Document and Entity Information (USD $)
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12 Months Ended | ||
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Oct. 31, 2010
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Dec. 10, 2010
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Apr. 30, 2010
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Document and Entity Information [Abstract] | |||
Entity Registrant Name | ABM INDUSTRIES INC /DE/ | ||
Entity Central Index Key | 0000771497 | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 31, 2010 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2010 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,100,912,951 | ||
Entity Common Stock, Shares Outstanding | 52,659,190 |
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If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Current portion of the carrying amount of accrued known and estimated losses incurred as of the balance sheet date for which no insurance coverage exists, and for which a claim has been made or is probable of being asserted, typically arising from workmen's' compensation-type incidents and personal injury to nonemployees from accidents on an entity's property. No definition available.
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- Definition
The short-term portion of known and estimated amount recoverable as of the balance sheet date from insurance, for claims which exceed the Company's deductibles (due within one year or within the normal operating cycle if longer). No definition available.
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- Definition
The non-current portion of known and estimated amount recoverable as of the balance sheet date from insurance, for claims which exceed the Company's deductibles. Noncurrent assets are expected to be received after one year (or the normal operating cycle, if longer). No definition available.
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- Definition
This represents the noncurrent liability for unfunded pension and other postretirement benefit plans (such as medical, dental and life insurance) and other noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). No definition available.
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for payroll, sales, use, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all domestic and foreign income tax obligations due beyond one year or the operating cycle, whichever is longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for current assets (assets with expected useful life shorter than one year or one operating cycle, whichever is longer) of a disposal group, including a component of the entity (discontinued operation), to be sold or that has subsequently been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for noncurrent assets (assets with expected useful life longer than one year or one operating cycle, whichever is longer) of a disposal group, including a component of the entity (discontinued operation), to be sold or that has subsequently been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of debt securities categorized neither as held-to-maturity nor trading which are intended be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains and losses of such securities are excluded from earnings and included in other comprehensive income, a separate component of shareholders' equity, unless the Available-for-sale Security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain or loss of an Available-for-sale Security that is designated as being hedged in a fair value hedge shall be recognized in earnings during the period of the hedge, as should other than temporary declines in fair value below costs basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of current obligations (due less than one year or one operating cycle, if longer) arising from the sale, disposal or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of expenditures made, not otherwise specified in the taxonomy, in advance of the timing of recognition of expenses which are expected to be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of payments made in advance for income and other taxes, which will be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount to be collected within one year of the balance sheet date (or one operating cycle, if longer) from customers in accordance with the contractual provisions of long-term contracts or programs including amounts billed and unbilled as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of accrued known and estimated losses incurred as of the balance sheet date for which no insurance coverage exists, and for which a claim has been made or is probable of being asserted, typically arising from workmen's' compensation-type of incidents and personal injury to nonemployees from accidents on the entity's property. No definition available.
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Oct. 31, 2010
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Oct. 31, 2009
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Current assets | ||
Allowances for trade accounts receivable | $ 10,672 | $ 10,772 |
Accumulated depreciation on property, plant and equipment | 98,884 | 92,563 |
Accumulated amortization on other intangible assets | $ 54,889 | $ 43,464 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,635,343 | 51,688,218 |
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The accumulated amount of amortization of a major finite-lived intangible asset class. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Noncredit portion of impairment losses on debt securities reclassified to other comprehensive income for those securities that meet the criteria to have impairment losses bifurcated between net income (credit losses) and other comprehensive income (noncredit losses). No definition available.
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- Details
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs related to services rendered by an entity during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. No definition available.
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- Details
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- Definition
Gain (loss) after tax expense (benefit), not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain or loss on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
This element represents the amount by which the carrying amount exceeds the fair value of the investment. The amount is charged to income if the decline in fair value is deemed to be other than temporary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the reporting entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items and cumulative effects of changes in accounting principles, but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of income (loss) from continuing operations per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of income (loss) from continuing operations available to each share of common stock outstanding during the reporting period and each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of income (loss) from disposition of discontinued operations, net of related tax effect, per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of income (loss) from discontinued operations, net of related tax effect, per each diluted share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
X | ||||||||||
- Definition
Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Consolidated Statements of Income (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Oct. 31, 2010
|
Oct. 31, 2009
|
Oct. 31, 2008
|
|
Discontinued Operations | |||
Loss on sale of discontinued operations, tax effect | $ 0 | $ 0 | $ 1,008 |
X | ||||||||||
- Definition
Tax expense (benefit) on the gain (loss), not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax benefit associated with any share-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Common stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The accumulated change in the value of either the projected benefit obligation or the plans assets resulting from experience different from that assumed or from a change in an actuarial assumption that has not been recognized in net periodic benefit cost pursuant to FAS 87 and 106, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Reclassification adjustment for unrealized gains or losses realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
|
X | ||||||||||
- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares of common and preferred stock retired from treasury during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of common and preferred stock retired from treasury during the period. This element is used only when Treasury Stock is accounted for at total cost versus par. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tax effect on the accumulated change in the value of either the projected benefit obligation or the plans assets resulting from experience different from that assumed or from a change in an actuarial assumption that has not been recognized in net periodic benefit cost pursuant to FAS 87 and 106. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect of the adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect on the reclassification adjustment for losses realized upon the write-down of securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect on gross appreciation or the gross loss in value of the total of unsold securities during the period being reported on. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of expense recognized in the current period that reflects the changes in the value of discounted acquired self-insurance reserves due to the passage of time. No definition available.
|
X | ||||||||||
- Definition
The credit loss portion of other-than-temporary impairments on debt securities for those securities that meet the criteria to have impairment losses bifurcated between net income (credit loss) and other comprehensive income (noncredit loss). No definition available.
|
X | ||||||||||
- Definition
The net change during the reporting period in the amount of known and estimated amounts recoverable as of the balance sheet date from insurance, for claims which exceed the Company's deductibles. No definition available.
|
X | ||||||||||
- Definition
The net change during the reporting period in the amount of accrued known and estimated losses incurred as of the balance sheet date for which no insurance coverage exists, and for which a claim has been made or is probable of being asserted, typically arising from workmen's' compensation-type of incidents and personal injury to nonemployees from accidents on an entity's property. No definition available.
|
X | ||||||||||
- Definition
The net change during the period for liabilities of unfunded pension and postretirement benefit plans (such as medical, dental and life insurance) and other obligations not separately disclosed in the balance sheet due to materiality considerations. No definition available.
|
X | ||||||||||
- Definition
The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents cash provided by (used in) the investing activities of the entity's discontinued operations during the period. This element should only be used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in investing activities reflect only cash flows attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents cash provided by (used in) the operating activities of the entity's discontinued operations during the period. This element should only be used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in operating activities reflect only cash flows attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate proceeds received by the entity during the annual period from exercises of stock options and conversion of similar instruments granted under share-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the reporting entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items and cumulative effects of changes in accounting principles, but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in the value of this group of assets within the working capital section. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash from (used in) the entity's investing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in investing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash from (used in) the entity's continuing operations. This element specifically EXCLUDES the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from the excess drawing from an existing cash balance, which will be honored by the bank but reflected as a loan to the drawer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock issued pursuant to acquisitions during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified stock options) recognized on the entity's tax return exceeds compensation cost from non-qualified stock options recognized on the income statement. This element increases net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
The Company and Nature of Operations
|
12 Months Ended | ||||
---|---|---|---|---|---|
Oct. 31, 2010
|
|||||
The Company and Nature of Operations [Abstract] | |||||
THE COMPANY AND NATURE OF OPERATIONS |
ABM Industries Incorporated (“ABM”), through its
subsidiaries (collectively, the “Company”), is a
leading facility services contractor providing janitorial,
parking, security and engineering services for commercial,
industrial, institutional and retail facilities primarily
throughout the United States. The Company was reincorporated in
Delaware on March 19, 1985, as the successor to a business
founded in California in 1909.
On December 1, 2010, the Company acquired The Linc Group,
LLC (“Linc”) for an aggregate purchase price of
approximately $301.0 million, subject to certain
adjustments. See Note 16, “Subsequent Events” for
additional information.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Basis of Presentation and Summary of Significant Accounting Policies
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2010
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Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of
Presentation
The accompanying consolidated financial statements include the
accounts of ABM Industries Incorporated and its consolidated
subsidiaries and are prepared in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”). All intercompany accounts and transactions
have been eliminated in consolidation.
The preparation of consolidated financial statements in
conformity with GAAP requires the Company to make estimates and
assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses. On an ongoing basis, the
Company evaluates its estimates, including those related to
self-insurance reserves, allowance for doubtful accounts, sales
allowances, deferred income tax assets and valuation allowances,
estimate of useful lives of intangible assets, impairment of
goodwill and other intangibles, fair value of auction rate
securities, cash flow forecasts, share-based compensation
expense, and contingencies and litigation liabilities. The
Company bases its estimates on historical experience, known or
expected trends, independent valuations and various other
assumptions that are believed to be reasonable under the
circumstances based on information available as of the date of
the issuance of these financial statements. The results of such
assumptions form the basis for making estimates about the
carrying amounts of assets and liabilities that are not readily
apparent from other sources. The current economic environment
and its potential effect on the Company and its clients have
combined to increase the uncertainty inherent in such estimates
and assumptions. Future results could be significantly affected
if actual results were to be different from these estimates and
assumptions.
Significant
Accounting Policies
Cash and Cash Equivalents. The Company considers all
highly liquid instruments with original maturities of three
months or less at the date of purchase to be cash equivalents.
The Company presents the change in book cash overdrafts (i.e.,
negative book cash balances that have not been presented to the
bank for payment) as cash flows from financing activities.
Investments in Auction Rate Securities. The Company
considers its investments in auction rate securities as
“available for sale.” Accordingly, auction rate
securities are presented at fair value with changes in fair
value recorded within other comprehensive income
(“OCI”), unless a decline in fair value is determined
to be
other-than-temporary.
