Cancelled/Expired (3,300 ) 25.00 Outstanding, July 29, 2017 45,064 $ 25.06 | Note 15. Stock Compensation In April 2010, the Company’s board of directors approved the Company’s 2010 Long-Term Incentive Plan (the “2010 Plan”). Under the 2010 Plan, key employees, including employees who may also be directors or officers of the Company, outside directors, key consultants and key contractors of the Company may be granted incentive stock options, nonqualified stock options, and other share-based awards. The 2010 Plan provides for the granting of options to purchase shares of the Company’s common stock at not less than the fair market value of such shares on the date of grant. Stock options terminate not more than ten years from the date of grant. The 2010 Plan allows acceleration of options upon certain events, as defined. The Company recognizes compensation expense for stock options, nonvested stock and performance share awards over the requisite service period for vesting of the award, or to an employee’s eligible retirement date, if earlier and applicable. The maximum number of shares of stock reserved for all awards under the 2010 Plan is 6,400,000. At October 29, 2016, the Company had 3,746,560 shares available for issuance under the 2010 Plan. Stock Option Awards As of October 29, 2016 and October 31 2015, there were 1,664,000 and 1,312,000 stock options outstanding, respectively, which were considered liability share awards as the underlying shares were eligible to be sold back to the Company as a result of put rights in the Shareholders Agreement, within a period of time which would not subject the shareholder to the risks and rewards of share ownership for a reasonable period of time. As of October 29, 2016, as a result of the Company’s filing of a Form S-1 with the U.S. Securities and Exchange Commission, the Company was considered a public entity, and as such, recognized the liability share awards at fair value in the Company’s consolidated balance sheet. The fair value of the vested portion of these stock options was $9,117 at October 29, 2016. The Company valued these liabilities share awards at intrinsic value as of October 31, 2015. The intrinsic value of the vested portion of these stock options was $1,214 as of October 31, 2015, and is recorded in other current liabilities on the Company’s consolidated balance sheets. The fair value of the liability awards was $2,256 at October 31, 2015. Changes in fair value of liability share awards are recorded as stock compensation expense. As of October 29, 2016, the Company could potentially recognize $2,505 of stock-based compensation expense if certain performance targets are met. As of October 29, 2016, the Company had $7,399 of unrecognized stock-based compensation expense related to time based vesting stock options. In connection with the termination of certain Company officers in fiscal year 2014, the Company as part of the separation agreements allowed these employees to retain their awards subsequent to termination. There are no current or future performance requirements to retain the modified awards. This change resulted in a modification of stock option awards per ASC 718. Since the awards were subject to the contingencies described above, the adjusted value of the awards were included in the total value of potential performance based stock-based compensation expense. The key assumptions used in determining the fair value of options granted for fiscal years 2016, 2015, and 2014, are as follows: 2016 2015 2014 Weighted-average volatility 52.75 - 52.98% 52.59 - 52.73% 52.75 - 53.05% Weighted-average risk-free interest rate 1.83 - 2.25% 1.93 - 2.37% 2.35 - 2.80% Weighted-average expected life in years 10.00 10.00 10.00 Dividend yield — — — Weighted-average grant date fair value per option $5.09 $4.48 $3.16 Peer group information is the basis for the selection of the expected weighted-average volatility. The estimated expected life is the option term. The risk-free interest rate is selected based upon yields of United States Treasury issues with a term equal to the expected life of the option being valued. Stock option activity for fiscal years 2016, 2015 and 2014, was as follows: Number of Weighted- Weighted- Aggregate Outstanding at October 31, 2013 3,307,760 $ 3.59 6.1 $ 3,496 Granted 2,236,000 4.89 — — Exercised — — — — Cancelled (183,200 ) 4.31 — — Outstanding at October 31, 2014 5,360,560 $ 4.09 6.8 $ 4,773 Granted 368,000 7.00 — — Exercised — — — — Cancelled (894,000 ) 4.60 — — Outstanding at October 31, 2015 4,834,560 $ 4.30 6.0 $ 15,156 Granted 1,000,000 8.00 — — Exercised — — — — Cancelled (2,088,000 ) 4.39 — — Outstanding at October 29, 2016 3,746,560 $ 5.69 7.1 $ 27,735 Exercisable at October 29, 2016 970,640 $ 5.19 — $ 8,429 The aggregate intrinsic value in the previous table reflects the total pre-tax intrinsic value (the difference between the per share fair value of the Company’s stock and the exercise price of the stock options, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all option holders exercised their options on October 29, 2016 and October 31, 2015. The intrinsic value of the Company’s stock options changes based on the changes in fair value of the Company’s common stock. |
Restructuring Charges
Restructuring Charges | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring Charges | Note 15. Restructuring Charges In the first quarter of fiscal year 2016, the Company restructured some of its management functions in the Fire & Emergency segment and initiated the relocation of its Corporate office from Orlando, Florida to Milwaukee, Wisconsin. The Company recognized $2.8 million of costs associated with this re-organization In the fourth quarter of fiscal year 2016, the Company implemented a strategic plan to relocate production of Goshen buses to its Salina, KS and Imlay City, MI facilities. Accordingly, $2.0 million of the costs associated with the relocation, including but not limited to personnel costs, severance and bonuses were recorded during the nine months ended July 29, 2017, and $0.7 million of such costs were recognized in fiscal year 2016. At July 29, 2017, a balance of $0.1 million of the restructuring costs remained unpaid. In the third quarter of 2017, the Company restructured some of its management functions in its Commercial segment and in its Corporate office, and incurred personnel costs, including severance, vacation and other employee benefit payments of approximately $1.5 million. At July 29, 2017, a balance of $1.1 million of the restructuring costs remained unpaid. A summary of the changes in the Company’s restructuring liability is as follows (in thousands): 2016 Companywide Goshen Bus 2017 Restructuring Total Balance at October 29, 2016 $ 567 $ 314 $ — $ 881 Expenses Incurred — 1,996 1,483 3,479 Amounts Paid (567 ) (2,184 ) (334 ) (3,085 ) Balance at July 29, 2017 $ — $ 126 $ 1,149 $ 1,275 | Note 16. Restructuring Charges In October 2014 the Company implemented a strategic plan to relocate the remaining of Navistar RV (since renamed Monaco RV (“MRV”)) operations in Elkhart, Indiana to its Decatur, Indiana recreation facility. Accordingly, $918 of the costs associated with the relocation, including but not limited to personnel costs, including severance and bonuses were recorded during fiscal year 2014. In February 2014 the Company recorded a restructuring charge of $2,458 associated with exiting the non-motorized towable market. The Company eliminated approximately 143 positions in connection with this initiative. Additionally, $4,140 of inventory related restructuring costs were recorded in the cost of sales. Details of exiting the non-motorized towable market included: • exiting two manufacturing facilities in Indiana and Oregon; • disposing of manufacturing equipment; • disposing current inventory through discounted sales and return of raw materials to vendors at a discount; and • eliminating workforce associated with the exited business component. All of the restructuring charges associated with exiting the non-motorized towable market were paid during fiscal year 2014 and no liability remained as of October 29, 2016. In fiscal year 2015 the Company implemented a restructuring of its management functions and various product lines across the Company. Accordingly, $3,869 of the costs associated with the re-organization, including but not limited to severance, were recorded during fiscal year 2015. Additionally, $783 of inventory obsolescence reserves were recorded as a charge to the costs of sales during fiscal year 2015 for the discontinued product lines within the Recreation segment. In the first quarter of fiscal year 2016, the Company restructured some of its management functions in the Fire & Emergency segment and initiated the relocation of its Corporate office from Orlando, Florida to Milwaukee, Wisconsin. The Company recognized $2,807 of costs associated with this re-organization and office relocation, which included severance, lease termination and other associated expenses. At October 29, 2016, $567 of the restructuring costs remain unpaid and are included in other current liabilities in the Company’s consolidated balance sheet. In the fourth quarter of fiscal year 2016, the Company implemented a strategic plan to relocate production of Goshen buses to its Salina, KS and Imlay City, MI facilities. Accordingly, $714 of the costs associated with the relocation, including but not limited to personnel costs, including severance and bonuses were recorded during fiscal year 2016. At October 29, 2016, $314 of the restructuring costs remain unpaid and are included in other current liabilities in the Company’s consolidated balance sheet. MRV - 2015 - 2016 - Goshen Total Balance at October 31, 2014 $ 577 $ — $ — $ — 577 Expenses Incurred — 3,869 — — 3,869 Amounts Paid (577 ) (2,093 ) — — (2,670 ) Balance at October 31, 2015 $ — $ 1,776 $ — $ — $ 1,776 Expenses Incurred — — 2,807 714 3,521 Amounts Paid — (1,776 ) (2,240 ) (400 ) (4,416 ) Balance at October 29, 2016 $ — $ — $ 567 $ 314 $ 881 |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | Note 16. Income Taxes For interim financial reporting, the Company estimates its annual effective tax rate based on the projected income for its entire fiscal year and records a provision (benefit) for income taxes on a quarterly basis based on the estimated annual effective income tax rate, adjusted for any discrete tax items. The Company’s effective income tax rate was 38.1% and 28.6% for the nine months ended July 29, 2017 and July 30, 2016, respectively. The increase in the Company’s effective income tax rate for the nine months ended July 29, 2017 relative to the prior year relates primarily to a discrete adjustment to deferred income tax balances in the prior year. The effective income tax rate for the nine months ended July 29, 2017 as compared to the U.S. statutory income tax rate was favorably impacted by income tax incentives for U.S. manufacturing and research activities and negatively impacted by nondeductible business acquisition costs. The Company periodically evaluates its valuation allowance requirements in light of changing facts and circumstances, and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to, or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company’s effective income tax rate. During the three and nine months ended July 29, 2017, there were no changes to the Company’s valuation allowances. The Company’s liability for unrecognized tax benefits, including interest and penalties, was $2.9 million as of July 29, 2017 and October 29, 2016, respectively, and is included in other long-term liabilities in the Company’s consolidated balance sheets. During the next twelve months, it is reasonably possible that $1.1 million of the unrecognized tax benefits, if recognized, would affect the annual effective income tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in its consolidated statement of income. The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of July 29, 2017, the Company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company’s estimates and/or from its historical income tax provisions and income tax liabilities and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments related to income tax examinations. | Note 17. Income Taxes Earnings from operations are taxed as domestic income. Provision for income taxes is summarized as follows: Fiscal Year Ended October 29, October 31, October 31, Current: Federal $ 12,564 $ 13,970 $ 2,319 State 4,147 3,290 1,301 Total Current 16,711 17,260 3,620 Deferred: Federal (2,250 ) (4,749 ) 152 State (1,411 ) (576 ) (477 ) Total Deferred (3,661 ) (5,325 ) (325 ) Provision for income taxes $ 13,050 $ 11,935 $ 3,295 Income tax expense at the federal statutory rate is reconciled to the Company’s provision for income taxes as follows: Fiscal Year Ended October 29, October 31, October 31, Income tax expense at federal statutory rate $ 15,135 $ 12,184 $ 1,626 State expense 1,590 1,558 460 Deferred Adjustments (1,531 ) — — Manufacturing and research incentives (2,592 ) (1,475 ) (363 ) Nondeductible items 988 219 1,520 Other items (540 ) (551 ) 52 Provision for income taxes $ 13,050 $ 11,935 $ 3,295 Tax expense for fiscal year 2016 was favorably impacted by incentives for U.S. manufacturing and research as well as adjustments to deferred income tax balances. The deferred income tax balance adjustments were not material to current or previously issued financial statements. Tax expense for fiscal year 2015 was favorably impacted by incentives for U.S. manufacturing and research. Tax expense for fiscal year 2014 tax provision was negatively impacted by non-deductible costs associated with acquisitions. No items included in Other items in the income tax reconciliation above are individually, or when appropriately aggregated, significant. Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: Fiscal Year Ended October 29, October 31, Deferred tax assets: Product warranty $ 14,201 $ 9,256 Inventory 5,891 7,697 Deferred employee benefits 9,096 4,609 Net operating loss and credits 2,114 1,675 Other reserves and allowances 5,311 3,885 Gross deferred tax assets 36,613 27,122 Less valuation allowance (154 ) (797 ) Deferred tax assets 36,459 26,325 Deferred tax liabilities: Intangible assets (40,817 ) (41,403 ) Property, plant and equipment (12,661 ) (6,542 ) Other (430 ) (385 ) Deferred tax liabilities (53,908 ) (48,330 ) Net deferred tax liability $ (17,449 ) $ (22,005 ) The net deferred tax assets/(liabilities) reflected in the consolidated balance sheet are as follows: Fiscal Year Ended October 29, 2016 October 31, 2015 Current deferred tax asset $ — $ 23,599 Noncurrent deferred tax liability (17,449 ) (45,604 ) Net deferred tax liability $ (17,449 ) $ (22,005 ) As of each balance sheet date, management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company will continue to evaluate its valuation allowance requirements in light of changing facts and circumstances, and may adjust its deferred tax valuation allowances accordingly. It is reasonably possible that the company will either add to, or reverse a portion of its existing deferred tax asset valuation allowance in the future. Such changes in the deferred tax asset valuation allowances could have a material effect on operating results. At October 29, 2016, the Company has net operating loss carryforwards for U.S. federal income tax purposes of $3,250, which begin to expire in 2029. The Company also has state net operating loss carryforwards of $4,540, which begin to expire in 2027. The Company has an AMT credit carryforward for federal income tax purposes of $114. In addition, the Company has net operating loss carryforwards generated in Canada of $573 which are offset by a valuation allowance because the losses are projected to expire prior to being utilized. The Company or one of its subsidiaries files income tax returns in the U.S, Canada and various state jurisdictions. With few exceptions, fiscal years 2013, 2014 and 2015 remain open to tax examination by Canadian, U.S. federal and state tax authorities. The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of October 29, 2016, the company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the company’s estimates and/or from its historical income tax provisions and accruals and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments. During fiscal years 2016, 2015 and 2014, the Company recognized in the Consolidated Statements of Operations $180, $(12), and $31, respectively, for interest and penalties related to uncertain tax liabilities, which the Company recognizes as a part of income tax expense. As of October 29, 2016 and October 31, 2015, the company has accrued interest and penalties of $216 and $36, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: Fiscal Year Ended October 29, October 31, October 31, Balance at beginning of year $ 4,166 $ 4,612 $ 4,509 Additions (reductions) for tax positions in prior year (1,501 ) 74 80 Additions for tax positions in current year 192 16 23 Cash settlements with taxing authorities (34 ) (430 ) — Statute of limitations (144 ) (106 ) — Balance at end of year $ 2,679 $ 4,166 $ 4,612 If recognized, $1,640, $430, and $458 of the Company’s unrecognized tax benefits as of October 29, 2016, October 31, 2015 and October 31, 2014, respectively, would affect the effective income tax rate. The remaining unrecognized tax benefits relate to state tax issues of acquired companies for which the Company will be indemnified by the seller. As such, an offsetting asset in the amount of $1,255 is included in other long-term assets. During the next twelve months, it is reasonably possible that federal and state tax resolutions could reduce unrecognized tax benefits and income tax expense by up to $1,116, either because the Company’s tax positions are sustained on audit or settled, or the applicable statute of limitations closes. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 17. Commitments and Contingencies Market Risks July 29, 2017 October 29, 2016 Performance, bid and specialty bonds $ 273,850 $ 156,972 Open standby letters of credit 7,131 6,151 Total $ 280,981 $ 163,123 Chassis Contingent Liabilities Repurchase Commitments Guarantee Arrangements In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be available or sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company’s ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses. Other Matters | Note 18. Commitments and Contingencies Personal Injury Actions and Other Market Risks October 29, October 31, Performance, bid and specialty bonds $ 156,972 $ 84,797 Open standby letters of credit 6,151 4,376 Total $ 163,123 $ 89,173 Chassis Contingent Liabilities Repurchase Commitments Guarantee Arrangements Environmental Remediation Costs Other Matters |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 18. Related Party Transactions During the three months ended July 29, 2017 and July 30, 2016, the Company reimbursed expenses of its primary equity holder in the amount of $0.1 million and $0.1 million, respectively. During the nine months ended July 29, 2017, and July 30, 2016, the Company reimbursed expenses in the amount of $0.4 million and $0.2 million, respectively. These expenses are included in selling, general and administrative expenses in the Company’s consolidated statements of income. Certain production facilities and offices for two of the Company’s subsidiaries are leased from related parties owned by certain members of management. Rent expense under these arrangements totaled $0.1 million and $0.1 million for the three months ended July 29, 2017, and July 30, 2016, respectively. Rent expense under these arrangements totaled $0.5 million and $0.4 million for the nine months ended July 29, 2017 and July 30, 2016, respectively. The Company engages with an information technology, software and consulting company (the “IT Consulting Company”) in which the Company’s CEO has a material equity interest. The IT Consulting Company provides software development and installation to the Company. The Company made payments of $1.3 million and $1.1 million during the three months ended July 29, 2017 and July 30, 2016, respectively, and $2.7 million and $2.4 million during the nine months ended July 29, 2017 and July 30, 2016, respectively, to the IT Consulting Company. The amounts paid to the IT Consulting Company include payments which are made to another unrelated consulting company. Excluding the payments to this unrelated consulting company, the payments made to the IT Consulting Company were $0.5 million and $0.4 million during the three months ended July 29, 2017, and July 30, 2016, respectively, and $1.1 million and $1.0 million during the nine months ended July 29, 2017 and July 30, 2016, respectively. The Company’s CEO has recused himself from receiving any direct economic benefit from the payments made to the IT Consulting Company for the services rendered to the Company. | Note 19. Related Party Transactions During fiscal years 2016, 2015 and 2014, the Company reimbursed its primary equity holder for out of pocket expenses in the amount of $219, $1,069 and $2,093, respectively. These expenses are included in selling, general and administrative expenses in the Company’s consolidated statements of operations. Certain production facilities and offices for two of the Company’s subsidiaries are leased from related parties owned by certain members of management. Rent expense paid under these arrangements during fiscal years 2016, 2015 and 2014 was $524, $513 and $567, respectively. Future minimum lease payments under these leases are $567 and $337 in fiscal years 2017 and 2018, respectively. The Company engages with an information technology, software and consulting company in which the Company’s CEO has a material equity interest. Services being provided include software development and installation. The Company made payments of $3,012 and $1,885 in fiscal years 2016 and 2015, respectively, to this information technology, software and consulting company. These costs are recorded in property, plant and equipment on the Company’s consolidated balance sheets. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | ||
