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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Oct. 31, 2019
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS As of October 31, 2019, we owned approximately 35% of the outstanding shares of a Taiwanese–based contract manufacturer, Hurco Automation, Ltd. (“HAL”). HAL’s scope of activities includes the design, manufacture, sales and distribution of industrial automation products, software systems and related components, including control systems and components produced under contract for sale exclusively to us. We are accounting for this investment using the equity method. The investment of $4.2 million and $4.0 million at October 31, 2019 and 2018, respectively, is included in Investments and other assets, net on the Consolidated Balance Sheets. Purchases of controls from HAL amounted to $8.5 million, $11.3 million and $10.0 million in fiscal 2019, 2018 and 2017, respectively. Sales of control component parts to HAL were $198,000, $197,000 and $139,000 for the fiscal years ended October 31, 2019, 2018 and 2017, respectively. Trade payables to HAL were $938,000 and $3.4 million at October 31, 2019 and 2018, respectively. Trade receivables from HAL were $22,000 and $68,000 at October 31, 2019 and 2018, respectively. Summary unaudited financial information for HAL’s operations and financial condition is as follows (in thousands):
|  | 2019 |  | 2018 |  | 2017
Net Sales |  | $ | 15,957 |  | $ | 17,841 |  | $ | 15,800
Gross Profit |  |  | 2,322 |  |  | 2,944 |  |  | 2,457
Operating Income |  |  | 992 |  |  | 1,534 |  |  | 1,037
Net Income |  |  | 1,490 |  |  | 1,845 |  |  | 1,320
Current Assets |  | $ | 12,019 |  | $ | 12,870 |  | $ | 11,310
Non–current Assets |  |  | 5,560 |  |  | 4,579 |  |  | 4,440
Current Liabilities |  |  | 3,674 |  |  | 4,666 |  |  | 3,916

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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