The credit loss component of an
other-than-temporary
decline in fair value is recorded in earnings in the period
identified. See Note 5, “Auction Rate
Securities,” for additional information.
Revenue Recognition. The Company earns revenues
primarily under service contracts that are fixed price,
cost-plus, or time and materials based. Revenues are recognized
when earned, normally when services are performed. In all forms
of service provided by the Company, revenue recognition follows
the guidelines under Staff Accounting Bulletin (“SAB”)
No. 104, unless another form of guidance takes precedence
over SAB No. 104. Revenues are reported net of
applicable sales and use tax imposed on the related transaction.
The Janitorial segment primarily earns revenues from the
following types of arrangements: fixed price, cost-plus, and tag
(extra service) work. Fixed price arrangements are contracts in
which the client agrees to pay a fixed fee every month over the
specified contract term. A variation of a fixed price
arrangement is a square-foot arrangement. Square-foot
arrangements are ones in which monthly billings are fixed,
however, the client is given a credit based on vacant square
footage that is not serviced. Cost-plus arrangements are ones in
which the client agrees to reimburse the Company for the agreed
upon amount of wages and benefits, payroll taxes, insurance
charges and other expenses plus a profit percentage. Tag
revenues are additional services requested by the client outside
of the standard contract terms. This work is usually performed
on short notice
due to unforeseen events. The Janitorial segment recognizes
revenues on each type of arrangement when services are performed.
The Parking segment earns revenues from parking and
transportation services. There are three types of arrangements
for parking services: managed lot, leased lot and allowance
arrangements. Under managed lot arrangements, the Company
manages the parking lot for the owner in exchange for a
management fee. The revenues and expenses are passed through by
the Company to the owner under the terms and conditions of the
management contract. The management fee revenues are recognized
when services are performed. The Company reports revenues and
expenses, in equal amounts, for costs directly reimbursed from
its managed parking lot clients. Such amounts totaled
$231.5 million, $231.0 million and $253.7 million
for the years ended October 31, 2010, 2009 and 2008,
respectively. Under leased lot arrangements, the Company leases
the parking lot from the owner and is responsible for all
expenses incurred, retains all revenues from monthly and
transient parkers, and pays rent to the owner per the terms and
conditions of the lease. Revenues are recognized when services
are performed. Under allowance arrangements, the Company is paid
a fixed or hourly fee to provide parking
and/or
transportation services. The Company is then responsible for
operating expenses. Revenues are recognized when services are
performed.
The Security segment primarily performs scheduled post
assignments under one-year service arrangements. Security
services for special events are generally performed under
temporary service agreements. Scheduled post assignments and
temporary service agreements are billed based on actual hours of
service at contractually specified rates. Revenues for both
types of arrangements are recognized when services are performed.
The Engineering segment provides services primarily under
cost-plus arrangements in which the client agrees to reimburse
the Company for the full amount of wages, payroll taxes,
insurance charges and other expenses plus a profit percentage.
Revenues are recognized for these contracts when services are
performed.
Self-Insurance Reserves. The Company is subject to
certain insurable risks, such as workers’ compensation,
general liability, automobile and property damage. The Company
maintains commercial insurance policies that provide
$150.0 million (or $75.0 million with respect to
claims acquired from OneSource Services, Inc.
(“OneSource”) in the year ended October 31,
2008) of coverage for certain risk exposures above the
Company’s deductibles (i.e., self-insurance retention
limits). The Company’s deductibles, currently and
historically, have generally ranged from $0.5 million to
$1.0 million per occurrence (in some cases somewhat higher
in California). The Company is also responsible for claims in
excess of its insurance coverage. A material change in the
Company’s insurance costs due to a change in the number of
claims, costs or premiums, or changes in laws or other factors
could have a material effect on operating results. Should the
Company be unable to renew its umbrella and other commercial
insurance policies at competitive rates, it would have an
adverse impact on the Company’s business, as would the
incurrence of catastrophic uninsured claims or the inability or
refusal of the insurance carriers to pay otherwise insured
claims. Further, to the extent that the Company self-insures,
deterioration in claims management could increase claim costs.
Additionally, although the Company engages third-party experts
to assist in estimating appropriate self-insurance accounting
reserves, the determination of those reserves is dependent upon
significant actuarial judgments that have a material impact on
the Company’s reserves. Changes in the Company’s
insurance reserves, as a result of periodic evaluations of the
related liabilities, will likely cause significant volatility in
the Company’s operating results that might not be
indicative of the operations of the Company’s ongoing
business.
Liabilities for claims under the Company’s self-insurance
program are recorded on an undiscounted, claims-incurred basis.
Associated amounts that are expected to be recovered by
insurance are presented as “insurance recoverables.”
Assets and liabilities related to the Company’s insurance
programs are classified based upon the timing of expected
payment or recovery. The Company allocates current-year
insurance expense to its operating segments based upon their
underlying exposures.
In connection with the OneSource acquisition (see Note 3,
“Acquisitions”), acquired insurance claims liabilities
were recorded at their fair values at the acquisition date,
which was based on the present value of the expected future cash
flows. These discounted liabilities are being accreted through
charges to interest expense as the carrying amounts are brought
to an undiscounted amount. The method of accretion approximates
the effective interest yield method using the rate a market
participant would use in determining the current fair value of
the insurance claim liabilities. Included in interest expense in
the years ended October 31, 2010 and 2009 were
$0.9 million and $1.2 million of interest accretion
related to insurance claims liabilities, respectively.
Trade Accounts
Receivable Allowances
Allowance for
Doubtful Accounts
Trade accounts receivable arise from services provided to the
Company’s clients and are generally due and payable on
terms varying from receipt of the invoice to net thirty days.
The Company records an allowance for doubtful accounts to
provide for losses on accounts receivable due to a client’s
inability to pay. The allowance is typically estimated based on
an analysis of the historical rate of credit losses or
write-offs (due to a client bankruptcy or failure of a former
client to pay), specific client concerns and known or expected
trends. Such analysis is inherently subjective. The
Company’s earnings will be impacted in the future to the
extent that actual credit loss experience differs from amounts
estimated. Changes in the financial condition of the
Company’s clients or adverse developments in negotiations
or legal proceedings to obtain payment could result in the
actual loss exceeding the estimated allowance. The Company does
not believe that it has any material exposure due to either
industry or regional concentrations of credit risk.
Sales
Allowance
Sales allowance is an estimate for losses on client receivables
resulting from client credits. Credits result from, among other
things, client vacancy discounts, job cancellations and property
damage. The sales allowance estimate is based on an analysis of
the historical rate of sales adjustments (credit memos, net of
re-bills) and considers known current or expected trends. Such
analysis is inherently subjective. The Company’s earnings
will be impacted in the future to the extent that actual credit
experience differs from amounts estimated.
Property, Plant and Equipment. Property, plant and
equipment is recorded at historical cost. Depreciation and
amortization are recognized on a straight-line basis over
estimated useful lives, ranging from: 3 to 5 years for
transportation equipment and capitalized internal-use software
costs; 2 to 20 years for machinery and equipment; and 20 to
40 years for buildings. Leasehold improvements are
amortized over the shorter of their estimated useful lives or
the remaining lease term (including renewals that are deemed to
be reasonably assured at the date that the leasehold
improvements are purchased).
Long-Lived Assets Other Than Goodwill. The Company
reviews its long-lived assets for impairment whenever events or
circumstances indicate that the carrying amount of an asset may
not be recoverable. When such events or changes in circumstances
occur, a recoverability test is performed comparing projected
undiscounted cash flows from the use and eventual disposition of
an asset or asset group to its carrying amount. If the projected
undiscounted cash flows are less than the carrying amount, an
impairment is recorded for the excess of the carrying amount
over the estimated fair value, which is generally determined
using discounted future cash flows.
The Company’s intangible assets consist of acquired
customer contracts and relationships, trademarks and trade
names, and contract rights. Acquired customer relationship
intangible assets are being amortized using the
sum-of-the-years-digits
method over their useful lives consistent with the estimated
useful life considerations used in the determination of their
fair values. The accelerated method of amortization reflects the
pattern in which the economic benefits of the customer
relationship intangible assets are expected to be realized.
Trademarks and trade names are being amortized over their useful
lives using the straight-line method. Contract rights are being
amortized over the contract periods using the straight-line
method.
Goodwill. Goodwill represents the excess of costs
over the fair value of net assets of acquired businesses. The
Company assesses impairment of goodwill at least annually as of
August 1 at the reporting unit level (which for the Company is
represented by each operating segment). The impairment test is
performed in two steps: (i) the Company determines whether
impairment exists by comparing the estimated fair value of each
reporting unit with its carrying amount; and (ii) if an
indication of impairment exists, the Company measures the amount
of impairment loss by comparing the implied fair value of
goodwill with its carrying amount.
Other Accrued Liabilities. Other accrued liabilities
as of October 31, 2010 and 2009 primarily consists of
employee benefits, dividends payable, loss contingencies, rent
payable, and unclaimed property.
Share-Based Compensation. Share-based compensation
expense is measured at the grant date, based on the fair value
of the award, and is recognized as an expense over the requisite
employee service period (generally the vesting period) for
awards expected to vest (considering estimated forfeitures). The
Company estimates the fair value of stock options using the
Black-Scholes option-pricing model. The fair value of restricted
stock and performance awards is determined based on the number
of shares granted and the grant date fair value of the award.
The estimation of stock awards that will ultimately vest
requires judgment, and to the extent actual results or updated
estimates differ from the Company’s current estimates, such
amounts will be recorded as a cumulative adjustment in the
period estimates are revised. The Company considers many factors
when estimating expected forfeitures,
including types of awards, employee class, and historical
experience. Stock option exercises and restricted stock and
performance award issuances are expected to be fulfilled with
new shares of common stock. Share-based compensation expense is
included in selling, general and administrative expenses and is
amortized on a straight-line basis over the vesting term.
