Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Dec. 16, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | REVG | ||
Entity Registrant Name | REV Group, Inc. | ||
Entity Central Index Key | 1,687,221 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 501,386,889 | ||
Entity Common Stock, Shares Outstanding | 62,683,808 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 11.9 | $ 17.8 |
Accounts receivable, net | 266.9 | 243.2 |
Inventories, net | 514 | 452.4 |
Other current assets | 24 | 13.4 |
Assets held for sale | 26.3 | |
Total current assets | 843.1 | 726.8 |
Property, plant and equipment, net | 214.3 | 217.1 |
Goodwill | 161.8 | 133.2 |
Intangibles assets, net | 174.6 | 167.9 |
Other long-term assets | 14.3 | 9.4 |
Total assets | 1,408.1 | 1,254.4 |
Current liabilities: | ||
Current portion of long-term debt | 1.3 | 0.8 |
Accounts payable | 218.1 | 217.2 |
Customer advances | 117.8 | 95.8 |
Accrued warranty | 19 | 26 |
Other current liabilities | 55.5 | 70.2 |
Liabilities held for sale | 5.5 | |
Total current liabilities | 417.2 | 410 |
Long-term debt, less current maturities | 420.6 | 229.1 |
Deferred income taxes | 19.9 | 22.5 |
Other long-term liabilities | 18 | 20.3 |
Total liabilities | 875.7 | 681.9 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Common stock ($.001 par value, 605,000,000 shares authorized; 62,683,808 and 64,145,945 shares issued and outstanding, respectively) | 0.1 | 0.1 |
Additional paid-in capital | 492.1 | 532 |
Retained earnings | 40.6 | 40.4 |
Accumulated other comprehensive loss | (1.4) | |
Total REV's shareholders' equity | 531.4 | 572.5 |
Non-controlling interest | 1 | |
Total shareholders' equity | 532.4 | 572.5 |
Total liabilities and shareholders' equity | $ 1,408.1 | $ 1,254.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2018 | Oct. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 605,000,000 | 605,000,000 |
Common stock, shares issued | 62,683,808 | 64,145,945 |
Common stock, shares outstanding | 62,683,808 | 64,145,945 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 2,381.3 | $ 2,267.8 | $ 1,926 |
Cost of sales | 2,103.3 | 1,973.2 | 1,696.1 |
Gross profit | 278 | 294.6 | 229.9 |
Operating expenses: | |||
Selling, general and administrative | 182.8 | 188.3 | 139.8 |
Research and development costs | 6.5 | 4.2 | 4.8 |
Amortization of intangible assets | 18.1 | 14.9 | 9.4 |
Restructuring | 7.2 | 4.5 | 3.5 |
Impairment charges | 35.6 | ||
Total operating expenses | 250.2 | 211.9 | 157.5 |
Operating income | 27.8 | 82.7 | 72.4 |
Interest expense, net | 25.6 | 20.7 | 29.2 |
Loss on early extinguishment of debt | 11.9 | ||
Income before (benefit) provision for income taxes | 2.2 | 50.1 | 43.2 |
(Benefit) provision for income taxes | (10.8) | 18.7 | 13 |
Net income | 13 | 31.4 | 30.2 |
Other comprehensive (loss) income, net of tax | (1.4) | 0.1 | |
Comprehensive income | $ 11.6 | $ 31.4 | $ 30.3 |
Income per common share: | |||
Basic | $ 0.20 | $ 0.52 | $ 0.59 |
Diluted | 0.20 | 0.50 | $ 0.58 |
Dividends declared per common share | $ 0.20 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 13 | $ 31.4 | $ 30.2 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 46 | 37.8 | 24.6 |
Amortization of debt issuance costs | 1.9 | 1.8 | 2.7 |
Amortization of Senior Note discount | 0.1 | 0.2 | |
Stock-based compensation expense | 6.3 | 26.6 | 19.7 |
Deferred income taxes | (4.1) | 2.9 | (3.7) |
Loss on early extinguishment of debt | 11.9 | ||
Gain on disposal of property, plant and equipment | (3) | (1.2) | (0.3) |
Impairment charges | 35.6 | ||
Changes in operating assets and liabilities net of effects of business acquisitions: | |||
Receivables, net | (22.3) | (39.7) | (52.4) |
Inventories, net | (74.5) | (61.9) | (8.1) |
Other current assets | (12.2) | (1.2) | (0.7) |
Accounts payable | 6.1 | 54.7 | 44.8 |
Accrued warranty | (11.3) | (6.2) | (4) |
Customer advances | 21.9 | (0.8) | 2.9 |
Other liabilities | (23.6) | (22.2) | 18.7 |
Long-term assets | 1 | (0.8) | 1 |
Net cash (used in) provided by operating activities | (19.2) | 33.2 | 75.6 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (40.6) | (54) | (37.5) |
Purchase of rental fleet vehicles | (20.1) | (17.7) | (11.1) |
Purchase of land in Riverside, CA | (7.6) | ||
Proceeds from sale of property, plant and equipment | 8.7 | 6.6 | 2.3 |
Investment in China JV | (7.6) | ||
Acquisition of businesses, net of cash acquired | (60) | (156.4) | (31.7) |
Acquisition of Ancira assets | (6.4) | ||
Net cash used in investing activities | (119.6) | (229.1) | (84.4) |
Cash flows from financing activities: | |||
Net proceeds from borrowings under revolving credit facility | 141.5 | 75.9 | 61.7 |
Proceeds from Term Loan | 50 | 75 | |
Payment of dividends | (12.8) | (6.4) | |
Repurchase and retirement of common stock | (53.3) | ||
Net proceeds from initial public offering | 253.6 | ||
Repayment of debt assumed from acquisition | (3.7) | ||
Payment of debt issuance costs | (1) | (6.8) | (1.1) |
Repayment of long-term debt and capital leases | (180) | (20.5) | |
Senior Note prepayment premium | (7.7) | ||
Redemption of common stock options including employer payroll taxes | (1.9) | (3.3) | (21.7) |
Payments of withholding and employer payroll taxes for vesting of restricted stock | (0.1) | ||
Proceeds from exercise of common stock options, net of employer payroll taxes | 9.5 | 2.6 | |
Changes in non-controlling interest | 1 | ||
Net cash provided by financing activities | 132.9 | 202.9 | 14.7 |
Net (decrease) increase in cash and cash equivalents | (5.9) | 7 | 5.9 |
Cash and cash equivalents, beginning of year | 17.8 | 10.8 | 4.9 |
Cash and cash equivalents, end of year | 11.9 | 17.8 | 10.8 |
Cash paid for: | |||
Interest | 23.5 | 26.8 | 25.8 |
Income taxes, net of refunds | $ 15.8 | $ 11.3 | $ 5.8 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity and Contingently Redeemable Common Stock - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, Common [Member] | Common Class A [Member] | Common Class B [Member] | Contingently Redeemable Common Stock [Member] |
Balance at Oct. 31, 2015 | $ 224.6 | $ 204.6 | $ 24.6 | $ (4.6) | |||||
Balance, shares at Oct. 31, 2015 | 7,786,960 | 42,684,320 | |||||||
Temporary equity balance at Oct. 31, 2015 | $ 15.4 | ||||||||
Temporary equity balance, shares at Oct. 31, 2015 | 2,064,240 | ||||||||
Net income | 30.2 | 30.2 | |||||||
Other comprehensive loss, net of tax | 0.1 | ||||||||
Stock-based compensation expense | 1.4 | 1.4 | |||||||
Redemption of common shares | (11.4) | (0.7) | (10.7) | ||||||
Redemption of common shares, shares | (1,312,720) | ||||||||
Retirement of treasury stock | (2.9) | (12.4) | $ 15.3 | ||||||
Change in value of contingently redeemable common stock | (10.7) | (10.7) | |||||||
Reclassification of contingently redeemable common stock | 3.8 | 3.8 | |||||||
Reclassification of contingently redeemable common stock, shares | 456,480 | (456,480) | |||||||
Change in value of contingently redeemable common stock | $ 10.7 | ||||||||
Reclassification of contingently redeemable common stock | (3.8) | ||||||||
Balance at Oct. 29, 2016 | 237.9 | 206.2 | 31.7 | ||||||
Balance, shares at Oct. 29, 2016 | 6,930,720 | 42,684,320 | |||||||
Temporary equity balance at Oct. 29, 2016 | $ 22.3 | ||||||||
Temporary equity balance, shares at Oct. 29, 2016 | 1,607,760 | ||||||||
Net income | 31.4 | 31.4 | |||||||
Stock-based compensation expense | 5.3 | 5.3 | |||||||
Excess tax benefits from stock-based compensation expense | 2.5 | 2.5 | |||||||
Change in value of contingently redeemable common stock | (13.1) | (13.1) | |||||||
Reclassification of contingently redeemable common stock | 35.3 | 35.3 | |||||||
Reclassification of contingently redeemable common stock, shares | 1,607,760 | (1,607,760) | |||||||
Change in value of contingently redeemable common stock | $ 13.1 | ||||||||
Reclassification of contingently redeemable common stock | $ (35.4) | ||||||||
Reclassification of liability awards | 26.5 | 26.5 | |||||||
Net proceeds from initial public offering | 253.6 | 253.6 | |||||||
Net proceeds from initial public offering, shares | 12,500,000 | ||||||||
Reclassification of shares of common stock | 0.1 | $ 0.1 | |||||||
Reclassification of shares of common stock, shares | 51,222,800 | (8,538,480) | (42,684,320) | ||||||
Exercise of common stock options | 2.6 | 2.6 | |||||||
Exercise of common stock options, shares | 423,150 | ||||||||
Dividends declared on common stock | (9.6) | (9.6) | |||||||
Rounding of partial shares held prior to stock split | (5) | ||||||||
Balance at Oct. 31, 2017 | 572.5 | $ 0.1 | 532 | 40.4 | |||||
Balance, shares at Oct. 31, 2017 | 64,145,945 | ||||||||
Net income | 13 | 13 | |||||||
Other comprehensive loss, net of tax | (1.4) | $ (1.4) | |||||||
Stock-based compensation expense | 3.8 | 3.8 | |||||||
Exercise of common stock options | $ 9.7 | 9.7 | |||||||
Exercise of common stock options, shares | 1,757,984 | 1,757,984 | |||||||
Vesting of restricted stock, net of employee tax withholding | $ (0.1) | (0.1) | |||||||
Vesting of restricted stock, net of employee tax withholding, Shares | 13,231 | ||||||||
Dividends declared on common stock | (12.8) | (12.8) | |||||||
Repurchase and retirement of common stock | (53.3) | $ (53.3) | (53.3) | ||||||
Repurchase and retirement of common stock, Shares | (3,233,352) | ||||||||
Balance at Oct. 31, 2018 | $ 531.4 | $ 0.1 | $ 492.1 | $ 40.6 | $ (1.4) | ||||
Balance, shares at Oct. 31, 2018 | 62,683,808 |
Nature of Operations Equity Spo
Nature of Operations Equity Sponsor and Related Party Transactions | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations, Equity Sponsor and Related Party Transactions | Note 1. Nature of Operations, Equity Sponsor and Related Party Transactions Nature of Operations In the second quarter of fiscal year 2018, the Company made its initial investment in its China joint venture, Anhui Chery REV Specialty Vehicle Technology Co., Ltd (“China JV”). The initial investment of $0.9 million is included in other long-term assets in the Company’s consolidated balance sheet as of October 31, 2018. REV has 10% equity interest in the China JV. During the third quarter of fiscal year 2018, the Company extended a loan to China JV in the amount of $6.7 million at the rate of 5% per annum. The principal and interest of the loan may be converted at the Company’s sole option into an equity interest in the China JV. The Company recorded its investment in the China JV under the equity method of accounting. 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 $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. In connection with the IPO, the Company entered into an amended and restated shareholders agreement with certain shareholders. The amended and restated shareholders agreement became effective upon completion of the IPO and replaced the shareholders agreement that was in effect immediately prior to the IPO. Equity Sponsor Related Party Transactions |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation Fiscal Year 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 31, 2018, the Company had $11.7 million 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 uncollectible accounts. Receivables are written off when management determines collection is highly unlikely and collection efforts have ceased. The change in the allowance for uncollectible accounts is as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Beginning balance $ 1.1 $ 1.6 $ 0.8 Net recorded expense 0.6 0.8 1.0 Write-offs, net of recoveries/payments (0.4 ) (1.3 ) (0.2 ) Ending balance $ 1.3 $ 1.1 $ 1.6 Concentrations of Credit Risk Inventories Property, Plant and Equipment Years Buildings, related improvements & land improvements 5-39 Machinery & equipment 3-15 Computer hardware & software 3-10 Office, furniture & 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. Qualitative testing includes the evaluation of economic conditions, financial performance and other factors such as key events when they occur. 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. Under the quantitative method, the fair value of each reporting unit of the Company is determined by using primarily the income approach and involves the use of significant estimates and assumptions. The income approach involves discounting management’s projections of future interim and terminal cash flows to a present value at a risk-adjusted discount rate which corresponds with the Company’s and market-participant weighted-average cost of capital (“WACC”). Key assumptions used in the income approach include future sales growth, gross margin and operating expenses trends, depreciation and amortization 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 Company on a going-forward basis. The WACC represents a blended cost of equity and debt capital applicable to the Company based on observed market participant rates of return for a group of comparable public companies in the industry, utilizes market participant capital structure assumptions by reference to the industry’s average debt to total invested capital ratios, and is also being adjusted for relative risk premiums specific to each reporting unit tested. The terminal residual value is based upon the projected cash flow for the final projected year and is calculated using a capitalization rate based on estimates of growth of the net cash flows based on the Company’s estimate of sustainable 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 (“RFR”) method, within the income approach. The RFR method assumes that an intangible asset is valuable because the owner of the asset avoids the cost of licensing that asset. Under the RFR method, an estimate is made as to the appropriate royalty income that would be negotiated in an arm’s-length transaction if the subject intangible asset were licensed from an independent third party. The royalty savings are then calculated by multiplying a royalty rate, expressed as a percentage of revenues, times a determined applicable level of future revenues provided per each trade name as estimated by the Company. The royalty rate is based on research of industry and market data related to transactions involving the licensing of comparable intangible assets. The resulting future royalty savings are then discounted to their present value equivalent utilizing market participant rates of return, adjusted for relative risk premiums specific to each trade name as well as the reporting unit housing it. In considering the fair value of trade names, the Company also considers relative age, consistent use, quality, expansion possibilities, relative profitability, relative market potential, and how a market participant may employ these intangible assets from a financial and economic point of view. Long-Lived Assets Including Definite-Lived Intangible Assets Earnings (Loss) Per Common Share Comprehensive Income (Loss) Revenue Recognition Revenues from the sale of parts 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 sheet until the vehicle is shipped or the service rendered. Warranty 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 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. 