Earnings Per Common Share | Note 12. Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding including shares of contingently redeemable common stock. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding assuming dilution. The difference between basic EPS and diluted EPS is the result of the dilutive effect of outstanding stock options and restricted stock units. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for the three and nine months ended July 29, 2017 and July 30, 2016: Three Months Ended Nine Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Basic weighted-average common shares outstanding 63,769,388 51,269,600 59,617,447 51,706,320 Dilutive stock options 1,751,220 231,840 1,670,652 426,400 Dilutive restricted stock units 8,083 — 13,137 — Diluted weighted-average common shares outstanding 65,528,691 51,501,440 61,301,236 52,132,720 The table below represents exclusions from the calculation of weighted-average shares outstanding assuming dilution due to the anti-dilutive effect of the common stock equivalents for the three and nine months ended July 29, 2017 and July 30, 2016: Three Months Ended Nine Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Anti-Dilutive Stock Options — 1,128,000 — 1,260,000 Anti-Dilutive Restricted Stock Units — — — — Anti-Dilutive Common Stock Equivalents — 1,128,000 — 1,260,000 | Note 20. Earnings Per Common Share Basic earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding assuming dilution. The difference between basic EPS and diluted EPS is the result of the dilutive effect of outstanding stock options. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for fiscal years 2016, 2015 and 2014: Fiscal Year Ended October 29, 2016 October 31, 2015 October 31, 2014 Basic weighted-average common shares outstanding 51,587,164 52,761,380 52,789,250 Dilutive stock options 186,521 57,589 8,181 Diluted weighted-average common shares 51,773,685 52,818,969 52,797,431 The Company excludes stock options that have an anti-dilutive effect from its calculation of weighted-average shares outstanding assuming dilution. There were 2,312,000, 2,668,000 and 2,808,000 shares as of October 29, 2016, October 31, 2015 and 2014, respectively, which were excluded from the calculation of diluted weighted-average common shares outstanding as the impact would have been anti-dilutive on earnings per share. |
Business Segment Information
Business Segment Information | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Segment Reporting [Abstract] | ||
Business Segment Information | Note 19. Business Segment Information The Company is organized into three reportable segments based on management’s process for making operating decisions, allocating capital and measuring performance, and based on the similarity of products, customers served, common use of facilities, and economic characteristics. The Company’s segments are as follows: Fire & Emergency E-One, Commercial Lay-Mor. Lay-Mor Recreation In considering the financial performance of the business, the chief operating decision maker analyzes the primary financial performance measure of Adjusted EBITDA. Adjusted EBITDA is defined as net income for the relevant period before depreciation and amortization, interest expense and provision for income taxes, as adjusted for transaction expenses, sponsor expenses, restructuring costs, loss on early extinguishment of debt, and stock based compensation, which the Company believes are not indicative of the Company’s ongoing operating performance. Adjusted EBITDA is not a measure defined by U.S. GAAP, but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of this performance measure to income before provision for income taxes is included below. The Company believes that Adjusted EBITDA is useful to investors and used by management for measuring profitability because the measure excludes the impact of certain items which management believes has less bearing on the Company’s core operating performance. The Company believes that utilizing Adjusted EBITDA allows for a more meaningful comparison of operating fundamentals between companies within the Company’s industry by eliminating the impact of capital structure and taxation differences between the companies. The Company also adjusts for exceptional items which are determined to be those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence, which include non-cash For purposes of measuring performance of its business segments, the Company does not allocate to individual business segments costs or items that are of a corporate nature. The caption “Corporate and Other” includes corporate office expenses, results of insignificant operations, intersegment eliminations and income and expense not allocated to reportable segments. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment and certain other assets pertaining to corporate and other centralized activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. All intersegment transactions have been eliminated in consolidation. Selected financial information of the Company’s segments for the three months ended July 29, 2017 and July 30, 2016, is as follows (in thousands): Three Months Ended July 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 262,092 $ 154,421 $ 177,874 $ 1,215 $ 595,602 Net Sales—Intersegment $ — $ 256 $ 3,184 $ (3,440 ) $ — Depreciation and amortization $ 4,549 $ 2,363 $ 3,468 $ 1,158 $ 11,538 Capital expenditures $ 1,483 $ 6,493 $ 1,700 $ 2,172 $ 11,848 Identifiable assets $ 625,686 $ 272,603 $ 253,235 $ 94,558 $ 1,246,082 Adjusted EBITDA $ 29,076 $ 12,872 $ 11,650 $ (8,129 ) Three Months Ended July 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 218,144 $ 182,946 $ 127,148 $ — $ 528,238 Net Sales—Intersegment $ — $ — $ 2,814 $ (2,814 ) $ — Depreciation and amortization $ 2,760 $ 1,970 $ 1,617 $ 509 $ 6,856 Capital expenditures $ 2,725 $ 925 $ 7,540 $ 2,810 $ 14,000 Identifiable assets $ 458,393 $ 269,643 $ 164,319 $ 38,648 $ 931,003 Adjusted EBITDA $ 19,075 $ 17,090 $ 5,843 $ (8,545 ) Selected financial information of the Company’s segments for the nine months ended July 29, 2017 and July 30, 2016, is as follows (in thousands): Nine Months Ended July 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 666,465 $ 444,166 $ 470,917 $ 2,307 $ 1,583,855 Net Sales—Intersegment $ — $ 3,236 $ 9,666 $ (12,902 ) $ — Depreciation and amortization $ 10,178 $ 6,041 $ 8,223 $ 2,369 $ 26,811 Capital expenditures $ 9,053 $ 8,564 $ 3,860 $ 28,414 $ 49,891 Identifiable assets $ 625,686 $ 272,603 $ 253,235 $ 94,558 $ 1,246,082 Adjusted EBITDA $ 70,188 $ 35,708 $ 21,714 $ (23,470 ) Nine Months Ended July 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 523,969 $ 499,760 $ 357,518 $ — $ 1,381,247 Net Sales—Intersegment $ — $ — $ 8,186 $ (8,186 ) $ — Depreciation and amortization $ 6,639 $ 6,051 $ 3,295 $ 1,130 $ 17,115 Capital expenditures $ 6,634 $ 1,670 $ 2,661 $ 8,560 $ 19,525 Identifiable assets $ 458,393 $ 269,643 $ 164,319 $ 38,648 $ 931,003 Adjusted EBITDA $ 55,859 $ 37,268 $ 6,854 $ (19,140 ) Provided below is a reconciliation of segment Adjusted EBITDA to net income before provision for income taxes (in thousands): Three Months Ended Nine Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Fire & Emergency Adjusted EBITDA $ 29,076 $ 19,075 $ 70,188 $ 55,859 Commercial Adjusted EBITDA 12,872 17,090 35,708 37,268 Recreation Adjusted EBITDA 11,650 5,843 21,714 6,854 Corporate and Other Adjusted EBITDA (8,129 ) (8,545 ) (23,470 ) (19,140 ) Depreciation and amortization (11,538 ) (6,856 ) (26,811 ) (17,115 ) Interest expense, net (4,560 ) (7,364 ) (15,453 ) (20,828 ) Transaction expenses (503 ) (196 ) (2,742 ) (1,581 ) Sponsor expenses (80 ) (25 ) (418 ) (150 ) Restructuring costs (2,279 ) (57 ) (3,479 ) (2,807 ) Stock-based compensation expense (314 ) (1,052 ) (26,131 ) (12,298 ) Non-cash (1,913 ) (697 ) (3,123 ) (697 ) Loss on early extinguishment of debt — — (11,920 ) — Income before provision for income taxes $ 24,282 $ 17,216 $ 14,063 $ 25,365 | Note 21. Business Segment Information The Company is organized into three reportable segments based on management’s process for making operating decisions, allocating capital and measuring performance, and based on the similarity of products, customers served, common use of facilities, and economic characteristics. The Company’s segments are as follows: Fire & Emergency Commercial Recreation In considering the financial performance of the business, the chief operating decision maker analyzes the primary financial performance measure of Adjusted EBITDA. Adjusted EBITDA is defined as net income for the relevant period before depreciation and amortization, interest expense and provision (benefit) for income taxes, as adjusted for sponsor expenses, restructuring costs, and stock-based compensation, that the Company believes are not indicative of the Company’s ongoing operating performance. Adjusted EBITDA is not a measure defined by U.S. GAAP, but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of this performance measure to income before provision for income taxes is included below. The Company believes that Adjusted EBITDA is useful to investors and used by management for measuring profitability because the measure excludes the impact of certain items which management believes have less bearing on the Company’s core operating performance. The Company believes that the core operations of its business are those which can be affected by the Company’s management in a particular period through their resource allocation decisions that affect the underlying performance of its operations conducted during that period. The Company also believes that the decision to utilize Adjusted EBITDA allows for a meaningful comparison of operating fundamentals between companies within the Company’s industry by eliminating the impact of capital structure and taxation differences between the companies. The Company also adjusts for exceptional items which are determined to be those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence, which include non-cash items and items settled in cash. In determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. This is consistent with the way that financial performance is measured by management and reported to the Company’s Board of Directors, assists in providing a meaningful analysis of the Company’s operating performance and used as a measurement in incentive compensation for management. Based on the foregoing factors, management considers the adjustment for non-cash purchase accounting to be an exceptional item. For purposes of measuring performance of its business segments, the Company does not allocate to individual business segments costs or items that are of a corporate nature. The caption “corporate and other” includes corporate office expenses, results of insignificant operations, intersegment eliminations and income and expense not allocated to reportable segments. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. All intersegment transactions have been eliminated in consolidation. Selected financial information of the Company’s segments is as follows: Fiscal Year 2016 Fire & Commercial Recreation Corporate Consolidated Sales: Net Sales—External Customers $ 768,053 $ 679,033 $ 478,071 $ 842 $ 1,925,999 Net Sales—Intersegment $ — $ — $ 10,556 $ (10,556 ) $ — Depreciation and amortization $ 9,707 $ 8,095 $ 4,999 $ 1,792 $ 24,593 Capital expenditures $ 9,598 $ 5,943 $ 14,672 $ 18,329 $ 48,542 Identifiable assets $ 410,984 $ 268,980 $ 172,034 $ 37,021 $ 889,019 Adjusted EBITDA $ 85,170 $ 53,414 $ 11,005 $ (26,764 ) Fiscal Year 2015 Fire & Commercial Recreation Corporate Consolidated Sales: Net Sales—External Customers $ 620,161 $ 701,980 $ 412,940 $ — $ 1,735,081 Net Sales—Intersegment $ — $ — $ 10,039 $ (10,039 ) $ — Depreciation and amortization $ 7,315 $ 8,703 $ 2,634 $ 432 $ 19,084 Capital expenditures $ 3,353 $ 3,301 $ 2,710 $ 6,066 $ 15,430 Identifiable assets $ 276,244 $ 267,188 $ 129,706 $ 22,683 $ 695,821 Adjusted EBITDA $ 63,306 $ 39,095 $ 1,507 $ (13,782 ) Fiscal Year 2014 Fire & Commercial Recreation Corporate Consolidated Sales: Net Sales—External Customers $ 567,714 $ 654,432 $ 498,970 $ — $ 1,721,116 Net Sales—Intersegment $ — $ — $ 10,399 $ (10,399 ) $ — Depreciation and amortization $ 7,586 $ 8,427 $ 2,423 $ 465 $ 18,901 Capital expenditures $ 3,433 $ 3,116 $ 4,987 $ 531 $ 12,067 Identifiable assets $ 287,476 $ 262,290 $ 144,483 $ 11,438 $ 705,687 Adjusted EBITDA $ 37,544 $ 34,273 $ 2,001 $ (12,305 ) Provided below is a reconciliation of segment Adjusted EBITDA to income before provision for income taxes: Fiscal Year Ended October 29, October 31, October 31, Fire & Emergency Adjusted EBITDA $ 85,170 $ 63,306 $ 37,544 Commercial Adjusted EBITDA 53,414 39,095 34,273 Recreation Adjusted EBITDA 11,005 1,507 2,001 Corporate and Other Adjusted EBITDA (26,764 ) (13,782 ) (12,305 ) Depreciation and amortization (24,593 ) (19,084 ) (18,901 ) Interest expense (29,158 ) (27,272 ) (26,195 ) Transaction expenses (1,629 ) — (1,166 ) Sponsor expenses (219 ) (1,069 ) (2,093 ) Restructuring costs (3,521 ) (4,652 ) (7,516 ) Stock-based compensation expense (19,692 ) (3,237 ) (859 ) Non-cash purchase accounting (770 ) — — Income before provision for income taxes $ 43,243 $ 34,812 $ 4,783 The following tables present net sales by geographic region based on product shipment destination for fiscal years 2016, 2015 and 2014: Fiscal Year 2016 U.S. Europe/ Middle Rest of Total Fire & Emergency $ 758,549 $ 653 $ 3,416 $ 5,435 $ 768,053 Commercial 672,673 454 — 5,906 679,033 Recreation 475,021 — — 3,050 478,071 Corporate and other 842 — — — 842 Total Net Sales—External Customers $ 1,907,085 $ 1,107 $ 3,416 $ 14,391 $ 1,925,999 Intersegment Sales $ 10,556 — — — — Corporate Eliminations (10,556 ) — — — — Fiscal Year 2015 U.S. Europe/ Middle Rest of Total Fire & Emergency $ 589,311 $ 720 $ 23,924 $ 6,206 $ 620,161 Commercial 685,382 1,024 188 15,386 701,980 Recreation 407,504 — — 5,436 412,940 Total Net Sales—External Customers $ 1,682,197 $ 1,744 $ 24,112 $ 27,028 $ 1,735,081 Intersegment Sales $ 10,039 — — — — Corporate Eliminations (10,039 ) — — — — Fiscal Year 2014 U.S. Europe/ Middle Rest of Total Fire & Emergency $ 529,849 $ 2,433 $ 23,693 $ 11,739 $ 567,714 Commercial 642,701 960 370 10,401 654,432 Recreation 498,864 — — 106 498,970 Total Net Sales—External Customers $ 1,671,414 $ 3,393 $ 24,063 $ 22,246 $ 1,721,116 Intersegment Sales $ 10,399 — — — — Corporate Eliminations (10,399 ) — — — — |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Oct. 29, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Note 22. Quarterly Information (Unaudited) The summarized quarterly financial data presented below reflect all adjustments, which in the opinion of management, are of a normal and recurring nature necessary to present fairly the results of operations for the periods presented. Annual amounts may not sum due to rounding. In thousands, except for per share amounts. Fiscal Year 2016 First Second Third Fourth Total Year Net sales $ 372,780 $ 480,229 $ 528,238 $ 544,752 $ 1,925,999 Cost of sales 337,841 421,509 464,285 472,433 1,696,068 Gross profit 34,939 58,720 63,953 72,319 229,931 Operating expense Selling, general and administrative 27,106 35,314 35,481 41,870 139,771 Research and development 1,139 1,294 1,330 1,052 4,815 Restructuring costs 2,965 (215 ) 57 714 3,521 Amortization of intangible assets 2,243 2,200 2,505 2,475 9,423 Total operating expenses 33,453 38,593 39,373 46,111 157,530 Interest expense 6,687 6,776 7,364 8,331 29,158 Income (loss) before provision for income taxes (5,201 ) 13,351 17,216 17,877 43,243 Provision (benefit) for income taxes (2,191 ) 5,309 4,136 5,796 13,050 Net income (loss) $ (3,010 ) $ 8,042 $ 13,080 $ 12,081 $ 30,193 Earnings per share Basic $ (0.05 ) $ 0.16 $ 0.26 $ 0.24 $ 0.59 Diluted $ (0.06 ) $ 0.16 $ 0.25 $ 0.24 $ 0.58 Fiscal Year 2015 First Second Third Fourth Total Year Net sales $ 383,552 $ 438,158 $ 450,343 $ 463,028 $ 1,735,081 Cost of sales 349,700 394,147 401,935 407,345 1,553,127 Gross profit 33,852 44,011 48,408 55,683 181,954 Operating expense Selling, general and administrative 23,024 27,833 24,584 26,868 102,309 Research and development 1,581 1,678 1,485 362 5,106 Restructuring costs — 2,359 909 601 3,869 Amortization of intangible assets 2,130 2,148 2,148 2,160 8,586 Total operating expenses 26,735 34,018 29,126 29,991 119,870 Interest expense 7,020 7,114 6,722 6,416 27,272 Income before provision for income taxes 97 2,879 12,560 19,276 34,812 Provision (benefit) for income taxes (184 ) 1,067 4,286 6,766 11,935 Net income $ 281 $ 1,812 $ 8,274 $ 12,510 $ 22,877 Earnings per share Basic $ 0.01 $ 0.03 $ 0.16 $ 0.24 $ 0.43 Diluted $ 0.01 $ 0.03 $ 0.16 $ 0.24 $ 0.43 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 29, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 23. Subsequent Events On January 26, 2017, the Company announced the pricing of an initial public offering (“IPO”) of shares of its common stock, which began trading on the New York Stock Exchange on January 27, 2017. On February 1, 2017, the Company completed the IPO of 12,500,000 shares of common stock at a price of $22.00 per share. The Company received $275.0 million in gross proceeds from the IPO, or approximately $253.6 million in net proceeds after deducting the underwriting discount and expenses related to the IPO. The net proceeds of the IPO were used to pay down the Company’s existing debt. Immediately prior to closing of the IPO, the Company completed an 80-for-one stock split of its Class A common stock and Class B common stock and reclassified the Class A common stock and Class B common stock into a single class of common stock, which was the same class as the shares sold in the IPO. All share and per share data have been retroactively restated for all periods presented to give effect to this stock split. Except for the IPO described above, the Company evaluated subsequent events through December 23, 2016, the date on which the financial statements were available to be issued. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Oct. 29, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts The valuation and qualifying accounts for fiscal years 2016, 2015 and 2014 are as follows: Balance at Charge to Costs Utilization of Other, Such as Balance at End Year ended October 31, 2014 Deferred tax valuation allowance $ 800 $ — $ — $ (4 ) $ 796 Year End October 31, 2015 Deferred tax valuation allowance 796 — — 1 797 Year End October 29, 2016 Deferred tax valuation allowance 797 (638 ) — (5 ) 154 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Jul. 29, 2017 | |