Income Taxes. The Company’s deferred tax assets
and liabilities are determined based on temporary differences
between financial reporting and tax bases of assets and
liabilities, and applying enacted tax rates expected to be in
effect for the year in which the differences are expected to
reverse. If management determines it is more-likely-than-not
that a portion of the Company’s deferred tax assets will
not be realized, a valuation allowance is recorded. The
provision for income taxes is based on domestic (including
federal and state) and international statutory income tax rates
in the tax jurisdictions where the Company operates, permanent
differences between financial reporting and tax reporting, and
available credits and incentives. Interest and penalties related
to uncertain tax positions are recognized in income tax expense.
The U.S federal government is the Company’s most
significant income tax jurisdiction.
Significant judgment is required in determining income tax
provisions and tax positions. The Company may be challenged upon
review by the applicable taxing authorities and positions taken
may not be sustained. All, or a portion of, the benefit of
income tax positions are recognized only when the Company has
made a determination that it is more-likely-than-not that the
tax position will be sustained upon examination, based upon the
technical merits of the position and other factors. For tax
positions that are determined as more-likely-than-not to be
sustained upon examination, the tax benefit recognized is the
largest amount of benefit that is greater than 50% likely of
being realized upon ultimate settlement. The development of
reserves for income tax positions requires consideration of
timing and judgments about tax issues and potential outcomes,
and is a subjective critical estimate. In certain circumstances,
the ultimate outcome of exposures and risks involves significant
uncertainties. If actual outcomes differ materially from these
estimates, they could have a material impact on the
Company’s results of operations and financial condition.
Net Income per Common Share. Basic net income per
common share is net income divided by the weighted average
number of shares outstanding during the period. Diluted net
income per common share is based on the weighted average number
of shares outstanding during the period, adjusted to include the
assumed exercise and conversion of certain stock options,
restricted stock units (“RSUs”) and performance
shares. The calculations of basic and diluted net income per
common share are as follows:
The diluted net income per common share excludes certain stock
options and RSUs since the effect of including these stock
options and restricted stock units would have been anti-dilutive
as follows:
Contingencies and Litigation. Loss contingencies are
recorded as liabilities when they are both: (1) probable or
known that a liability has been incurred and (2) the amount
of the loss is reasonably estimable. If the reasonable estimate
of the loss is a range and no amount within the range is a
better estimate, the minimum amount of the range is recorded as
a liability. If the Company believes that a loss in litigation
is not probable, then no liability will be recorded unless the
parties agree upon a settlement, which may occur because the
Company wishes to avoid the costs of litigation. Expected costs
of resolving contingencies, which include the use of third-party
service providers, are accrued as the services are rendered.
Accumulated Other Comprehensive Income
(Loss). Comprehensive income consists of (i) net
income and (ii) other related gains and losses affecting
stockholders’ equity that, under GAAP, are excluded from
net income. For the Company, such OCI items consist primarily of
unrealized gains and losses on auction rate securities,
unrealized losses on interest rate swaps, actuarial adjustments
to pension and other post-retirement benefit plans, and
unrealized foreign currency translation gains and losses, net of
tax effects where appropriate.
Adoption of
Accounting Standards
Effective November 1, 2009, the Company adopted the
Financial Accounting Standards Board (“FASB”) updated
authoritative standard for accounting for business combinations,
which is included in Accounting Standards
Codificationtm
(“ASC”) Topic 805 “Business Combinations”
(“ASC 805”). Upon adoption, on November 1, 2009,
the Company expensed approximately $1.0 million of deferred
acquisition costs for acquisitions then being pursued. In
addition, during 2010 the Company incurred an additional
$1.3 million of acquisition costs related to the
acquisitions of Five Star Parking, Network Parking Company Ltd.
and System Parking Inc. (“L&R”) and Diversco,
Inc. (“Diversco”) and other acquisitions currently
being pursued.
Effective November 1, 2009, the Company adopted the FASB
updated authoritative standard for determining the useful life
of intangible assets, which is included in ASC Topic
350-30
“General Intangibles Other than Goodwill” (“ASC
350-30”).
This authoritative standard amends the factors that should be
considered in developing renewal or extension assumptions used
to determine the useful life of a recognized intangible asset
and requires additional disclosures. This authoritative standard
must be applied prospectively to all intangible assets
recognized as of the effective date. This authoritative standard
had no impact on the Company’s consolidated financial
statements, but could impact the way in which the useful lives
of intangible assets acquired in business combinations will be
determined, if renewal or extension terms are apparent.
Effective November 1, 2009, the Company adopted the FASB
updated authoritative standard on employers’ disclosures
about post-retirement benefit plan assets, which is included in
ASC Topic 715 “Compensation — Retirement
Benefits” (“ASC 715”). This authoritative
standard expands the annual disclosures by requiring additional
disclosures about how investment allocation decisions are made
by management, major categories of plan assets and significant
concentrations of risk. Additionally, an employer is now
required to disclose information about the valuation of plan
assets similar to the disclosure required under ASC Topic 820
“Fair Value Measurements and Disclosures” (“ASC
820”). This authoritative standard did not have an impact
on the Company’s consolidated financial statements as it
only amended required annual disclosures. See Note 10,
“Employee Benefit Plans,” for the required disclosures.
Effective November 1, 2009, the Company adopted the FASB
authoritative standard on fair value measurements for
non-financial assets and non-financial liabilities measured on a
non-recurring basis, which is included in ASC 820. The
Company’s non-financial assets and non-financial
liabilities principally consist of intangible assets acquired
through business combinations and long-lived assets. During the
year ended October 31, 2010, the Company did not re-measure
any non-financial assets or non-financial liabilities to fair
value, therefore, this authoritative standard did not have any
impact on the Company’s consolidated financial statements.
Effective February 1, 2010, the Company adopted FASB
accounting standard update
No. 2010-6,
“Improving Disclosures about Fair Value Measurements,”
issued in January 2010 related to fair value measurements and
disclosures, except for the additional gross presentation
disclosure requirements for Level 3 changes which will be
adopted in the first quarter of 2012. The update requires
entities to make new disclosures about recurring or
non-recurring fair value measurements of assets and liabilities,
including: (1) the amounts of significant transfers between
Level 1 and Level 2 fair value measurements and the
reasons for the transfers; (2) the reasons for any
transfers in or out of Level 3; and (3) information on
purchases, sales, issuances and settlements on a gross basis in
the reconciliation of recurring Level 3 fair value
measurements. The FASB also clarified existing fair value
measurement disclosure guidance about the level of
disaggregation of assets and liabilities, and information about
the valuation techniques and inputs used in estimating
Level 2 and Level 3 fair value measurements. The
Company did not have transfers of assets and liabilities between
Level 1, Level 2
and/or
Level 3 during 2010, and the required additional
disclosures had no impact on the Company’s financial
position or results of operations. See Note 4, “Fair
Value Measurements” and Note 5, “Auction Rate
Securities” for the required disclosures.
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- Definition
Description of the basis of accounting used to prepare the financial statements and all significant accounting policies of the reporting entity. No definition available.
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Acquisitions
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Oct. 31, 2010
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Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS |
The operating results generated by businesses acquired have been
included in the accompanying consolidated financial statements
from their respective dates of acquisition. The excess of the
purchase price (including subsequent contingent purchase price
considerations for acquisitions made prior to the adoption of
the FASB updated authoritative standard for accounting for
business combinations on November 1, 2009) over the
fair value of the net tangible and intangible assets acquired is
included in goodwill. Some of the Company’s purchase
agreements provide for initial payments and contingent payments
based on the annual pre-tax income or other financial parameters
for subsequent periods, ranging generally from two to five years.
The Company made the following acquisitions during the year
ended October 31, 2010:
Diversco
On June 30, 2010, the Company acquired all of the
outstanding shares of Diversco from DHI Holdings, Inc. for
$30.6 million in cash and incurred direct acquisition costs
of $0.2 million, which were expensed as incurred. The
purchase price was subsequently adjusted to $30.4 million
in connection with a working capital adjustment. Diversco is a
national provider of outsourced facility services. The
acquisition expands the geographic reach of the Company’s
janitorial and security businesses, particularly in the
Southeast, Midwest and Mid-Atlantic regions of the United
States. The results of operations for Diversco are included in
the Company’s Janitorial and Security segments as of the
acquisition date. The amounts of Diversco’s revenues and
operating profit included in the Company’s consolidated
statements of income for 2010 were $28.1 million and
$1.2 million, respectively. Pro forma financial information
for this acquisition is not provided as this acquisition is not
material to the Company’s financial statements.
The allocation of the purchase price to the underlying net
assets acquired and liabilities assumed was based on their
estimated fair values as of the acquisition date, June 30,
2010, with any excess of the purchase price allocated to
goodwill. During the three months ended October 31, 2010,
the Company further adjusted goodwill related to its acquisition
of Diversco by $0.4 million for a self-insurance reserve
adjustment based on the final actuarial analysis of assumed
insurance liabilities obtained.
The final purchase price and related allocations are summarized
as follows:
The acquired customer contracts and relationships, included in
identifiable intangible assets, will be amortized using the
sum-of-the-years-digits
method over their useful lives of 11 years, which is
consistent with the estimated useful life considerations used in
the determination of their fair values. Intangible assets of
$10.8 million were assigned to the Janitorial and Security
segments in the amounts of $9.2 million and
$1.6 million, respectively. Goodwill of $13.1 million
was assigned to the Janitorial and Security segments in the
amounts of $11.1 million and $2.0 million,
respectively, and is deductible for tax purposes. The amounts of
intangible assets and goodwill have been assigned to the
Janitorial and Security segments based on the respective profit
margins of the acquired customer contracts. The transaction was
taxable for income tax purposes and all assets and liabilities
have been recorded at fair value for both book and income tax
purposes. Therefore, no deferred taxes have been recorded.
L&R
On October 1, 2010, the Company acquired select assets of
L&R from the L&R Group of Companies for an aggregate
purchase price of $34.7 million, including
$0.2 million of assets distributed as consideration. The
Company incurred $0.4 million of direct acquisition costs,
which were expensed as incurred. The acquisition extends and
expands the Company’s parking business in major cities. The
acquisition also expands the Company’s presence at
airports. The results of operations of L&R are included in
the Company’s Parking segment as of the acquisition date.