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. Assets and Liabilities Held for Sale The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the consolidated statements of financial position. Refer to Note 6, "Divestiture Activities," of the notes to these consolidated financial statements for further information. Income Taxes 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 Company includes interest and penalties related to income tax liabilities in the (benefit) provision for income taxes in the Company’s consolidated statements of income. 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. Stock-Based Compensation Stock compensation expense for performance stock unit awards is recorded over the vesting period based on the grant date fair value of the awards and achievement of specified performance targets. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. For stock options, compensation expense is recorded over the agreed upon vesting term of the associated stock option grants and is measured based upon the estimation of fair value of on the grant date by applying the Black-Scholes option-pricing valuation model (the “Black-Scholes Model”). The application of the Black-Scholes Model required us to make certain assumptions such as the fair value of our common stock on the grant date, forfeitures of option grants and the rate of dividend payments on our common stock. Other assumptions utilized in the Black-Scholes Model include volatility of the share price of select peer public companies and the risk-free rate. Prior to the Company’s IPO, the fair value of common stock was calculated 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 was based upon historical experience. As the Company had not historically paid dividends on common stock prior to the IPO, the Company assumed a 0% dividend rate for stock options issued prior to the IPO. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted The following accounting pronouncements did not have a material impact on the Company’s consolidated financial statements: • Accounting Standard Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”) • ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting (Topic 718)” (“ASU 2016-09”) Accounting Pronouncements – To be Adopted • In May 2014, the FASB issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" by the FASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is effective for the Company beginning November 1, 2018. The Company developed a comprehensive project plan that included representatives from across all business segments. The project plan included steps for evaluating the standard’s impact on the Company’s various revenue streams, comparing its historical accounting policies and practices to the requirements of the new standard, identifying potential differences from applying the requirements of the new standard to its contracts, and providing updates on implementation progress. The Company has substantially completed its evaluation of the impact of ASU 2014-09. The adoption of ASU 2014-09 is not expected to have a significant impact on our financial statement results on a go-forward basis. The Company will adopt the standard on a modified retrospective basis. As a result of the adoption, the Company expects an immaterial net, after-tax cumulative effect adjustment to reduce Retained Earnings as of November 1, 2018. The Company is in the process of implementing appropriate changes, if any, to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. • In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). Topic 842 is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for the Company beginning November 1, 2019. The Company is currently reviewing the standard to determine any impact on the financial statements. • In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, thereby eliminating the resulting stranded tax effect. The Company plans to early adopt ASU 2018-02 as of the beginning of fiscal year 2019 and does not expect it to have a material impact on its consolidated financial statements. Subsequent Events The Company evaluated subsequent events through December 19, 2018, the date on which the financial statements were available to be issued. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3. Acquisitions The Company has accounted for all business combinations using the acquisition method of accounting to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The results of operations are reflected in the consolidated financial statements of the Company from the dates of acquisition. Lance Camper Manufacturing Acquisition On January 12, 2018, the Company acquired 100% of the common shares of Lance Camper Mfg. Corp. and its sister company Avery Transport, Inc. (collectively, “Lance” and the “Lance Acquisition”). Lance designs, engineers and manufactures truck campers, towable campers and toy haulers. This acquisition gives the Company an entrance into the high volume towables segment of the recreational vehicle market. The purchase price paid for Lance was $67.9 million ($61.9 million net of $6.0 million cash acquired), which included an adjustment based on the level of net working capital at closing, as defined in the purchase agreement and was funded through the Company’s revolving credit facility. Lance is reported as part of the Recreation segment. The Company will also pay up to an additional $10.0 million to the selling shareholders subsequent to the acquisition date in the form of deferred purchase price payable of $5.0 million on each of the 12- and 24-month anniversary dates of the acquisition date as per the agreement terms. This deferred payment is being recognized as an expense in the Company’s consolidated statement of operations over the period of the agreement. As of October 31, 2018, 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 preliminary purchase price allocation resulted in goodwill of $27.5 million, which is deductible for income tax purposes. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Lance: Assets: Cash $ 6.0 Accounts receivable, net 4.4 Inventories, net 10.3 Other current assets 0.3 Property, plant and equipment 4.6 Intangible assets, net 24.3 Other long-term assets 0.1 Total assets acquired 50.0 Liabilities: Accounts payable 2.4 Accrued warranty 1.4 Other current liabilities 5.8 Other long-term liabilities — Total liabilities assumed 9.6 Net Assets Acquired 40.4 Consideration Paid 67.9 Goodwill $ 27.5 Intangible assets acquired as a result of the Lance Acquisition are as follows: Customer relationships (6 year life) $ 12.7 Order backlog (1 year life) 1.8 Trademarks (indefinite life) 9.8 Total intangible assets, net $ 24.3 Net sales and operating income attributable to Lance were $106.9 million and $9.6 million for fiscal year 2018, respectively. 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 final purchase price for Ferrara was $97.8 million ($94.8 million net of $3.0 million cash acquired) which included a subsequent adjustment of $2.3 million received from the seller 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 revolving credit facility and Term Loan. Ferrara is reported as part of the Fire & Emergency segment. The final purchase price allocation resulted in goodwill of $31.7 million, which is not deductible for income tax purposes. The following table summarizes the fair values of the assets acquired and liabilities assumed for Ferrara: Assets: Cash $ 3.0 Accounts receivable, net 15.8 Inventories, net 40.1 Other current assets 0.4 Property, plant and equipment 12.5 Other long-term assets 0.1 Intangible assets, net 32.7 Total assets acquired 104.6 Liabilities: Accounts payable 17.1 Accrued warranty 3.4 Customer advances 7.7 Deferred income taxes 3.6 Other current liabilities 2.8 Other long-term liabilities 3.9 Total liabilities assumed 38.5 Net Assets Acquired 66.1 Consideration Paid 97.8 Goodwill $ 31.7 Intangible assets acquired as a result of the Ferrara Acquisition are as follows: Customer relationships (12 year life) $ 14.4 Order backlog (1 year life) 3.2 Non-compete agreements (4 year life) 1.5 Trade names (indefinite life) 13.6 Total intangible assets, net $ 32.7 Net sales and operating income attributable to Ferrara were $122.9 million and $7.7 million for the fiscal year 2018, respectively. 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 its Recreation segment, by adding a selection of Class B recreational vehicles and multiple products for the luxury limousine, charter and tour bus markets. The final purchase price for Midwest was $34.9 million (net of cash acquired), which included a subsequent adjustment of $0.5 million received from the seller 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 revolving credit facility. Midwest is reported as part of the Recreation segment. The final purchase price allocation resulted in goodwill of $12.9 million, which is deductible for income tax purposes. The following table summarizes the fair values of the assets acquired and liabilities assumed for Midwest: Assets: Cash $ — Accounts receivable, net 4.3 Inventories, net 9.0 Other current assets 0.1 Property, plant and equipment 0.2 Intangible assets, net 16.5 Total assets acquired 30.1 Liabilities: Accounts payable 6.7 Accrued warranty 0.3 Customer advances 0.9 Other current liabilities 0.2 Total liabilities assumed 8.1 Net Assets Acquired 22.0 Consideration Paid 34.9 Goodwill $ 12.9 Intangible assets acquired as a result of the Midwest Acquisition are as follows: Customer relationships (6 year life) $ 12.9 Order backlog (1 year life) 0.5 Trade names (indefinite life) 3.1 Total intangible assets, net $ 16.5 Net sales and operating income attributable to Midwest were $67.0 million and $5.3 million for fiscal year 2018, respectively. 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 final purchase price for Renegade was $22.5 million ($20.9 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 revolving credit facility. Renegade is reported as part of the Recreation segment. The final purchase price allocation resulted in goodwill of $4.2 million, which is not deductible for income tax purposes. During the first quarter of fiscal year 2018, the Company completed its assessment of the fair values of intangible assets and recorded measurement period adjustments that resulted in a $1.3 million increase in intangible assets and a $2.1 million increase in deferred income tax liabilities with a corresponding net increase in goodwill of $0.8 million. The change in deferred income tax liabilities is related to the completion of the intangible asset valuation and income tax attributes as a result of a tax return filing. Net sales and operating income attributable to Renegade were $133.2 million and $16.3 million for fiscal year 2018, respectively. |
Inventories
Inventories | 12 Months Ended |
Oct. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4. Inventories Inventories, net of reserves, consisted of the following: October 31, 2018 October 31, 2017 Chassis $ 53.3 $ 54.7 Raw materials 188.4 162.5 Work in process 195.7 180.1 Finished products 91.6 68.4 529.0 465.7 Less: reserves (15.0 ) (13.3 ) Total inventories, net $ 514.0 $ 452.4 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 5. Property, Plant and Equipment Property, plant and equipment consisted of the following: October 31, 2018 October 31, 2017 Land & land improvements $ 23.9 $ 25.5 Buildings & improvements 102.5 104.2 Machinery & equipment 77.1 67.7 Rental fleet 35.4 20.3 Computer hardware & software 56.1 39.7 Office furniture & fixtures 5.1 5.0 Construction in process 14.7 34.8 314.8 297.2 Less: accumulated depreciation (100.5 ) (80.1 ) Total property, plant and equipment, net $ 214.3 $ 217.1 Depreciation expense for fiscal years 2018, 2017 and 2016 was $27.9 million, $22.9 million and $15.2 million, respectively. |
Divestiture Activities
Divestiture Activities | 12 Months Ended |
Oct. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Divestiture Activities | Note 6. Divestiture Activities The Company regularly reviews its businesses and assets for those which may no longer be aligned with the Company’s long-term strategic and financial objectives. As a result of this review, at October 31, 2018, management decided to divest certain businesses and assets which include the Revability business, one Regional Technical Center (“RTC”), the Company’s rental fleet, and certain other assets. On December 19, 2018, the Company signed a definitive purchase agreement for the sale of its mobility van business, Revability, with annual sales of approximately $40 million. All assets and operations at the Clarkston and Davisburg, Michigan facilities identified on “Item 2. Properties” will be transferred to the buyer. This divestiture and the other anticipated divestitures are expected to generate cash of approximately $40 million in fiscal year 2019 and allow management and the Company to focus their time and financial resources on the remaining core businesses and assets. The assets and liabilities related to the businesses that met the held for sale criteria are reflected in the consolidated balance sheet as of October 31, 2018 at estimated fair value, less cost to sell. The other assets are reflected in the consolidated balance sheet at net realizable value within inventory and property and equipment. The Company expects to sell these businesses and other assets within one year from the balance sheet date and classified the aforementioned fair value estimates within Level 3 of the fair value hierarchy, as the significant inputs are not observable. A non-cash impairment charge of $35.6 million was recorded as of October 31, 2018 that relates to both the assets held for sale and other assets that management intends to monetize or are otherwise impaired which include the Company’s rental fleet, inventory from discontinued product lines and certain information system assets. The major classes of assets and liabilities held for sale were as follows: property, plant and equipment, net—$11.5 million, inventories, net—$11.4 million, accounts receivable, net—$2.9 million, other current assets—$0.5 million, accounts payable—$3.9 million and other current liabilities—$1.6 million. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7. Goodwill and Intangible Assets The table below represents goodwill by segment: October 31, 2018 October 31, 2017 Fire & Emergency $ 88.6 $ 88.3 Commercial 28.7 28.7 Recreation 44.5 16.2 Total goodwill $ 161.8 $ 133.2 The change in the net carrying value amount of goodwill consisted of the following: October 31, 2018 October 31, 2017 Balance at beginning of period $ 133.2 $ 84.5 Activity during the year: Activity from prior year acquisitions 2.4 — Activity from current year acquisitions 27.5 48.7 Activity attributable to assets held for sale (1.3 ) — Balance at end of period $ 161.8 $ 133.2 Intangible assets (excluding goodwill) consisted of the following: Weighted- Average Life October 31, 2018 October 31, 2017 Finite-lived intangible assets: Customer relationships 8.0 124.7 112.0 Order backlog 1.0 6.7 4.7 Non-compete agreements 5.0 2.0 2.0 Trade names 7.0 3.5 3.5 Technology-related 7.0 0.7 1.7 137.6 123.9 Less: accumulated amortization (78.9 ) (62.1 ) 58.7 61.8 Indefinite-lived trade names 115.9 106.1 Total intangible assets, net $ 174.6 $ 167.9 Amortization expense was $18.1 million, $14.9 million and $9.4 million for fiscal years 2018, 2017 and 2016, respectively. The estimated future amortization expense of intangible assets for the subsequent five fiscal years is as follows: 2019—$15.0 million, 2020—$11.5 million, 2021—$8.6 million, 2022—$8.2 million and 2023—$5.7 million. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Oct. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 8. Other Current Liabilities Other current liabilities consisted of the following: October 31, 2018 October 31, 2017 Payroll and related benefits and taxes $ 22.5 $ 21.6 Incentive compensation — 11.7 Customer sales programs 5.8 6.2 Restructuring costs 0.5 0.6 Interest payable 1.9 1.5 Income taxes payable — 11.2 Dividends payable 3.2 3.2 Deferred purchase price payment 4.0 — Other 17.6 14.2 Total other current liabilities $ 55.5 $ 70.2 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 9. Long-Term Debt The Company was obligated under the following debt instruments: October 31, 2018 October 31, 2017 Senior secured facility: Revolving credit ABL facility $ 300.0 $ 157.0 Term Loan, net of debt issuance costs ($1.9 and $1.8) 121.9 72.9 421.9 229.9 Less: current maturities (1.3 ) (0.8 ) Long-term debt, less current maturities $ 420.6 $ 229.1 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” or “ABL Agreement”) 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 $4.9 million of debt issuance costs related to the April 2017 ABL Facility. The amount of debt issuance costs is included in other long-term assets in the Company’s consolidated balance sheet as of October 31, 2018. 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. The Company may prepay principal, in whole or in part, at any time without penalty. On December 22, 2017 the Company exercised a $100.0 million incremental borrowing capacity option under the April 2017 ABL Facility, which increased total borrowing capacity under the facility from $350.0 million to $450.0 million. The Company incurred an additional $0.4 million of debt issuance costs related to the incremental borrowing capacity option under the April 2017 ABL Facility. 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 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 October 31, 2018. As of October 31, 2018, the Company’s availability under the April 2017 ABL Facility was $137.0 million. October 2013 ABL Facility On April 25, 2017, the Company repaid all outstanding loans and obligations under its $150.0 million senior secured revolving credit and guaranty agreement (the “ABL Facility”) in full, and that ABL Facility was terminated and resulted in a $0.7 million loss on early extinguishment of debt, which consisted entirely of the write-off of unamortized debt issuance costs. 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, acting as guarantors of debt. 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 quarterly payments of 0.25% of the original principal balance, with remaining principal payable at maturity, April 25, 2022. On July 18, 2018, the Company exercised a $50.0 million incremental commitment option under the Term Loan Agreement, which increased total borrowing under the facility from $75.0 million to $125.0 million. The Company incurred an additional $0.6 million of debt issuance costs related to the incremental commitment option under the Term Loan. Proceeds from the incremental commitment were used to repay a portion of the outstanding borrowings under the April 2017 ABL Facility. Applicable interest rate margins for the Term Loan are 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 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 of 3.50 to 1.00. The Company was in compliance with all financial covenants under the Term Loan as of October 31, 2018. Senior Secured Notes On January 17, 2017, the Company issued a Notice of Conditional Redemption for its 8.5% Senior Secured Notes (the “Notes”), 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. |
Warranties
Warranties | 12 Months Ended |
Oct. 31, 2018 | |
Guarantees [Abstract] | |
Warranties | Note 10. 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 31, 2018 October 31, 2017 Balance at beginning of year $ 40.2 $ 38.8 Warranty provisions 24.1 29.5 Settlements made (32.0 ) (34.0 ) Warranties for current year acquisitions 1.4 6.7 Changes in liability of pre-existing warranties (2.9 ) (0.8 ) Balance at end of year $ 30.8 $ 40.2 Accrued warranty is classified in the Company’s consolidated balance sheets as follows: October 31, 2018 October 31, 2017 Current liabilities $ 19.0 $ 26.0 Other long-term liabilities 11.8 14.2 Total warranty liability $ 30.8 $ 40.2 |
Leases
Leases | 12 Months Ended |
Oct. 31, 2018 | |
Leases [Abstract] | |
Leases | Note 11. 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. Total rental expenses for property, plant and equipment charged to operations under non-cancelable operating leases was $8.3 million, $4.9 million and $3.7 million during fiscal years 2018, 2017 and 2016, respectively. Future minimum lease payments due under operating leases for the subsequent five fiscal years are as follows: 2019 $ 2.1 2020 2.1 2021 1.9 2022 1.9 2023 1.7 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | Note 12. Employee Benefits 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 $9.7 million, $7.1 million and $6.1 million during fiscal years 2018, 2017 and 2016, respectively. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Stock Repurchase Program | Note 13. Stock Repurchase Program On March 20, 2018 the Company’s Board of Directors authorized up to $50.0 million of repurchases of the Company’s issued and outstanding common stock with an expiration date of March 19, 2020. On September 5, 2018 the Company’s Board of Directors authorized an additional $50.0 million of repurchases of the Company’s issued and outstanding common stock with an expiration date of September 4, 2020. The Company’s share repurchase program is executed from time to time through open market or through private transactions. Shares purchased under the share repurchase program are retired and returned to authorized and unissued status. As of October 31, 2018, the Company had $46.7 million of authorization remaining under this program. During fiscal year 2018, the Company repurchased 3,233,352 shares under this repurchase program at a total cost of $53.3 million at an average price per share of $16.47. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | Note 14. Stock Compensation The 2016 Omnibus Incentive Plan (the “2016” Plan”) has 8,000,000 shares authorized for issuance with approximately 673,957 shares remaining at October 31, 2018. The 2016 Plan replaced the 2010 Long-Term Incentive Plan (the “2010 Plan”) in January 2017 in connection with our IPO. While no new awards will be granted under the 2010 Plan, awards previously made under that plan that were outstanding as of the approval date of the 2016 Plan will remain outstanding and continue to be governed by the provisions of the 2010 Plan. Stock-based compensation consists of service-based and performance-based share awards that typically vest over a period of one to five years from the date of grant, provided that the recipient is still our employee at the time of vesting. Our independent non-employee directors receive annual grants of service-based share awards that vest following 12 months of service. Prior to our IPO, we had granted stock options that have a term of up to 10 years and typically vest over a period of one to four years. No options have been granted subsequent to the IPO. For fiscal years 2018, 2017 and 2016, the Company recorded stock-based compensation expense of $6.3 million, $26.6 million and $19.7 million, respectively, as selling, general and administrative expenses in the Company’s consolidated statements of income. The actual income tax benefit realized totaled $1.7 million, $10.1 million and $7.5 million for those same periods. Restricted Stock Units Awards The change in the number of unvested restricted stock units outstanding consisted of the following: Restricted Stock Units Outstanding Weighted-Average Grant Date Fair Value Per Unit Outstanding, October 31, 2017 59,192 $ 25.44 Granted 417,197 $ 26.18 Exercised (17,637 ) $ 25.37 Cancelled (44,719 ) $ 28.78 Outstanding, October 31, 2018 414,033 $ 25.83 Restricted stock awards generally vest over a three to four-year service period following the grant date. As of October 31, 2018, the Company had $8.3 million of unrecognized compensation expense related to restricted stock awards, which will be recognized over a weighted-average period of 3 years. Performance Stock Units Awards Performance Stock Units Outstanding Weighted-Average Grant Date Fair Value Per Unit Outstanding, October 31, 2017 73,101 $ 27.36 Granted 121,167 $ 22.70 Vested — — Cancelled — — Outstanding, October 31, 2018 194,268 $ 24.45 Performance stock unit awards generally vest over a three to four-year service period following the grant date. As of October 31, 2018, the Company had $2.1 million of unrecognized compensation expense related to performance stock awards, which will be recognized over a weighted-average period of 3.4 years. Stock Option Awards Stock option activity for fiscal years 2018 was as follows: Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value of In-the- Money Options Outstanding at October 31, 2017 3,063,668 $ 5.80 6.8 $ 61,282 Granted — — — — Exercised (1,757,984 ) 5.53 — — Cancelled (499,934 ) 4.61 — — Outstanding at October 31, 2018 805,750 $ 7.12 6.3 $ 3,055 Exercisable at October 31, 2018 644,134 $ 7.32 — $ 2,311 The aggregate intrinsic value above 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 31, 2018 and October 31, 2017. The intrinsic value of the Company’s stock options changes based on the changes in the share price of the Company’s common stock. As of October 31, 2018, the Company had $0.8 million of unrecognized compensation expense related to stock options, which will be recognized over a weighted-average period of 1.2 years. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Oct. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | Note 15. Restructuring Charges In the first and second quarters of fiscal year 2018, the Company undertook cost reduction initiatives related to its Fire & Emergency, Commercial and Recreation segments, as well as its corporate office. Costs incurred in the first quarter of fiscal year 2018 consisted of personnel costs, including severance, and other employee benefit payments, as well as facility closure expenses in the Recreation segment. Costs incurred in the second and third quarters of fiscal year 2018 relating to these initiatives consisted of personnel costs, including severance and other employee benefit payments, and facility lease termination expenses in the Recreation segment and its former Miami corporate office location. Restructuring expenses for fiscal year 2016 and fiscal year 2017 are associated with the restructuring of the management functions and various product lines across the Company, including but not limited to severance, lease termination and other associated expenses. A summary of the changes in the Company’s restructuring liability is as follows: 2018 Restructuring 2017 Restructuring 2016 Restructuring Total Balance at October 29, 2016 $ — $ — $ 0.9 $ 0.9 Expenses Incurred — 1.5 3.0 4.5 Amounts Paid — (0.9 ) (3.9 ) (4.8 ) Balance at October 31, 2017 $ — $ 0.6 $ — $ 0.6 Expenses Incurred 7.2 — — 7.2 Amounts Paid (6.9 ) (0.4 ) — (7.3 ) Balance at October 31, 2018 $ 0.3 $ 0.2 $ — $ 0.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes Income before (benefit) provision for income taxes is taxed in the following jurisdictions: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Domestic $ 5.2 $ 54.7 $ 43.2 Foreign (3.0 ) (4.6 ) — Income before (benefit) provision for income taxes $ 2.2 $ 50.1 $ 43.2 (Benefit) provision for income taxes is summarized as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Current: Federal $ (6.8 ) $ 12.1 $ 12.6 State 0.1 3.7 4.1 Foreign — — — Total Current $ (6.7 ) $ 15.8 $ 16.7 Deferred: Federal (6.4 ) 4.6 (2.3 ) State 0.9 (0.1 ) (1.4 ) Foreign 1.4 (1.6 ) — Total Deferred (4.1 ) 2.9 (3.7 ) (Benefit) provision for income taxes $ (10.8 ) $ 18.7 $ 13.0 Income tax (benefit)/expense at the federal statutory rate is reconciled to the Company’s (benefit) provision for income taxes as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Income tax expense at federal statutory rate $ 0.5 $ 17.5 $ 15.1 Taxes on foreign income which differ from the U.S. statutory rate (0.3 ) 0.1 — State expense 0.5 2.3 1.6 Deferred tax adjustments — — (1.5 ) Manufacturing and research incentives (2.7 ) (2.1 ) (3.0 ) Nondeductible items 0.7 0.9 1.0 Uncertain tax positions (0.4 ) — 0.5 Valuation allowance 2.2 — — Remeasurement of deferred taxes - U.S. Tax Reform (11.3 ) — — Other items — — (0.7 ) (Benefit) provision for income taxes $ (10.8 ) $ 18.7 $ 13.0 Tax benefit for fiscal year 2018 was favorably impacted by the decrease in the U.S. tax rate and revaluation of net deferred tax liabilities, both as a result of tax legislation in the United States. Tax benefit was also favorably impacted by tax incentives for U.S. manufacturing and research, some of which can be attributed to federal provision-to-return adjustment. Tax benefit was unfavorably impacted by the addition of a valuation allowance on the deferred tax assets in Brazil. Tax expense for fiscal year 2017 was favorably impacted by incentives for U.S. manufacturing and research and unfavorably impacted by nondeductible transaction costs related to business acquisitions and expenses related to the Company’s secondary stock offering. 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. No items included in Other items in the income tax reconciliation above are individually, or when appropriately aggregated, significant. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed and enacted into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities and implementing a territorial tax system. As a fiscal year taxpayer, the Company’s federal statutory tax rate reduction is effective January 1, 2018; therefore, the Company’s fiscal year 2018 estimated annual effective tax rate reflects the benefit from the reduced U.S. federal rate of 23.3%. A number of other provisions will not impact the Company until fiscal year 2019, such as elimination of the domestic manufacturing deduction and U.S. taxation of foreign earnings. U.S. GAAP requires the impact of tax legislation be recognized in the period in which the law was enacted. In accordance with SEC Staff Accounting Bulletin No. 118, the Company recorded the estimated income tax impact of the Tax Reform Act during the first quarter and updated the estimate each quarter thereafter. For the fiscal year ended October 31, 2018, the Company recorded a cumulative tax benefit of $11.3 million due to the remeasurement of net deferred tax liabilities. Although the $11.3 million tax benefit represents what the Company believes is a reasonable estimate of the income tax effects of the Tax Reform Act on its consolidated financial statements as of October 31, 2018, it is a provisional amount and will be impacted by the Company’s ongoing analysis of the legislation. Any adjustments to these provisional amounts will be reported as a component of income tax expense (benefit) in the reporting period in which any such adjustments are determined, which will be no later than the first quarter of fiscal year 2019. Because of the complexity of the new Global Intangible Low-Taxed Income (GILTI) tax rules, the Company continues to evaluate this provision of the Tax Reform Act and the application of ASC740, Income Taxes. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company's selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing its global income to determine whether it expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. Whether the Company expects to have future U.S. inclusions in taxable income related to GILTI depends on not only the Company's current structure and estimated future results of global operations but also its intent and ability to modify its structure. The Company is currently in the process of analyzing its structure and, as a result, is not yet able to reasonably estimate the effect of this provision of the Tax Reform Act. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not made a policy decision regarding whether to use the period cost method or the deferred method. Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: Fiscal Year Ended October 31, 2018 October 31, 2017 Deferred tax assets: Product warranty $ 7.9 $ 15.8 Inventory 6.7 7.7 Deferred employee benefits 1.7 13.8 Net operating loss and credit carryforwards 13.6 6.2 Other reserves and allowances 2.5 3.4 Gross deferred tax assets 32.4 46.9 Less valuation allowance (2.3 ) (0.1 ) Deferred tax assets 30.1 46.8 Deferred tax liabilities: Intangible assets (28.4 ) (45.9 ) Property, plant and equipment (20.6 ) (20.6 ) Other (0.9 ) (1.3 ) Deferred tax liabilities (49.9 ) (67.8 ) Net deferred tax liability $ (19.8 ) $ (21.0 ) The net deferred tax assets/ (liabilities) recorded in the consolidated balance sheet are as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 Noncurrent deferred tax asset $ 0.1 $ 1.5 Noncurrent deferred tax liability (19.9 ) (22.5 ) Net deferred tax liability $ (19.8 ) $ (21.0 ) 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. In fiscal year 2018, the Company recorded a valuation allowance against its net deferred tax asset in Brazil as the Company does not expect to utilize them. As a result, the Company recognized $2.2 million of tax expense in fiscal year 2018. As of October 31, 2018, and October 31, 2017, the Company has a valuation allowance of $2.3 million and $0.1 million, respectively. 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 31, 2018, the Company has net operating loss carryforwards for U.S. federal income tax purposes of $36.8 million, some of which are subject to annual limitations and begin to expire in 2029. The Company has state net operating loss carryforwards of $20.2 million, which begin to expire in 2027. The Company also has net operating loss carryforwards generated in Canada of $0.6 million, which are offset by a valuation allowance because the losses are projected to expire prior to being utilized. In addition, the Company has net operating loss carryforwards of $4.1 million generated in Brazil, which are offset by a valuation allowance because the Company does not expect to utilize them. The Company has general business tax and AMT credit carryforwards for federal income tax purposes of $1.9 million. The Company also has state credit carryforwards of $1.3 million. The Company, or one of its subsidiaries, files income tax returns in the U.S, Canada, Brazil, Singapore and various state jurisdictions. With few exceptions, fiscal years 2015, 2016 and 2017 remain open to tax examination by Brazilian, Canadian and 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 31, 2018, 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 2018, 2017 and 2016, the Company recognized in the consolidated statement of income $(0.1) million, $0.0 million, and $0.2 million, respectively, for interest and penalties related to uncertain tax liabilities, which the Company recognizes as a part of its (benefit) provision for income taxes. As of October 31, 2018, and October 31, 2017, the Company has accrued interest and penalties of $0.1 million and $0.2 million, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Balance at beginning of year $ 2.6 $ 2.7 $ 4.2 Additions (reductions) for tax positions in prior year 0.3 0.1 (1.5 ) Additions for tax positions in current year 0.3 0.1 0.2 Cash settlements with taxing authorities (0.2 ) — — Statute of limitations (0.9 ) (0.3 ) (0.2 ) Balance at end of year $ 2.1 $ 2.6 $ 2.7 If recognized, $2.2 million, $2.9 million, and $2.9 million of the Company’s unrecognized tax benefits as of October 31, 2018, October 31, 2017 and October 29, 2016 respectively, would affect the Company’s effective income tax rate. A portion of the 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 $0.9 million 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 $0.2 million, 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 | 12 Months Ended |
Oct. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies Personal Injury Actions and Other Market Risks October 31, 2018 October 31, 2017 Performance, bid and specialty bonds $ 228.2 $ 272.2 Open standby letters of credit 13.0 7.2 Total $ 241.2 $ 279.4 Chassis Contingent Liabilities Repurchase Commitments Guarantee Arrangements In the event that third parties are unable to meet obligations under these agreements, 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. Environmental Remediation Costs Other Matters A consolidated federal putative securities class action in the Central District of California and a consolidated state putative securities class action in the Eastern District of Wisconsin are pending against us and certain of our officers and directors, each on behalf of a putative class of purchasers of our common stock in or traceable to the Company’s January 2017 IPO and of purchasers in our secondary offering of common stock in October 2017, as well as, for the federal action, purchasers from October 10, 2017 through June 7, 2018. The actions also name certain of the underwriters for the Company’s IPO or secondary offering as defendants. The federal and state courts each consolidated multiple separate actions pending before them, the first of which was filed on June 8, 2018. The actions allege certain violations of the Securities Act of 1933 and, for the federal action, the Securities Exchange Act of 1934. Collectively, the actions seek certification of the putative classes asserted and compensatory damages and attorneys’ fees and costs. The underwriter defendants have notified the Company of their intent to seek indemnification from the Company pursuant to the IPO underwriting agreement regarding the claims asserted with respect to the IPO, and the Company expects the underwriters to do the same in regard to the claims asserted with respect to the October 2017 offering. The Company and the other defendants intend to defend these lawsuits vigorously. Additional lawsuits may be filed and, at this time, the Company is unable to predict the outcome of the lawsuits, the possible loss or range of loss, if any, associated with the resolution of the lawsuits, or any potential effect that it may have on the Company or its operations. The Company is subject to certain other legal proceedings that arise in the ordinary course of business. Although the results of all such other matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Oct. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 18. 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 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 table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for fiscal years 2018, 2017 and 2016: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Basic weighted-average common shares outstanding 63,966,977 60,738,242 51,587,200 Dilutive stock options 1,242,644 1,652,521 186,560 Dilutive restricted stock units 548 14,729 — Dilutive performance stock units — — — Diluted weighted-average common shares 65,210,169 62,405,492 51,773,760 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 fiscal years 2018, 2017 and 2016: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Anti-Dilutive Stock Options 97,085 — 2,312,000 Anti-Dilutive Restricted Stock Units 574,359 — — Anti-Dilutive Performance Stock Units 91,509 — — Anti-Dilutive Common Stock Equivalents 762,953 — 2,312,000 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Oct. 31, 2018 | |
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 Commercial Recreation For purposes of measuring financial 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. Total 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 is as follows: Fiscal Year 2018 Fire & Emergency Commercial Recreation Corporate, Other & Elims Consolidated Net Sales $ 956.6 $ 638.5 $ 811.9 $ (25.7 ) $ 2,381.3 Depreciation and amortization $ 15.3 $ 10.0 $ 13.4 $ 7.3 $ 46.0 Capital expenditures $ 7.9 $ 4.2 $ 9.7 $ 18.8 $ 40.6 Total assets $ 612.4 $ 293.2 $ 383.2 $ 119.3 $ 1,408.1 Adjusted EBITDA $ 86.0 $ 38.1 $ 60.4 $ (36.5 ) Fiscal Year 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 984.0 $ 620.1 $ 659.8 $ 3.9 $ 2,267.8 Net Sales—Intersegment $ — $ 9.4 $ 12.9 $ (22.3 ) $ — Depreciation and amortization $ 14.6 $ 8.5 $ 11.0 $ 3.7 $ 37.8 Capital expenditures $ 9.5 $ 6.4 $ 5.5 $ 32.6 $ 54.0 Total assets $ 606.0 $ 281.6 $ 263.9 $ 102.9 $ 1,254.4 Adjusted EBITDA $ 109.5 $ 50.5 $ 36.2 $ (33.7 ) Fiscal Year 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 768.1 $ 679.0 $ 478.1 $ 0.8 $ 1,926.0 Net Sales—Intersegment $ — $ — $ 10.6 $ (10.6 ) $ — Depreciation and amortization $ 9.7 $ 8.1 $ 5.0 $ 1.8 $ 24.6 Capital expenditures $ 9.6 $ 5.9 $ 3.6 $ 18.4 $ 37.5 Total assets $ 411.0 $ 269.0 $ 172.0 $ 37.0 $ 889.0 Adjusted EBITDA $ 85.2 $ 53.4 $ 11.0 $ (26.8 ) The following tables present net sales by geographic region based on product shipment destination for fiscal years 2018, 2017 and 2016: Fiscal Year 2018 U.S. and Canada Europe/ Africa Rest of World Total Fire & Emergency $ 938.2 $ 3.3 $ 15.1 $ 956.6 Commercial 632.3 — 6.2 638.5 Recreation 808.2 — 3.7 811.9 Corporate, Other & Elims (26.2 ) 0.1 0.4 (25.7 ) Total Net Sales $ 2,352.5 $ 3.4 $ 25.4 $ 2,381.3 Fiscal Year 2017 U.S. and Canada Europe/ Africa Rest of World Total Fire & Emergency $ 969.4 $ 0.9 $ 13.7 $ 984.0 Commercial 610.8 — 9.3 620.1 Recreation 656.5 — 3.3 659.8 Corporate & Other 3.9 — — 3.9 Total Net Sales—External Customers $ 2,240.6 $ 0.9 $ 26.3 $ 2,267.8 Intersegment Sales $ 22.3 — — — Corporate Eliminations (22.3 ) — — — Fiscal Year 2016 U.S. and Canada Europe/ Africa Rest of World Total Fire & Emergency $ 758.5 $ 0.7 $ 8.9 $ 768.1 Commercial 672.6 0.5 5.9 679.0 Recreation 475.0 — 3.1 478.1 Corporate and other 0.8 — — 0.8 Total Net Sales—External Customers $ 1,906.9 $ 1.2 $ 17.9 $ 1,926.0 Intersegment Sales $ 10.6 — — — Corporate Eliminations (10.6 ) — — — 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 transaction expenses, sponsor expenses, restructuring costs, loss on early extinguishment of debt, certain legal matters, non-cash purchase accounting expenses, stock-based compensation expense, initial public company costs, impairment charges, losses attributable to assets held for sale, and deferred purchase price payment 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 its industries 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. Provided below is a reconciliation of segment Adjusted EBITDA to net income: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Fire & Emergency Adjusted EBITDA $ 86.0 $ 109.5 $ 85.2 Commercial Adjusted EBITDA 38.1 50.5 53.4 Recreation Adjusted EBITDA 60.4 36.2 11.0 Corporate and Other Adjusted EBITDA (36.5 ) (33.7 ) (26.8 ) Depreciation and amortization (45.5 ) (37.8 ) (24.6 ) Interest expense, net (25.3 ) (20.7 ) (29.2 ) Benefit (provision) for income taxes 12.2 (18.7 ) (13.0 ) Transaction expenses (2.8 ) (5.2 ) (1.6 ) Sponsor expenses (0.9 ) (0.6 ) (0.2 ) Restructuring costs (7.0 ) (4.5 ) (3.5 ) Stock-based compensation expense (6.3 ) (26.6 ) (19.7 ) Non-cash purchase accounting (0.9 ) (5.1 ) (0.8 ) Loss on early extinguishment of debt - (11.9 ) - Legal matters (5.5 ) - - First year public company costs (1.5 ) - - Impairment charges (35.6 ) - - Losses attributable to assets held for sale (9.9 ) - - Deferred purchase price payment (6.0 ) - - Net Income $ 13.0 $ 31.4 $ 30.2 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Fiscal Year | Fiscal Year |
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 31, 2018, the Company had $11.7 million 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 uncollectible accounts. Receivables are written off when management determines collection is highly unlikely and collection efforts have ceased. The change in the allowance for uncollectible accounts is as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Beginning balance $ 1.1 $ 1.6 $ 0.8 Net recorded expense 0.6 0.8 1.0 Write-offs, net of recoveries/payments (0.4 ) (1.3 ) (0.2 ) Ending balance $ 1.3 $ 1.1 $ 1.6 |
Concentration of Credit Risk | Concentrations of Credit Risk |
Inventories | Inventories |