Equity [Abstract] | |
Comprehensive Income | Note 20. Comprehensive Income Comprehensive income includes all changes in equity during a period except those that resulted from investments by or distributions to the Company’s shareholders. Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. The components of accumulated other comprehensive income (loss) are as follows (in thousands): Nine Months Ended July 30, 2016 Increase in Fair Value of Derivatives Other Accumulated Other Comprehensive Loss Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (261 ) 184 (77 ) Balance at July 30, 2016 $ (203 ) $ 100 $ (103 ) Nine Months Ended July 29, 2017 Decrease in Fair Value of Derivatives Translation Adjustment Other Accumulated Other Comprehensive Income (loss) Balance at October 29, 2016 $ (20 ) $ 2 $ 57 $ 39 Changes (448 ) 142 170 (136 ) Balance at July 29, 2017 $ (468 ) $ 144 $ 227 $ (97 ) |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Fiscal Year | Fiscal Year |
Reclassifications | Reclassifications |
Use of Estimates | Use of Estimates |
Business Combinations | Business Combinations Assets acquired and liabilities assumed generally include tangible and intangible assets, and contingent assets and liabilities. When available, the estimated fair values of these assets and liabilities are determined based on observable inputs such as quoted market prices, information from comparable transactions, and the replacement cost of assets in the same condition or stage of usefulness (Level 1 and 2). If observable inputs are not available, unobservable inputs are used such as expected future cash flows or internally developed estimates of value (Level 3). |
Cash and Cash Equivalents | Cash and Cash Equivalents Deposits held with financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand, and are maintained with major financial institutions within the United States. Credit ratings of these financial institutions are monitored by management to mitigate risk of loss. At October 29, 2016, the Company had $9,763 of uninsured cash balances in excess of Federal Depository Insurance Company limits. |
Accounts Receivable | Accounts Receivable The Company establishes a reserve for specific accounts receivable that are believed to be uncollectible, as well as an estimate of uncollectible receivables not specifically known. Historical trends and the Company’s current knowledge of potential collection problems provide the Company with sufficient information to establish a reasonable estimate for an allowance for doubtful accounts. Accounts Receivable in the Company’s consolidated balance sheets at October 29, 2016 and October 31, 2015 are stated net of an allowance for doubtful accounts of $1,623 and $768, respectively. Receivables are written off when management determines collection is highly unlikely and collection efforts have ceased. The change in the allowance for doubtful accounts is as follows: Fiscal Year Ended October 29, October 31, October 31, Beginning balance $ 768 $ 795 $ 564 Net recorded expense 1,075 620 850 Write-offs, net of recoveries/payments (220 ) (647 ) (619 ) Ending balance $ 1,623 $ 768 $ 795 |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Inventories | Inventories |
Property, Plant and Equipment | Property, Plant and Equipment Years Buildings, related improvements and land improvements 5-39 Machinery and equipment 3-15 Office, furniture and other 3-15 Expenditures that extend the useful life of existing property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Expenditures for repairs and maintenance are expensed as incurred. When property, plant and equipment are retired or sold, the cost and related accumulated depreciation is removed from the Company’s balance sheet, with any gain or loss reflected in operations. Accumulated depreciation on capitalized lease assets is included in property, plant and equipment. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets, consisting of trade names, are not amortized, however, the Company reviews goodwill and indefinite-lived intangible assets for impairment at least annually or more often if an event occurs or circumstances change which indicates that its carrying amount may not exceed its fair value. The annual impairment review is performed as of the first day of the fourth quarter of each fiscal year based upon information and estimates available at that time. To perform the impairment testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair values of the Company’s reporting units or indefinite-lived intangible assets are less than their carrying amounts as a basis for determining whether or not to perform the quantitative impairment test. The Company then estimates the fair value of each reporting unit and each indefinite-lived intangible asset not meeting the qualitative criteria and compares their fair values to their carrying values. The fair value of each reporting unit of the Company is determined by using the income approach and involves the use of significant estimates and assumptions. The income approach involves discounting management’s projections of future cash flows and a terminal value discounted at a discount rate which approximates the Company’s weighted-average cost of capital (“WACC”). Key assumptions used in the income approach include future sales growth, gross margin and operating expenses trends, depreciation expense, taxes, capital expenditures and changes in working capital. Projected future cash flows are based on income forecasts and management’s knowledge of the current operating environment and expectations for the future. The WACC incorporates equity and debt return rates observed in the market for a group of comparable public companies in the industry, and is determined using an average debt to equity ratio of selected comparable public companies, and is also adjusted for risk premiums and the Company’s capital structure. The terminal value is based upon the projected cash flow for the final projected year, and is calculated using estimates of growth of the net cash flows based on the Company’s estimate of stable growth for each financial reporting unit. The inputs and assumptions used in the determination of fair value are considered Level 3 inputs within the fair value hierarchy. If the fair value of any reporting unit, as calculated using the income approach, is less than its carrying value, the fair value of the implied goodwill is calculated as the difference between the fair value of the reporting unit and the fair value of the underlying assets and liabilities, excluding goodwill. An impairment charge is recorded for any excess of the carrying value of goodwill over the implied fair value for each reporting unit. When determining the fair value of indefinite-lived trade names, the Company uses the relief from royalty method which requires the determination of fair value based on if the Company was licensing the right to the trade name in exchange for a royalty fee. The Company utilizes the income approach to determine future revenues to which to apply a royalty rate. The royalty rate is based on research of industry and market data related to transactions involving the licensing of comparable intangible assets. In considering the value of trade names, the Company looks to relative age, consistent use, quality, expansion possibilities, relative profitability and relative market potential. As a result of the annual Company’s impairment test on goodwill and indefinite-lived intangible assets, it was concluded that there is no impairment of such assets for fiscal years 2016, 2015 and 2014. |
Long-Lived Assets Including Definite-Lived Intangible Assets | Long-Lived Assets Including Definite-Lived Intangible Assets |
Debt Issuance Costs | Debt Issuance Costs |
Self-Insurance | Self-Insurance For employee medical coverage, annual claims of up to $275 per member are the risk of the company. Paid claims during the calendar year greater than $275 for any member are covered under a stop-loss policy with a commercial insurance carrier. Health expenses were $27,807, $23,744 and $21,669 during fiscal years 2016, 2015 and 2014, respectively. Accrued health benefit liability was $4,739 and $3,899 at October 29, 2016 and October 31, 2015, respectively, and is included as a component of payroll and related benefits and taxes in other current liabilities in the Company’s consolidated balance sheets. The Company is insured for workers’ compensation claims under both state and private insurance plans. The Company’s product liability and workers’ compensation accruals including residual claims under previous years SIR programs are also included within other current liabilities in the Company’s consolidated balance sheets. Accrued workers’ compensation claims totaled $962 and $970 at October 29, 2016 and October 31, 2015, respectively. |
Income Taxes | Income Taxes tax rates and laws. Valuation allowances are established to reduce deferred tax assets to the amount ultimately expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of taxable income during the periods in which those temporary differences become deductible for income tax purposes. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The evaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. The amount of unrecognized tax benefits, including interest and penalties, was $2,895 and $4,202 as of October 29, 2016 and October 31, 2015, respectively. The Company classifies accrued interest and penalties related to income tax liabilities in the provision for income taxes in the Company’s consolidated statements of operations. Liabilities for income taxes payable, accrued interest and penalties that are due within one year of the balance sheet date are included in other current liabilities. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share |
Comprehensive Income | Comprehensive Income The components of accumulated other comprehensive income (loss) are as follows: Fiscal Year Ended October 31, 2014 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2013 $ (41 ) $ 55 $ 14 Changes 56 24 80 Balance at October 31, 2014 $ 15 $ 79 $ 94 Fiscal Year Ended October 31, 2015 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2014 $ 15 $ 79 $ 94 Changes 43 (163 ) (120 ) Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Fiscal Year Ended October 29, 2016 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (78 ) 143 65 Balance at October 29, 2016 $ (20 ) $ 59 $ 39 |
Revenue Recognition | Revenue Recognition Revenues from the sale of parts and the Company’s Goldshield Fiberglass businesses are recognized when title to products and the risk of loss are transferred to the customer, which is generally upon shipment. Revenue from service agreements is recognized as earned when services are rendered. Intercompany sales are eliminated upon consolidation. Provisions are made for discounts, returns and sales allowances based on management’s best estimate and the historical experience of each business unit. Sales are recorded net of amounts invoiced for taxes imposed on the customer, such as excise or value-added taxes. Customer advances include amounts received in advance of the completion of vehicles or in advance of services being rendered. Such customer advances are recorded as current liabilities in the consolidated balance sheets until the vehicle is shipped or the service rendered. |
Warranty | Warranty |
Advertising Costs | Advertising Costs |
Research and Development Costs | Research and Development Costs |
Fair Value Measurements | Fair Value Measurements Foreign currency forward contracts held or issued by the Company for risk management purposes are traded in over-the counter markets where quoted market prices are not readily available. For these derivatives, the Company measures fair value using the foreign currency spot rate at the reporting period compared to the contractual rate. The estimated carrying and fair values of the Company’s financial instruments recognized and measured at fair value, which consist of foreign currency forward contracts and considered Level 2 inputs, are $89 and $0 as of October 29, 2016 and October 31, 2015, respectively. The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants at the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs (Levels 1 and 2) and minimize the use of unobservable inputs (Level 3) within the fair value hierarchy established by the Financial Accounting Standards Board (“FASB”). The Company applies a “market approach” or an “income approach” to determine fair value. The market approach method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. When determining the fair value measurements for assets and liabilities, which are required to be recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. In the absence of significant market based inputs, the Company will use an “income approach” to estimate the fair value of the asset. This approach is based on the principle that the present value of the expected income that can be generated from the ownership of the asset approximates its fair value. This approach generally includes management’s estimates of assumptions that market participants would use to price the asset or liability including, projected income, a time period over which that income can be earned and an estimate of risk-adjusted discount and capitalization rates. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Based on recent open market transactions of the Company’s Senior Secured Notes, the fair value is approximately $185,850 and $209,100 as of October 29, 2016 and October 31, 2015, respectively. The fair value of the Company’s outstanding borrowings on its ABL Facility approximates book value. For illustrative purposes, the levels within the FASB fair value hierarchy are as follows: Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable, including the company’s own assumptions in determining fair value. The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, consisting of derivative financial instruments and contingently redeemable common stock (discussed in Note 14, Contingently Redeemable Common Stock), which are valued based upon Level 3 inputs. The Company applies fair value accounting to its non-financial assets and liabilities, which consists principally of indefinite lived intangible assets (for purposes of the Company’s annual impairment test). Change in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the fiscal years 2016 and 2015 were as follows: Contingently Redeemable Balance at October 31, 2014 $ 15,418 Change in fair value 6,426 Issuance of contingently redeemable common stock 2,000 Reclassification of contingently redeemable common stock to permanent equity (8,494 ) Balance at October 31, 2015 15,350 Change in fair value 10,716 Issuance of contingently redeemable common stock — Reclassification of contingently redeemable common stock to permanent equity (3,773 ) Balance at October 29, 2016 $ 22,293 |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period, which management evaluates periodically. The effective portion of gains and losses is deferred as a component of accumulated other comprehensive income (loss). As a matter of policy, the Company only enters into transactions which it believes will be highly effective at offsetting the underlying risk, and it does not use derivatives for trading or speculative purposes. |
Stock-Based Compensation | Stock-Based Compensation The fair value of the Company’s common stock is calculated by determining enterprise value by applying an earnings multiple to the Adjusted EBITDA over the previous 12 months, and deducting outstanding debt, then dividing by the number of shares of common stock outstanding. The assumption for forfeitures is based upon historical experience. As the Company has not historically paid dividends on its common stock, a 0% dividend rate has been assumed for all outstanding stock options. As of October 29, 2016, as a result of the Company’s filing of a Form S-1 with the U.S. Securities and Exchange Commission, the Company was considered a public entity, and as such, recognized the liability share awards at fair value in the Company’s consolidated balance sheet. Changes in fair value of liability share awards are recorded as stock compensation expense. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions |
New Accounting Pronouncements | New Accounting Pronouncements Revenue from Contracts with Customers (Topic 606) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330) In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805)—Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU 2015-17, Income Taxes, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Change in Allowance for Doubtful Accounts | have ceased. The change in the allowance for doubtful accounts is as follows: Fiscal Year Ended October 29, October 31, October 31, Beginning balance $ 768 $ 795 $ 564 Net recorded expense 1,075 620 850 Write-offs, net of recoveries/payments (220 ) (647 ) (619 ) Ending balance $ 1,623 $ 768 $ 795 |
Estimated Useful Lives of Property, Plant and equipment | The estimated useful lives are as follows: Years Buildings, related improvements and land improvements 5-39 Machinery and equipment 3-15 Office, furniture and other 3-15 |
Change in Fair Value of Recurring Fair Value Measurements | Change in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the fiscal years 2016 and 2015 were as follows: Contingently Redeemable Balance at October 31, 2014 $ 15,418 Change in fair value 6,426 Issuance of contingently redeemable common stock 2,000 Reclassification of contingently redeemable common stock to permanent equity (8,494 ) Balance at October 31, 2015 15,350 Change in fair value 10,716 Issuance of contingently redeemable common stock — Reclassification of contingently redeemable common stock to permanent equity (3,773 ) Balance at October 29, 2016 $ 22,293 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Equity [Abstract] | ||