The amounts of L&R revenues and operating profit included
in the Company’s consolidated statements of income for 2010
were $14.9 million and $0.4 million, respectively. Pro
forma financial information for this acquisition is not provided
as this acquisition is not material to the Company’s
financial statements.
The allocation of the purchase price to the underlying net
assets acquired and liabilities assumed was based on their
estimated fair values as of the acquisition date, with any
excess of the purchase price allocated to goodwill.
The final purchase price and related allocations are summarized
as follows:
The acquired intangible assets and unfavorable leases will be
amortized using the
sum-of-the-years-digits
method, or where appropriate the straight-line method, over
their useful lives: 11 years for managed customer
contracts, 4 years for favorable leases, 6 years for
unfavorable leases and 10 years for the non-compete
agreement, which is consistent with the estimated useful life
considerations used in the determination of their fair values.
The goodwill of $30.2 million is deductible for tax
purposes.
Contingent
Payments
Total additional consideration paid during the year ended
October 31, 2010 related to prior years acquisitions
totaled $3.3 million. The additional consideration
represents contingent amounts based on financial performance
subsequent to the respective acquisition dates and has been
recorded as goodwill.
The Company made the following acquisition during the year ended
October 31, 2009:
Control Building
Services, Inc., Control Engineering Services, Inc. and TTF, Inc.
(“Control”)
Effective May 1, 2009, the Company acquired certain assets
(primarily customer contracts and relationships) of Control for
$15.1 million in cash, which includes direct acquisition
costs of $0.1 million, plus additional consideration of up
to $1.6 million, payable in three equal installments of
$0.5 million, contingent upon the achievement of certain
revenue targets during the three year period commencing on
May 1, 2009. The acquisition closed on May 8, 2009 and
was accounted for under the purchase method of accounting. The
acquisition expands the Company’s janitorial and
engineering service offerings to clients in the Northeast region.
The final purchase price and related allocations are summarized
as follows:
The acquired customer contracts and relationships, classified as
intangible assets, are amortized using the
sum-of-the-years-digits
method over their useful lives of 12 years, which is
consistent with the estimated useful life considerations used in
the determination of their fair values. Goodwill of
$5.6 million was assigned to the Janitorial and Engineering
segments in the amounts of $4.4 million and
$1.2 million, respectively. Intangible assets were assigned
to the Janitorial and Engineering segments in the amounts of
$7.2 million and $1.9 million, respectively. Pro forma
financial information for this acquisition is not provided as
this acquisition is not material to the Company’s financial
statements.
The Company made the following acquisitions during the year
ended October 31, 2008:
OneSource
Services, Inc. (“OneSource”)
On November 14, 2007, the Company acquired OneSource for an
aggregate purchase price of $390.5 million, including
payment of OneSource’s $21.5 million line of credit
and direct acquisition costs of $4.0 million. OneSource
provides facilities services, including janitorial, landscaping,
general repair and maintenance, and other specialized services,
for commercial, industrial, institutional and retail client
facilities, primarily in the United States. OneSource’s
operations are included in the Company’s Janitorial segment
from the date of acquisition. The OneSource acquisition was
accounted for using the purchase method of accounting. During
the year ended October 31, 2009, the Company further
adjusted goodwill related to its acquisition of OneSource by
$1.2 million for professional fees, legal reserves for
litigation that commenced prior to the acquisition, additional
workers’ compensation insurance liabilities and certain
deferred income taxes.
The final purchase price and related allocations are summarized
as follows:
The following unaudited pro forma financial information shows
the combined results of continuing operations of the Company,
including OneSource, as if the acquisition had occurred as of
the beginning of the period presented. The unaudited pro forma
financial information is not intended to represent or be
indicative of the Company’s consolidated financial results
of continuing operations that would have been reported had the
business combination been completed as of the beginning of the
period presented and should not be taken as indicative of the
Company’s future consolidated results of continuing
operations.
Southern
Management Company (“Southern Management”)
OneSource owned a controlling 50% of Southern Management, a
facility services company based in Chattanooga, Tennessee. On
January 4, 2008, the Company acquired the remaining equity
of Southern Management for $24.4 million, including direct
acquisition costs of $0.4 million. Of the
$24.4 million purchase price, $18.7 million was
allocated to goodwill and the remaining $5.7 million
eliminated the minority interest. An additional
$2.9 million was paid in March 2008 to the other
shareholders of Southern Management with respect to
undistributed 2007 earnings. This amount was allocated to
goodwill. Southern Management’s operations are included in
the Janitorial segment.
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Description of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASURMENTS |
As required by ASC 820, fair value is determined based on
inputs or assumptions that market participants would use in
pricing an asset or a liability. These assumptions consist of
(1) observable inputs — market data obtained from
independent sources, or (2) unobservable inputs - market
data determined using the Company’s own assumptions about
valuation. ASC 820 establishes a hierarchy to prioritize
the inputs to valuation techniques, with the highest priority
being given to Level 1 inputs and the lowest priority to
Level 3 inputs, as described below:
Level 1 — Quoted prices for identical
instruments in active markets;
Level 2 — Quoted prices for similar
instruments in active markets; quoted prices for identical or
similar instruments in markets that are not active; and
model-derived valuations in which all significant inputs or
significant value-drivers are observable in active
markets; and
Level 3 — Unobservable inputs.
The following tables present the Company’s hierarchy for
financial assets and liabilities measured at fair value on a
recurring basis as of October 31, 2010 and 2009:
The fair value of the assets held in the funded deferred
compensation plan is based on quoted market prices. The assets
are included in Other assets on the accompanying consolidated
balance sheet.
The fair value of the investments in auction rate securities are
based on discounted cash flow valuation models, primarily
utilizing unobservable inputs. During the year ended
October 31, 2010, the Company had no transfers of assets or
liabilities between any of the above hierarchy levels. See
Note 5, “Auction Rate Securities,” for the
roll-forwards of assets measured at fair value using significant
unobservable Level 3 inputs.
The fair value of the interest rate swaps are estimated based on
the present value of the difference between expected cash flows
calculated at the contracted interest rates and the expected
cash flows at current market interest rates using observable
benchmarks for London Interbank Offered Rate forward rates at
the end of the period. See Note 9, “Line of Credit
Facility.”
Other Financial
Assets and Liabilities
Due to the short-term maturities of the Company’s cash,
cash equivalents, receivables, payables, and current assets and
liabilities of discontinued operations, the carrying value of
these financial instruments approximates their fair market
values. Due to the variable interest rates, the fair value of
outstanding borrowings under the Company’s
$450.0 million line of credit approximates its carrying
value of $140.5 million. The carrying value of the
receivables included in non-current assets of discontinued
operations of $1.4 million and in the acquired insurance
deposits related to acquired self-insurance claims of
$36.2 million approximates fair market value.
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- Definition
This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Auction Rate Securities
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Oct. 31, 2010
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Auction Rate Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AUCTION RATE SECURITIES |
As of October 31, 2010, the Company held investments in
auction rate securities from five different issuers having an
original principal amount of $5.0 million each (aggregating
$25.0 million). At October 31, 2010 and
October 31, 2009, the estimated fair value of these
securities, in total, was approximately $20.2 million and
$19.5 million, respectively. These auction rate securities
are debt instruments with stated maturities ranging from 2025 to
2050, for which the interest rate is designed to be reset
through Dutch auctions approximately every 30 days.
Auctions for these securities have not occurred since August
2007.
The Company estimates the fair values of auction rate securities
it holds utilizing a discounted cash flow model, which
considers, among other factors, assumptions about: (1) the
underlying collateral; (2) credit risks associated with the
issuer; (3) contractual maturity; (4) credit
enhancements associated with financial insurance guarantees, if
any; and (5) assumptions about when, if ever, the security
might be re-financed by the issuer or have a successful auction.
Since there can be no assurance that auctions for these
securities will be successful in the near future, the Company
has classified its auction rate securities as long-term
investments.
The following table presents the significant assumptions used to
determine the fair value of the Company’s auction rate
securities at October 31, 2010 and October 31, 2009:
The Company’s determination of whether impairments of its
auction rate securities are
other-than-temporary
is based on an evaluation of several factors, circumstances and
known or reasonably supportable trends including, but not
limited to: (1) the Company’s intent to not sell the
securities; (2) the Company’s assessment that it is
not more likely than not that the Company will be required to
sell the securities before recovering its cost basis;
(3) expected defaults; (4) available ratings for the
securities or the underlying collateral; (5) the rating of
the associated guarantor (where applicable); (6) the nature
and value of the underlying collateral expected to service the
investment; (7) actual historical performance of the
security in servicing its obligations; and (8) actuarial
experience of the underlying re-insurance arrangement (where
applicable), which in certain circumstances may have
preferential rights to the underlying collateral.
Based primarily on an unfavorable development in the
Company’s assumption about the expected life for one
security, at April 30, 2010 the Company recognized an
additional OTTI credit loss of $0.1 million. The Company
had previously recognized an OTTI credit loss of
$1.6 million for this security in the year ended
October 31, 2009. The credit losses were based upon the
difference between the present value of the expected cash flows
to be collected and the amortized cost basis of the security.
Significant assumptions used in estimating the credit loss
include: (1) default rates for the security and the
mono-line insurer, if any (which were based on published
historical default rates of similar securities and consideration
of current market trends); and (2) the expected life of the
security (which
represents the Company’s view of when market efficiencies
for securities may be restored). Adverse changes in any of these
factors could result in additional declines in fair value and
further
other-than-temporary
impairments in the future. No further OTTI were identified.
The following tables present the changes in the cost basis and
fair value of the Company’s auction rate securities for the
years ended October 31, 2010 and 2009:
The OTTI related to credit losses recognized in earnings for the
year ended October 31, 2010 is as follows:
At October 31, 2010 and 2009, unrealized losses of
$3.1 million ($1.9 million net of tax) and
$3.9 million ($2.3 million net of tax) were recorded
in accumulated other comprehensive loss, respectively.