Property, Plant and Equipment | Property, Plant and Equipment Years Buildings, related improvements & land improvements 5-39 Machinery & equipment 3-15 Computer hardware & software 3-10 Office, furniture & 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. Qualitative testing includes the evaluation of economic conditions, financial performance and other factors such as key events when they occur. 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. Under the quantitative method, the fair value of each reporting unit of the Company is determined by using primarily the income approach and involves the use of significant estimates and assumptions. The income approach involves discounting management’s projections of future interim and terminal cash flows to a present value at a risk-adjusted discount rate which corresponds with the Company’s and market-participant weighted-average cost of capital (“WACC”). Key assumptions used in the income approach include future sales growth, gross margin and operating expenses trends, depreciation and amortization 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 Company on a going-forward basis. The WACC represents a blended cost of equity and debt capital applicable to the Company based on observed market participant rates of return for a group of comparable public companies in the industry, utilizes market participant capital structure assumptions by reference to the industry’s average debt to total invested capital ratios, and is also being adjusted for relative risk premiums specific to each reporting unit tested. The terminal residual value is based upon the projected cash flow for the final projected year and is calculated using a capitalization rate based on estimates of growth of the net cash flows based on the Company’s estimate of sustainable 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 (“RFR”) method, within the income approach. The RFR method assumes that an intangible asset is valuable because the owner of the asset avoids the cost of licensing that asset. Under the RFR method, an estimate is made as to the appropriate royalty income that would be negotiated in an arm’s-length transaction if the subject intangible asset were licensed from an independent third party. The royalty savings are then calculated by multiplying a royalty rate, expressed as a percentage of revenues, times a determined applicable level of future revenues provided per each trade name as estimated by the Company. The royalty rate is based on research of industry and market data related to transactions involving the licensing of comparable intangible assets. The resulting future royalty savings are then discounted to their present value equivalent utilizing market participant rates of return, adjusted for relative risk premiums specific to each trade name as well as the reporting unit housing it. In considering the fair value of trade names, the Company also considers relative age, consistent use, quality, expansion possibilities, relative profitability, relative market potential, and how a market participant may employ these intangible assets from a financial and economic point of view. |
Long-Lived Assets Including Definite-Lived Intangible Assets | Long-Lived Assets Including Definite-Lived Intangible Assets |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Revenue Recognition | Revenue Recognition Revenues from the sale of parts 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 sheet until the vehicle is shipped or the service rendered. |
Warranty | Warranty |
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 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. 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. |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the consolidated statements of financial position. Refer to Note 6, "Divestiture Activities," of the notes to these consolidated financial statements for further information. |
Income Taxes | Income Taxes 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 Company includes interest and penalties related to income tax liabilities in the (benefit) provision for income taxes in the Company’s consolidated statements of income. 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. |
Stock-Based Compensation | Stock-Based Compensation Stock compensation expense for performance stock unit awards is recorded over the vesting period based on the grant date fair value of the awards and achievement of specified performance targets. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. For stock options, compensation expense is recorded over the agreed upon vesting term of the associated stock option grants and is measured based upon the estimation of fair value of on the grant date by applying the Black-Scholes option-pricing valuation model (the “Black-Scholes Model”). The application of the Black-Scholes Model required us to make certain assumptions such as the fair value of our common stock on the grant date, forfeitures of option grants and the rate of dividend payments on our common stock. Other assumptions utilized in the Black-Scholes Model include volatility of the share price of select peer public companies and the risk-free rate. Prior to the Company’s IPO, the fair value of common stock was calculated 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 was based upon historical experience. As the Company had not historically paid dividends on common stock prior to the IPO, the Company assumed a 0% dividend rate for stock options issued prior to the IPO. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted The following accounting pronouncements did not have a material impact on the Company’s consolidated financial statements: • Accounting Standard Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”) • ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting (Topic 718)” (“ASU 2016-09”) Accounting Pronouncements – To be Adopted • In May 2014, the FASB issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" by the FASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is effective for the Company beginning November 1, 2018. The Company developed a comprehensive project plan that included representatives from across all business segments. The project plan included steps for evaluating the standard’s impact on the Company’s various revenue streams, comparing its historical accounting policies and practices to the requirements of the new standard, identifying potential differences from applying the requirements of the new standard to its contracts, and providing updates on implementation progress. The Company has substantially completed its evaluation of the impact of ASU 2014-09. The adoption of ASU 2014-09 is not expected to have a significant impact on our financial statement results on a go-forward basis. The Company will adopt the standard on a modified retrospective basis. As a result of the adoption, the Company expects an immaterial net, after-tax cumulative effect adjustment to reduce Retained Earnings as of November 1, 2018. The Company is in the process of implementing appropriate changes, if any, to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. • In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). Topic 842 is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for the Company beginning November 1, 2019. The Company is currently reviewing the standard to determine any impact on the financial statements. • In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, thereby eliminating the resulting stranded tax effect. The Company plans to early adopt ASU 2018-02 as of the beginning of fiscal year 2019 and does not expect it to have a material impact on its consolidated financial statements. |
Subsequent Events | Subsequent Events The Company evaluated subsequent events through December 19, 2018, the date on which the financial statements were available to be issued. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Change in Allowance for Uncollectible Accounts | The change in the allowance for uncollectible accounts is as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Beginning balance $ 1.1 $ 1.6 $ 0.8 Net recorded expense 0.6 0.8 1.0 Write-offs, net of recoveries/payments (0.4 ) (1.3 ) (0.2 ) Ending balance $ 1.3 $ 1.1 $ 1.6 |
Estimated Useful Lives of Property, Plant and equipment | The estimated useful lives are as follows: Years Buildings, related improvements & land improvements 5-39 Machinery & equipment 3-15 Computer hardware & software 3-10 Office, furniture & other 3-15 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Lance Camper Mfg. Corp. [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 Lance: Assets: Cash $ 6.0 Accounts receivable, net 4.4 Inventories, net 10.3 Other current assets 0.3 Property, plant and equipment 4.6 Intangible assets, net 24.3 Other long-term assets 0.1 Total assets acquired 50.0 Liabilities: Accounts payable 2.4 Accrued warranty 1.4 Other current liabilities 5.8 Other long-term liabilities — Total liabilities assumed 9.6 Net Assets Acquired 40.4 Consideration Paid 67.9 Goodwill $ 27.5 |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Lance Acquisition are as follows: Customer relationships (6 year life) $ 12.7 Order backlog (1 year life) 1.8 Trademarks (indefinite life) 9.8 Total intangible assets, net $ 24.3 |
Ferrara 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 Ferrara: Assets: Cash $ 3.0 Accounts receivable, net 15.8 Inventories, net 40.1 Other current assets 0.4 Property, plant and equipment 12.5 Other long-term assets 0.1 Intangible assets, net 32.7 Total assets acquired 104.6 Liabilities: Accounts payable 17.1 Accrued warranty 3.4 Customer advances 7.7 Deferred income taxes 3.6 Other current liabilities 2.8 Other long-term liabilities 3.9 Total liabilities assumed 38.5 Net Assets Acquired 66.1 Consideration Paid 97.8 Goodwill $ 31.7 |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Ferrara Acquisition are as follows: Customer relationships (12 year life) $ 14.4 Order backlog (1 year life) 3.2 Non-compete agreements (4 year life) 1.5 Trade names (indefinite life) 13.6 Total intangible assets, net $ 32.7 |
Midwest Automotive Designs [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 Midwest: Assets: Cash $ — Accounts receivable, net 4.3 Inventories, net 9.0 Other current assets 0.1 Property, plant and equipment 0.2 Intangible assets, net 16.5 Total assets acquired 30.1 Liabilities: Accounts payable 6.7 Accrued warranty 0.3 Customer advances 0.9 Other current liabilities 0.2 Total liabilities assumed 8.1 Net Assets Acquired 22.0 Consideration Paid 34.9 Goodwill $ 12.9 |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Midwest Acquisition are as follows: Customer relationships (6 year life) $ 12.9 Order backlog (1 year life) 0.5 Trade names (indefinite life) 3.1 Total intangible assets, net $ 16.5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net of Reserves | Inventories, net of reserves, consisted of the following: October 31, 2018 October 31, 2017 Chassis $ 53.3 $ 54.7 Raw materials 188.4 162.5 Work in process 195.7 180.1 Finished products 91.6 68.4 529.0 465.7 Less: reserves (15.0 ) (13.3 ) Total inventories, net $ 514.0 $ 452.4 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following: October 31, 2018 October 31, 2017 Land & land improvements $ 23.9 $ 25.5 Buildings & improvements 102.5 104.2 Machinery & equipment 77.1 67.7 Rental fleet 35.4 20.3 Computer hardware & software 56.1 39.7 Office furniture & fixtures 5.1 5.0 Construction in process 14.7 34.8 314.8 297.2 Less: accumulated depreciation (100.5 ) (80.1 ) Total property, plant and equipment, net $ 214.3 $ 217.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Change in Net Carrying Value of Goodwill | The table below represents goodwill by segment: October 31, 2018 October 31, 2017 Fire & Emergency $ 88.6 $ 88.3 Commercial 28.7 28.7 Recreation 44.5 16.2 Total goodwill $ 161.8 $ 133.2 The change in the net carrying value amount of goodwill consisted of the following: October 31, 2018 October 31, 2017 Balance at beginning of period $ 133.2 $ 84.5 Activity during the year: Activity from prior year acquisitions 2.4 — Activity from current year acquisitions 27.5 48.7 Activity attributable to assets held for sale (1.3 ) — Balance at end of period $ 161.8 $ 133.2 |
Finite Lived And Indefinite Lived Intangible Assets | Intangible assets (excluding goodwill) consisted of the following: Weighted- Average Life October 31, 2018 October 31, 2017 Finite-lived intangible assets: Customer relationships 8.0 124.7 112.0 Order backlog 1.0 6.7 4.7 Non-compete agreements 5.0 2.0 2.0 Trade names 7.0 3.5 3.5 Technology-related 7.0 0.7 1.7 137.6 123.9 Less: accumulated amortization (78.9 ) (62.1 ) 58.7 61.8 Indefinite-lived trade names 115.9 106.1 Total intangible assets, net $ 174.6 $ 167.9 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: October 31, 2018 October 31, 2017 Payroll and related benefits and taxes $ 22.5 $ 21.6 Incentive compensation — 11.7 Customer sales programs 5.8 6.2 Restructuring costs 0.5 0.6 Interest payable 1.9 1.5 Income taxes payable — 11.2 Dividends payable 3.2 3.2 Deferred purchase price payment 4.0 — Other 17.6 14.2 Total other current liabilities $ 55.5 $ 70.2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | The Company was obligated under the following debt instruments: October 31, 2018 October 31, 2017 Senior secured facility: Revolving credit ABL facility $ 300.0 $ 157.0 Term Loan, net of debt issuance costs ($1.9 and $1.8) 121.9 72.9 421.9 229.9 Less: current maturities (1.3 ) (0.8 ) Long-term debt, less current maturities $ 420.6 $ 229.1 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Guarantees [Abstract] | |
Schedule of Changes in Warranty Liability | Changes in the Company’s warranty liability consisted of the following: Fiscal Year Ended October 31, 2018 October 31, 2017 Balance at beginning of year $ 40.2 $ 38.8 Warranty provisions 24.1 29.5 Settlements made (32.0 ) (34.0 ) Warranties for current year acquisitions 1.4 6.7 Changes in liability of pre-existing warranties (2.9 ) (0.8 ) Balance at end of year $ 30.8 $ 40.2 |
Accrued Warranty Classified in Consolidated Balance Sheet | Accrued warranty is classified in the Company’s consolidated balance sheets as follows: October 31, 2018 October 31, 2017 Current liabilities $ 19.0 $ 26.0 Other long-term liabilities 11.8 14.2 Total warranty liability $ 30.8 $ 40.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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: 2019 $ 2.1 2020 2.1 2021 1.9 2022 1.9 2023 1.7 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Summary of Stock Option Activity | Stock option activity for fiscal years 2018 was as follows: Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value of In-the- Money Options Outstanding at October 31, 2017 3,063,668 $ 5.80 6.8 $ 61,282 Granted — — — — Exercised (1,757,984 ) 5.53 — — Cancelled (499,934 ) 4.61 — — Outstanding at October 31, 2018 805,750 $ 7.12 6.3 $ 3,055 Exercisable at October 31, 2018 644,134 $ 7.32 — $ 2,311 |
Restricted Stock Units [Member] | |
Summary of Unvested Stock Units Outstanding | The change in the number of unvested restricted stock units outstanding consisted of the following: Restricted Stock Units Outstanding Weighted-Average Grant Date Fair Value Per Unit Outstanding, October 31, 2017 59,192 $ 25.44 Granted 417,197 $ 26.18 Exercised (17,637 ) $ 25.37 Cancelled (44,719 ) $ 28.78 Outstanding, October 31, 2018 414,033 $ 25.83 |
Performance Stock Units [Member] | |
Summary of Unvested Stock Units Outstanding | Performance Stock Units Awards Performance Stock Units Outstanding Weighted-Average Grant Date Fair Value Per Unit Outstanding, October 31, 2017 73,101 $ 27.36 Granted 121,167 $ 22.70 Vested — — Cancelled — — Outstanding, October 31, 2018 194,268 $ 24.45 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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: 2018 Restructuring 2017 Restructuring 2016 Restructuring Total Balance at October 29, 2016 $ — $ — $ 0.9 $ 0.9 Expenses Incurred — 1.5 3.0 4.5 Amounts Paid — (0.9 ) (3.9 ) (4.8 ) Balance at October 31, 2017 $ — $ 0.6 $ — $ 0.6 Expenses Incurred 7.2 — — 7.2 Amounts Paid (6.9 ) (0.4 ) — (7.3 ) Balance at October 31, 2018 $ 0.3 $ 0.2 $ — $ 0.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before (Benefit) Provision for Income Taxes | Income before (benefit) provision for income taxes is taxed in the following jurisdictions: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Domestic $ 5.2 $ 54.7 $ 43.2 Foreign (3.0 ) (4.6 ) — Income before (benefit) provision for income taxes $ 2.2 $ 50.1 $ 43.2 |