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows (in thousands): Nine Months Ended July 30, 2016 Increase in Fair Value of Derivatives Other Accumulated Other Comprehensive Loss Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (261 ) 184 (77 ) Balance at July 30, 2016 $ (203 ) $ 100 $ (103 ) Nine Months Ended July 29, 2017 Decrease in Fair Value of Derivatives Translation Adjustment Other Accumulated Other Comprehensive Income (loss) Balance at October 29, 2016 $ (20 ) $ 2 $ 57 $ 39 Changes (448 ) 142 170 (136 ) Balance at July 29, 2017 $ (468 ) $ 144 $ 227 $ (97 ) | The components of accumulated other comprehensive income (loss) are as follows: Fiscal Year Ended October 31, 2014 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2013 $ (41 ) $ 55 $ 14 Changes 56 24 80 Balance at October 31, 2014 $ 15 $ 79 $ 94 Fiscal Year Ended October 31, 2015 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2014 $ 15 $ 79 $ 94 Changes 43 (163 ) (120 ) Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Fiscal Year Ended October 29, 2016 Increase / (Decrease) in Other Accumulated Other Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (78 ) 143 65 Balance at October 29, 2016 $ (20 ) $ 59 $ 39 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Midwest Automotive Designs [Member] | ||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Midwest (in thousands): Assets: Cash $ 1 Accounts receivable, net 4,390 Inventories, net 8,960 Other current assets 65 Property, plant and equipment 179 Intangible assets, net 16,548 Total assets acquired 30,143 Liabilities: Accounts payable 6,601 Accrued warranty 312 Customer advances 898 Other current liabilities 181 Total liabilities assumed 7,992 Net Assets Acquired 22,151 Consideration Paid 35,482 Goodwill $ 13,331 | |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Midwest Acquisition are as follows (in thousands): Customer relationships (6 year life) $ 12,900 Order backlog (1 year life) 548 Trade names (indefinite life) 3,100 Total intangible assets, net $ 16,548 | |
Ferrara Fire Apparatus, Inc. [Member] | ||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Ferrara (in thousands): Assets: Cash $ 3,013 Accounts receivable, net 19,042 Inventories, net 38,182 Other current assets 360 Property, plant and equipment 13,898 Other long-term assets 76 Intangible assets, net 32,250 Total assets acquired 106,821 Liabilities: Accounts payable 17,042 Accrued warranty 2,621 Customer advances 7,740 Deferred income taxes 4,639 Other current liabilities 2,102 Total liabilities assumed 34,144 Net Assets Acquired 72,677 Consideration Paid 100,113 Goodwill $ 27,436 | |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Ferrara Acquisition are as follows (in thousands): Customer relationships (12 year life) $ 14,080 Order backlog (1 year life) 3,030 Non-compete 1,530 Trade names (indefinite life) 13,610 Total intangible assets, net $ 32,250 | |
Renegade R V [Member] | ||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Renegade (in thousands): Assets: Cash $ 1,597 Accounts receivable, net 2,334 Inventories, net 14,322 Other current assets 131 Property, plant and equipment 892 Intangible assets, net 6,400 Total assets acquired 25,676 Liabilities: Accounts payable 4,231 Accrued warranty 390 Customer advances 272 Other current liabilities 1,035 Deferred income taxes 524 Other long-term liabilities 65 Total liabilities assumed 6,517 Net Assets Acquired 19,159 Consideration Paid 22,549 Goodwill $ 3,390 | |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Renegade Acquisition are as follows (in thousands): Customer relationships (6 year life) $ 4,100 Order backlog (1 year life) 700 Trade names (indefinite life) 1,600 Total intangible assets, net $ 6,400 | |
Kovatch Mobile Equipment [Member] | ||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed for KME (in thousands): Assets: Cash $ 9,490 Receivables, net 11,850 Inventories, net 67,439 Deferred income taxes 1,454 Other current assets 1,580 Property, plant and equipment 15,332 Intangible assets, net 10,950 Other long-term assets 22 Total assets acquired 118,117 Liabilities: Accounts payable 13,834 Customer advances 43,438 Accrued warranty 14,357 Other current liabilities 9,282 Total liabilities assumed 80,911 Net Assets Acquired 37,206 Consideration Paid 39,602 Goodwill $ 2,396 | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for KME: Assets: Cash $ 9,490 Receivables, net 12,617 Inventories, net 67,899 Deferred income taxes 6,233 Other current assets 1,580 Property, plant and equipment 15,332 Intangible assets, net 10,950 Other long-term assets 39 Total assets acquired 124,140 Liabilities: Accounts payable 13,834 Customer advances 43,438 Accrued warranty 14,357 Deferred income taxes 5,977 Other current liabilities 8,246 Total liabilities assumed 85,852 Net Assets Acquired 38,288 Consideration Paid 39,602 Goodwill $ 1,314 |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the KME Acquisition are as follows (in thousands): Customer relationships (9 year life) $ 8,550 Trade names (indefinite life) 2,400 Total intangible assets, net $ 10,950 | Intangible assets acquired as a result of the KME Acquisition are as follows: Customer relationships (9 year life) $ 8,550 Trade names (indefinite life) 2,400 Total intangible assets, net $ 10,950 |
Hall-Mark Fire Apparatus Inc [Member] | ||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed for Hall-Mark (in thousands): Assets: Cash $ 385 Accounts receivable 3,135 Inventories 2,718 Prepaids & other assets 3,493 Property, plant and equipment 191 Trade names 870 Customer relationships 750 Order backlog 220 Non-compete 530 Total assets acquired 12,292 Liabilities: Accounts payable 891 Other current liabilities 226 Customer deposits 4,845 Debt 3,698 Total liabilities assumed 9,660 Net Assets Acquired 2,632 Consideration Paid 3,000 Goodwill $ 368 | The following table summarizes the fair values of the assets acquired and liabilities assumed for Hall-Mark: Assets: Cash $ 385 Accounts receivable 3,135 Inventories 2,718 Prepaids & other assets 3,493 Property, plant and equipment 191 Trade names 870 Customer relationships 750 Order backlog 220 Non-compete Agreements 530 Total assets acquired 12,292 Liabilities Accounts payable 891 Other current liabilities 226 Customer deposits 4,845 Debt 3,698 Total liabilities assumed 9,660 Net Assets Acquired 2,632 Consideration Paid 3,000 Goodwill $ 368 |
Ancira [Member] | ||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the allocated cost of the assets acquired in the Ancira Acquisition (in thousands): Inventory $ 13,541 Land & land improvements 1,400 Building & improvements 4,849 Machinery & equipment 186 Total purchase price $ 19,976 | The following table summarizes the allocated cost of the assets acquired in the Ancira Acquisition: Inventory $ 13,541 Land & land improvements 1,400 Building & improvements 4,849 Machinery & equipment 186 Total purchase price $ 19,976 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Inventory Disclosure [Abstract] | ||
Schedule of Inventories, Net of Reserves | Inventories, net of reserves, consisted of the following (in thousands): July 29, 2017 October 29, 2016 Chassis $ 44,846 $ 35,227 Raw materials 157,299 112,423 Work in process 194,999 128,145 Finished products 69,793 59,179 466,937 334,974 Less: reserves (9,102 ) (9,341 ) Total inventories, net $ 457,835 $ 325,633 | Inventories, net of reserves, consisted of the following: October 29, 2016 October 31, 2015 Chassis $ 35,227 $ 30,765 Raw materials 112,423 86,533 Work in process 128,145 97,251 Finished products 59,179 40,454 334,974 255,003 Less: reserves (9,341 ) (8,041 ) Total inventories, net $ 325,633 $ 246,962 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): July 29, 2017 October 29, 2016 Land & land improvements $ 19,494 $ 16,247 Buildings & improvements 102,240 85,779 Machinery & equipment 92,969 73,087 Office furniture, fixtures and computer hardware & software 30,011 9,009 Construction in process 40,143 23,445 284,857 207,567 Less: accumulated depreciation (77,223 ) (61,145 ) Total property, plant and equipment, net $ 207,634 $ 146,422 | Property, plant and equipment consisted of the following: October 29, 2016 October 31, 2015 Land & land improvements $ 16,247 $ 11,579 Buildings & improvements 85,779 60,546 Machinery & equipment 73,087 46,250 Office furniture & fixtures 9,009 7,377 Construction in process 23,445 10,196 207,567 135,948 Less: accumulated depreciation (61,145 ) (46,803 ) Total property, plant and equipment, net $ 146,422 $ 89,145 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Summary of Change in Net Carrying Value of Goodwill | The table below represents goodwill by segment (in thousands): July 29, 2017 October 29, 2016 Fire & Emergency $ 84,375 $ 55,857 Commercial 28,650 28,650 Recreation 16,721 — Total goodwill $ 129,746 $ 84,507 The change in the net carrying value amount of goodwill consisted of the following (in thousands): Nine Months Ended July 29, 2017 July 30, 2016 Balance at beginning of period $ 84,507 $ 82,825 Activity during the year: Activity from prior year acquisitions 1,082 — Activity from current year acquisitions 44,157 1,770 Balance at end of period $ 129,746 $ 84,595 | The change in the net carrying value amount of goodwill consisted of the following: October 29, 2016 October 31, 2015 Balance at beginning of period $ 82,825 $ 82,825 Activity during the year: Acquisition activity 1,682 — Balance at end of period $ 84,507 $ 82,825 |
Finite Lived And Indefinite Lived Intangible Assets | Intangible assets (excluding goodwill) consisted of the following (in thousands): Weighted-Average Life July 29, 2017 October 29, 2016 Finite-lived intangible assets: Technology-related 7.0 $ 1,657 $ 724 Customer relationships 8.0 110,554 79,172 Order backlog 1.0 4,498 220 Non-compete 5.0 2,060 530 Trade names 7.0 3,477 3,477 122,246 84,123 Less: accumulated amortization (57,802 ) (47,846 ) 64,444 36,277 Indefinite-lived trade names 106,073 87,763 Total intangible assets, net $ 170,517 $ 124,040 | Intangible assets (excluding goodwill) consisted of the following: Weighted-Average Life October 29, 2016 October 31, 2015 Finite-lived intangible assets: Technology-related 7.0 $ 724 $ 724 Customer relationships 8.6 79,172 69,872 Order backlog 1.0 220 — Non-compete agreements 6.0 530 — Trade names 7.0 3,477 1,367 84,123 71,963 Less: accumulated amortization (47,846 ) (38,423 ) 36,277 33,540 Indefinite-lived trade names 87,763 85,363 Total intangible assets, net $ 124,040 $ 118,903 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): July 29, 2017 October 29, 2016 Payroll and related benefits and taxes $ 29,434 $ 27,775 Incentive compensation 4,570 11,715 Customer sales program 4,359 3,549 Restructuring costs 1,275 359 Interest payable 1,757 9,444 Income taxes payable 6,027 8,716 Stock options — 9,117 Dividends payable 3,190 — Other 13,961 21,128 Total other current liabilities $ 64,573 $ 91,803 | Other current liabilities consisted of the following: October 29, 2016 October 31, 2015 Payroll and related benefits and taxes $ 27,775 $ 20,629 Incentive compensation 11,715 7,104 Customer sales program 3,549 3,292 Restructuring costs 359 1,776 Interest payable 9,444 9,036 Income taxes payable 8,716 — Stock options 9,117 1,214 Other 21,128 12,022 Total other current liabilities $ 91,803 $ 55,073 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Debt Disclosure [Abstract] | ||
Summary of Long-Term Debt | The Company was obligated under the following debt instruments (in thousands): July 29, 2017 October 29, 2016 Senior secured facility: Senior secured notes, net of debt discount ($0 and $455) and debt issuance costs ($0 and $3,505) $ — $ 176,040 ABL Facility 227,000 80,000 Term Loan, net of debt issuance costs ($1,883 and $0) 73,117 — 300,117 256,040 Less: current maturities (750 ) — Long-term debt, less current maturities $ 299,367 $ 256,040 | The Company was obligated under the following debt instruments: October 29, 2016 October 31, 2015 Senior secured facility: Senior secured notes, net of debt discount ($455 and $704) and debt issuance costs ($3,505 and $5,426) $ 176,040 $ 193,870 ABL Facility 80,000 18,224 Capital leases — 536 256,040 212,630 Less: current maturities — (236 ) Long-term maturities of notes payable, bank and other long-term debt $ 256,040 $ 212,394 |
Debt Redemption Prices, Percentage | On or after November 1, of the years below, the Company was allowed to redeem all or a part of the Notes at the redemption prices set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date: 104.250% (Year 2016) 102.125% (Year 2017) 100.000% (Year 2018 and thereafter) | On or after November 1, of the years below, the Company may redeem all or a part of the Notes at the redemption prices set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date: 104.250% (Year 2016) 102.125% (Year 2017) 100.000% (Year 2018 and thereafter) |
Summary of Specified Secured Leverage Ratio of Term Loan | The Term Loan Agreement requires the Company to maintain a specified secured leverage ratio as follows: Through July 31, 2018 4.00 to 1.00 Through July 31, 2019 3.75 to 1.00 Through July 31, 2020 3.50 to 1.00 Through July 31, 2021 3.25 to 1.00 Through April 25, 2022 3.00 to 1.00 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Guarantees and Product Warranties [Abstract] | ||
Schedule of Changes in Warranty Liability | Changes in the Company’s warranty liability consisted of the following (in thousands): Nine Months Ended July 29, July 30, Balance at beginning of period $ 38,808 $ 28,453 Warranty provisions 21,534 18,615 Settlements made (25,925 ) (22,252 ) Warranties for current year acquisitions 3,317 14,357 Changes in liability of pre-existing (2,655 ) 115 Balance at end of period $ 35,079 $ 39,288 | Changes in the Company’s warranty liability consisted of the following: Fiscal Year Ended October 29, October 31, Balance at beginning of period $ 28,453 $ 34,316 Warranty provisions 26,759 22,537 Settlements made (31,232 ) (27,472 ) Warranties for current year acquisitions 14,357 — Changes in liability of pre-existing warranties 471 (928 ) Balance at end of period $ 38,808 $ 28,453 |
Accrued Warranty Classified in Consolidated Balance Sheet | Accrued warranty is classified in the Company’s consolidated balance sheets as follows (in thousands): July 29, 2017 October 29, 2016 Current liabilities $ 19,012 $ 22,693 Other long-term liabilities 16,067 16,115 Total warranty liability $ 35,079 $ 38,808 | Accrued warranty is classified in the Company’s consolidated balance sheets as follows: October 29, October 31, Current liabilities $ 22,693 $ 18,153 Other long-term liabilities 16,115 10,300 Total warranty liability $ 38,808 $ 28,453 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 29, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments due under operating leases for the subsequent five fiscal years, are as follows: 2017 2,471 2018 2,164 2019 1,834 2020 1,370 2021 1,090 Thereafter 836 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Key Assumptions Used in Determining Fair Value of Options Granted | The key assumptions used in determining the fair value of options granted for fiscal years 2016, 2015, and 2014, are as follows: 2016 2015 2014 Weighted-average volatility 52.75 - 52.98% 52.59 - 52.73% 52.75 - 53.05% Weighted-average risk-free interest rate 1.83 - 2.25% 1.93 - 2.37% 2.35 - 2.80% Weighted-average expected life in years 10.00 10.00 10.00 Dividend yield — — — Weighted-average grant date fair value per option $5.09 $4.48 $3.16 | |
Summary of Stock Option Activity | Stock option activity for fiscal years 2016, 2015 and 2014, was as follows: Number of Weighted- Weighted- Aggregate Outstanding at October 31, 2013 3,307,760 $ 3.59 6.1 $ 3,496 Granted 2,236,000 4.89 — — Exercised — — — — Cancelled (183,200 ) 4.31 — — Outstanding at October 31, 2014 5,360,560 $ 4.09 6.8 $ 4,773 Granted 368,000 7.00 — — Exercised — — — — Cancelled (894,000 ) 4.60 — — Outstanding at October 31, 2015 4,834,560 $ 4.30 6.0 $ 15,156 Granted 1,000,000 8.00 — — Exercised — — — — Cancelled (2,088,000 ) 4.39 — — Outstanding at October 29, 2016 3,746,560 $ 5.69 7.1 $ 27,735 Exercisable at October 29, 2016 970,640 $ 5.19 — $ 8,429 | |
Restricted Stock Units [Member] | ||
Summary of Restricted Stock Units Outstanding | The change in the number of restricted stock units outstanding consisted of the following: Restricted Stock Units Outstanding Weighted-average Outstanding, October 29, 2016 — — Granted 48,364 $ 25.06 Vested — — Cancelled/Expired (3,300 ) 25.00 Outstanding, July 29, 2017 45,064 $ 25.06 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Restructuring and Related Activities [Abstract] | ||
Summary of Changes in Restructuring Liability | A summary of the changes in the Company’s restructuring liability is as follows (in thousands): 2016 Companywide Goshen Bus 2017 Restructuring Total Balance at October 29, 2016 $ 567 $ 314 $ — $ 881 Expenses Incurred — 1,996 1,483 3,479 Amounts Paid (567 ) (2,184 ) (334 ) (3,085 ) Balance at July 29, 2017 $ — $ 126 $ 1,149 $ 1,275 | MRV - 2015 - 2016 - Goshen Total Balance at October 31, 2014 $ 577 $ — $ — $ — 577 Expenses Incurred — 3,869 — — 3,869 Amounts Paid (577 ) (2,093 ) — — (2,670 ) Balance at October 31, 2015 $ — $ 1,776 $ — $ — $ 1,776 Expenses Incurred — — 2,807 714 3,521 Amounts Paid — (1,776 ) (2,240 ) (400 ) (4,416 ) Balance at October 29, 2016 $ — $ — $ 567 $ 314 $ 881 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Provision for income taxes is summarized as follows: Fiscal Year Ended October 29, October 31, October 31, Current: Federal $ 12,564 $ 13,970 $ 2,319 State 4,147 3,290 1,301 Total Current 16,711 17,260 3,620 Deferred: Federal (2,250 ) (4,749 ) 152 State (1,411 ) (576 ) (477 ) Total Deferred (3,661 ) (5,325 ) (325 ) Provision for income taxes $ 13,050 $ 11,935 $ 3,295 |
Reconciliation of Income Tax Expense at Federal Statutory Rate to Company's Provision for Income Taxes | Income tax expense at the federal statutory rate is reconciled to the Company’s provision for income taxes as follows: Fiscal Year Ended October 29, October 31, October 31, Income tax expense at federal statutory rate $ 15,135 $ 12,184 $ 1,626 State expense 1,590 1,558 460 Deferred Adjustments (1,531 ) — — Manufacturing and research incentives (2,592 ) (1,475 ) (363 ) Nondeductible items 988 219 1,520 Other items (540 ) (551 ) 52 Provision for income taxes $ 13,050 $ 11,935 $ 3,295 |
Temporary Differences and Carryforwards that Give Rise to Deferred Tax Assets and Liabilities | Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: Fiscal Year Ended October 29, October 31, Deferred tax assets: Product warranty $ 14,201 $ 9,256 Inventory 5,891 7,697 Deferred employee benefits 9,096 4,609 Net operating loss and credits 2,114 1,675 Other reserves and allowances 5,311 3,885 Gross deferred tax assets 36,613 27,122 Less valuation allowance (154 ) (797 ) Deferred tax assets 36,459 26,325 Deferred tax liabilities: Intangible assets (40,817 ) (41,403 ) Property, plant and equipment (12,661 ) (6,542 ) Other (430 ) (385 ) Deferred tax liabilities (53,908 ) (48,330 ) Net deferred tax liability $ (17,449 ) $ (22,005 ) The net deferred tax assets/(liabilities) reflected in the consolidated balance sheet are as follows: Fiscal Year Ended October 29, 2016 October 31, 2015 Current deferred tax asset $ — $ 23,599 Noncurrent deferred tax liability (17,449 ) (45,604 ) Net deferred tax liability $ (17,449 ) $ (22,005 ) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: Fiscal Year Ended October 29, October 31, October 31, Balance at beginning of year $ 4,166 $ 4,612 $ 4,509 Additions (reductions) for tax positions in prior year (1,501 ) 74 80 Additions for tax positions in current year 192 16 23 Cash settlements with taxing authorities (34 ) (430 ) — Statute of limitations (144 ) (106 ) — Balance at end of year $ 2,679 $ 4,166 $ 4,612 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Contingent Liabilities | The Company is contingently liable under bid, performance and specialty bonds and has open standby letters of credit issued by the Company’s banks in favor of third parties as follows (in thousands): July 29, 2017 October 29, 2016 Performance, bid and specialty bonds $ 273,850 $ 156,972 Open standby letters of credit 7,131 6,151 Total $ 280,981 $ 163,123 | The Company is contingently liable under bid, performance and specialty bonds and has open standby letters of credit issued by the Company’s banks in favor of third parties as follows: October 29, October 31, Performance, bid and specialty bonds $ 156,972 $ 84,797 Open standby letters of credit 6,151 4,376 Total $ 163,123 $ 89,173 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | ||