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This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property Plant and Equipment
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Oct. 31, 2010
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT |
Property, plant and equipment at October 31, 2010 and 2009
consisted of the following:
Depreciation expense on property, plant and equipment in the
years ended October 31, 2010, 2009 and 2008 were
$24.9 million, $21.9 million and $16.3 million,
respectively.
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Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Other Intangibles
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Goodwill and Other Intangibles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES |
Goodwill
The changes in the carrying amount of goodwill for the years
ended October 31, 2010 and 2009 were as follows:
Of the $594.0 million carrying amount of goodwill as of
October 31, 2010, $327.6 million was not amortizable
for income tax purposes because the related businesses were
acquired prior to 1991 or purchased through a tax-free exchange
or stock acquisition.
Intangible
Assets
The changes in the gross carrying amount and accumulated
amortization of intangibles other than goodwill for the years
ended October 31, 2010 and 2009 were as follows:
Of the $65.8 million net carrying amount of intangibles
other than goodwill as of October 31, 2010,
$31.3 million was not amortizable for income tax purposes
because the related businesses were purchased through tax-free
stock acquisitions.
The weighted average remaining lives as of October 31, 2010
and the amortization expense of intangibles for the years ended
October 31, 2010, 2009 and 2008, as well as the estimated
amortization expense for such intangibles for each of the five
succeeding fiscal years, are as follows:
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Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Self-Insurance
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Oct. 31, 2010
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Self-Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELF-INSURANCE |
The Company is subject to certain insurable risks such as
workers’ compensation, general liability, automobile and
property damage. The Company maintains commercial insurance
policies that provide $150.0 million (or $75.0 million
with respect to claims acquired from OneSource in the year ended
October 31, 2008) of coverage for certain risk
exposures above the Company’s deductibles (i.e.,
self-insurance retention limits). For claims incurred after
November 1, 2002, substantially all of the self-insured
retentions increased from $0.5 million per occurrence
(inclusive of allocated loss adjustment expenses) to
$1.0 million per occurrence (exclusive of allocated loss
adjustment expenses), except for California workers’
compensation insurance which increased to $2.0 million, in
the aggregate, from April 14, 2003 to April 14, 2005
($1.0 million per occurrence, plus an additional
$1.0 million annually in the aggregate). The Company
allocates current-year insurance expense to its operating
segments based upon
their underlying exposures. In the fourth quarter of 2010, the
Company recorded an adjustment to increase insurance-related
other assets for approximately $1.0 million, net of taxes,
relating to immaterial errors that originated in prior periods.
Since the errors were not material to the current period or any
prior period, the Company recorded the
out-of-period
correction in its fourth quarter 2010 results.
The table below summarizes the self-insurance reserve
adjustments resulting from periodic actuarial evaluations of
ultimate losses relating to prior years during the years ended
October 31, 2010, 2009 and 2008. Such amounts are not
allocated to the Company’s operating segments and are
recorded in the Corporate segment.
At October 31, 2010, the Company had $100.8 million in
standby letters of credit (primarily related to its
workers’ compensation, general liability, automobile, and
property damage programs), $36.2 million in restricted
insurance deposits and $112.5 million in surety bonds
supporting unpaid insurance claim liabilities. At
October 31, 2009, the Company had $118.6 million in
standby letters of credit, $42.5 million in restricted
insurance deposits and $103.2 million in surety bonds
supporting unpaid insurance claim liabilities.
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Describes the types of coverage's and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Line of Credit Facility
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Oct. 31, 2010
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Line of Credit Facility [Abstract] | |||||
LINE OF CREDIT FACILITY |
In 2008, the Company entered into a $450.0 million
five-year syndicated line of credit that was scheduled to expire
on November 14, 2012 (the “old Facility”). The
old Facility was available for working capital, the issuance of
standby letters of credit, the financing of capital
expenditures, and other general corporate purposes.
Under the old Facility, no compensating balances were required
and the interest rate was determined at the time of borrowing
based on the London Interbank Offered Rate (“LIBOR”)
plus a spread of 0.625% to 1.375% or, at the Company’s
election, at the higher of the federal funds rate plus 0.5% and
the Bank of America prime rate (“Alternate Base Rate”)
plus a spread of 0.000% to 0.375%. The old Facility called for a
non-use fee payable quarterly, in arrears, of 0.125% to 0.250%
of the average daily unused portion of the old Facility. For
purposes of this calculation, irrevocable standby letters of
credit issued primarily in conjunction with the Company’s
self-insurance program and cash borrowings were included as
usage of the old Facility. The spreads for LIBOR, Alternate Base
Rate and IBOR borrowings and the non-use fee percentage were
based on the Company’s leverage ratio. The old Facility
permitted the Company to request an increase in the amount of
the line of credit by up to $100.0 million (subject to
receipt of commitments for the increased amount from existing
and new lenders).
As of October 31, 2010, the total outstanding amounts under
the old Facility in the form of cash borrowings and standby
letters of credit were $140.5 million and
$100.8 million, respectively.
The old Facility included covenants limiting liens,
dispositions, fundamental changes, investments, indebtedness,
and certain transactions and payments. In addition, the Facility
also required that the Company maintain three financial
covenants: (1) a fixed charge coverage ratio greater than
or equal to 1.50 to 1.0 at any time; (2) a leverage ratio
of less than or equal to 3.25 to 1.0 at each fiscal quarter-end;
and (3) a consolidated net worth of greater than or equal
to the sum of (i) $475.0 million, (ii) an amount
equal to 50% of the consolidated net income earned in each full
fiscal quarter ending after November 14, 2007 (with no
deduction for a net loss in any such fiscal quarter), and
(iii) an amount equal to 100% of the aggregate increases in
stockholders’ equity of the Company after November 14,
2007 by reason of the issuance and sale of capital stock or
other equity interests of the Company or any subsidiary,
including upon any conversion of debt securities of the Company
into such capital stock or other equity interests, but excluding
by reason of the issuance and sale of capital stock pursuant to
the Company’s employee stock purchase plans, employee stock
option plans and similar programs. The Company was in compliance
with all covenants under the old Facility as of October 31,
2010.
On November 30, 2010, the Company terminated the old
Facility and replaced it with a new $650 million
five year syndicated line of credit (the “new
Facility”). The new Facility is scheduled to expire on
November 30, 2015, with the option to increase the size of
the new Facility to $850 million at any time prior to the
expiration (subject to receipt of commitments for the increased
amount from existing and new lenders). See Note 16,
“Subsequent Events,” for additional information.
On February 19, 2009, the Company entered into a two-year
interest rate swap agreement with an underlying notional amount
of $100.0 million, pursuant to which the Company receives
variable interest payments based on LIBOR and pays fixed
interest at a rate of 1.47%.
On October 19, 2010, the Company entered into a three-year
forward starting interest rate swap agreement with an underlying
notional amount of $25.0 million, pursuant to which the
Company receives variable interest payments based on LIBOR and
pays fixed interest at a rate of 0.89%. The effective date of
the hedge is February 24, 2011.
These swaps are intended to hedge the interest risk associated
with the Company’s forecasted floating-rate, LIBOR-based
debt. As of October 31, 2010, the critical terms of the
swaps match the terms of the debt, resulting in no hedge
ineffectiveness. On an ongoing basis (no less than once each
quarter), the Company assesses whether its LIBOR-based interest
payments are probable of being paid during the life of the
hedging relationship. The Company also assesses the counterparty
credit risk, including credit ratings and potential
non-performance of the counterparties, when determining the fair
value of the swaps.
As of October 31, 2010, the fair value of the interest rate
swaps was a $0.4 million liability, of which
$0.3 million and $0.1 million were included in Other
accrued liabilities and Retirement plans and other,
respectively, on the accompanying consolidated balance sheet.
The effective portion of these cash flow hedges is recorded as
accumulated other comprehensive loss in the Company’s
accompanying consolidated balance sheet and reclassified into
interest expense in the Company’s accompanying consolidated
statements of income in the same period during which the hedged
transactions affect earnings. Any ineffective portion of the
hedges is recorded immediately to interest expense. No
ineffectiveness existed at October 31, 2010. The amount
included in accumulated other comprehensive loss is
$0.4 million ($0.3 million, net of taxes).
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Employee Benefit Plans
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Oct. 31, 2010
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Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS |
As of October 31, 2010, the Company had the following
defined benefit and other post-retirement benefit plans, which
provide benefits based primarily on years of service and
employee earnings and which have been previously amended to
preclude new participants:
Supplemental Executive Retirement Plan. The Company
has unfunded retirement agreements for certain current and
former senior executives. The retirement agreements provide for
monthly benefits for ten years commencing at the later of the
respective retirement dates of those executives or age 65.
The benefits are accrued over the vesting period. Effective
December 31, 2002, this plan was amended to preclude new
participants.
Service Award Benefit Plan. The Company has an
unfunded service award benefit plan that meets the definition of
a “severance pay plan” as defined by the Employee
Retirement Income Security Act of 1974, as amended
(“ERISA”), and covers certain qualified employees. The
plan provides participants, upon termination, with a guaranteed
seven days pay for each year of employment subsequent to
November 1, 1989. Effective January 1, 2002, no new
participants were permitted under this plan. The Company will
continue to incur interest costs related to this plan as the
value of the previously earned benefits continues to increase.
OneSource Employees’ Retirement Pension Plan
(“OneSource Pension Plan”). The Company
acquired OneSource on November 14, 2007, which sponsored a
funded, qualified employee retirement plan. The plan was amended
to preclude participation and benefit accruals several years
prior to the acquisition.
Death Benefit Plan. The Company’s unfunded
Death Benefit Plan covers certain qualified employees upon
retirement on, or after, the employee’s 62nd birthday.