(Benefit) Provision for Income Taxes | (Benefit) provision for income taxes is summarized as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Current: Federal $ (6.8 ) $ 12.1 $ 12.6 State 0.1 3.7 4.1 Foreign — — — Total Current $ (6.7 ) $ 15.8 $ 16.7 Deferred: Federal (6.4 ) 4.6 (2.3 ) State 0.9 (0.1 ) (1.4 ) Foreign 1.4 (1.6 ) — Total Deferred (4.1 ) 2.9 (3.7 ) (Benefit) provision for income taxes $ (10.8 ) $ 18.7 $ 13.0 |
Reconciliation of Income Tax (Benefit)/Expense at Federal Statutory Rate to Company's (Benefit) Provision for Income Taxes | Income tax (benefit)/expense at the federal statutory rate is reconciled to the Company’s (benefit) provision for income taxes as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Income tax expense at federal statutory rate $ 0.5 $ 17.5 $ 15.1 Taxes on foreign income which differ from the U.S. statutory rate (0.3 ) 0.1 — State expense 0.5 2.3 1.6 Deferred tax adjustments — — (1.5 ) Manufacturing and research incentives (2.7 ) (2.1 ) (3.0 ) Nondeductible items 0.7 0.9 1.0 Uncertain tax positions (0.4 ) — 0.5 Valuation allowance 2.2 — — Remeasurement of deferred taxes - U.S. Tax Reform (11.3 ) — — Other items — — (0.7 ) (Benefit) provision for income taxes $ (10.8 ) $ 18.7 $ 13.0 |
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 31, 2018 October 31, 2017 Deferred tax assets: Product warranty $ 7.9 $ 15.8 Inventory 6.7 7.7 Deferred employee benefits 1.7 13.8 Net operating loss and credit carryforwards 13.6 6.2 Other reserves and allowances 2.5 3.4 Gross deferred tax assets 32.4 46.9 Less valuation allowance (2.3 ) (0.1 ) Deferred tax assets 30.1 46.8 Deferred tax liabilities: Intangible assets (28.4 ) (45.9 ) Property, plant and equipment (20.6 ) (20.6 ) Other (0.9 ) (1.3 ) Deferred tax liabilities (49.9 ) (67.8 ) Net deferred tax liability $ (19.8 ) $ (21.0 ) The net deferred tax assets/ (liabilities) recorded in the consolidated balance sheet are as follows: Fiscal Year Ended October 31, 2018 October 31, 2017 Noncurrent deferred tax asset $ 0.1 $ 1.5 Noncurrent deferred tax liability (19.9 ) (22.5 ) Net deferred tax liability $ (19.8 ) $ (21.0 ) |
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 31, 2018 October 31, 2017 October 29, 2016 Balance at beginning of year $ 2.6 $ 2.7 $ 4.2 Additions (reductions) for tax positions in prior year 0.3 0.1 (1.5 ) Additions for tax positions in current year 0.3 0.1 0.2 Cash settlements with taxing authorities (0.2 ) — — Statute of limitations (0.9 ) (0.3 ) (0.2 ) Balance at end of year $ 2.1 $ 2.6 $ 2.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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: October 31, 2018 October 31, 2017 Performance, bid and specialty bonds $ 228.2 $ 272.2 Open standby letters of credit 13.0 7.2 Total $ 241.2 $ 279.4 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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 fiscal years 2018, 2017 and 2016: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Basic weighted-average common shares outstanding 63,966,977 60,738,242 51,587,200 Dilutive stock options 1,242,644 1,652,521 186,560 Dilutive restricted stock units 548 14,729 — Dilutive performance stock units — — — Diluted weighted-average common shares 65,210,169 62,405,492 51,773,760 |
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 fiscal years 2018, 2017 and 2016: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Anti-Dilutive Stock Options 97,085 — 2,312,000 Anti-Dilutive Restricted Stock Units 574,359 — — Anti-Dilutive Performance Stock Units 91,509 — — Anti-Dilutive Common Stock Equivalents 762,953 — 2,312,000 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Selected Financial Information of Segments | Selected financial information of the Company’s segments is as follows: Fiscal Year 2018 Fire & Emergency Commercial Recreation Corporate, Other & Elims Consolidated Net Sales $ 956.6 $ 638.5 $ 811.9 $ (25.7 ) $ 2,381.3 Depreciation and amortization $ 15.3 $ 10.0 $ 13.4 $ 7.3 $ 46.0 Capital expenditures $ 7.9 $ 4.2 $ 9.7 $ 18.8 $ 40.6 Total assets $ 612.4 $ 293.2 $ 383.2 $ 119.3 $ 1,408.1 Adjusted EBITDA $ 86.0 $ 38.1 $ 60.4 $ (36.5 ) Fiscal Year 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 984.0 $ 620.1 $ 659.8 $ 3.9 $ 2,267.8 Net Sales—Intersegment $ — $ 9.4 $ 12.9 $ (22.3 ) $ — Depreciation and amortization $ 14.6 $ 8.5 $ 11.0 $ 3.7 $ 37.8 Capital expenditures $ 9.5 $ 6.4 $ 5.5 $ 32.6 $ 54.0 Total assets $ 606.0 $ 281.6 $ 263.9 $ 102.9 $ 1,254.4 Adjusted EBITDA $ 109.5 $ 50.5 $ 36.2 $ (33.7 ) Fiscal Year 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 768.1 $ 679.0 $ 478.1 $ 0.8 $ 1,926.0 Net Sales—Intersegment $ — $ — $ 10.6 $ (10.6 ) $ — Depreciation and amortization $ 9.7 $ 8.1 $ 5.0 $ 1.8 $ 24.6 Capital expenditures $ 9.6 $ 5.9 $ 3.6 $ 18.4 $ 37.5 Total assets $ 411.0 $ 269.0 $ 172.0 $ 37.0 $ 889.0 Adjusted EBITDA $ 85.2 $ 53.4 $ 11.0 $ (26.8 ) |
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 2018, 2017 and 2016: Fiscal Year 2018 U.S. and Canada Europe/ Africa Rest of World Total Fire & Emergency $ 938.2 $ 3.3 $ 15.1 $ 956.6 Commercial 632.3 — 6.2 638.5 Recreation 808.2 — 3.7 811.9 Corporate, Other & Elims (26.2 ) 0.1 0.4 (25.7 ) Total Net Sales $ 2,352.5 $ 3.4 $ 25.4 $ 2,381.3 Fiscal Year 2017 U.S. and Canada Europe/ Africa Rest of World Total Fire & Emergency $ 969.4 $ 0.9 $ 13.7 $ 984.0 Commercial 610.8 — 9.3 620.1 Recreation 656.5 — 3.3 659.8 Corporate & Other 3.9 — — 3.9 Total Net Sales—External Customers $ 2,240.6 $ 0.9 $ 26.3 $ 2,267.8 Intersegment Sales $ 22.3 — — — Corporate Eliminations (22.3 ) — — — Fiscal Year 2016 U.S. and Canada Europe/ Africa Rest of World Total Fire & Emergency $ 758.5 $ 0.7 $ 8.9 $ 768.1 Commercial 672.6 0.5 5.9 679.0 Recreation 475.0 — 3.1 478.1 Corporate and other 0.8 — — 0.8 Total Net Sales—External Customers $ 1,906.9 $ 1.2 $ 17.9 $ 1,926.0 Intersegment Sales $ 10.6 — — — Corporate Eliminations (10.6 ) — — — |
Reconciliation of Segment Adjusted EBITDA to Net Income | Provided below is a reconciliation of segment Adjusted EBITDA to net income: Fiscal Year Ended October 31, 2018 October 31, 2017 October 29, 2016 Fire & Emergency Adjusted EBITDA $ 86.0 $ 109.5 $ 85.2 Commercial Adjusted EBITDA 38.1 50.5 53.4 Recreation Adjusted EBITDA 60.4 36.2 11.0 Corporate and Other Adjusted EBITDA (36.5 ) (33.7 ) (26.8 ) Depreciation and amortization (45.5 ) (37.8 ) (24.6 ) Interest expense, net (25.3 ) (20.7 ) (29.2 ) Benefit (provision) for income taxes 12.2 (18.7 ) (13.0 ) Transaction expenses (2.8 ) (5.2 ) (1.6 ) Sponsor expenses (0.9 ) (0.6 ) (0.2 ) Restructuring costs (7.0 ) (4.5 ) (3.5 ) Stock-based compensation expense (6.3 ) (26.6 ) (19.7 ) Non-cash purchase accounting (0.9 ) (5.1 ) (0.8 ) Loss on early extinguishment of debt - (11.9 ) - Legal matters (5.5 ) - - First year public company costs (1.5 ) - - Impairment charges (35.6 ) - - Losses attributable to assets held for sale (9.9 ) - - Deferred purchase price payment (6.0 ) - - Net Income $ 13.0 $ 31.4 $ 30.2 |
Nature of Operations Equity S_2
Nature of Operations Equity Sponsor and Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions | Dec. 16, 2018 | Feb. 01, 2017USD ($)$ / sharesshares | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2018USD ($) |
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||||
Net proceeds after deducting underwriting discount and expenses | $ 253.6 | |||||
Stock split ratio | 80 | |||||
Primary Equity Holder [Member] | ||||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||||
Selling, general and administrative expenses charged by primary equity holder | $ 0.9 | $ 0.6 | $ 0.2 | |||
American Industrial Partners [Member] | Subsequent Event [Member] | ||||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||||
Equity interest held by operating partnership, voting equity | 53.90% | |||||
IPO [Member] | ||||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||||
Issuance of common stock | shares | 12,500,000 | |||||
Price per share | $ / shares | $ 22 | |||||
Gross proceeds | $ 275 | |||||
Net proceeds after deducting underwriting discount and expenses | $ 253.6 | |||||
China JV [Member] | ||||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||||
Investments in joint ventures | $ 6.7 | $ 0.9 | ||||
Equity interest in joint ventures | 10.00% | |||||
Loan interest rate | 5.00% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Accounting Policies And General Information [Line Items] | |||
Uninsured cash balances | $ 11.7 | ||
Accumulated other comprehensive loss | $ (1.4) | ||
IPO [Member] | |||
Accounting Policies And General Information [Line Items] | |||
Assumed dividend rate for stock options issued | 0.00% | ||
Maximum [Member] | |||
Accounting Policies And General Information [Line Items] | |||
Expected period to sell the business and other assets | 1 year | ||
Customer Concentration Risk [Member] | Net sales [Member] | Top Five Customers [Member] | |||
Accounting Policies And General Information [Line Items] | |||
Concentration risk, percentage | 13.00% | 15.00% | 15.00% |
Accounting Policies - Change in
Accounting Policies - Change in the Allowance for Uncollectible Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 1.1 | $ 1.6 | $ 0.8 |
Net recorded expense | 0.6 | 0.8 | 1 |
Write-offs, net of recoveries/payments | (0.4) | (1.3) | (0.2) |
Ending balance | $ 1.3 | $ 1.1 | $ 1.6 |
Accounting Policies - Estimated
Accounting Policies - Estimated Useful Lives of Property, Plant and equipment (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Minimum [Member] | Buildings, Related Improvements & Land Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P5Y |
Minimum [Member] | Machinery & Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P3Y |
Minimum [Member] | Computer Hardware & Software [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P3Y |
Minimum [Member] | Office Furniture Equipment & Other [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P3Y |
Maximum [Member] | Buildings, Related Improvements & Land Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P39Y |
Maximum [Member] | Machinery & Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P15Y |
Maximum [Member] | Computer Hardware & Software [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P10Y |
Maximum [Member] | Office Furniture Equipment & Other [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | P15Y |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Jan. 12, 2018 | Apr. 25, 2017 | Apr. 13, 2017 | Dec. 30, 2016 | Oct. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 |
Business Acquisition [Line Items] | ||||||||
Payments to acquire business, net of cash acquired | $ 60 | $ 156.4 | $ 31.7 | |||||
Goodwill | $ 161.8 | 161.8 | 133.2 | 84.5 | ||||
Net sales | 2,381.3 | 2,267.8 | 1,926 | |||||
Operating income | 27.8 | $ 82.7 | $ 72.4 | |||||
Lance Camper Mfg. Corp. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interest acquired | 100.00% | |||||||
Business acquisition, purchase price paid | $ 67.9 | |||||||
Cash acquired from acquisition | 6 | |||||||
Payments to acquire business, net of cash acquired | 61.9 | |||||||
Additional amount payable to selling shareholders | 10 | 10 | ||||||
Deferred purchase price payable | 5 | 5 | ||||||
Goodwill | 27.5 | |||||||
Net sales | 106.9 | |||||||
Operating income | 9.6 | |||||||
Business acquisition, purchase price | $ 67.9 | |||||||
Ferrara Fire Apparatus, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interest acquired | 100.00% | |||||||
Cash acquired from acquisition | $ 3 | |||||||
Payments to acquire business, net of cash acquired | 94.8 | |||||||
Goodwill | 31.7 | |||||||
Net sales | 122.9 | |||||||
Operating income | 7.7 | |||||||
Business acquisition, purchase price | 97.8 | |||||||
Subsequent adjustment cash received from seller based on level of net working capital | 2.3 | |||||||
Midwest Automotive Designs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire business, net of cash acquired | $ 34.9 | |||||||
Goodwill | 12.9 | |||||||
Net sales | 67 | |||||||
Operating income | 5.3 | |||||||
Business acquisition, purchase price | $ 34.9 | 34.9 | ||||||
Subsequent adjustment cash received from seller based on level of net working capital | $ 0.5 | |||||||
Renegade R V [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interest acquired | 100.00% | |||||||
Cash acquired from acquisition | $ 1.6 | |||||||
Payments to acquire business, net of cash acquired | 20.9 | |||||||
Goodwill | 4.2 | |||||||
Business acquisition, purchase price | 22.5 | |||||||
Payment for net working capital | $ 0.3 | |||||||
Increase in intangible assets | 1.3 | |||||||
Increase in deferred income tax liabilities | 2.1 | |||||||
Net increase in goodwill | $ 0.8 | |||||||
Net sales | 133.2 | |||||||
Operating income | $ 16.3 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Jan. 12, 2018 | Apr. 25, 2017 | Apr. 13, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 |
Liabilities: | ||||||
Goodwill | $ 161.8 | $ 133.2 | $ 84.5 | |||
Lance Camper Mfg. Corp. [Member] | ||||||
Assets: | ||||||
Cash | $ 6 | |||||
Accounts receivable, net | 4.4 | |||||
Inventories, net | 10.3 | |||||
Other current assets | 0.3 | |||||
Property, plant and equipment | 4.6 | |||||
Intangible assets, net | 24.3 | |||||
Other long-term assets | 0.1 | |||||
Total assets acquired | 50 | |||||
Liabilities: | ||||||
Accounts payable | 2.4 | |||||
Accrued warranty | 1.4 | |||||
Other current liabilities | 5.8 | |||||
Total liabilities assumed | 9.6 | |||||
Net Assets Acquired | 40.4 | |||||
Consideration Paid | 67.9 | |||||
Goodwill | $ 27.5 | |||||
Ferrara Fire Apparatus, Inc. [Member] | ||||||
Assets: | ||||||
Cash | $ 3 | |||||
Accounts receivable, net | 15.8 | |||||
Inventories, net | 40.1 | |||||
Other current assets | 0.4 | |||||
Property, plant and equipment | 12.5 | |||||
Intangible assets, net | 32.7 | |||||
Other long-term assets | 0.1 | |||||
Total assets acquired | 104.6 | |||||
Liabilities: | ||||||
Accounts payable | 17.1 | |||||
Accrued warranty | 3.4 | |||||
Customer deposits | 7.7 | |||||
Deferred income taxes | 3.6 | |||||
Other current liabilities | 2.8 | |||||
Other long-term liabilities | 3.9 | |||||
Total liabilities assumed | 38.5 | |||||
Net Assets Acquired | 66.1 | |||||
Consideration Paid | 97.8 | |||||
Goodwill | 31.7 | |||||
Midwest Automotive Designs [Member] | ||||||
Assets: | ||||||
Accounts receivable, net | $ 4.3 | |||||
Inventories, net | 9 | |||||
Other current assets | 0.1 | |||||
Property, plant and equipment | 0.2 | |||||
Intangible assets, net | 16.5 | |||||
Total assets acquired | 30.1 | |||||
Liabilities: | ||||||
Accounts payable | 6.7 | |||||
Accrued warranty | 0.3 | |||||
Customer deposits | 0.9 | |||||
