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RELATED PARTY TRANSACTIONS

12 Months Ended

Oct. 31, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

10.     RELATED PARTY TRANSACTIONS

As of October 31, 2021, 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 $4.8 million and $4.4 million at October 31, 2021 and 2020, respectively, is included in Investments and other assets, net on the Consolidated Balance Sheets. Purchases of controls from HAL amounted to $4.8 million, $6.2 million, and $8.5 million in fiscal 2021, 2020 and 2019, respectively. Sales of control component parts to HAL were $262,000, $265,000 and $198,000 for the fiscal years ended October 31, 2021, 2020, and 2019, respectively. Trade payables to HAL were $6.2 million and $1.3 million at October 31, 2021 and 2020, respectively. Trade receivables from HAL were $74,000 and $25,000 at October 31, 2021 and 2020, respectively.

Summary unaudited financial information for HAL’s operations and financial condition is as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Net Sales	​	$	12,361		$	10,096		$	15,957
Gross Profit	​		2,011	​		1,418	​		2,322
Operating Income	​		216	​		160	​		992
Net Income	​		802	​		265	​		1,490
​	​			​			​
Current Assets	​	$	14,695		$	12,436		$	12,019
Non–current Assets	​		6,850	​		6,152	​		5,560
Current Liabilities	​		5,339	​		3,708	​		3,674
​	​	​	​	​	​	​	​	​	​

​

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI http://asc.fasb.org/topic&trid=2122745

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

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