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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Oct. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Fair Value of Derivative Instruments

		2019					2018
		Balance Sheet		Fair			Balance Sheet		Fair
Derivatives		Location		Value			Location		Value
Designated as Hedging Instruments:
Foreign exchange forward contracts		Derivative assets		$	751		Derivative assets		$	2,654
Foreign exchange forward contracts		Derivative liabilities		$	99		Derivative liabilities		$	1,616
Not Designated as Hedging Instruments:
Foreign exchange forward contracts		Derivative assets		$	640		Derivative assets		$	431
Foreign exchange forward contracts		Derivative liabilities		$	289		Derivative liabilities		$	404

Schedule of Effect of Derivative Instruments on the Balance Sheets, Statements of Changes in Shareholders' Equity and Statements of Operations

Derivative instruments had the following effects on our Consolidated Balance Sheets, Statements of Changes in Shareholders’ Equity and Statements of Income, net of tax, during the fiscal years ended October 31, 2019, 2018, and 2017 (in thousands):

											Location of
		Amount of Gain (Loss)									Gain (Loss)		Amount of Gain (Loss)
		Recognized in									Reclassified		Reclassified from
		Other Comprehensive									From Other		Other Comprehensive
		Income (Loss)									Comprehensive		Income (Loss)
Derivatives		2019			2018			2017			Income (Loss)		2019			2018			2017
Designated as Hedging Instruments:
(Effective Portion)
Foreign exchange forward contracts											Cost of sales
– Intercompany sales/purchases		$	615		$	155		$	(709)		and service		$	235		$	(1,355)		$	1,354
– Net Investment		$	128		$	136		$	(96)

Schedule of Derivatives Not Designated as Hedging Instruments

We recognized the following gains and losses in our Consolidated Statements of Income during the fiscal years ended October 31, 2019, 2018, and 2017 on derivative instruments not designated as hedging instruments (in thousands):

				Amount of Gain (Loss)
		Location of Gain (Loss)		Recognized in Operations
Derivatives		Recognized in Operations		2019			2018			2017
Not Designated as Hedging Instruments:
Foreign exchange forward contracts		Other expense, net		$	514		$	(963)		$	(1,001)

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of Accumulated other comprehensive loss, net of tax, for the fiscal years ended October 31, 2019 and 2018 (in thousands):

		Foreign			Cash
		Currency			Flow
		Translation			Hedges			Total
Balance, October 31, 2017		$	(7,409)		$	(781)		$	(8,190)
Other comprehensive income (loss) before reclassifications			(3,183)			155			(3,028)
Reclassifications			—			1,355			1,355
Balance, October 31, 2018		$	(10,592)		$	729		$	(9,863)
Other comprehensive income (loss) before reclassifications			550			615			1,165
Reclassifications			—			(235)			(235)
Balance, October 31, 2019		$	(10,042)		$	1,109		$	(8,933)

Schedule of Property and Equipment Estimated Useful Lives

		Number of Years
Land		Indefinite
Building		40
Machines		7 – 10
Shop and office equipment		3 – 7
Building & leasehold improvements		3 – 40

Schedule of Estimated Amortization Expense

Estimated amortization expense for the remaining unamortized software development costs for the fiscal years ending October 31, is as follows (in thousands):

Fiscal Year		Amortization Expense
2020		$	1,500
2021			1,950
2022			1,900
2023			1,550
2024			1,000

Schedule of changes in the carrying amount of goodwill

Balance as of October 31, 2018		$	2,377
Goodwill acquired			3,500
Impact of foreign currency translation			(30)
Balance as of October 31, 2019		$	5,847

Schedule of Intangible Assets

As of October 31, 2019, the balances of intangible assets, other than goodwill, were as follows (in thousands):

		Weighted
		Average			Gross
		Amortization			Intangible			Accumulated			Net Intangible
		Period			Assets			Amortization			Assets
Tradenames and trademarks		indefinite			$	60		$	—		$	60
Tradenames and trademarks		13	years			408			(114)			294
Customer relationships		15	years			372			(173)			199
Technology		13	years			683			(333)			350
Patents		6	years			2,972			(2,813)			159
Other		8	years			375			(341)			34
Total					$	4,870		$	(3,774)		$	1,096

As of October 31, 2018, the balances of intangible assets, other than goodwill, were as follows (in thousands):

		Weighted
		Average			Gross
		Amortization			Intangible			Accumulated			Net Intangible
		Period			Assets			Amortization			Assets
Tradenames and trademarks		indefinite			$	60		$	—		$	60
Tradenames and trademarks		13	years			238			(98)			140
Customer relationships		15	years			255			(148)			107
Technology		13	years			692			(284)			408
Patents		6	years			2,973			(2,790)			183
Other		8	years			377			(337)			40
Total					$	4,595		$	(3,657)		$	938

Schedule of computation of basic and diluted net income per share

The following table presents a reconciliation of our basic and diluted earnings per share computation:

		Fiscal Year Ended October 31,
		2019						2018						2017
(in thousands, except per share amounts)		Basic			Diluted			Basic			Diluted			Basic			Diluted
Net income		$	17,495		$	17,495		$	21,490		$	21,490		$	15,115		$	15,115
Undistributed earnings allocated to participating shares			(147)			(147)			(132)			(132)			(100)			(100)
Net income applicable to common  Shareholders		$	17,348		$	17,348		$	21,358		$	21,358		$	15,015		$	15,015
Weighted average shares outstanding			6,759			6,759			6,700			6,700			6,615			6,615
Stock options and contingently issuable securities			—			56			—			71			—			65
			6,759			6,815			6,700			6,771			6,615			6,680
Income per share		$	2.57		$	2.55		$	3.19		$	3.15		$	2.27		$	2.25

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