Other current liabilities | 0.2 | |||||
Total liabilities assumed | 8.1 | |||||
Net Assets Acquired | 22 | |||||
Consideration Paid | $ 34.9 | 34.9 | ||||
Goodwill | $ 12.9 |
Acquisitions - Schedule of Inta
Acquisitions - Schedule of Intangible Assets Acquired (Detail) - USD ($) $ in Millions | Jan. 12, 2018 | Apr. 25, 2017 | Apr. 13, 2017 |
Lance Camper Mfg. Corp. [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | $ 24.3 | ||
Lance Camper Mfg. Corp. [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 9.8 | ||
Lance Camper Mfg. Corp. [Member] | Order Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 12.7 | ||
Lance Camper Mfg. Corp. [Member] | Order Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | $ 1.8 | ||
Ferrara Fire Apparatus, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | $ 32.7 | ||
Ferrara Fire Apparatus, Inc. [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 13.6 | ||
Ferrara Fire Apparatus, Inc. [Member] | Order Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 14.4 | ||
Ferrara Fire Apparatus, Inc. [Member] | Order Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 3.2 | ||
Ferrara Fire Apparatus, Inc. [Member] | Non-compete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | $ 1.5 | ||
Midwest Automotive Designs [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | $ 16.5 | ||
Midwest Automotive Designs [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 3.1 | ||
Midwest Automotive Designs [Member] | Order Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | 12.9 | ||
Midwest Automotive Designs [Member] | Order Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets, net | $ 0.5 |
Acquisitions - Schedule of In_2
Acquisitions - Schedule of Intangible Assets Acquired (Parenthetical) (Detail) | Jan. 12, 2018 | Apr. 25, 2017 | Apr. 13, 2017 |
Lance Camper Mfg. Corp. [Member] | Order Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets, useful life | 6 years | ||
Lance Camper Mfg. Corp. [Member] | Order Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets, useful life | 1 year | ||
Lance Camper Mfg. Corp. [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 | ||
Ferrara Fire Apparatus, Inc. [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 | ||
Midwest Automotive Designs [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Acquired indefinite intangible assets, useful life | indefinite life |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories, Net of Reserves (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Chassis | $ 53.3 | $ 54.7 |
Raw materials | 188.4 | 162.5 |
Work in process | 195.7 | 180.1 |
Finished products | 91.6 | 68.4 |
Inventory, Gross, Total | 529 | 465.7 |
Less: reserves | (15) | (13.3) |
Total inventories, net | $ 514 | $ 452.4 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 314.8 | $ 297.2 |
Less: accumulated depreciation | (100.5) | (80.1) |
Total property, plant and equipment, net | 214.3 | 217.1 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 23.9 | 25.5 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 102.5 | 104.2 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 77.1 | 67.7 |
Rental Fleet [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 35.4 | 20.3 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 56.1 | 39.7 |
Office Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5.1 | 5 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14.7 | $ 34.8 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 27.9 | $ 22.9 | $ 15.2 |
Divestiture Activities - Additi
Divestiture Activities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 19, 2018 | Oct. 31, 2018 | Oct. 31, 2019 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Non-cash impairment charge | $ 35.6 | ||
Property, plant and equipment, net | 11.5 | ||
Inventories, net | 11.4 | ||
Accounts receivable, net | 2.9 | ||
Other current assets | 0.5 | ||
Accounts payable | 3.9 | ||
Other current liabilities | $ 1.6 | ||
Maximum [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Expected period to sell businesses and other assets | 1 year | ||
Mobility Van Business [Member] | Commercial Segment [Member] | Subsequent Event [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Annual sales of discontinued operation | $ 40 | ||
Scenario, Forecast [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Cash expected from anticipated divestitures of businesses and assets | $ 40 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 |
Goodwill [Line Items] | |||
Goodwill | $ 161.8 | $ 133.2 | $ 84.5 |
Fire & Emergency [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 88.6 | 88.3 | |
Commercial [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 28.7 | 28.7 | |
Recreation [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 44.5 | $ 16.2 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Change in Net Carrying Value of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period | $ 133.2 | $ 84.5 |
Activity from prior year acquisitions | 2.4 | |
Activity from current year acquisitions | 27.5 | 48.7 |
Activity attributable to assets held for sale | (1.3) | |
Balance at end of period | $ 161.8 | $ 133.2 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets Excluding Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 137.6 | $ 123.9 |
Less: accumulated amortization | (78.9) | (62.1) |
Finite-lived intangible assets, net | 58.7 | 61.8 |
Indefinite-lived trade names | 115.9 | 106.1 |
Total intangible assets, net | 174.6 | 167.9 |
Order Customer Relationships [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 124.7 | 112 |
Finite-lived intangible assets, useful life | 8 years | |
Order Backlog [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 6.7 | 4.7 |
Finite-lived intangible assets, useful life | 1 year | |
Non-compete Agreements [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 2 | 2 |
Finite-lived intangible assets, useful life | 5 years | |
Trade Names [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 3.5 | 3.5 |
Finite-lived intangible assets, useful life | 7 years | |
Technology-related Intangible Assets [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 0.7 | $ 1.7 |
Finite-lived intangible assets, useful life | 7 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 18.1 | $ 14.9 | $ 9.4 |
Estimated future amortization expense of intangible assets year one | 15 | ||
Estimated future amortization expense of intangible assets year two | 11.5 | ||
Estimated future amortization expense of intangible assets year three | 8.6 | ||
Estimated future amortization expense of intangible assets year four | 8.2 | ||
Estimated future amortization expense of intangible assets year five | $ 5.7 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related benefits and taxes | $ 22.5 | $ 21.6 |
Incentive compensation | 11.7 | |
Customer sales programs | 5.8 | 6.2 |
Restructuring costs | 0.5 | 0.6 |
Interest payable | 1.9 | 1.5 |
Income taxes payable | 11.2 | |
Dividends payable | 3.2 | 3.2 |
Deferred purchase price payment | 4 | |
Other | 17.6 | 14.2 |
Total other current liabilities | $ 55.5 | $ 70.2 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Debt Instruments [Abstract] | ||
Revolving credit ABL facility | $ 300 | $ 157 |
Term Loan, net of debt issuance costs ($1.9 and $1.8) | 121.9 | 72.9 |
Long term debt including current maturities | 421.9 | 229.9 |
Less: current maturities | (1.3) | (0.8) |
Long-term debt, less current maturities | $ 420.6 | $ 229.1 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Jul. 18, 2018 | Oct. 31, 2017 | Apr. 25, 2017 |
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 1.9 | $ 0.6 | $ 1.8 | $ 2 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jul. 18, 2018 | Dec. 22, 2017 | Apr. 25, 2017 | Feb. 16, 2017 | Jan. 17, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 |
Debt Instrument [Line Items] | ||||||||
Loss on early extinguishment of debt | $ (11,900,000) | |||||||
Secured leverage ratio | 350.00% | |||||||
Redemption price, percentage | 104.25% | |||||||
Prepayment premium | 7,700,000 | |||||||
Amortization of Senior Note discount | 100,000 | $ 200,000 | ||||||
Senior Secured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate | 8.50% | |||||||
Senior Secured Notes [Member] | Year 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on early extinguishment of debt | $ (11,200,000) | |||||||
Prepayment premium | 7,700,000 | |||||||
Unamortized debt issuance costs | 3,100,000 | |||||||
Amortization of Senior Note discount | $ 400,000 | |||||||
April 2017 Asset Based Lending Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 350,000,000 | |||||||
Debt issuance costs | $ 400,000 | 4,900,000 | ||||||
Additional increase in borrowing capacity | 100,000,000 | $ 100,000,000 | ||||||
Debt instrument maturity date | Apr. 25, 2022 | |||||||
Available current borrowing capacity | $ 137,000,000 | |||||||
April 2017 Asset Based Lending Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 350,000,000 | |||||||
April 2017 Asset Based Lending Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 450,000,000 | |||||||
Fixed charge coverage ratio | 100.00% | |||||||
April 2017 Asset Based Lending Facility [Member] | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable interest rate margins | 0.75% | |||||||
April 2017 Asset Based Lending Facility [Member] | Eurodollar | ||||||||
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] | 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 | |||||||
October 2013 Asset Based Lending Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on early extinguishment of debt | (700,000) | |||||||
October 2013 Asset Based Lending Facility [Member] | Asset Based Lending Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of credit facility | 150,000,000 | |||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 600,000 | $ 2,000,000 | $ 1,900,000 | $ 1,800,000 | ||||
Debt instrument maturity date | Apr. 25, 2022 | |||||||
Required annual payment percentage | 0.25% | |||||||
Debt principal amount | $ 75,000,000 | |||||||
Additional increase in borrowing capacity | 50,000,000 | |||||||
Term Loan [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 75,000,000 | |||||||
Term Loan [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||
Additional increase in borrowing capacity | $ 125,000,000 | |||||||
Term Loan [Member] | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable interest rate margins | 2.50% | |||||||
Debt instrument frequency of payment | Quarterly | |||||||
Term Loan [Member] | Eurodollar | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable interest rate margins | 3.50% | |||||||
Debt instrument , floor interest rate | 1.00% | |||||||
Debt instrument frequency of payment | Monthly or Quarterly |
Warranties - Schedule of Change
Warranties - Schedule of Changes in Warranty Liability (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Guarantees [Abstract] | ||
Balance at beginning of year | $ 40.2 | $ 38.8 |
Warranty provisions | 24.1 | 29.5 |
Settlements made | (32) | (34) |
Warranties for current year acquisitions | 1.4 | 6.7 |
Changes in liability of pre-existing warranties | (2.9) | (0.8) |
Balance at end of year | $ 30.8 | $ 40.2 |
Warranties - Accrued Warranty C
Warranties - Accrued Warranty Classified in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 |
Guarantees [Abstract] | |||
Current liabilities | $ 19 | $ 26 | |
Other long-term liabilities | 11.8 | 14.2 | |
Total warranty liability | $ 30.8 | $ 40.2 | $ 38.8 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Leases [Abstract] | |||
Total rental expenses for property, plant and equipment charged to operations | $ 8.3 | $ 4.9 | $ 3.7 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease payments (Detail) $ in Millions | Oct. 31, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 2.1 |
2,020 | 2.1 |
2,021 | 1.9 |
2,022 | 1.9 |
2,023 | $ 1.7 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Maximum defer net employment income percentage | 100.00% | ||
Discretionary contribution amount | $ 9.7 | $ 7.1 | $ 6.1 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) - USD ($) | Sep. 05, 2018 | Oct. 31, 2018 | Mar. 20, 2018 |
Equity Class Of Treasury Stock [Line Items] | |||
Stock repurchase program, total cost | $ 53,300,000 | ||
Common Stock [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount to repurchase issued and outstanding common stock | $ 50,000,000 | ||
Stock repurchase program, expiration date | Sep. 4, 2020 | Mar. 19, 2020 | |
Stock repurchase program, number of remaining shares purchased | 3,233,352 | ||
Stock repurchase program, total cost | $ 53,300,000 | ||
Stock repurchase program, average price per share | $ 16.47 | ||
Stock repurchase program, remaining authorized, amount | $ 46,700,000 | ||
Common Stock [Member] | Maximum [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount to repurchase issued and outstanding common stock | $ 50,000,000 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) $ in Millions | Feb. 01, 2017 | Jan. 25, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | Oct. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, grants in period | 0 | |||||
Income tax benefit realized | $ 1.7 | $ 10.1 | $ 7.5 | |||
Stock options vested, fair value | $ 26.5 | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 6.3 | $ 26.6 | $ 19.7 | |||
Service-based and Performance-based Share Awards [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Service-based and Performance-based Share Awards [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Service-based Share Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 12 months | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, grants in period | 0 | |||||
Unrecognized compensation expense | $ 0.8 | $ 0.8 | ||||
Weighted average period expense expected to be recognized | 1 year 2 months 12 days | |||||
Stock Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Stock Options [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 8.3 | 8.3 | ||||
Weighted average period expense expected to be recognized | 3 years | |||||
Restricted Stock Units [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted Stock Units [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Performance Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 2.1 | $ 2.1 | ||||
Weighted average period expense expected to be recognized | 3 years 4 months 24 days | |||||
Performance Stock Units [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Performance Stock Units [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
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 | 673,957 | 673,957 | ||||
The 2010 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, grants in period | 0 |
Stock Compensation - Summary of
Stock Compensation - Summary of Unvested Restricted Stock Units Outstanding (Detail) - Restricted Stock Units [Member] | 12 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Balance | shares | 59,192 |
Granted | shares | 417,197 |
Exercised | shares | (17,637) |
Cancelled | shares | (44,719) |
Outstanding Balance | shares | 414,033 |
