XML 22 R14.htm IDEA: XBRL DOCUMENT v3.24.0.1
Restructuring and Other Related Charges
 3 Months Ended
Jan. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Related Charges

Note 8. Restructuring and Other Related Charges

On January 29, 2024, the Company announced that it would discontinue manufacturing operations at the Company’s ENC facility in Riverside, California. Management believes the discontinuation of manufacturing at ENC will create a more focused portfolio that provides opportunities for growth, consistent cash generation and improved margin performance. ENC is included within the Specialty Vehicles segment.

The Company has and will incur certain restructuring and other related charges in connection with the decision to discontinue manufacturing at the ENC facility. For the three months ended January 31, 2024, the Company recorded restructuring charges of $0.8 million related to severance and retention costs, and additional charges consisting of $11.6 million of impairment charges related to intangible assets and property, plant, and equipment, $5.8 million of inventory write-offs, and $0.3 million of other costs. The Company expects to incur additional charges of between $6.0 to $7.0 million associated with employee severance and other termination benefits. The Company also currently expects to incur additional charges associated with contract terminations, inventory liquidation, and other costs; however, such costs are not known at this time. The Company currently expects the charges resulting from this restructuring will be incurred during fiscal year 2024.