Reconciliation of Basic Weighted-Average Common Shares Outstanding to Diluted Weighted-Average Shares Outstanding | The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for the three and nine months ended July 29, 2017 and July 30, 2016: Three Months Ended Nine Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Basic weighted-average common shares outstanding 63,769,388 51,269,600 59,617,447 51,706,320 Dilutive stock options 1,751,220 231,840 1,670,652 426,400 Dilutive restricted stock units 8,083 — 13,137 — Diluted weighted-average common shares outstanding 65,528,691 51,501,440 61,301,236 52,132,720 | The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for fiscal years 2016, 2015 and 2014: Fiscal Year Ended October 29, 2016 October 31, 2015 October 31, 2014 Basic weighted-average common shares outstanding 51,587,164 52,761,380 52,789,250 Dilutive stock options 186,521 57,589 8,181 Diluted weighted-average common shares 51,773,685 52,818,969 52,797,431 |
Exclusions from Calculation of Weighted-Average Shares Outstanding Assuming Dilution Due to Anti-Dilutive Effect of Common Stock Equivalents | The table below represents exclusions from the calculation of weighted-average shares outstanding assuming dilution due to the anti-dilutive effect of the common stock equivalents for the three and nine months ended July 29, 2017 and July 30, 2016: Three Months Ended Nine Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Anti-Dilutive Stock Options — 1,128,000 — 1,260,000 Anti-Dilutive Restricted Stock Units — — — — Anti-Dilutive Common Stock Equivalents — 1,128,000 — 1,260,000 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Segment Reporting [Abstract] | ||
Selected Financial Information of Segments | Selected financial information of the Company’s segments for the three months ended July 29, 2017 and July 30, 2016, is as follows (in thousands): Three Months Ended July 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 262,092 $ 154,421 $ 177,874 $ 1,215 $ 595,602 Net Sales—Intersegment $ — $ 256 $ 3,184 $ (3,440 ) $ — Depreciation and amortization $ 4,549 $ 2,363 $ 3,468 $ 1,158 $ 11,538 Capital expenditures $ 1,483 $ 6,493 $ 1,700 $ 2,172 $ 11,848 Identifiable assets $ 625,686 $ 272,603 $ 253,235 $ 94,558 $ 1,246,082 Adjusted EBITDA $ 29,076 $ 12,872 $ 11,650 $ (8,129 ) Three Months Ended July 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 218,144 $ 182,946 $ 127,148 $ — $ 528,238 Net Sales—Intersegment $ — $ — $ 2,814 $ (2,814 ) $ — Depreciation and amortization $ 2,760 $ 1,970 $ 1,617 $ 509 $ 6,856 Capital expenditures $ 2,725 $ 925 $ 7,540 $ 2,810 $ 14,000 Identifiable assets $ 458,393 $ 269,643 $ 164,319 $ 38,648 $ 931,003 Adjusted EBITDA $ 19,075 $ 17,090 $ 5,843 $ (8,545 ) Selected financial information of the Company’s segments for the nine months ended July 29, 2017 and July 30, 2016, is as follows (in thousands): Nine Months Ended July 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 666,465 $ 444,166 $ 470,917 $ 2,307 $ 1,583,855 Net Sales—Intersegment $ — $ 3,236 $ 9,666 $ (12,902 ) $ — Depreciation and amortization $ 10,178 $ 6,041 $ 8,223 $ 2,369 $ 26,811 Capital expenditures $ 9,053 $ 8,564 $ 3,860 $ 28,414 $ 49,891 Identifiable assets $ 625,686 $ 272,603 $ 253,235 $ 94,558 $ 1,246,082 Adjusted EBITDA $ 70,188 $ 35,708 $ 21,714 $ (23,470 ) Nine Months Ended July 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 523,969 $ 499,760 $ 357,518 $ — $ 1,381,247 Net Sales—Intersegment $ — $ — $ 8,186 $ (8,186 ) $ — Depreciation and amortization $ 6,639 $ 6,051 $ 3,295 $ 1,130 $ 17,115 Capital expenditures $ 6,634 $ 1,670 $ 2,661 $ 8,560 $ 19,525 Identifiable assets $ 458,393 $ 269,643 $ 164,319 $ 38,648 $ 931,003 Adjusted EBITDA $ 55,859 $ 37,268 $ 6,854 $ (19,140 ) | Selected financial information of the Company’s segments is as follows: Fiscal Year 2016 Fire & Commercial Recreation Corporate Consolidated Sales: Net Sales—External Customers $ 768,053 $ 679,033 $ 478,071 $ 842 $ 1,925,999 Net Sales—Intersegment $ — $ — $ 10,556 $ (10,556 ) $ — Depreciation and amortization $ 9,707 $ 8,095 $ 4,999 $ 1,792 $ 24,593 Capital expenditures $ 9,598 $ 5,943 $ 14,672 $ 18,329 $ 48,542 Identifiable assets $ 410,984 $ 268,980 $ 172,034 $ 37,021 $ 889,019 Adjusted EBITDA $ 85,170 $ 53,414 $ 11,005 $ (26,764 ) Fiscal Year 2015 Fire & Commercial Recreation Corporate Consolidated Sales: Net Sales—External Customers $ 620,161 $ 701,980 $ 412,940 $ — $ 1,735,081 Net Sales—Intersegment $ — $ — $ 10,039 $ (10,039 ) $ — Depreciation and amortization $ 7,315 $ 8,703 $ 2,634 $ 432 $ 19,084 Capital expenditures $ 3,353 $ 3,301 $ 2,710 $ 6,066 $ 15,430 Identifiable assets $ 276,244 $ 267,188 $ 129,706 $ 22,683 $ 695,821 Adjusted EBITDA $ 63,306 $ 39,095 $ 1,507 $ (13,782 ) Fiscal Year 2014 Fire & Commercial Recreation Corporate Consolidated Sales: Net Sales—External Customers $ 567,714 $ 654,432 $ 498,970 $ — $ 1,721,116 Net Sales—Intersegment $ — $ — $ 10,399 $ (10,399 ) $ — Depreciation and amortization $ 7,586 $ 8,427 $ 2,423 $ 465 $ 18,901 Capital expenditures $ 3,433 $ 3,116 $ 4,987 $ 531 $ 12,067 Identifiable assets $ 287,476 $ 262,290 $ 144,483 $ 11,438 $ 705,687 Adjusted EBITDA $ 37,544 $ 34,273 $ 2,001 $ (12,305 ) |
Reconciliation of Segment Adjusted EBITDA to Income Before Provision for Income Taxes | Provided below is a reconciliation of segment Adjusted EBITDA to net income before provision for income taxes (in thousands): Three Months Ended Nine Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Fire & Emergency Adjusted EBITDA $ 29,076 $ 19,075 $ 70,188 $ 55,859 Commercial Adjusted EBITDA 12,872 17,090 35,708 37,268 Recreation Adjusted EBITDA 11,650 5,843 21,714 6,854 Corporate and Other Adjusted EBITDA (8,129 ) (8,545 ) (23,470 ) (19,140 ) Depreciation and amortization (11,538 ) (6,856 ) (26,811 ) (17,115 ) Interest expense, net (4,560 ) (7,364 ) (15,453 ) (20,828 ) Transaction expenses (503 ) (196 ) (2,742 ) (1,581 ) Sponsor expenses (80 ) (25 ) (418 ) (150 ) Restructuring costs (2,279 ) (57 ) (3,479 ) (2,807 ) Stock-based compensation expense (314 ) (1,052 ) (26,131 ) (12,298 ) Non-cash (1,913 ) (697 ) (3,123 ) (697 ) Loss on early extinguishment of debt — — (11,920 ) — Income before provision for income taxes $ 24,282 $ 17,216 $ 14,063 $ 25,365 | Provided below is a reconciliation of segment Adjusted EBITDA to income before provision for income taxes: Fiscal Year Ended October 29, October 31, October 31, Fire & Emergency Adjusted EBITDA $ 85,170 $ 63,306 $ 37,544 Commercial Adjusted EBITDA 53,414 39,095 34,273 Recreation Adjusted EBITDA 11,005 1,507 2,001 Corporate and Other Adjusted EBITDA (26,764 ) (13,782 ) (12,305 ) Depreciation and amortization (24,593 ) (19,084 ) (18,901 ) Interest expense (29,158 ) (27,272 ) (26,195 ) Transaction expenses (1,629 ) — (1,166 ) Sponsor expenses (219 ) (1,069 ) (2,093 ) Restructuring costs (3,521 ) (4,652 ) (7,516 ) Stock-based compensation expense (19,692 ) (3,237 ) (859 ) Non-cash purchase accounting (770 ) — — Income before provision for income taxes $ 43,243 $ 34,812 $ 4,783 |
Net Sales by Geographic Region Based on Product Shipment Destination | The following tables present net sales by geographic region based on product shipment destination for fiscal years 2016, 2015 and 2014: Fiscal Year 2016 U.S. Europe/ Middle Rest of Total Fire & Emergency $ 758,549 $ 653 $ 3,416 $ 5,435 $ 768,053 Commercial 672,673 454 — 5,906 679,033 Recreation 475,021 — — 3,050 478,071 Corporate and other 842 — — — 842 Total Net Sales—External Customers $ 1,907,085 $ 1,107 $ 3,416 $ 14,391 $ 1,925,999 Intersegment Sales $ 10,556 — — — — Corporate Eliminations (10,556 ) — — — — Fiscal Year 2015 U.S. Europe/ Middle Rest of Total Fire & Emergency $ 589,311 $ 720 $ 23,924 $ 6,206 $ 620,161 Commercial 685,382 1,024 188 15,386 701,980 Recreation 407,504 — — 5,436 412,940 Total Net Sales—External Customers $ 1,682,197 $ 1,744 $ 24,112 $ 27,028 $ 1,735,081 Intersegment Sales $ 10,039 — — — — Corporate Eliminations (10,039 ) — — — — Fiscal Year 2014 U.S. Europe/ Middle Rest of Total Fire & Emergency $ 529,849 $ 2,433 $ 23,693 $ 11,739 $ 567,714 Commercial 642,701 960 370 10,401 654,432 Recreation 498,864 — — 106 498,970 Total Net Sales—External Customers $ 1,671,414 $ 3,393 $ 24,063 $ 22,246 $ 1,721,116 Intersegment Sales $ 10,399 — — — — Corporate Eliminations (10,399 ) — — — — |
Quarterly Information (Unaudi50
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Oct. 29, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data | Fiscal Year 2016 First Second Third Fourth Total Year Net sales $ 372,780 $ 480,229 $ 528,238 $ 544,752 $ 1,925,999 Cost of sales 337,841 421,509 464,285 472,433 1,696,068 Gross profit 34,939 58,720 63,953 72,319 229,931 Operating expense Selling, general and administrative 27,106 35,314 35,481 41,870 139,771 Research and development 1,139 1,294 1,330 1,052 4,815 Restructuring costs 2,965 (215 ) 57 714 3,521 Amortization of intangible assets 2,243 2,200 2,505 2,475 9,423 Total operating expenses 33,453 38,593 39,373 46,111 157,530 Interest expense 6,687 6,776 7,364 8,331 29,158 Income (loss) before provision for income taxes (5,201 ) 13,351 17,216 17,877 43,243 Provision (benefit) for income taxes (2,191 ) 5,309 4,136 5,796 13,050 Net income (loss) $ (3,010 ) $ 8,042 $ 13,080 $ 12,081 $ 30,193 Earnings per share Basic $ (0.05 ) $ 0.16 $ 0.26 $ 0.24 $ 0.59 Diluted $ (0.06 ) $ 0.16 $ 0.25 $ 0.24 $ 0.58 Fiscal Year 2015 First Second Third Fourth Total Year Net sales $ 383,552 $ 438,158 $ 450,343 $ 463,028 $ 1,735,081 Cost of sales 349,700 394,147 401,935 407,345 1,553,127 Gross profit 33,852 44,011 48,408 55,683 181,954 Operating expense Selling, general and administrative 23,024 27,833 24,584 26,868 102,309 Research and development 1,581 1,678 1,485 362 5,106 Restructuring costs — 2,359 909 601 3,869 Amortization of intangible assets 2,130 2,148 2,148 2,160 8,586 Total operating expenses 26,735 34,018 29,126 29,991 119,870 Interest expense 7,020 7,114 6,722 6,416 27,272 Income before provision for income taxes 97 2,879 12,560 19,276 34,812 Provision (benefit) for income taxes (184 ) 1,067 4,286 6,766 11,935 Net income $ 281 $ 1,812 $ 8,274 $ 12,510 $ 22,877 Earnings per share Basic $ 0.01 $ 0.03 $ 0.16 $ 0.24 $ 0.43 Diluted $ 0.01 $ 0.03 $ 0.16 $ 0.24 $ 0.43 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Accounting Policies and General Information [Line Items] | |||||||||||||||
Reclassification of tax indemnification assets from other current assets to other long-term assets | $ 3,772,000 | ||||||||||||||
Uninsured cash balances | $ 9,763,000 | $ 9,763,000 | |||||||||||||
Allowance for doubtful accounts | 1,623,000 | $ 768,000 | 1,623,000 | 768,000 | $ 795,000 | $ 564,000 | |||||||||
Self-insured retention per occurrence including defense expense | 500,000 | 500,000 | |||||||||||||
Employee medical coverage, annual claims per employee | 275,000 | 275,000 | |||||||||||||
Employee medical stop loss coverage limit | 275,000 | ||||||||||||||
Health expenses | 27,807,000 | 23,744,000 | 21,669,000 | ||||||||||||
Accrued health benefit liability | 4,739,000 | 3,899,000 | 4,739,000 | 3,899,000 | |||||||||||
Accrued workers' compensation claims | 962,000 | 970,000 | 962,000 | 970,000 | |||||||||||
Unrecognized tax benefits, including interest and penalties | $ 2,900,000 | 2,895,000 | 4,202,000 | $ 2,900,000 | 2,895,000 | 4,202,000 | |||||||||
Advertising costs | 4,118,000 | 3,623,000 | 3,133,000 | ||||||||||||
Research and development costs | 1,199,000 | 1,052,000 | $ 1,330,000 | $ 1,294,000 | $ 1,139,000 | 362,000 | $ 1,485,000 | $ 1,678,000 | $ 1,581,000 | 3,360,000 | $ 3,763,000 | $ 4,815,000 | $ 5,106,000 | $ 8,275,000 | |
Dividend rate assumed for outstanding stock option | 0.00% | 0.00% | 0.00% | ||||||||||||
Net foreign currency transaction losses | $ 90,000 | $ 18,000 | $ 283,000 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||||||
Accounting Policies and General Information [Line Items] | |||||||||||||||
Estimated carrying and fair values of financial instruments recognized and measured at fair value including foreign currency forward contracts | 89,000 | 0 | $ 89,000 | 0 | |||||||||||
Maximum [Member] | |||||||||||||||
Accounting Policies and General Information [Line Items] | |||||||||||||||
Stock compensation expense is recorded over the term associated stock option grants | 10 years | ||||||||||||||
Accounting Standards Update 2015-03 [Member] | Other long-term assets [Member] | |||||||||||||||
Accounting Policies and General Information [Line Items] | |||||||||||||||
Reclassification of debt issuance cost from long term assets to reduction in long term debt | (3,505,000) | (5,426,000) | $ (3,505,000) | (5,426,000) | |||||||||||
Senior Secured Notes [Member] | |||||||||||||||
Accounting Policies and General Information [Line Items] | |||||||||||||||
Debt issuance costs | $ 0 | 3,505,000 | 5,426,000 | $ 0 | 3,505,000 | 5,426,000 | |||||||||
Senior secured notes, fair value | 185,850,000 | 209,100,000 | 185,850,000 | 209,100,000 | |||||||||||
Asset Based Loan [Member] | |||||||||||||||
Accounting Policies and General Information [Line Items] | |||||||||||||||
Debt issuance costs | $ 2,422,000 | $ 2,130,000 | $ 2,422,000 | $ 2,130,000 | |||||||||||
Customer Concentration Risk [Member] | Net sales [Member] | Top Five Customers [Member] | |||||||||||||||
Accounting Policies and General Information [Line Items] | |||||||||||||||
Concentration risk, percentage | 15.00% | 14.00% | 15.00% |
Accounting Policies - Change in
Accounting Policies - Change in the Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 768 | $ 795 | $ 564 |
Net recorded expense | 1,075 | 620 | 850 |
Write-offs, net of recoveries/payments | (220) | (647) | (619) |
Ending balance | $ 1,623 | $ 768 | $ 795 |
Accounting Policies - Estimated
Accounting Policies - Estimated Useful Lives of Property, Plant and equipment (Detail) | 12 Months Ended |
Oct. 29, 2016 | |
Minimum [Member] | Buildings, Related Improvements and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P5Y |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P3Y |
Minimum [Member] | Office, Furniture and Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P3Y |
Maximum [Member] | Buildings, Related Improvements and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P39Y |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P15Y |
Maximum [Member] | Office, Furniture and Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P15Y |
Accounting Policies - Summary o
Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | $ 237,923 | $ 224,564 | $ 224,564 | $ 203,099 | $ 202,603 | ||
Changes | $ (268) | $ (103) | (136) | (77) | 65 | (120) | 80 |
Balance | 547,749 | 547,749 | 237,923 | 224,564 | 203,099 | ||
Increase / (Decrease) in Fair Value of Derivatives [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | (20) | 58 | 58 | 15 | (41) | ||
Changes | (78) | 43 | 56 | ||||
Balance | (20) | 58 | 15 | ||||
Other [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | 59 | (84) | (84) | 79 | 55 | ||
Changes | 170 | 184 | 143 | (163) | 24 | ||
Balance | 59 | (84) | 79 | ||||
AOCI Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance | 39 | (26) | (26) | 94 | 14 | ||
Changes | (136) | $ (77) | 65 | (120) | 80 | ||
Balance | $ (97) | $ (97) | $ 39 | $ (26) | $ 94 |
Accounting Policies - Change 55
Accounting Policies - Change in the Fair Value of Recurring Fair Value Measurements (Detail) - Redeemable Common Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Beginning balance | $ 15,350 | $ 15,418 |
Change in fair value | 10,716 | 6,426 |
Issuance of contingently redeemable common stock | 2,000 | |
Reclassification of contingently redeemable common stock to permanent equity | (3,773) | (8,494) |
Ending balance | $ 22,293 | $ 15,350 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | May 15, 2017 | Apr. 25, 2017 | Apr. 13, 2017 | Dec. 30, 2016 | Apr. 22, 2016 | Dec. 14, 2015 | Nov. 20, 2015 | Jul. 29, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2014 | Oct. 31, 2015 |
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire business, net of cash acquired | $ 155,142 | $ 31,729 | $ 31,727 | $ 5,043 | |||||||||
Goodwill | $ 129,746 | 129,746 | $ 84,595 | 84,507 | $ 82,825 | $ 82,825 | |||||||
Van-Mor Enterprises Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 1,600 | ||||||||||||
Business acquisition, land and buildings | 1,200 | 1,200 | |||||||||||
Midwest Automotive Designs [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 35,482 | ||||||||||||
Payments to acquire business, net of cash acquired | 35,500 | ||||||||||||
Goodwill | 13,331 | ||||||||||||
Net sales | 12,100 | 13,700 | |||||||||||
Operating income (loss) | (100) | $ 100 | |||||||||||
Business acquisition, land and buildings | $ 179 | ||||||||||||
Midwest Automotive Designs [Member] | Order Backlog [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 1 year | ||||||||||||
Ferrara Fire Apparatus, Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 100,113 | ||||||||||||
Payments to acquire business, net of cash acquired | 97,100 | ||||||||||||
Goodwill | $ 27,436 | ||||||||||||
Net sales | 30,700 | $ 31,800 | |||||||||||
Operating income (loss) | (800) | $ (800) | |||||||||||
Percentage of voting interest acquired | 100.00% | ||||||||||||
Cash acquired from acquisition | $ 3,000 | ||||||||||||
Business acquisition, land and buildings | $ 13,898 | ||||||||||||
Ferrara Fire Apparatus, Inc. [Member] | Non-compete Agreements [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 4 years | ||||||||||||
Ferrara Fire Apparatus, Inc. [Member] | Order Backlog [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 1 year | ||||||||||||
Renegade R V [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 22,549 | ||||||||||||
Payments to acquire business, net of cash acquired | 21,000 | ||||||||||||
Goodwill | $ 3,390 | ||||||||||||
Net sales | 26,700 | $ 53,200 | |||||||||||
Operating income (loss) | 1,700 | $ 2,600 | |||||||||||
Percentage of voting interest acquired | 100.00% | ||||||||||||
Cash acquired from acquisition | $ 1,600 | ||||||||||||
Payment for net working capital | 300 | ||||||||||||
Business acquisition, land and buildings | $ 892 | ||||||||||||
Renegade R V [Member] | Order Backlog [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 1 year | ||||||||||||
Kovatch Mobile Equipment [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 39,602 | ||||||||||||
Payments to acquire business, net of cash acquired | 30,112 | ||||||||||||
Goodwill | 2,396 | ||||||||||||
Net sales | 97,197 | 42,400 | $ 122,600 | ||||||||||
Operating income (loss) | $ (475) | $ 2,600 | $ 2,700 | ||||||||||
Percentage of voting interest acquired | 100.00% | ||||||||||||
Cash acquired from acquisition | $ 9,490 | ||||||||||||
Payment for net working capital | 511 | ||||||||||||
Business acquisition, land and buildings | 15,332 | ||||||||||||
Kovatch Mobile Equipment [Member] | Preliminary Purchase Price Allocation [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | 39,602 | ||||||||||||
Goodwill | 1,314 | ||||||||||||
Business acquisition, land and buildings | $ 15,332 | ||||||||||||
Hall-Mark Fire Apparatus Inc [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 3,000 | ||||||||||||