This plan provides 50% of the death benefit that the employee
was entitled to prior to retirement, subject to a maximum of
$150,000. Coverage commencing upon retirement, or 62nd birthday,
continues until death for retired employees hired before
September 2, 1980. On March 1, 2003, the
post-retirement death benefit for any active employees hired
after September 1, 1980 was eliminated. Active employees
hired before September 1, 1980 who retire on or after their
62nd birthday will continue to be covered between
retirement and death. For certain plan participants who retired
before March 1, 2003, the post-retirement death benefit
continues until the retired employee’s 70th birthday.
An exemption to the “age 62” retirement rule has
been made for certain employees who were terminated as a result
of the Company’s restructuring to a corporate shared
service center.
OneSource Post-Retirement Medical and Life Benefit
Plan. OneSource sponsored a post-retirement benefit
plan that provides medical and life insurance benefits to
certain OneSource retirees. Since the date of acquisition, new
participants have been precluded from participation.
Benefit
Obligation and Net Obligation Recognized in Financial
Statements
The significant components of the above mentioned plans as of
and for the years ended October 31, 2010 and 2009 are
summarized as follows:
Components of Net
Periodic Benefit Cost Recognized in the Accompanying
Consolidated Statement of Income
The components of net periodic benefit cost of the defined
benefit and other post-retirement benefit plans for the years
ended October 31, 2010, 2009 and 2008 were as follows:
In the year ending October 31, 2011, the Company expects to
recognize, on a pre-tax basis, less than $0.1 million of
net actuarial gains as a component of net periodic benefit cost.
Assumptions
The weighted average assumptions used to determine benefit
obligations and net periodic benefit cost for the years ended
October 31, 2010, 2009 and 2008 were as follows:
The discount rate is used for determining future net periodic
benefit cost. The Company’s discount rates were determined,
as of the October 31, 2010 measurement date, using the
individual cash flows of each plan. In determining the long-term
rate of return for a plan, the Company considers the nature of
the plan’s
investments, historical rates of return, and an expectation for
the plan’s investment strategies. All defined benefit and
post-retirement plans have been amended to preclude new
participants. The Company believes changes in assumptions would
not have a material impact on the Company’s financial
position and operating performance. The Company expects to fund
payments required under the plans with cash flows from operating
activities when due in accordance with the plan.
Expected Future
Benefit Payments
The expected future benefit payments were calculated using the
same assumptions used to measure the Company’s benefit
obligation as of October 31, 2010. This expectation is
based upon expected future service:
OneSource Pension
Plan
The OneSource Pension Plan is a funded benefit plan that
requires an estimate of the long-term rate of return on plan
assets to measure benefit obligations. The expected long-term
rate of return on plan assets represents the rate of earnings
expected in the funds invested to provide for anticipated
benefit payments. With input from the Company’s investment
advisors and actuaries, the Company has analyzed the expected
rates of return on assets and determined that an estimated
long-term rate of return of 8.0% is reasonable based on:
(1) the current and expected asset allocations;
(2) the plan’s historical investment performance; and
(3) best estimates for future investment performance. The
obligation attributable to medical benefits is small, as is the
future obligation that varies with changes in compensation.
Accordingly, changes in the health care trend assumption rate
and the compensation increase assumption have an immaterial
impact on measuring the obligation.
The investment objectives for the assets associated with the
OneSource Pension Plan are to maintain acceptable levels of risk
through the diversification of assets among asset classes and to
optimize long-term returns. The Company is responsible for
selecting investment managers, setting asset allocation targets
and monitoring asset allocations and investment performance. The
Company’s external investment professionals have the
authority to manage assets within pre-established asset
allocation ranges set by the Company. The OneSource Pension Plan
is the Company’s only funded defined benefit plan.
The target allocation ranges and asset allocations for the year
ended October 31, 2010 were:
The following table presents the Company’s hierarchy for
the assets associated with the OneSource Pension Plan measured
at fair value as of October 31, 2010:
Deferred
Compensation Plans
The Company accounts for deferred compensation and accrues
interest thereon for employees who elect to participate in one
of the following Company plans:
Employee Deferred Compensation Plan. This plan
is available to executive, management, administrative and sales
employees who have an annualized base salary that equals or
exceeds $135,000 for the year ended October 31, 2010. This
plan allows employees to defer 1% to 50% of their pre-tax
compensation. The average rate of interest earned by the
employees in this plan was 3.25%, 3.31% and 5.09% for the years
ending October 31, 2010, 2009 and 2008, respectively.
Director Deferred Compensation Plan. This plan
allows directors to defer receipt of all or any portion of the
compensation that he or she would otherwise receive from the
Company. The average rate of interest earned by the directors in
this plan was 3.25%, 3.31%, and 5.09% for the years ending
October 31, 2010, 2009, and 2008, respectively.
The deferred compensation under both the Employee and Director
Deferred Compensation Plans
earns interest equal to the prime interest rate on the last day
of the calendar quarter. If the prime rate exceeds 6%, the
interest rate is equal to 6% plus one half of the excess over
6%. Interest earned under both deferred compensation plans is
capped at 120% of the long-term applicable federal rate as
discussed in the plans.
OneSource Deferred Compensation Plan. The
Company acquired OneSource on November 14, 2007, which
sponsored a deferred compensation plan. Under this deferred
compensation plan, a Rabbi Trust was created to fund the
obligation. The plan requires the Company to contribute 50% of
the participant’s deferred compensation contributions but
only to the extent that the deferred contribution does not
exceed 5% of the participant’s compensation for the
contribution allocation period. This liability is adjusted, with
a corresponding charge (or credit) to the deferred compensation
cost, to reflect changes in the fair value. On December 31,
2008, the plan was amended to preclude new participants. The
assets of $5.7 million held in the rabbi trust are not
available for general corporate purposes.
Aggregate expense recognized under these deferred compensation
plans for the years ended October 31, 2010, 2009 and 2008
were $0.4 million, $0.3 million and $0.5 million,
respectively. The total long-term liability of all deferred
compensation plans at October 31, 2010 and 2009 was
$15.3 million and $15.0 million, respectively, and is
included in Retirement plans and other on the accompanying
consolidated balance sheet.
401(k)
Plan
The Company has two 401(k) savings plans covering certain
employees, as set forth in the respective plan documents. These
401(k) plans are subject to the applicable provisions of ERISA.
The Company matches a portion of the participant’s
contributions after the participant has met the eligibility
requirements under a predetermined formula based on the
participant’s contribution level. The Company made matching
401(k) contributions required by the 401(k) plans during the
years ended October 31, 2010, 2009 and 2008 in the amounts
of $6.2 million, $6.2 million and $5.9 million,
respectively.
Pension Plans
Under Collective Bargaining
Certain qualified employees of the Company are covered under
union-sponsored multi-employer defined benefit plans.
Contributions paid for these plans were $58.2 million,
$47.9 million and $47.7 million during the years ended
October 31, 2010, 2009 and 2008, respectively. These plans
are not administered by the Company and contributions are
determined in accordance with provisions of negotiated labor
contracts.
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Commitments and Contingencies
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Oct. 31, 2010
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES |
Lease
Commitments
The Company is contractually obligated to make future payments
under non-cancelable operating lease agreements for various
facilities, vehicles, and other equipment. As of
October 31, 2010, future minimum lease commitments
(excluding contingent rentals) under non-cancelable operating
leases for the fiscal years ending October 31 are as follows:
Rental expense for continuing operations for the years ended
October 31, 2010, 2009 and 2008 was as follows:
Contingent rentals are applicable to leases of parking lots and
garages and are primarily based on percentages of the gross
receipts or other financial parameters attributable to the
related facilities.
IBM Master
Professional Services Agreement
On September 29, 2006, the Company entered into a Master
Professional Services Agreement (the “Services
Agreement”) with International Business Machines
Corporation (“IBM”) that became effective
October 1, 2006. Under the Services Agreement, IBM was
responsible for substantially all of the Company’s
information technology infrastructure and support services. In
2007, the Company entered into additional agreements with IBM to
provide assistance, support and post-implementation services
relating to the upgrade of the Company’s accounting systems
and the implementation of a new payroll system and human
resources information system. The Company entered into
additional agreements with IBM to provide information technology
systems integration and data center support services through
2009. During the fourth quarter of 2008, the Company assessed
the services provided by
IBM to determine whether the services provided and the level of
support was consistent with the Company’s strategic
objectives. Based upon this assessment, the Company determined
that some or all of the services provided under the Services
Agreement would be transitioned from IBM. In connection with
this assessment, the Company wrote off $6.3 million of
deferred costs in 2008.
On January 20, 2009, the Company and IBM entered into a
binding Memorandum of Understanding (the “MOU”),
pursuant to which the Company and IBM agreed to:
(1) terminate certain services then provided by IBM to the
Company under the Services Agreement; (2) transition the
terminated services to the Company
and/or its
designee; (3) resolve certain other disputes arising under
the Services Agreement; and (4) modify certain terms
applicable to services that IBM will continue to provide to the
Company. In connection with the execution of the MOU, the
Company delivered to IBM a formal notice terminating for
convenience certain information technology and support services
effective immediately (the “Termination”).
Notwithstanding the Termination, the MOU contemplated
(1) IBM would assist the Company with the transition of the
terminated services to the Company or its designee pursuant to
an agreement (the “Transition Agreement”) to be
executed by the Company and IBM and (2) the continued
provision by IBM of certain data center support services. On
February 24, 2009, the Company and IBM entered into an
amended and restated agreement, which amended the Services
Agreement (the “Amended Agreement”), and the
Transition Agreement, which memorializes the termination-related
provisions of the MOU as well as other terms related to the
transition services. Under the Amended Agreement, the base fee
for the provision of the defined data center support services is
$18.8 million payable over the service term (March 2009
through December 2013).
In connection with the Termination, the Company agreed to:
(1) reimburse IBM for certain actual employee severance
costs, up to a maximum of $0.7 million, provided the
Company extended comparable offers of employment to a minimum
number of IBM employees; (2) reimburse IBM for certain
early termination costs, as defined, including third-party
termination fees
and/or
wind-down costs totaling approximately $0.4 million
associated with software, equipment
and/or
third-party contracts used by IBM in performing the terminated
services; and (3) pay IBM fees and expenses for requested
transition assistance, which were estimated to be approximately
$0.4 million.