Outstanding Balance | $ / shares | $ 25.44 |
Granted | $ / shares | 26.18 |
Exercised | $ / shares | 25.37 |
Cancelled | $ / shares | 28.78 |
Outstanding Balance | $ / shares | $ 25.83 |
Stock Compensation - Summary _2
Stock Compensation - Summary of Performance Stock Units (Detail) - Performance Stock Units [Member] | 12 Months Ended |
Oct. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Balance | shares | 73,101 |
Granted | shares | 121,167 |
Vested | shares | 0 |
Cancelled | shares | 0 |
Outstanding Balance | shares | 194,268 |
Outstanding Balance | $ / shares | $ 27.36 |
Granted | $ / shares | 22.70 |
Vested | $ / shares | 0 |
Cancelled | $ / shares | 0 |
Outstanding Balance | $ / shares | $ 24.45 |
Stock Compensation - Summary _3
Stock Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2018USD ($)$ / sharesshares | Oct. 31, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Outstanding | shares | 3,063,668 | |
Number of Shares, Granted | shares | 0 | |
Number of Shares, Exercised | shares | (1,757,984) | |
Number of Shares, Cancelled | shares | (499,934) | |
Number of Shares, Outstanding | shares | 805,750 | 3,063,668 |
Number of Shares, Exercisable | shares | 644,134 | |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | $ 5.80 | |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 0 | |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 5.53 | |
Weighted-Average Exercise Price Per Share, Cancelled | $ / shares | 4.61 | |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | 7.12 | $ 5.80 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 7.32 | |
Weighted-Average Remaining Contractual Term (in years) | 6 years 3 months 18 days | 6 years 9 months 18 days |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding | $ | $ 3,055 | $ 61,282 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable | $ | $ 2,311 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Changes in Restructuring Liability (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Restructuring Cost And Reserve [Line Items] | |||
Balance | $ 0.6 | $ 0.9 | |
Expenses Incurred | 7.2 | 4.5 | $ 3.5 |
Amounts Paid | (7.3) | (4.8) | |
Balance | 0.5 | 0.6 | 0.9 |
2018 Restructuring [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Expenses Incurred | 7.2 | ||
Amounts Paid | (6.9) | ||
Balance | 0.3 | ||
2017 Restructuring [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance | 0.6 | ||
Expenses Incurred | 1.5 | ||
Amounts Paid | (0.4) | (0.9) | |
Balance | $ 0.2 | 0.6 | |
2016 Restructuring [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Balance | 0.9 | ||
Expenses Incurred | 3 | ||
Amounts Paid | $ (3.9) | ||
Balance | $ 0.9 |
Income Taxes - Income Before (B
Income Taxes - Income Before (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 5.2 | $ 54.7 | $ 43.2 |
Foreign | (3) | (4.6) | |
Income before (benefit) provision for income taxes | $ 2.2 | $ 50.1 | $ 43.2 |
Income Taxes - (Benefit) Provis
Income Taxes - (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Current: | |||
Federal | $ (6.8) | $ 12.1 | $ 12.6 |
State | 0.1 | 3.7 | 4.1 |
Total Current | (6.7) | 15.8 | 16.7 |
Deferred: | |||
Federal | (6.4) | 4.6 | (2.3) |
State | 0.9 | (0.1) | (1.4) |
Foreign | 1.4 | (1.6) | |
Total Deferred | (4.1) | 2.9 | (3.7) |
(Benefit) provision for income taxes | $ (10.8) | $ 18.7 | $ 13 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit)/Expense at Federal Statutory Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Income tax expense at federal statutory rate | $ 0.5 | $ 17.5 | $ 15.1 |
Taxes on foreign income which differ from the U.S. statutory rate | (0.3) | 0.1 | |
State expense | 0.5 | 2.3 | 1.6 |
Deferred tax adjustments | (1.5) | ||
Manufacturing and research incentives | (2.7) | (2.1) | (3) |
Nondeductible items | 0.7 | 0.9 | 1 |
Uncertain tax positions | (0.4) | 0.5 | |
Valuation allowance | 2.2 | ||
Remeasurement of deferred taxes - U.S. Tax Reform | (11.3) | ||
Other items | (0.7) | ||
(Benefit) provision for income taxes | $ (10.8) | $ 18.7 | $ 13 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Operating Loss Carryforwards [Line Items] | |||||
Corporate tax rate | 35.00% | 21.00% | |||
Effective income tax rate reconciliation, tax cuts and jobs act, percent | 23.30% | ||||
Tax reform act, benefit related to remeasurement of net deferred tax liabilities | $ 11.3 | ||||
Tax expense | (10.8) | $ 18.7 | $ 13 | ||
Valuation allowance | $ 2.3 | 2.3 | 0.1 | ||
Tax credit carryforwards | 1.9 | 1.9 | |||
Interest and penalties related to uncertain tax liabilities | 0.1 | 0 | 0.2 | ||
Accrued interest and penalties | 0.1 | 0.1 | 0.2 | ||
Unrecognized tax benefits that would affect the annual effective rate if recognized | 2.2 | 2.2 | 2.9 | $ 2.9 | |
Offsetting asset included in other long-term assets | 0.9 | 0.9 | |||
Unrecognized tax benefit | 0.2 | 0.2 | |||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | 36.8 | $ 36.8 | |||
Net operating loss carryforwards, expiration year | 2,029 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | 20.2 | $ 20.2 | |||
Net operating loss carryforwards, expiration year | 2,027 | ||||
Tax credit carryforwards | 1.3 | $ 1.3 | |||
Brazil [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax expense | 2.2 | ||||
Valuation allowance | 2.3 | 2.3 | $ 0.1 | ||
Net operating loss carryforwards | 4.1 | 4.1 | |||
Canada [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | $ 0.6 | $ 0.6 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences and Carryforwards (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Deferred tax assets: | ||
Product warranty | $ 7.9 | $ 15.8 |
Inventory | 6.7 | 7.7 |
Deferred employee benefits | 1.7 | 13.8 |
Net operating loss and credit carryforwards | 13.6 | 6.2 |
Other reserves and allowances | 2.5 | 3.4 |
Gross deferred tax assets | 32.4 | 46.9 |
Less valuation allowance | (2.3) | (0.1) |
Deferred tax assets | 30.1 | 46.8 |
Deferred tax liabilities: | ||
Intangible assets | (28.4) | (45.9) |
Property, plant and equipment | (20.6) | (20.6) |
Other | (0.9) | (1.3) |
Deferred tax liabilities | (49.9) | (67.8) |
Net deferred tax liability | $ (19.8) | $ (21) |
Income Taxes - Net deferred tax
Income Taxes - Net deferred tax assets/ (liabilities) (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Noncurrent deferred tax asset | $ 0.1 | $ 1.5 |
Noncurrent deferred tax liability | (19.9) | (22.5) |
Net deferred tax liability | $ (19.8) | $ (21) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 2.6 | $ 2.7 | $ 4.2 |
Additions (reductions) for tax positions in prior year | 0.3 | 0.1 | (1.5) |
Additions for tax positions in current year | 0.3 | 0.1 | 0.2 |
Cash settlements with taxing authorities | (0.2) | ||
Statute of limitations | (0.9) | (0.3) | (0.2) |
Balance at end of year | $ 2.1 | $ 2.6 | $ 2.7 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contingent Liabilities (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Loss Contingencies [Line Items] | ||
Performance, bid and specialty bonds | $ 228.2 | $ 272.2 |
Total | 241.2 | 279.4 |
Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Open standby letters of credit | $ 13 | $ 7.2 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Contingent liability under purchase agreements for future chassis inventory purchases | $ 54,500,000 | $ 85,900,000 |
Repurchase agreement | 2 years | |
Represents the gross value of all vehicles under repurchase agreements | $ 310,500,000 | 288,500,000 |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated loss exposure under contract | $ 25,200,000 | $ 600,000 |
Earnings per Common Share - Rec
Earnings per Common Share - Reconciliation of Basic Weighted-Average Common Shares Outstanding to Diluted Weighted-Average Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average common shares outstanding | 63,966,977 | 60,738,242 | 51,587,200 |
Dilutive stock options | 1,242,644 | 1,652,521 | 186,560 |
Dilutive restricted stock units | 548 | 14,729 | 0 |
Dilutive performance stock units | 0 | 0 | 0 |
Diluted weighted-average common shares | 65,210,169 | 62,405,492 | 51,773,760 |
Earnings per Common Share - Exc
Earnings per Common Share - Exclusions from Calculation of Weighted-Average Shares Outstanding Assuming Dilution Due to Anti-Dilutive Effect of Common Stock Equivalents (Detail) - shares | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-Dilutive Common Stock Equivalents | 762,953 | 0 | 2,312,000 |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-Dilutive Common Stock Equivalents | 97,085 | 0 | 2,312,000 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-Dilutive Common Stock Equivalents | 574,359 | 0 | 0 |
Performance Stock Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-Dilutive Common Stock Equivalents | 91,509 | 0 | 0 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segment Information _2
Business Segment Information - Schedule of Selected Financial Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 2,381.3 | $ 2,267.8 | $ 1,926 |
Depreciation and amortization | 46 | 37.8 | 24.6 |
Capital expenditures | 40.6 | 54 | 37.5 |
Total assets | 1,408.1 | 1,254.4 | 889 |
Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (25.7) | ||
Depreciation and amortization | 7.3 | ||
Capital expenditures | 18.8 | ||
Total assets | 119.3 | ||
Adjusted EBITDA | (36.5) | ||
Fire & Emergency [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 956.6 | 984 | 768.1 |
Depreciation and amortization | 15.3 | 14.6 | 9.7 |
Capital expenditures | 7.9 | 9.5 | 9.6 |
Total assets | 612.4 | 606 | 411 |
Adjusted EBITDA | 86 | 109.5 | 85.2 |
Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 638.5 | 620.1 | 679 |
Depreciation and amortization | 10 | 8.5 | 8.1 |
Capital expenditures | 4.2 | 6.4 | 5.9 |
Total assets | 293.2 | 281.6 | 269 |
Adjusted EBITDA | 38.1 | 50.5 | 53.4 |
Commercial [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 9.4 | ||
Recreation [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 811.9 | 659.8 | 478.1 |
Depreciation and amortization | 13.4 | 11 | 5 |
Capital expenditures | 9.7 | 5.5 | 3.6 |
Total assets | 383.2 | 263.9 | 172 |
Adjusted EBITDA | 60.4 | 36.2 | 11 |
Recreation [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 12.9 | 10.6 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 3.9 | 0.8 | |
Depreciation and amortization | 3.7 | 1.8 | |
Capital expenditures | 32.6 | 18.4 | |
Total assets | 102.9 | 37 | |
Adjusted EBITDA | $ (36.5) | (33.7) | (26.8) |
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ (22.3) | $ (10.6) |
Business Segment Information _3
Business Segment Information - Net Sales by Geographic Region Based on Product Shipment Destination (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,381.3 | $ 2,267.8 | $ 1,926 |
Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (25.7) | ||
U.S. and Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,352.5 | 2,240.6 | 1,906.9 |
U.S. and Canada [Member] | Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (26.2) | ||
U.S. and Canada [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 22.3 | 10.6 | |
U.S. and Canada [Member] | Corporate Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (22.3) | (10.6) | |
Europe/Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3.4 | 0.9 | 1.2 |
Europe/Africa [Member] | Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0.1 | ||
Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 25.4 | 26.3 | 17.9 |
Rest of World [Member] | Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0.4 | ||
Fire & Emergency [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 956.6 | 984 | 768.1 |
Fire & Emergency [Member] | U.S. and Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 938.2 | 969.4 | 758.5 |
Fire & Emergency [Member] | Europe/Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3.3 | 0.9 | 0.7 |
Fire & Emergency [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 15.1 | 13.7 | 8.9 |
Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 638.5 | 620.1 | 679 |
Commercial [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 9.4 | ||
Commercial [Member] | U.S. and Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 632.3 | 610.8 | 672.6 |
Commercial [Member] | Europe/Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0.5 | ||
Commercial [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6.2 | 9.3 | 5.9 |
Recreation [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 811.9 | 659.8 | 478.1 |
Recreation [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 12.9 | 10.6 | |
Recreation [Member] | U.S. and Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 808.2 | 656.5 | 475 |
Recreation [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 3.7 | 3.3 | 3.1 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3.9 | 0.8 | |
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (22.3) | (10.6) | |
Corporate and Other [Member] | U.S. and Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 3.9 | $ 0.8 |
Business Segment Information _4
Business Segment Information - Reconciliation of Segment Adjusted EBITDA to Net Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 29, 2016 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ (46) | $ (37.8) | $ (24.6) |
Interest expense, net | (25.6) | (20.7) | (29.2) |
Benefit (provision) for income taxes | 10.8 | (18.7) | (13) |
Restructuring costs | (7.2) | (4.5) | (3.5) |
Stock-based compensation expense | (6.3) | (26.6) | (19.7) |
Loss on early extinguishment of debt | (11.9) | ||
Impairment charges | (35.6) | ||
Net income | 13 | 31.4 | 30.2 |
Fire & Emergency [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 86 | 109.5 | 85.2 |
Depreciation and amortization | (15.3) | (14.6) | (9.7) |
Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 38.1 | 50.5 | 53.4 |
Depreciation and amortization | (10) | (8.5) | (8.1) |
Recreation [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 60.4 | 36.2 | 11 |
Depreciation and amortization | (13.4) | (11) | (5) |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (36.5) | (33.7) | (26.8) |
Depreciation and amortization | (3.7) | (1.8) | |
Operating Segment [Member] | Fire & Emergency [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 86 | 109.5 | 85.2 |
Operating Segment [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 38.1 | 50.5 | 53.4 |
Operating Segment [Member] | Recreation [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 60.4 | 36.2 | 11 |
Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (45.5) | (37.8) | (24.6) |
Interest expense, net | (25.3) | (20.7) | (29.2) |
Benefit (provision) for income taxes | 12.2 | (18.7) | (13) |
Transaction expenses | (2.8) | (5.2) | (1.6) |
Sponsor expenses | (0.9) | (0.6) | (0.2) |
Restructuring costs | (7) | (4.5) | (3.5) |
Stock-based compensation expense | (6.3) | (26.6) | (19.7) |
Non-cash purchase accounting | (0.9) | (5.1) | $ (0.8) |
Loss on early extinguishment of debt | $ (11.9) | ||
Legal matters | (5.5) | ||
First year public company costs | (1.5) | ||
Impairment charges | (35.6) | ||
Losses attributable to assets held for sale | (9.9) | ||
Deferred purchase price payment | $ (6) |