Goodwill | 368 | ||||||||||||
Net sales | 38,290 | ||||||||||||
Operating income (loss) | $ 345 | ||||||||||||
Cash acquired from acquisition | 385 | ||||||||||||
Payment to acquired business, gross | 2,000 | ||||||||||||
Business acquisition, land and buildings | $ 191 | ||||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 5 years | ||||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Customer Lists [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 9 years | ||||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Non-compete Agreements [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 6 years | ||||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Order Backlog [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization period of intangible assets | 1 year | ||||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Quarterly Installment [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, payable in installments | $ 1,000 | ||||||||||||
Business acquisition, installment payment period | 5 years | ||||||||||||
Business acquisition, debt obligation | $ 3,698 | ||||||||||||
Ancira [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition, purchase price | $ 19,976 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Apr. 25, 2017 | Apr. 13, 2017 | Dec. 30, 2016 | Apr. 22, 2016 | Dec. 14, 2015 | Nov. 20, 2015 | Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Liabilities: | |||||||||||
Goodwill | $ 129,746 | $ 84,507 | $ 84,595 | $ 82,825 | $ 82,825 | ||||||
Midwest Automotive Designs [Member] | |||||||||||
Assets: | |||||||||||
Cash | $ 1 | ||||||||||
Accounts receivable, net | 4,390 | ||||||||||
Inventories, net | 8,960 | ||||||||||
Other current assets | 65 | ||||||||||
Property, plant and equipment | 179 | ||||||||||
Intangible assets, net | 16,548 | ||||||||||
Total assets acquired | 30,143 | ||||||||||
Liabilities: | |||||||||||
Accounts payable | 6,601 | ||||||||||
Accrued warranty | 312 | ||||||||||
Customer advances | 898 | ||||||||||
Other current liabilities | 181 | ||||||||||
Total liabilities assumed | 7,992 | ||||||||||
Net Assets Acquired | 22,151 | ||||||||||
Consideration Paid | 35,482 | ||||||||||
Goodwill | 13,331 | ||||||||||
Midwest Automotive Designs [Member] | Order Customer Relationships [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 12,900 | ||||||||||
Midwest Automotive Designs [Member] | Order Backlog [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | $ 548 | ||||||||||
Ferrara Fire Apparatus, Inc. [Member] | |||||||||||
Assets: | |||||||||||
Cash | $ 3,013 | ||||||||||
Accounts receivable, net | 19,042 | ||||||||||
Inventories, net | 38,182 | ||||||||||
Other current assets | 360 | ||||||||||
Property, plant and equipment | 13,898 | ||||||||||
Intangible assets, net | 32,250 | ||||||||||
Other long-term assets | 76 | ||||||||||
Total assets acquired | 106,821 | ||||||||||
Liabilities: | |||||||||||
Accounts payable | 17,042 | ||||||||||
Accrued warranty | 2,621 | ||||||||||
Customer advances | 7,740 | ||||||||||
Deferred income taxes | 4,639 | ||||||||||
Other current liabilities | 2,102 | ||||||||||
Total liabilities assumed | 34,144 | ||||||||||
Net Assets Acquired | 72,677 | ||||||||||
Consideration Paid | 100,113 | ||||||||||
Goodwill | 27,436 | ||||||||||
Ferrara Fire Apparatus, Inc. [Member] | Order Customer Relationships [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 14,080 | ||||||||||
Ferrara Fire Apparatus, Inc. [Member] | Order Backlog [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 3,030 | ||||||||||
Ferrara Fire Apparatus, Inc. [Member] | Non-compete Agreements [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | $ 1,530 | ||||||||||
Renegade R V [Member] | |||||||||||
Assets: | |||||||||||
Cash | $ 1,597 | ||||||||||
Accounts receivable, net | 2,334 | ||||||||||
Inventories, net | 14,322 | ||||||||||
Other current assets | 131 | ||||||||||
Property, plant and equipment | 892 | ||||||||||
Intangible assets, net | 6,400 | ||||||||||
Total assets acquired | 25,676 | ||||||||||
Liabilities: | |||||||||||
Accounts payable | 4,231 | ||||||||||
Accrued warranty | 390 | ||||||||||
Customer advances | 272 | ||||||||||
Other current liabilities | 1,035 | ||||||||||
Deferred income taxes | 524 | ||||||||||
Other long-term liabilities | 65 | ||||||||||
Total liabilities assumed | 6,517 | ||||||||||
Net Assets Acquired | 19,159 | ||||||||||
Consideration Paid | 22,549 | ||||||||||
Goodwill | 3,390 | ||||||||||
Renegade R V [Member] | Order Customer Relationships [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 4,100 | ||||||||||
Renegade R V [Member] | Order Backlog [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | $ 700 | ||||||||||
Kovatch Mobile Equipment [Member] | |||||||||||
Assets: | |||||||||||
Cash | $ 9,490 | ||||||||||
Accounts receivable, net | 11,850 | ||||||||||
Inventories, net | 67,439 | ||||||||||
Deferred income taxes | 1,454 | ||||||||||
Other current assets | 1,580 | ||||||||||
Property, plant and equipment | 15,332 | ||||||||||
Intangible assets, net | 10,950 | ||||||||||
Other long-term assets | 22 | ||||||||||
Total assets acquired | 118,117 | ||||||||||
Liabilities: | |||||||||||
Accounts payable | 13,834 | ||||||||||
Accrued warranty | 14,357 | ||||||||||
Customer advances | 43,438 | ||||||||||
Other current liabilities | 9,282 | ||||||||||
Total liabilities assumed | 80,911 | ||||||||||
Net Assets Acquired | 37,206 | ||||||||||
Consideration Paid | 39,602 | ||||||||||
Goodwill | 2,396 | ||||||||||
Kovatch Mobile Equipment [Member] | Order Customer Relationships [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 8,550 | ||||||||||
Kovatch Mobile Equipment [Member] | Preliminary Purchase Price Allocation [Member] | |||||||||||
Assets: | |||||||||||
Cash | 9,490 | ||||||||||
Accounts receivable, net | 12,617 | ||||||||||
Inventories, net | 67,899 | ||||||||||
Deferred income taxes | 6,233 | ||||||||||
Other current assets | 1,580 | ||||||||||
Property, plant and equipment | 15,332 | ||||||||||
Intangible assets, net | 10,950 | ||||||||||
Other long-term assets | 39 | ||||||||||
Total assets acquired | 124,140 | ||||||||||
Liabilities: | |||||||||||
Accounts payable | 13,834 | ||||||||||
Accrued warranty | 14,357 | ||||||||||
Customer advances | 43,438 | ||||||||||
Deferred income taxes | 5,977 | ||||||||||
Other current liabilities | 8,246 | ||||||||||
Total liabilities assumed | 85,852 | ||||||||||
Net Assets Acquired | 38,288 | ||||||||||
Consideration Paid | 39,602 | ||||||||||
Goodwill | $ 1,314 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | |||||||||||
Assets: | |||||||||||
Cash | $ 385 | ||||||||||
Accounts receivable, net | 3,135 | ||||||||||
Inventories, net | 2,718 | ||||||||||
Prepaids & other assets | 3,493 | ||||||||||
Property, plant and equipment | 191 | ||||||||||
Total assets acquired | 12,292 | ||||||||||
Liabilities: | |||||||||||
Accounts payable | 891 | ||||||||||
Other current liabilities | 226 | ||||||||||
Customer deposits | 4,845 | ||||||||||
Debt | 3,698 | ||||||||||
Total liabilities assumed | 9,660 | ||||||||||
Net Assets Acquired | 2,632 | ||||||||||
Consideration Paid | 3,000 | ||||||||||
Goodwill | 368 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Trade Names [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 870 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Order Customer Relationships [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 750 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Order Backlog [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | 220 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Non-compete Agreements [Member] | |||||||||||
Assets: | |||||||||||
Intangible assets, net | $ 530 | ||||||||||
Ancira [Member] | |||||||||||
Assets: | |||||||||||
Inventories, net | $ 13,541 | ||||||||||
Land & land improvements | 1,400 | ||||||||||
Building & improvements | 4,849 | ||||||||||
Machinery & equipment | 186 | ||||||||||
Total assets acquired | 19,976 | ||||||||||
Liabilities: | |||||||||||
Consideration Paid | $ 19,976 |
Acquisitions - Schedule of Inta
Acquisitions - Schedule of Intangible Assets Acquired (Detail) - USD ($) $ in Thousands | Apr. 25, 2017 | Apr. 13, 2017 | Dec. 30, 2016 | Apr. 22, 2016 |
Midwest Automotive Designs [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 16,548 | |||
Midwest Automotive Designs [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 3,100 | |||
Midwest Automotive Designs [Member] | Order Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 12,900 | |||
Midwest Automotive Designs [Member] | Order Backlog [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 548 | |||
Ferrara Fire Apparatus, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 32,250 | |||
Ferrara Fire Apparatus, Inc. [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 13,610 | |||
Ferrara Fire Apparatus, Inc. [Member] | Order Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 14,080 | |||
Ferrara Fire Apparatus, Inc. [Member] | Order Backlog [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 3,030 | |||
Ferrara Fire Apparatus, Inc. [Member] | Non-compete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 1,530 | |||
Renegade R V [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 6,400 | |||
Renegade R V [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 1,600 | |||
Renegade R V [Member] | Order Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 4,100 | |||
Renegade R V [Member] | Order Backlog [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 700 | |||
Kovatch Mobile Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 10,950 | |||
Kovatch Mobile Equipment [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | 2,400 | |||
Kovatch Mobile Equipment [Member] | Order Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 8,550 |
Acquisitions - Schedule of In59
Acquisitions - Schedule of Intangible Assets Acquired (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Midwest Automotive Designs [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Acquired indefinite intangible assets, useful life | Indefinite life | |
Midwest Automotive Designs [Member] | Order Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 6 years | |
Midwest Automotive Designs [Member] | Order Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 1 year | |
Ferrara Fire Apparatus, Inc. [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Acquired indefinite intangible assets, useful life | Indefinite life | |
Ferrara Fire Apparatus, Inc. [Member] | Order Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 12 years | |
Ferrara Fire Apparatus, Inc. [Member] | Order Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 1 year | |
Ferrara Fire Apparatus, Inc. [Member] | Non-compete Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 4 years | |
Renegade R V [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Acquired indefinite intangible assets, useful life | Indefinite life | |
Renegade R V [Member] | Order Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 6 years | |
Renegade R V [Member] | Order Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 1 year | |
Kovatch Mobile Equipment [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Acquired indefinite intangible assets, useful life | Indefinite life | Indefinite life |
Kovatch Mobile Equipment [Member] | Order Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Acquired intangible assets, useful life | 9 years | 9 years |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Inventory Disclosure [Abstract] | |||
Chassis | $ 44,846 | $ 35,227 | $ 30,765 |
Raw materials | 157,299 | 112,423 | 86,533 |
Work in process | 194,999 | 128,145 | 97,251 |
Finished products | 69,793 | 59,179 | 40,454 |
Inventory, Gross, Total | 466,937 | 334,974 | 255,003 |
Less: reserves | (9,102) | (9,341) | (8,041) |
Total inventories, net | $ 457,835 | $ 325,633 | $ 246,962 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 284,857 | $ 207,567 | $ 135,948 |
Less: accumulated depreciation | (77,223) | (61,145) | (46,803) |
Total property, plant and equipment, net | 207,634 | 146,422 | 89,145 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 19,494 | 16,247 | 11,579 |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 102,240 | 85,779 | 60,546 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 92,969 | 73,087 | 46,250 |
Office Furniture, Fixtures and Computer Hardware and Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 30,011 | 9,009 | 7,377 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 40,143 | $ 23,445 | $ 10,196 |
Property, Plant and Equipment62
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||||||
Depreciation expense | $ 6,400 | $ 4,400 | $ 16,400 | $ 10,200 | $ 15,170 | $ 10,498 | $ 10,111 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Goodwill [Line Items] | |||||
Goodwill | $ 129,746 | $ 84,507 | $ 84,595 | $ 82,825 | $ 82,825 |
Fire and Emergency Segment [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 84,375 | 55,857 | 54,175 | ||
Commercial [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 28,650 | 28,650 | 28,650 | ||
Recreation [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 16,721 | $ 0 | $ 0 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets - Summary of Change in Net Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Balance at beginning of period | $ 84,507 | $ 82,825 | $ 82,825 | $ 82,825 |
Activity from prior year acquisitions | 1,082 | |||
Acquisition activity | 44,157 | 1,770 | 1,682 | 0 |
Balance at end of period | $ 129,746 | $ 84,595 | $ 84,507 | $ 82,825 |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets - Summary of Intangible Assets Excluding Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 | |
Intangible Assets Excluding Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | $ 122,246 | $ 84,123 | $ 71,963 |
Less: accumulated amortization | (57,802) | (47,846) | (38,423) |
Finite-lived intangible assets, net | 64,444 | 36,277 | 33,540 |
Indefinite-lived trade names | 106,073 | 87,763 | 85,363 |
Total intangible assets, net | 170,517 | 124,040 | 118,903 |
Technology-related Intangible Assets [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | $ 1,657 | $ 724 | 724 |
Finite-lived intangible assets, useful life | 7 years | 7 years | |
Order Customer Relationships [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | $ 110,554 | $ 79,172 | 69,872 |
Finite-lived intangible assets, useful life | 8 years | 8 years 7 months 6 days | |
Order Backlog [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | $ 4,498 | $ 220 | |
Finite-lived intangible assets, useful life | 1 year | 1 year | |
Non-compete Agreements [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | $ 2,060 | $ 530 | |
Finite-lived intangible assets, useful life | 5 years | 6 years | |
Trade Names [Member] | |||
Intangible Assets Excluding Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | $ 3,477 | $ 3,477 | $ 1,367 |
Finite-lived intangible assets, useful life | 7 years | 7 years |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Amortization expense | $ 5,109 | $ 2,475 | $ 2,505 | $ 2,200 | $ 2,243 | $ 2,160 | $ 2,148 | $ 2,148 | $ 2,130 | $ 10,417 | $ 6,948 | $ 9,423 | $ 8,586 | $ 8,790 |
Estimated future amortization expense of intangible assets year one | 8,837 | 8,837 | ||||||||||||
Estimated future amortization expense of intangible assets year two | 8,340 | 8,340 | ||||||||||||
Estimated future amortization expense of intangible assets year three | 7,345 | 7,345 | ||||||||||||
Estimated future amortization expense of intangible assets year four | 4,766 | 4,766 | ||||||||||||
Estimated future amortization expense of intangible assets year five | $ 2,085 | $ 2,085 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Payroll and related benefits and taxes | $ 29,434 | $ 27,775 | $ 20,629 |
Incentive compensation | 4,570 | 11,715 | 7,104 |
Customer sales program | 4,359 | 3,549 | 3,292 |
Restructuring costs | 1,275 | 359 | 1,776 |
Interest payable | 1,757 | 9,444 | 9,036 |
Income taxes payable | 6,027 | 8,716 | |
Stock options | 9,117 | 1,214 | |
Dividends payable | 3,190 | ||
Other | 13,961 | 21,128 | 12,022 |
Total other current liabilities | $ 64,573 | $ 91,803 | $ 55,073 |
Notes Payable, Bank and Other L
Notes Payable, Bank and Other Long-Term Debt - Summary of Notes Payable and Bank Debt (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Debt Instruments [Abstract] | |||
Senior secured notes, net of debt discount ($455 and $704) and debt issuance costs ($3,505 and $5,426) | $ 176,040 | $ 193,870 | |
ABL Facility | $ 227,000 | 80,000 | 18,224 |
Capital leases | 536 | ||
Long term debt including current maturities | 256,040 | 212,630 | |
Less: current maturities | (236) | ||
Long-term maturities of notes payable, bank and other long-term debt | 256,040 | 212,394 | |
Long term debt including current maturities | $ 256,040 | $ 212,630 |
Notes Payable, Bank and Other69
Notes Payable, Bank and Other Long-Term Debt - Summary of Notes Payable and Bank Debt (Parenthetical) (Detail) - Senior Secured Notes [Member] - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 21, 2013 |
Debt Instrument [Line Items] | ||||
Debt discount | $ 0 | $ 455 | $ 704 | $ 1,200 |
Debt issuance cost | $ 0 | $ 3,505 | $ 5,426 |
Notes Payable, Bank and Other70
Notes Payable, Bank and Other Long-Term Debt - Additional Information (Detail) - USD ($) | Apr. 25, 2017 | Feb. 16, 2017 | Jan. 17, 2017 | Oct. 17, 2016 | Aug. 19, 2016 | Apr. 22, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 21, 2013 |
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 104.25% | |||||||||||
Senior secured notes | $ 176,040,000 | $ 193,870,000 | ||||||||||
ABL Facility | $ 227,000,000 | 80,000,000 | 18,224,000 | |||||||||
Loss on early extinguishment of debt | (11,920,000) | |||||||||||
Prepayment premium | 7,650,000 | |||||||||||
Amortization of senior note discount | 50,000 | $ 150,000 | 249,000 | 217,000 | $ 235,000 | |||||||
Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 75,000,000 | |||||||||||
Debt issuance costs | 2,000,000 | $ 1,883,000 | 0 | |||||||||
Debt instrument maturity date | Apr. 25, 2022 | |||||||||||
Debt annual payments | $ 800,000 | |||||||||||
Term Loan [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 2.50% | |||||||||||
Debt instrument frequency of payment | Quarterly | |||||||||||
Term Loan [Member] | Eurodollar Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 3.50% | |||||||||||
Debt instrument frequency of payment | Monthly or quarterly | |||||||||||
Debt instrument , floor interest rate | 1.00% | |||||||||||
Term Loan [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Additional increase in borrowing capacity | $ 125,000,000 | |||||||||||
April 2017 Asset Based Lending Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 350,000,000 | |||||||||||
Debt issuance costs | $ 4,700,000 | |||||||||||
Debt instrument maturity date | Apr. 25, 2022 | |||||||||||
Additional increase in borrowing capacity | $ 100,000,000 | |||||||||||
April 2017 Asset Based Lending Facility [Member] | Swing Lines Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 30,000,000 | |||||||||||
April 2017 Asset Based Lending Facility [Member] | Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 35,000,000 | |||||||||||
April 2017 Asset Based Lending Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 0.75% | |||||||||||
April 2017 Asset Based Lending Facility [Member] | Eurodollar Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 1.75% | |||||||||||
Required annual payment percentage | 0.00% | |||||||||||
April 2017 Asset Based Lending Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed charge coverage ratio | 100.00% | |||||||||||
