Assets Held for Sale

12 Months Ended

Oct. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

In the fourth quarter of 2020, we committed to a plan to sell our screws and barrels product line within the Adhesives reporting unit under our Industrial Precision Solutions operating segment and determined that it met the criteria to be classified as held for sale. Therefore, these assets and liabilities have been presented as held for sale in the Consolidated Balance Sheet as of October 31, 2020. Assets and liabilities classified as held for sale are measured at the lower of carrying value or fair value less costs to sell. We entered into a letter of intent to sell the screws and barrels product line in October 2020. In December 2020, we entered into a definitive agreement with the buyer.

Before measuring the fair value less costs to sell of the disposal group as a whole, we first reviewed individual assets and liabilities to determine if any fair value adjustments were required and concluded no individual asset impairments were required. Then, based on the definitive agreement entered into by us and the buyer, we determined the fair value of the disposal group to be equal to the selling price, less costs to sell. Based on this review, we recorded a non-cash, assets held for sale impairment charge of $87,371.

The assets and liabilities of the screws and barrels product line classified as held for sale at October 31, 2020 were as follows:


	2020
Receivables - net	$	14,327
Inventories - net	9,854
Prepaid expenses and other current assets	696
Property, plant and equipment - net	58,950
Other assets	23,159
Impairment on carrying value	(87,371)
Assets held for sale	$	19,615

Accounts payable	$	4,625
Accrued liabilities	3,352
Other liabilities	5,171
Liabilities held for sale	$	13,148

The pending transaction is subject to customary closing conditions and is expected to close no later than the third quarter of 2021.

Excluding the non-cash, assets held for sale impairment charge of $87,371 recorded in the fourth quarter of 2020, the operating results of the screws and barrels product line were not material to our Consolidated Financial Statements for any period presented.