As of October 31, 2010, future commitments related to the
IBM Amended Agreement for the succeeding fiscal years were as
follows:
Guarantees/Indemnifications
The Company has applied the measurement and disclosure
provisions outlined in the FASB guidance related to
guarantor’s accounting and disclosure requirements for
guarantees, including indirect guarantees of the indebtedness of
others, included in ASC 460 “Guarantees”
(“ASC 460”) to agreements that contain guarantee and
certain indemnification clauses. ASC 460 requires that upon
issuance of a guarantee, the guarantor must disclose and
recognize a liability for the fair value of the obligation it
assumes under the guarantee. As of October 31, 2010 and
2009, the Company did not have any material guarantees that were
issued or modified subsequent to October 31, 2002.
However, the Company is party to a variety of agreements under
which it may be obligated to indemnify the other party for
certain matters. Primarily, these agreements are standard
indemnification arrangements in its ordinary course of business.
Pursuant to these arrangements, the Company may agree to
indemnify, hold harmless and reimburse the indemnified parties
for losses suffered or incurred by the indemnified party,
generally its clients, in connection with any claims arising out
of the services that the Company provides. The Company also
incurs costs to defend lawsuits or settle claims related to
these indemnification arrangements and in most cases these costs
are paid from its insurance program. The terms of these
indemnification arrangements are generally perpetual. Although
the Company attempts to place limits on this indemnification
reasonably related to the size of the contract, the maximum
obligation may not be explicitly stated and, as a result, the
maximum potential amount of future payments the Company could be
required to make under these arrangements is not determinable.
The Company’s certificate of incorporation and bylaws may
require it to indemnify Company directors and officers against
liabilities that may arise by reason of their status as such and
to advance their expenses incurred as a result of any legal
proceeding against
them as to which they could be indemnified. The Company has also
entered into indemnification agreements with its directors to
this effect. The overall amount of these obligations cannot be
reasonably estimated; however, the Company believes that any
loss under these obligations would not have a material adverse
effect on the Company’s financial position, results of
operations or cash flows. The Company currently has
directors’ and officers’ insurance, which has a
deductible of up to $1.0 million.
Contingencies
The Company has been named a defendant in certain proceedings
arising in the ordinary course of business. Litigation outcomes
are often difficult to predict and often are resolved over long
periods of time. Estimating probable losses requires the
analysis of multiple possible outcomes that often depend on
judgments about potential actions by third parties. Loss
contingencies are recorded as liabilities in the accompanying
consolidated financial statements when it is both:
(1) probable or known that a liability has been incurred
and (2) the amount of the loss is reasonably estimable. If
the reasonable estimate of the loss is a range and no amount
within the range is a better estimate, the minimum amount of the
range is recorded as a liability. Legal costs associated with
loss contingencies are expensed as incurred.
The Company is a defendant in several purported class action
lawsuits related to alleged violations of federal or state
wage-and-hour
laws. The named plaintiffs in these lawsuits are current or
former employees of ABM subsidiaries who allege, among other
things, that they were required to work “off the
clock,” were not paid for all overtime, were not provided
work breaks or other benefits,
and/or that
they received pay stubs not conforming to state law. In all
cases, the plaintiffs generally seek unspecified monetary
damages, injunctive relief or both.
The Company accrues amounts it believes are adequate to address
any liabilities related to litigation and arbitration
proceedings and to other contingencies that the Company believes
will result in a probable loss. However, the ultimate resolution
of such matters is always uncertain. It is possible that any
such proceeding brought against the Company could have a
material adverse impact on its financial condition and results
of operations. The total amount accrued for probable losses at
October 31, 2010 was $4.2 million.
The Company was a defendant in a lawsuit filed July 19,
2007 in the United States District Court, Eastern District of
California, entitled U.S. Equal Employment Opportunity
Commission, Plaintiff Erika Morales and Anonymous Plaintiffs One
through Eight v. ABM Industries Incorporated et. al. (the
“Morales case”). The plaintiffs in the Morales case
alleged sexual harassment and retaliation. The case involved
both Title VII federal law claims and California state law
claims. In June 2010, the Company agreed to a settlement of
$5.8 million for the Morales case. On September 27,
2010, the court accepted the settlement agreement and dismissed
the case. Under the terms of the settlement, ABM also agreed to
enter into a consent decree requiring a subsidiary to, among
other things, track sexual harassment claims and monitor
compliance with certain applicable laws.
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Share-Based Compensation Plans
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Oct. 31, 2010
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Share-Based Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION PLANS |
Compensation expense and related income tax benefit in
connection with the Company’s share-based compensation
plans for the years ended October 31, 2010, 2009 and 2008
were as follows:
In July 2010, the Company determined that the financial
performance targets, which were established in connection with
certain performance share grants, were no longer probable of
achievement. As a result, the Company reversed approximately
$3.4 million ($2.0 million, net of taxes) of
previously recorded share-based compensation expense in July
2010. This adjustment was recorded in selling, general and
administrative expenses.
The total shares exercised for all share-based compensation
plans was 850,855, 494,843 and 728,332 during the years ended
October 31, 2010, 2009 and 2008, respectively. The total
intrinsic value of the shares exercised was $8.4 million,
$3.0 million and $6.3 million for the years ended
October 31, 2010, 2009 and 2008, respectively. The total
fair value of shares that vested during the years ended
October 31, 2010, 2009 and 2008 was $8.1 million,
$3.8 million and $3.1 million, respectively.
The Company has five share-based compensation plans and an
employee stock purchase plan which are described below.
2006 Equity
Incentive Plan
On May 2, 2006, the stockholders of the Company approved
the 2006 Equity Incentive Plan (the “2006 Equity
Plan”). Prior to the adoption of the 2006 Equity Plan,
stock option awards were made under the Time-Vested Incentive
Stock Option Plan (the “Time-Vested Plan”), the 1996
Price-Vested Performance Stock Option Plan (the “1996
Price-Vested Plan”) and the 2002 Price-Vested Performance
Stock Option Plan (the “2002 Price-Vested Plan” and
collectively with the Time-Vested Plan and the 1996 Price-Vested
Plan, the “Prior Plans”). The 2006 Equity Plan
provides for the issuance of awards for 2,500,000 shares of
the Company’s common stock plus the remaining shares
authorized but not issued under the Prior Plans as of
May 2, 2006, plus forfeitures under the Prior Plans after
that date. No further grants can be made under the Prior Plans.
On March 3, 2009, the shareholders authorized an additional
2,750,000 shares to be issued under the 2006 Equity Plan.
At October 31, 2010, 1,720,692 shares were available
for award under the 2006 Equity Plan. The terms and conditions
governing existing options under the Prior Plans will continue
to apply to the options outstanding under those plans. The 2006
Equity Plan is an “omnibus” plan that provides for a
variety of equity and equity-based award vehicles, including
stock options, stock appreciation rights, restricted stock units
(“RSUs”), performance shares, and other share-based
awards. Shares subject to awards that terminate without vesting
or exercise may be reissued. Certain of the awards available
under the 2006 Equity Plan may qualify as
“performance-based” compensation under Internal
Revenue Code Section 162(m)
(“Section 162(m)”). The status of the stock
options, RSUs and performance shares granted under the 2006
Equity Plan as of October 31, 2010 are summarized below.
Stock
Options
The nonqualified stock options issued under the 2006 Equity Plan
vest and become exercisable either at a rate of 25% per year
beginning one year after date of grant or 100% on the fifth
anniversary of the award and expire seven years after the date
of grant, depending on the terms of the awards granted. Stock
options granted to certain executive officers on March 31,
2010 will vest on the fifth anniversary of the award.
Stock option activity in the year ended October 31, 2010 is
summarized below:
As of October 31, 2010, there was $3.4 million of
total unrecognized compensation cost (net of estimated
forfeitures) related to unvested stock options under the 2006
Equity Plan. The cost is expected to be recognized on a
straight-line basis over a weighted-average vesting period of
2.47 years.
The Company estimates the fair value of each option award on the
date of grant using the Black-Scholes option valuation model.
The Company estimates forfeiture rates based on historical data
and adjusts the rates periodically or as needed. The adjustment
of the forfeiture rate may result in a cumulative adjustment in
any period in which the forfeiture rate estimate is changed.
During the year ended October 31, 2010, the Company
adjusted its forfeiture rate to align the estimate with expected
forfeitures, and the effect of such adjustment was immaterial.
The assumptions used in the option valuation model for the years
ended October 31, 2010, 2009 and 2008 are shown in the
table below:
RSUs
RSUs granted to directors will be settled in shares of the
Company’s common stock with respect to one-third of the
underlying shares on the first, second and third anniversaries
of the annual shareholders’ meeting, which in several cases
vary from the anniversaries of the award. In general, RSUs
granted to persons other than directors will be settled in
shares of the Company’s common stock with respect to 50% of
the underlying shares on the second anniversary of the award and
50% on the fourth anniversary of the award or 100% on the fifth
anniversary of the award, depending on the terms of the awards
granted. RSUs granted to certain executive officers on
March 31, 2010 will vest on the fifth anniversary of the
award.
RSU activity in the year ended October 31, 2010 is
summarized below:
As of October 31, 2010, there was $8.6 million of
total unrecognized compensation cost (net of estimated
forfeitures) related to RSUs under the 2006 Equity Plan. The
cost is expected to be recognized on a straight-line basis over
a weighted-average vesting period of 1.99 years.
Performance
Shares
Performance shares consist of a contingent right to acquire
shares of the Company’s common stock based on performance
targets adopted by the Compensation Committee. The number of
performance shares that will vest is based on pre-established
financial performance targets for one year, two year or three
year periods ending October 31, 2010, 2011 or 2012. Vesting
of 0% to 150% of the indicated shares will occur depending on
the achieved targets.
Performance share activity in the year ended October 31,
2010 is summarized below:
As of October 31, 2010, there was $4.2 million of
total unrecognized compensation cost (net of estimated
forfeitures) related to performance shares. The cost is expected
to be recognized on a straight-line basis over a weighted
average vesting period of 1.87 years. These costs are based
on estimated achievement of performance criteria and estimated
costs will be reevaluated periodically.