October 2013 Asset Based Lending Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 300,000,000 | $ 200,000,000 | $ 150,000,000 | |||||||||
Debt issuance costs | 3,500,000 | |||||||||||
Additional increase in borrowing capacity | 50,000,000 | |||||||||||
Debt instrument maturity date | Oct. 21, 2018 | |||||||||||
Loss on early extinguishment of debt | $ 700,000 | |||||||||||
Additional increase in borrowing capacity | 100,000,000 | |||||||||||
October 2013 Asset Based Lending Facility [Member] | Swing Lines Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 15,000,000 | |||||||||||
October 2013 Asset Based Lending Facility [Member] | Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 25,000,000 | |||||||||||
October 2013 Asset Based Lending Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 0.75% | |||||||||||
October 2013 Asset Based Lending Facility [Member] | Eurodollar Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 1.75% | |||||||||||
Bonds [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Purchase of outstanding bonds | $ 20,000,000 | |||||||||||
Premium paid | 400,000 | |||||||||||
Accrued interest paid | $ 784,000 | |||||||||||
Senior Secured Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 200,000,000 | |||||||||||
Debt interest rate | 8.50% | |||||||||||
Debt discount | $ 0 | 455,000 | 704,000 | $ 1,200,000 | ||||||||
Unamortized debt issuance costs | 3,505,000 | 5,426,000 | 9,000,000 | |||||||||
Principal outstanding debt | 180,000,000 | |||||||||||
Debt issuance costs | $ 0 | $ 3,505,000 | $ 5,426,000 | |||||||||
Debt instrument maturity date | Nov. 1, 2019 | |||||||||||
Debt instrument frequency of payment | Semi-annually | |||||||||||
Senior Secured Notes [Member] | Scenario, Previously Reported [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt discount | 1,166,000 | |||||||||||
Unamortized debt issuance costs | 8,980,000 | |||||||||||
Senior Secured Notes [Member] | Year 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 102.125% | 102.125% | ||||||||||
Unamortized debt issuance costs | $ 3,100,000 | |||||||||||
Loss on early extinguishment of debt | 11,200,000 | |||||||||||
Prepayment premium | 7,700,000 | |||||||||||
Amortization of senior note discount | $ 400,000 | |||||||||||
Change of Control Event [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 101.00% | |||||||||||
Change of Control Event [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior secured notes | $ 2,000,000 | |||||||||||
Asset Based Lending Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 300,000,000 | 200,000,000 | 150,000,000 | |||||||||
Debt issuance costs | 721,000 | 3,526,000 | ||||||||||
Additional increase in borrowing capacity | $ 100,000,000 | $ 50,000,000 | ||||||||||
Debt instrument maturity date | Oct. 21, 2018 | |||||||||||
Interest at average rate | 2.24% | |||||||||||
Letters of credit | $ 6,151,000 | |||||||||||
Available borrowing capacity | $ 213,849,000 | |||||||||||
Asset Based Lending Facility [Member] | Swing Lines Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 15,000,000 | |||||||||||
Asset Based Lending Facility [Member] | Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 25,000,000 | |||||||||||
Asset Based Lending Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 0.75% | |||||||||||
Asset Based Lending Facility [Member] | Eurodollar Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable interest rate margins | 1.75% |
Notes Payable, Bank and Other71
Notes Payable, Bank and Other Long-Term Debt - Debt Redemption Prices, Percentage (Detail) | Jan. 17, 2017 | Jul. 29, 2017 | Oct. 29, 2016 |
Debt Instrument, Redemption [Line Items] | |||
Redemption price of principal debt amount, percentage | 104.25% | ||
Senior Secured Notes [Member] | Year 2016 [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price of principal debt amount, percentage | 104.25% | 104.25% | |
Senior Secured Notes [Member] | Year 2017 [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price of principal debt amount, percentage | 102.125% | 102.125% | |
Senior Secured Notes [Member] | Year 2018 and Thereafter [Member] | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price of principal debt amount, percentage | 100.00% | 100.00% |
Warranties - Schedule of Change
Warranties - Schedule of Changes in Warranty Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 38,808 | $ 28,453 | $ 28,453 | $ 34,316 |
Warranty provisions | 21,534 | 18,615 | 26,759 | 22,537 |
Settlements made | (25,925) | (22,252) | (31,232) | (27,472) |
Warranties for current year acquisitions | 3,317 | 14,357 | 14,357 | |
Changes in liability of pre-existing warranties | (2,655) | 115 | 471 | (928) |
Balance at end of period | $ 35,079 | $ 39,288 | $ 38,808 | $ 28,453 |
Warranties - Accrued Warranty C
Warranties - Accrued Warranty Classified in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
Guarantees [Abstract] | |||||
Current liabilities | $ 19,012 | $ 22,693 | $ 18,153 | ||
Other long-term liabilities | 16,067 | 16,115 | 10,300 | ||
Total warranty liability | $ 35,079 | $ 38,808 | $ 39,288 | $ 28,453 | $ 34,316 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Leases [Abstract] | |||
Total rental expenses for property, plant and equipment charged to operations | $ 3,706 | $ 2,612 | $ 2,941 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease payments (Detail) $ in Thousands | Oct. 29, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 2,471 |
2,018 | 2,164 |
2,019 | 1,834 |
2,020 | 1,370 |
2,021 | 1,090 |
Thereafter | $ 836 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||
Discretionary contribution amount | $ 2,100 | $ 1,600 | $ 5,800 | $ 4,600 | $ 6,085 | $ 5,398 | $ 4,615 |
Maximum defer net employment income percentage | 100.00% | 100.00% |
Derivative Financial Instrume77
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount currently reported in accumulated other comprehensive loss is expected to be reclassified to earnings | $ 100,000 | $ 39,000 | |
Foreign Exchange Forward [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gross notional value | $ 11,300,000 | $ 5,198,000 | $ 5,669,000 |
Minimum [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Maximum length of time hedged in cash flow hedge | 12 months | 12 months | |
Maximum [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Maximum length of time hedged in cash flow hedge | 18 months | 18 months |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Jan. 27, 2017shares | Jul. 29, 2017shares | Oct. 29, 2016shares | Jan. 25, 2017shares | Oct. 31, 2015shares |
Class of Stock [Line Items] | |||||
Common stock, authorized shares | 605,000,000 | 605,000,000 | |||
Stock split ratio | 80 | 80 | 80 | ||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, authorized shares | 605,000,000 | ||||
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, authorized shares | 95,000,000 | ||||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, authorized shares | 46,000,000 | 46,000,000 | 46,000,000 | 46,000,000 | |
Common Stock, Voting Rights | One vote per share | ||||
Common Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, authorized shares | 43,200,000 | 43,200,000 | 43,200,000 | 43,200,000 | |
Common Stock, Voting Rights | Two votes per share |
Contingently Redeemable Commo79
Contingently Redeemable Common Stock - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Temporary Equity [Line Items] | |||||
Issuance of contingently redeemable common stock, shares | 390,320 | 577,200 | |||
Proceed from issuance of contingently redeemable common stock | $ 2,000 | $ 2,855 | |||
Reclassification from temporary equity to permanent equity | $ 35,371 | $ 3,773 | $ 8,494 | $ 3,355 | |
Redeemable Common Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Reclassification of contingently redeemable common stock, shares | (1,607,760) | (456,480) | (1,392,640) | (695,520) | |
Common Class A [Member] | |||||
Temporary Equity [Line Items] | |||||
Reclassification of contingently redeemable common stock, shares | 1,607,760 | 1,607,760 | 456,480 | 1,392,640 | 695,520 |
IPO [Member] | |||||
Temporary Equity [Line Items] | |||||
Reclassification from temporary equity to permanent equity | $ 35,400 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 02, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Feb. 01, 2017 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options outstanding | 3,746,560 | 4,834,560 | 5,360,560 | 3,307,760 | |||||||
Stock options vested , fair value | $ 26,500 | $ 9,117 | |||||||||
Intrinsic value of stock options vested | $ 1,214 | ||||||||||
Stock options vested , fair value | $ 0 | $ 0 | $ 9,100 | $ 2,256 | |||||||
Share-based compensation arrangement by share-based payment award, shares vested | 1,528,000 | ||||||||||
Stock option, accelerated share based compensation expense | $ 16,200 | ||||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||||||||||
IPO [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Price per share | $ 22 | $ 22 | $ 22 | $ 22 | |||||||
Stock Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation arrangement by share-based payment award, compensation cost | $ 1,900 | $ 1,900 | $ 7,399 | ||||||||
Stock Options [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | 10 years | |||||||||
Vesting period | 4 years | ||||||||||
Stock Options [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 3 years | ||||||||||
Stock Options [Member] | Share based compensation to be recognized potentially [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock-based compensation expense | $ 500 | $ 2,505 | |||||||||
Stock Options [Member] | IPO [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock-based compensation expense | $ 4,400 | ||||||||||
Share-based compensation arrangement by share-based payment award, shares vested | 1,200,000 | ||||||||||
Liability Share Award [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options outstanding | 0 | 0 | 1,664,000 | ||||||||
Liability Share Award [Member] | Scenario, Previously Reported [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options outstanding | 1,664,000 | 1,312,000 | |||||||||
Performance Based Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Payment to redeem performance based stock options | $ 0 | $ 300 | $ 3,300 | $ 10,200 | |||||||
Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock units, Granted | 73,101 | 48,364 | 48,364 | ||||||||
Restricted Stock Units [Member] | Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Restricted stock units, Granted | 43,575 | ||||||||||
Restricted Stock Units [Member] | Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 1 year | ||||||||||
Restricted stock units, Granted | 4,789 | ||||||||||
The 2010 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, capital shares reserved for future issuance | 8,000,000 | 8,000,000 | 6,400,000 | ||||||||
Common stock, remaining shares available for issuance | 4,449,176 | 4,449,176 | 3,746,560 | ||||||||
The 2016 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, capital shares reserved for future issuance | 8,000,000 | 8,000,000 | |||||||||
Common stock, remaining shares available for issuance | 7,881,835 | 7,881,835 | |||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock-based compensation expense | $ 300 | $ 1,100 | $ 26,100 | $ 12,300 |
Stock Compensation - Key Assump
Stock Compensation - Key Assumptions Used in Determining Fair Value of Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average volatility, Minimum | 52.75% | 52.59% | 52.75% |
Weighted-average volatility, Maximum | 52.98% | 52.73% | 53.05% |
Weighted-average risk-free interest rate, Minimum | 1.83% | 1.93% | 2.35% |
Weighted-average risk-free interest rate, Maximum | 2.25% | 2.37% | 2.80% |
Weighted-average expected life in years | 10 years | 10 years | 10 years |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average grant date fair value per option | $ 5.09 | $ 4.48 | $ 3.16 |
Stock Compensation - Summary of
Stock Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Number of Shares, Outstanding | 4,834,560 | 5,360,560 | 3,307,760 | |
Number of Shares, Granted | 1,000,000 | 368,000 | 2,236,000 | |
Number of Shares, Exercised | 0 | 0 | 0 | |
Number of Shares, Cancelled | (2,088,000) | (894,000) | (183,200) | |
Number of Shares, Outstanding | 3,746,560 | 4,834,560 | 5,360,560 | 3,307,760 |
Number of Shares, Exercisable | 970,640 | |||
Weighted-Average Exercise Price Per Share, Outstanding | $ 4.30 | $ 4.09 | $ 3.59 | |
Weighted-Average Exercise Price Per Share, Granted | 8 | 7 | 4.89 | |
Weighted-Average Exercise Price Per Share, Exercised | 0 | 0 | 0 | |
Weighted-Average Exercise Price Per Share, Cancelled | 4.39 | 4.60 | 4.31 | |
Weighted-Average Exercise Price Per Share, Outstanding | 5.69 | $ 4.30 | $ 4.09 | $ 3.59 |
Weighted-Average Exercise Price Per Share, Exercisable | $ 5.19 | |||
Weighted-Average Remaining Contractual Term (in years) | 7 years 1 month 6 days | 6 years | 6 years 9 months 18 days | 6 years 1 month 6 days |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding | $ 27,735 | $ 15,156 | $ 4,773 | $ 3,496 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable | $ 8,429 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2014USD ($) | Feb. 28, 2014USD ($)FacilitiesPositions | Jul. 29, 2017USD ($) | Oct. 29, 2016USD ($) | Jul. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Aug. 01, 2015USD ($) | May 02, 2015USD ($) | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Oct. 29, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring | $ 918 | $ 2,458 | $ 2,279 | $ 714 | $ 57 | $ (215) | $ 2,807 | $ 601 | $ 909 | $ 2,359 | $ 3,479 | $ 2,807 | $ 3,521 | $ 3,869 | $ 3,376 |
Number of positions eliminated | Positions | 143 | ||||||||||||||
Inventory related to restructuring costs | $ 4,140 | ||||||||||||||
Number of manufacturing facilities | Facilities | 2 | ||||||||||||||
Restructuring charges liability | 0 | 0 | |||||||||||||
Inventory obsolescence reserves | 783 | 783 | |||||||||||||
Restructuring costs unpaid | 1,275 | 359 | $ 1,776 | 1,275 | 359 | 1,776 | |||||||||
Commercial Segment and Corporate Office [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring | 1,500 | ||||||||||||||
Restructuring costs unpaid | 1,100 | 567 | 1,100 | 567 | |||||||||||
Goshen Bus [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring | 714 | 1,996 | 714 | $ 0 | |||||||||||
Restructuring costs unpaid | $ 100 | $ 314 | $ 100 | $ 314 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Changes in Restructuring Liability (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2014 | Feb. 28, 2014 | Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Balance | $ 1,776 | $ 881 | $ 1,776 | $ 1,776 | $ 577 | ||||||||||
Expenses Incurred | $ 918 | $ 2,458 | $ 2,279 | $ 714 | $ 57 | $ (215) | 2,807 | $ 601 | $ 909 | $ 2,359 | 3,479 | 2,807 | 3,521 | 3,869 | $ 3,376 |
Amounts Paid | (3,085) | (4,416) | (2,670) | ||||||||||||
Balance | 577 | 1,275 | 881 | 1,776 | 1,275 | 881 | 1,776 | 577 | |||||||
2016 - Companywide [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Balance | 0 | 567 | 0 | 0 | 0 | ||||||||||
Expenses Incurred | 2,807 | 0 | |||||||||||||
Amounts Paid | (567) | (2,240) | 0 | ||||||||||||
Balance | 0 | 567 | 0 | 567 | 0 | 0 | |||||||||
Goshen Bus [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Balance | 0 | 314 | 0 | 0 | 0 | ||||||||||
Expenses Incurred | 714 | 1,996 | 714 | 0 | |||||||||||
Amounts Paid | (2,184) | (400) | 0 | ||||||||||||
Balance | 0 | 126 | 314 | 0 | 126 | 314 | 0 | 0 | |||||||
2015 - Companywide [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Balance | 1,776 | 0 | 1,776 | 1,776 | 0 | ||||||||||
Expenses Incurred | 0 | 3,869 | |||||||||||||
Amounts Paid | (1,776) | (2,093) | |||||||||||||
Balance | 0 | 0 | 1,776 | 0 | 1,776 | 0 | |||||||||
Elkhart Indiana [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Balance | $ 0 | 0 | $ 0 | 0 | 577 | ||||||||||
Expenses Incurred | 0 | 0 | |||||||||||||
Amounts Paid | 0 | (577) | |||||||||||||
Balance | $ 577 | $ 0 | $ 0 | $ 0 | $ 0 | $ 577 | |||||||||
2017 Restructuring [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Expenses Incurred | 1,483 | ||||||||||||||
Amounts Paid | (334) | ||||||||||||||
Balance | $ 1,149 | $ 1,149 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Current: | ||||||||||||||
Federal | $ 12,564 | $ 13,970 | $ 2,319 | |||||||||||
State | 4,147 | 3,290 | 1,301 | |||||||||||
Total Current | 16,711 | 17,260 | 3,620 | |||||||||||
Deferred: | ||||||||||||||
Federal | (2,250) | (4,749) | 152 | |||||||||||
State | (1,411) | (576) | (477) | |||||||||||
Total Deferred | (3,661) | (5,325) | (325) | |||||||||||
Provision for income taxes | $ 9,091 | $ 5,796 | $ 4,136 | $ 5,309 | $ (2,191) | $ 6,766 | $ 4,286 | $ 1,067 | $ (184) | $ 5,362 | $ 7,254 | $ 13,050 | $ 11,935 | $ 3,295 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense at the federal statutory rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||||||||
Income tax expense at federal statutory rate | $ 15,135 | $ 12,184 | $ 1,626 | |||||||||||
State expense | 1,590 | 1,558 | 460 | |||||||||||
Deferred Adjustments | (1,531) | |||||||||||||
Manufacturing and research incentives | (2,592) | (1,475) | (363) | |||||||||||
Nondeductible items | 988 | 219 | 1,520 | |||||||||||
Other items | (540) | (551) | 52 | |||||||||||
Provision for income taxes | $ 9,091 | $ 5,796 | $ 4,136 | $ 5,309 | $ (2,191) | $ 6,766 | $ 4,286 | $ 1,067 | $ (184) | $ 5,362 | $ 7,254 | $ 13,050 | $ 11,935 | $ 3,295 |
Income Taxes - Temporary differ
Income Taxes - Temporary differences and carryforwards (Detail) - USD ($) $ in Thousands | Oct. 29, 2016 | Oct. 31, 2015 |
Deferred tax assets: | ||
Product warranty | $ 14,201 | $ 9,256 |
Inventory | 5,891 | 7,697 |
Deferred employee benefits | 9,096 | 4,609 |
Net operating loss and credits | 2,114 | 1,675 |
Other reserves and allowances | 5,311 | 3,885 |
Gross deferred tax assets | 36,613 | 27,122 |
Less valuation allowance | (154) | (797) |
Deferred tax assets | 36,459 | 26,325 |
Deferred tax liabilities: | ||
Intangible assets | (40,817) | (41,403) |
Property, plant and equipment | (12,661) | (6,542) |
Other | (430) | (385) |
Deferred tax liabilities | (53,908) | (48,330) |
Net deferred tax liability | $ (17,449) | $ (22,005) |
Income Taxes - Net deferred tax
Income Taxes - Net deferred tax assets/(liabilities) (Detail) - USD ($) $ in Thousands | Oct. 29, 2016 | Oct. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Current deferred tax asset | $ 23,599 | |
Noncurrent deferred tax liability | $ (17,449) | (45,604) |
Net deferred tax liability | $ (17,449) | $ (22,005) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 29, 2017 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||||
AMT credit carryforward | $ 114,000 | |||||
Interest and penalties related to uncertain tax liabilities | 180,000 | $ (12,000) | $ 31,000 | |||
Accrued interest and penalties | 216,000 | 36,000 | ||||
Unrecognized tax benefits that would affect the annual effective rate if recognized | $ 1,100,000 | $ 1,100,000 | 1,640,000 | 430,000 | $ 458,000 | |
Offsetting asset included in other long-term assets | 1,255,000 | |||||
Unrecognized tax benefit | 1,116,000 | |||||
Effective income tax rate | 38.10% | 28.60% | ||||
Deferred tax assets valuation allowance | 0 | $ 0 | ||||
Unrecognized tax benefits, including interest and penalties | $ 2,900,000 | $ 2,900,000 | 2,895,000 | $ 4,202,000 | ||
Canada [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | 573,000 | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | $ 3,250,000 | |||||
Net operating loss carryforwards, expiration year | 2,029 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | $ 4,540,000 | |||||
Net operating loss carryforwards, expiration year | 2,027 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of unrecognized tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 4,166 | $ 4,612 | $ 4,509 |
