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Business Combinations (Tables) | 12 Months Ended
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Oct. 31, 2020
Business Combinations [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the allocation of the Venture Products purchase price to the fair values assigned to the Venture Products assets acquired and liabilities assumed (in thousands):
|  | March 2, 2020
Cash and cash equivalents |  | $ | 3,476 |
Receivables |  | 6,342 |
Inventories |  | 23,000 |
Prepaid expenses and other current assets |  | 239 |
Property, plant and equipment |  | 26,976 |
Goodwill |  | 62,252 |
Other intangible assets |  | 75,300 |
Accounts payable |  | (4,075) |
Accrued liabilities |  | (5,959) |
Deferred income tax liabilities |  | (20,850) |
Total fair value of net assets acquired |  | 166,701 |
Less: cash and cash equivalents acquired |  | (3,476) |
Total Venture Products purchase price |  | $ | 163,225 |
The following table summarizes the allocation of the CMW purchase price to the fair values assigned to the CMW assets acquired and liabilities assumed (in thousands):
|  | April 1, 2019
Cash and cash equivalents |  | $ | 16,341 |
Receivables |  | 65,674 |
Inventories |  | 241,429 |
Prepaid expenses and other current assets |  | 8,050 |
Property, plant and equipment |  | 142,779 |
Goodwill |  | 134,657 |
Other intangible assets: |  |
Customer-related |  | 130,800 |
Developed technology |  | 20,900 |
Finite-lived trade names |  | 5,200 |
Indefinite-lived trade names |  | 103,700 |
Backlog |  | 3,590 |
Other long-term assets |  | 7,971 |
Accounts payable |  | (35,892) |
Accrued liabilities |  | (51,943) |
Deferred income tax liabilities |  | (85,277) |
Other long-term liabilities |  | (6,665) |
Total fair value of net assets acquired |  | 701,314 |
Less: cash and cash equivalents acquired |  | (16,341) |
Total CMW purchase price |  | $ | 684,973 |
Finite-lived and indefinite-lived intangible assets acquired as part of business combination | The fair values of the other intangible assets acquired on the Venture Products closing date, related accumulated amortization from the Venture Products closing date through October 31, 2020, and weighted-average useful lives in years were as follows (in thousands, except weighted-average useful life in years):
|  | Weighted-Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Finite-lived - customer-related |  | 16.0 |  | $ | 19,100 |  |  | $ | (796) |  |  | $ | 18,304 |
Indefinite-lived - trade name |  |  |  | 56,200 |  |  | — |  |  | 56,200 |
Total other intangible assets, net |  |  |  | $ | 75,300 |  |  | $ | (796) |  |  | $ | 74,504 |
Business acquisition, pro forma information | The following table presents unaudited pro forma financial information for fiscal 2019 and 2018 (in thousands, except per share data):
|  | October 31, 2019 |  | October 31, 2018
Net sales |  | $ | 3,437,335 |  |  | $ | 3,332,636 |
Net earnings 1 |  | 363,452 |  |  | 276,722 |
Basic net earnings per share of common stock |  | 3.40 |  |  | 2.60 |
Diluted net earnings per share of common stock 1 |  | $ | 3.36 |  |  | $ | 2.55 |
1 On January 1, 2019, CMW amended its retiree medical plans so that no employee hired, or rehired, after that date would be eligible for such retiree medical plans. CMW further amended its retiree medical plans on February 14, 2019 so that no employee who terminates employment after February 14, 2019 is eligible to participate in the retiree medical plans and to terminate its retiree medical plans effective December 31, 2019. The amendments and resulting termination of CMW's retiree medical plans resulted in a gain of $45.8 million. This gain is reflected within net earnings in the unaudited pro forma financial information for the fiscal year ended October 31, 2019. The impact on diluted net earnings per share of common stock for the fiscal year ended October 31, 2019 was $0.42 per diluted share of common stock.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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