Additions (reductions) for tax positions in prior year | (1,501) | 74 | 80 |
Additions for tax positions in current year | 192 | 16 | 23 |
Cash settlements with taxing authorities | (34) | (430) | |
Statute of limitations | (144) | (106) | |
Balance at end of year | $ 2,679 | $ 4,166 | $ 4,612 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contingent Liabilities (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Loss Contingencies [Line Items] | |||
Performance, bid and specialty bonds | $ 273,850 | $ 156,972 | $ 84,797 |
Contingent liability in favor of third parties | 280,981 | 163,123 | 89,173 |
Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Open standby letters of credit | $ 7,131 | $ 6,151 | $ 4,376 |
Commitments and Contingencies92
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||||
Contingent liability under purchase agreements for future chassis inventory purchases | $ 75,600,000 | $ 77,587,000 | $ 69,210,000 | ||
Repurchase agreement | 2 years | 2 years | |||
Represents the gross value of all vehicles under repurchase agreements | $ 225,000,000 | $ 213,657,000 | 218,611,000 | ||
Environmental remediation costs | 1,528,000 | $ 0 | $ 0 | ||
Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Estimated loss exposure under contract | $ 600,000 | $ 626,000 | $ 656,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||
Future minimum lease 2017 | $ 2,471 | ||||||
Future minimum lease 2018 | 2,164 | ||||||
Software development and installation expense with related party | $ 1,300 | $ 1,100 | $ 2,700 | $ 2,400 | 3,012 | $ 1,885 | |
Primary Equity Holder [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Selling, general and administrative expenses charged by primary equity holder | 100 | 100 | 400 | 200 | 219 | 1,069 | $ 2,093 |
Management [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Rent expense | 100 | 100 | 500 | 400 | 524 | $ 513 | $ 567 |
Future minimum lease 2017 | 567 | ||||||
Future minimum lease 2018 | $ 337 | ||||||
IT Consulting Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Software development and installation expense with related party | $ 500 | $ 400 | $ 1,100 | $ 1,000 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Basic Weighted-Average Common Shares Outstanding to Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||
Basic weighted-average common shares outstanding | 63,769,388 | 51,269,600 | 59,617,447 | 51,706,320 | 51,587,164 | 52,761,380 | 52,789,250 |
Dilutive stock options | 1,751,220 | 231,840 | 1,670,652 | 426,400 | 186,521 | 57,589 | 8,181 |
Dilutive restricted stock units | 8,083 | 13,137 | |||||
Diluted weighted-average common shares | 65,528,691 | 51,501,440 | 61,301,236 | 52,132,720 | 51,773,685 | 52,818,969 | 52,797,431 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||
Anti dilutive securities excluded from computation of earnings per share | 0 | 1,128,000 | 0 | 1,260,000 | 2,312,000 | 2,668,000 | 2,808,000 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) - Segment | 9 Months Ended | 12 Months Ended |
Jul. 29, 2017 | Oct. 29, 2016 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 3 | 3 |
Business Segment Information 97
Business Segment Information - Schedule of Selected Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 595,602 | $ 544,752 | $ 528,238 | $ 480,229 | $ 372,780 | $ 463,028 | $ 450,343 | $ 438,158 | $ 383,552 | $ 1,583,855 | $ 1,381,247 | $ 1,925,999 | $ 1,735,081 | $ 1,721,116 |
Depreciation and amortization | 11,538 | 6,856 | 26,811 | 17,115 | 24,593 | 19,084 | 18,901 | |||||||
Capital expenditures | 11,848 | 14,000 | 49,891 | 19,525 | 48,542 | 15,430 | 12,067 | |||||||
Identifiable assets | 1,246,082 | 889,019 | 931,003 | 695,821 | 1,246,082 | 931,003 | 889,019 | 695,821 | 705,687 | |||||
Fire and Emergency Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 262,092 | 218,144 | 666,465 | 523,969 | 768,053 | 620,161 | 567,714 | |||||||
Depreciation and amortization | 4,549 | 2,760 | 10,178 | 6,639 | 9,707 | 7,315 | 7,586 | |||||||
Capital expenditures | 1,483 | 2,725 | 9,053 | 6,634 | 9,598 | 3,353 | 3,433 | |||||||
Identifiable assets | 625,686 | 410,984 | 458,393 | 276,244 | 625,686 | 458,393 | 410,984 | 276,244 | 287,476 | |||||
Adjusted EBITDA | 29,076 | 19,075 | 70,188 | 55,859 | 85,170 | 63,306 | 37,544 | |||||||
Commercial [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 154,421 | 182,946 | 444,166 | 499,760 | 679,033 | 701,980 | 654,432 | |||||||
Depreciation and amortization | 2,363 | 1,970 | 6,041 | 6,051 | 8,095 | 8,703 | 8,427 | |||||||
Capital expenditures | 6,493 | 925 | 8,564 | 1,670 | 5,943 | 3,301 | 3,116 | |||||||
Identifiable assets | 272,603 | 268,980 | 269,643 | 267,188 | 272,603 | 269,643 | 268,980 | 267,188 | 262,290 | |||||
Adjusted EBITDA | 12,872 | 17,090 | 35,708 | 37,268 | 53,414 | 39,095 | 34,273 | |||||||
Commercial [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 256 | 3,236 | ||||||||||||
Recreation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 177,874 | 127,148 | 470,917 | 357,518 | 478,071 | 412,940 | 498,970 | |||||||
Depreciation and amortization | 3,468 | 1,617 | 8,223 | 3,295 | 4,999 | 2,634 | 2,423 | |||||||
Capital expenditures | 1,700 | 7,540 | 3,860 | 2,661 | 14,672 | 2,710 | 4,987 | |||||||
Identifiable assets | 253,235 | 172,034 | 164,319 | 129,706 | 253,235 | 164,319 | 172,034 | 129,706 | 144,483 | |||||
Adjusted EBITDA | 11,650 | 5,843 | 21,714 | 6,854 | 11,005 | 1,507 | 2,001 | |||||||
Recreation [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 3,184 | 2,814 | 9,666 | 8,186 | 10,556 | 10,039 | 10,399 | |||||||
Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,215 | 2,307 | 842 | |||||||||||
Depreciation and amortization | 1,158 | 509 | 2,369 | 1,130 | 1,792 | 432 | 465 | |||||||
Capital expenditures | 2,172 | 2,810 | 28,414 | 8,560 | 18,329 | 6,066 | 531 | |||||||
Identifiable assets | 94,558 | $ 37,021 | 38,648 | $ 22,683 | 94,558 | 38,648 | 37,021 | 22,683 | 11,438 | |||||
Adjusted EBITDA | (8,129) | (8,545) | (23,470) | (19,140) | (26,764) | (13,782) | (12,305) | |||||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ (3,440) | $ (2,814) | $ (12,902) | $ (8,186) | $ (10,556) | $ (10,039) | $ (10,399) |
Business Segment Information 98
Business Segment Information - Reconciliation of Segment Adjusted EBITDA to Net Loss Before Benefit for Income Taxes (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | Feb. 28, 2014 | Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||||||
Depreciation and amortization | $ (11,538) | $ (6,856) | $ (26,811) | $ (17,115) | $ (24,593) | $ (19,084) | $ (18,901) | |||||||||
Interest expense | (4,560) | $ (8,331) | (7,364) | $ (6,776) | $ (6,687) | $ (6,416) | $ (6,722) | $ (7,114) | $ (7,020) | (15,453) | (20,828) | (29,158) | (27,272) | (26,195) | ||
Transaction expenses | (503) | (196) | (2,742) | (1,581) | (1,629) | (1,166) | ||||||||||
Sponsor expenses | (80) | (25) | (418) | (150) | (219) | (1,069) | (2,093) | |||||||||
Restructuring costs | $ (918) | $ (2,458) | (2,279) | (714) | (57) | 215 | (2,807) | (601) | (909) | (2,359) | (3,479) | (2,807) | (3,521) | (3,869) | (3,376) | |
Stock-based compensation expense | (314) | (1,052) | (26,131) | (12,298) | (19,692) | (3,237) | (859) | |||||||||
Non-cash purchase accounting | (1,913) | (697) | (3,123) | (697) | (770) | |||||||||||
Loss on early extinguishment of debt | (11,920) | |||||||||||||||
Income (loss) before provision (benefit) for income taxes | 24,282 | $ 17,877 | 17,216 | $ 13,351 | $ (5,201) | $ 19,276 | $ 12,560 | $ 2,879 | $ 97 | 14,063 | 25,365 | 43,243 | 34,812 | 4,783 | ||
Fire and Emergency Segment [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Adjusted EBITDA | 29,076 | 19,075 | 70,188 | 55,859 | 85,170 | 63,306 | 37,544 | |||||||||
Depreciation and amortization | (4,549) | (2,760) | (10,178) | (6,639) | (9,707) | (7,315) | (7,586) | |||||||||
Commercial [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Adjusted EBITDA | 12,872 | 17,090 | 35,708 | 37,268 | 53,414 | 39,095 | 34,273 | |||||||||
Depreciation and amortization | (2,363) | (1,970) | (6,041) | (6,051) | (8,095) | (8,703) | (8,427) | |||||||||
Recreation [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Adjusted EBITDA | 11,650 | 5,843 | 21,714 | 6,854 | 11,005 | 1,507 | 2,001 | |||||||||
Depreciation and amortization | (3,468) | (1,617) | (8,223) | (3,295) | (4,999) | (2,634) | (2,423) | |||||||||
Corporate and Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Adjusted EBITDA | (8,129) | (8,545) | (23,470) | (19,140) | (26,764) | (13,782) | (12,305) | |||||||||
Depreciation and amortization | $ (1,158) | $ (509) | $ (2,369) | $ (1,130) | $ (1,792) | $ (432) | $ (465) |
Business Segment Information 99
Business Segment Information - Net Sales by Geographic Region Based on Product Shipment Destination (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 595,602 | $ 544,752 | $ 528,238 | $ 480,229 | $ 372,780 | $ 463,028 | $ 450,343 | $ 438,158 | $ 383,552 | $ 1,583,855 | $ 1,381,247 | $ 1,925,999 | $ 1,735,081 | $ 1,721,116 |
Fire and Emergency Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 262,092 | 218,144 | 666,465 | 523,969 | 768,053 | 620,161 | 567,714 | |||||||
Commercial [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 154,421 | 182,946 | 444,166 | 499,760 | 679,033 | 701,980 | 654,432 | |||||||
Commercial [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 256 | 3,236 | ||||||||||||
Recreation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 177,874 | 127,148 | 470,917 | 357,518 | 478,071 | 412,940 | 498,970 | |||||||
Recreation [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 3,184 | 2,814 | 9,666 | 8,186 | 10,556 | 10,039 | 10,399 | |||||||
Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,215 | 2,307 | 842 | |||||||||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ (3,440) | $ (2,814) | $ (12,902) | $ (8,186) | (10,556) | (10,039) | (10,399) | |||||||
U.S.and Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,907,085 | 1,682,197 | 1,671,414 | |||||||||||
U.S.and Canada [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 10,556 | 10,039 | 10,399 | |||||||||||
U.S.and Canada [Member] | Corporate Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | (10,556) | (10,039) | (10,399) | |||||||||||
U.S.and Canada [Member] | Fire and Emergency Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 758,549 | 589,311 | 529,849 | |||||||||||
U.S.and Canada [Member] | Commercial [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 672,673 | 685,382 | 642,701 | |||||||||||
U.S.and Canada [Member] | Recreation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 475,021 | 407,504 | 498,864 | |||||||||||
U.S.and Canada [Member] | Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 842 | |||||||||||||
Europe/Africa [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,107 | 1,744 | 3,393 | |||||||||||
Europe/Africa [Member] | Fire and Emergency Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 653 | 720 | 2,433 | |||||||||||
Europe/Africa [Member] | Commercial [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 454 | 1,024 | 960 | |||||||||||
Middle East [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 3,416 | 24,112 | 24,063 | |||||||||||
Middle East [Member] | Fire and Emergency Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 3,416 | 23,924 | 23,693 | |||||||||||
Middle East [Member] | Commercial [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 188 | 370 | ||||||||||||
Rest of World [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 14,391 | 27,028 | 22,246 | |||||||||||
Rest of World [Member] | Fire and Emergency Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 5,435 | 6,206 | 11,739 | |||||||||||
Rest of World [Member] | Commercial [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 5,906 | 15,386 | 10,401 | |||||||||||
Rest of World [Member] | Recreation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 3,050 | $ 5,436 | $ 106 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 01, 2017USD ($)$ / sharesshares | Jan. 27, 2017 | Jul. 29, 2017USD ($)$ / shares | Oct. 29, 2016 | Feb. 02, 2017$ / shares |
Subsequent Event [Line Items] | |||||
Net proceeds after deducting underwriting discount and expenses | $ 253,593 | ||||
Stock split ratio | 80 | 80 | 80 | ||
IPO [Member] | |||||
Subsequent Event [Line Items] | |||||
Net proceeds from initial public offering, shares | shares | 12,500,000 | ||||
Price per share | $ / shares | $ 22 | $ 22 | $ 22 | ||
Gross proceeds | $ 275,000 | ||||
Net proceeds after deducting underwriting discount and expenses | $ 253,600 |
Quarterly Information (Unaud101
Quarterly Information (Unaudited) - Summarized Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | Feb. 28, 2014 | Jul. 29, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Net sales | $ 595,602 | $ 544,752 | $ 528,238 | $ 480,229 | $ 372,780 | $ 463,028 | $ 450,343 | $ 438,158 | $ 383,552 | $ 1,583,855 | $ 1,381,247 | $ 1,925,999 | $ 1,735,081 | $ 1,721,116 | ||
Cost of sales | 517,597 | 472,433 | 464,285 | 421,509 | 337,841 | 407,345 | 401,935 | 394,147 | 349,700 | 1,385,485 | 1,223,635 | 1,696,068 | 1,553,127 | 1,557,877 | ||
Gross profit | 78,005 | 72,319 | 63,953 | 58,720 | 34,939 | 55,683 | 48,408 | 44,011 | 33,852 | 198,370 | 157,612 | 229,931 | 181,954 | 163,239 | ||
Operating expense | ||||||||||||||||
Selling, general and administrative | 40,576 | 41,870 | 35,481 | 35,314 | 27,106 | 26,868 | 24,584 | 27,833 | 23,024 | 139,678 | 97,901 | 139,771 | 102,309 | 111,820 | ||
Research and development | 1,199 | 1,052 | 1,330 | 1,294 | 1,139 | 362 | 1,485 | 1,678 | 1,581 | 3,360 | 3,763 | 4,815 | 5,106 | 8,275 | ||
Restructuring costs | $ 918 | $ 2,458 | 2,279 | 714 | 57 | (215) | 2,807 | 601 | 909 | 2,359 | 3,479 | 2,807 | 3,521 | 3,869 | 3,376 | |
Amortization of intangible assets | 5,109 | 2,475 | 2,505 | 2,200 | 2,243 | 2,160 | 2,148 | 2,148 | 2,130 | 10,417 | 6,948 | 9,423 | 8,586 | 8,790 | ||
Total operating expenses | 49,163 | 46,111 | 39,373 | 38,593 | 33,453 | 29,991 | 29,126 | 34,018 | 26,735 | 156,934 | 111,419 | 157,530 | 119,870 | 132,261 | ||
Interest expense | 4,560 | 8,331 | 7,364 | 6,776 | 6,687 | 6,416 | 6,722 | 7,114 | 7,020 | 15,453 | 20,828 | 29,158 | 27,272 | 26,195 | ||
Income (loss) before provision (benefit) for income taxes | 24,282 | 17,877 | 17,216 | 13,351 | (5,201) | 19,276 | 12,560 | 2,879 | 97 | 14,063 | 25,365 | 43,243 | 34,812 | 4,783 | ||
Provision (benefit) for income taxes | 9,091 | 5,796 | 4,136 | 5,309 | (2,191) | 6,766 | 4,286 | 1,067 | (184) | 5,362 | 7,254 | 13,050 | 11,935 | 3,295 | ||
Net income | $ 15,191 | $ 12,081 | $ 13,080 | $ 8,042 | $ (3,010) | $ 12,510 | $ 8,274 | $ 1,812 | $ 281 | $ 8,701 | $ 18,111 | $ 30,193 | $ 22,877 | $ 1,488 | ||
Earnings per share | ||||||||||||||||
Basic | $ 0.24 | $ 0.24 | $ 0.26 | $ 0.16 | $ (0.05) | $ 0.24 | $ 0.16 | $ 0.03 | $ 0.01 | $ 0.15 | $ 0.35 | $ 0.59 | $ 0.43 | $ 0.03 | ||
Diluted | $ 0.23 | $ 0.24 | $ 0.25 | $ 0.16 | $ (0.06) | $ 0.24 | $ 0.16 | $ 0.03 | $ 0.01 | $ 0.14 | $ 0.35 | $ 0.58 | $ 0.43 | $ 0.03 | ||
Scenario, Previously Reported [Member] | ||||||||||||||||
Operating expense | ||||||||||||||||
Restructuring costs | $ 2,965 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) - Deferred Tax Valuation Allowance [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 797 | $ 796 | $ 800 |
Charge to Costs and Expenses | (638) | 0 | 0 |
Utilization of Reserve | 0 | 0 | 0 |
Other, Such as Rate Changes or Foreign Currency Changes | (5) | 1 | (4) |
Balance at End of Year | $ 154 | $ 797 | $ 796 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 01, 2017USD ($)$ / sharesshares | Jan. 27, 2017 | Jul. 29, 2017USD ($)$ / shares | Oct. 29, 2016 | Feb. 02, 2017$ / shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Net proceeds after deducting underwriting discount and expenses | $ 253,593 | ||||
Stock split ratio | 80 | 80 | 80 | ||
IPO [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Net proceeds from initial public offering, shares | shares | 12,500,000 | ||||
Price per share | $ / shares | $ 22 | $ 22 | $ 22 | ||
Gross proceeds | $ 275,000 | ||||
Net proceeds after deducting underwriting discount and expenses | $ 253,600 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Oct. 29, 2016 | Oct. 31, 2015 |
Debt Instruments [Abstract] | |||
Senior secured notes, net of debt discount ($0 and $455) and debt issuance costs ($0 and $3,505) | $ 176,040 | $ 193,870 | |
ABL Facility | $ 227,000 | 80,000 | 18,224 |
Term Loan, net of debt issuance costs ($1,883 and $0) | 73,117 | ||
Long term debt including current maturities | 300,117 | 256,040 | |
Less: current maturities | (750) | (236) | |
Long-term debt, less current maturities | 299,367 | 256,040 | $ 212,394 |
Long term debt including current maturities | $ 300,117 | $ 256,040 |
Long-Term Debt - Summary of 105
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Apr. 25, 2017 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 21, 2013 |
Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount | $ 0 | $ 455 | $ 704 | $ 1,200 | |
Debt issuance costs | 0 | 3,505 | $ 5,426 | ||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 1,883 | $ 2,000 | $ 0 |
Long-Term Debt - Summary of Spe
Long-Term Debt - Summary of Specified Secured Leverage Ratio of Term Loan (Detail) | Jul. 29, 2017 |
Debt Instruments [Abstract] | |
Secured leverage ratio through July 31,2018 | 400.00% |
Secured leverage ratio through July 31,2019 | 375.00% |
Secured leverage ratio through July 31,2020 | 350.00% |
Secured leverage ratio through July 31,2021 | 325.00% |
Secured leverage ratio through April 25,2022 | 300.00% |
Earnings per Share - Exclusions
Earnings per Share - Exclusions from Calculation of Weighted-Average Shares Outstanding Assuming Dilution Due to Anti-Dilutive Effect of Common Stock Equivalents (Detail) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Anti-Dilutive Common Stock Equivalents | 0 | 1,128,000 | 0 | 1,260,000 | 2,312,000 | 2,668,000 | 2,808,000 |
Stock Options [Member] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Anti-Dilutive Common Stock Equivalents | 0 | 1,128,000 | 0 | 1,260,000 | |||
Restricted Stock Units [Member] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||||
Anti-Dilutive Common Stock Equivalents | 0 | 0 | 0 | 0 |
Stock Compensation - Summary108
Stock Compensation - Summary of Restricted Stock Units Outstanding (Detail) - Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |
Jul. 29, 2017 | Apr. 29, 2017 | Jul. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 73,101 | 48,364 | 48,364 |
Vested | 0 | ||
Cancelled/Expired | (3,300) | ||
Outstanding Balance | 45,064 | 45,064 | |
Granted | $ 25.06 | ||
Vested | 0 | ||
Cancelled/Expired | 25 | ||
Outstanding Balance | $ 25.06 | $ 25.06 |
Comprehensive Income - Summary
Comprehensive Income - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Changes | $ (268) | $ (103) | $ (136) | $ (77) | $ 65 | $ (120) | $ 80 |
Accumulated Net Gain (Loss) from Derivative Adjustments [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | (20) | 58 | 58 | ||||
Changes | (448) | (261) | |||||
Ending balance | (468) | (203) | (468) | (203) | (20) | 58 | |
Other [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | 57 | (84) | (84) | ||||
Changes | 170 | 184 | 143 | (163) | 24 | ||
Ending balance | 227 | 100 | 227 | 100 | 57 | (84) | |
AOCI Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | 39 | (26) | (26) | ||||
Changes | (136) | (77) | 65 | (120) | $ 80 | ||
Ending balance | (97) | $ (103) | (97) | $ (103) | 39 | $ (26) | |
Translation adjustment [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | 2 | ||||||
Changes | 142 | ||||||
Ending balance | $ 144 | $ 144 | $ 2 |