Dividend
Equivalent Rights
RSUs are credited with dividend equivalent rights that are
converted to RSUs at the fair market value of the Company’s
common stock on the dates the dividend payments are declared and
are subject to the same terms and conditions as the underlying
award. Performance shares granted prior to January 13, 2009
are credited with dividend equivalent rights that will be
converted to performance shares at the fair market value of the
Company’s common stock on the dates the dividend payments
are declared and are subject to the same terms and conditions as
the underlying award. Performance shares granted on or after
January 13, 2009 are credited with dividend equivalent
rights that will be converted to performance shares at the fair
market value of the Company’s common stock beginning after
the performance targets have been satisfied and are subject to
the same terms and conditions as the underlying award.
Time-Vested
Plan
Under the Time-Vested Plan, the options become exercisable at a
rate of 20% of the shares per year beginning one year after the
date of grant and expire ten years plus one month after the date
of grant.
The Time-Vested Plan activity in the year ended October 31,
2010 is summarized below:
As of October 31, 2010, there was an immaterial amount of
total unrecognized compensation cost (net of estimated
forfeitures) related to unvested stock options under the
Time-Vested Plan. The cost is expected to be recognized on a
straight-line basis over a weighted-average vesting period of
less than one year.
1996 and 2002
Price-Vested Plans
The Company has two Price-Vested Plans: (1) the
1996 Price-Vested Plan and (2) the 2002 Price-Vested Plan.
The two plans are substantially similar as each plan has
pre-defined vesting prices that provide for accelerated vesting.
Under each form of option agreement, if at the end of four years
any of the stock price performance targets are not achieved,
then the remaining options vest at the end of eight years from
the date the options were granted. There have been no grants
under this plan since the year ended October 31, 2005,
therefore the remaining outstanding options under this plan will
vest on the eighth anniversary of the award. Options vesting
during the first year following grant do not become exercisable
until after the first anniversary of grant. The options expire
ten years after the date of grant.
Activity for the 1996 and 2002 Price-Vested Plans in the year
ended October 31, 2010 is summarized below:
As of October 31, 2010, there was an immaterial amount of
total unrecognized compensation cost (net of estimated
forfeitures) related to unvested stock options under the
Price-Vested Plans. The cost is expected to be recognized on a
straight-line basis over a weighted-average vesting period of
less than one year.
Executive Stock Option Plan (“Age-Vested Plan”)
Under the Age-Vested Plan, options are exercisable for 50% of
the shares when the option holders reach their
61st birthdays and the remaining 50% become exercisable on
their 64th birthdays. To the extent vested, the options may be
exercised at any time prior to one year after termination of
employment. Effective as of December 9, 2003, no further
grants may be made under the plan.
The Age-Vested Plan activity in the year ended October 31,
2010, is summarized below:
As of October 31, 2010, there was $0.6 million of
total unrecognized compensation cost (net of estimated
forfeitures) related to unvested stock options under the
Age-Vested Plan, which is expected to be recognized on a
straight-line basis over a weighted-average vesting period of
8.50 years.
Employee Stock Purchase Plan
On March 9, 2004, the stockholders of the Company approved
the 2004 Employee Stock Purchase Plan under which an aggregate
of 2,000,000 shares may be issued. Effective May 1,
2006, the purchase price became 95% (from 85%) of the fair
market value of the Company’s common stock on the last
trading day of the month. After that date, the plan is no longer
considered compensatory and the values of the awards are no
longer treated as share-based compensation expense. Employees
may designate up to 10% of their compensation for the purchase
of stock, subject to a $25,000 annual limit. Employees are
required to hold their shares for a minimum of six months from
the date of purchase.
The weighted average fair values of the purchase rights granted
in the years ended October 31, 2010,
2009 and 2008 under the new plan were $1.03, $0.86 and $1.05,
respectively. During the years ended October 31, 2010, 2009
and 2008, 190,340, 219,067 and 222,648 shares of stock were
issued under the plan at a weighted average price of $19.65,
$16.29 and $20.00, respectively. The aggregate purchases in the
years ended October 31, 2010, 2009 and 2008 were
$3.7 million, $3.6 million and $4.5 million,
respectively. On March 4, 2010, the shareholders authorized
an additional 1,000,000 shares to be issued under the 2004
Employee Stock Purchase Plan. At October 31, 2010,
1,102,834 shares remained unissued under the plan.
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X | ||||||||||
- Definition
Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Income Taxes
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Oct. 31, 2010
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES |
The income taxes provision for continuing operations consists of
the following components for each of the fiscal years ended
October 31, 2010, 2009 and 2008:
The income tax provision for the year ended October 31,
2010 consists of both current and deferred income tax expense.
The income tax provision for the years ended October 31,
2009 and 2008 consists primarily of deferred income tax expense.
The deferred income tax expense for all three years primarily
relates to the use of net operating losses and other tax
attributes acquired from OneSource in the year ended
October 31, 2008, which resulted in a reduction of current
tax expense.
Income tax expense attributable to income from continuing
operations differs from the amounts computed by applying the
U.S. statutory rates to pre-tax income from continuing
operations as a result of the following for the years ended
October 31, 2010, 2009 and 2008:
The effective tax rate for the year ended October 31, 2010
is higher than the effective tax rate for the year ended
October 31, 2009 primarily due to a decrease in discrete
federal and state tax benefits recorded in the year ended
October 31, 2009. These tax benefits included the benefits
of state tax rate increases on the carrying value of the
Company’s state deferred tax assets and employment based
credits.
The effective tax rate for the year ended October 31, 2009
is lower than the effective tax rate for the year ended
October 31, 2008 primarily due to nonrecurring favorable
federal and state tax benefits recorded in the year ended
October 31, 2009. These tax benefits include the benefits
of state tax rate increases on the carrying value of the
Company’s state deferred tax assets and employment based
tax credits.
The tax effects of temporary differences that give rise to
significant portions of deferred tax assets and deferred tax
liabilities at October 31, 2010 and 2009 are presented
below:
At October 31, 2010, the Company’s net deferred tax
assets included a tax benefit from federal net operating loss
carryforwards of $57.0 million. The federal net operating
loss carryforwards will expire between 2014 and 2029. State net
operating loss carryforwards will expire between the years 2011
and 2030.
The Company periodically reviews its deferred tax assets for
recoverability. The valuation allowance represents the amount of
tax benefits related to state net operating loss carryforwards
that management believes are not likely to be realized. The
Company believes the gross deferred tax assets are more likely
than not to be realizable based on estimates of future taxable
income.
Changes to the deferred tax asset valuation allowance for the
years ended October 31, 2010 and 2009 are as follows:
In the year ended October 31, 2010, $0.1 million of
the increase in valuation allowance was charged to income tax
expense for deferred tax assets that were not expected to be
ultimately realized. In the year ended October 31, 2009,
the valuation allowance decreased (through a reduction of the
tax provision) by $0.1 million for state net operating
losses that became more-likely-than-not realizable based on
updated assessments of future taxable income. In the year ended
October 31, 2009, the valuation allowance also decreased by
a goodwill adjustment of $0.6 million as a result of the
interactions of tax positions associated with the acquisition of
OneSource.
At October 31, 2010, we had unrecognized tax benefits of
$101.7 million, all of which, if recognized in the future,
would impact the Company’s effective tax rate. The Company
includes interest and penalties related to unrecognized tax
benefits in income tax expense. As of October 31, 2010, the
Company had accrued interest and penalties related to uncertain
tax positions of $0.7 million. A reconciliation of the
beginning and ending amount of unrecognized tax benefits is as
follows:
The Company’s major tax jurisdiction is the United States.
ABM and OneSource U.S. federal income tax returns remain
open for examination for the periods ending October 31,
2006 through October 31, 2010 and March 31, 2000
through November 14, 2007, respectively. ABM is currently
being examined by the Internal Revenue Service for the tax years
2006-2008.
The Company does business in all 50 states, significantly
in California, Texas and New York, as well as Puerto Rico and
Canada. In major state jurisdictions, the tax years
2006-2010
remain open and subject to examination by the appropriate tax
authorities. The Company is currently being examined by
Illinois, Maryland, Utah, New Jersey, Massachusetts, New York,
California and Puerto Rico. An estimate of the range of possible
changes in unrecognized tax benefits over the next
12 months cannot be made at this time.
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- Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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Oct. 31, 2010
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Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION |
The Company is organized into four reportable operating
segments, Janitorial, Parking, Security and Engineering, which
are summarized as follows:
The unallocated corporate expenses include a $1.2 million
and a $9.4 million increase in the years ended
October 31, 2010 and 2009, respectively, and a
$22.8 million reduction of insurance reserves in the year
ended October 31, 2008, related to claims incurred in prior
years. (See Note 8, “Self-Insurance”.) Had the
Company allocated these insurance charges among the segments,
the reported pre-tax operating profits of the segments, as a
whole, would have decreased by $1.2 million and
$9.4 million in the years ended October 31, 2010 and
2009, respectively, and increased $22.8 million in the year
ended October 31, 2008 with an equal and offsetting change
to unallocated corporate expenses and, therefore, no change to
consolidated pre-tax earnings.
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- Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Discontinued Operations
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Oct. 31, 2010
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Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS |
On October 31, 2008, the Company completed the sale of
substantially all of the assets of its former Lighting segment,
excluding accounts receivable and certain other assets and
liabilities, to Sylvania Lighting Services Corp
(“Sylvania”). The consideration received in connection
with such sale was $34.0 million in cash, which included
certain adjustments, payment to the Company of $0.6 million
pursuant to a transition services agreement and the assumption
of certain liabilities under certain contracts and leases
relating to the period after the closing. In connection with the
sale, the Company recorded a loss of approximately
$3.5 million, including income tax expense of
$1.0 million. The remaining assets and liabilities
associated with the Lighting segment have been classified as
assets and liabilities of discontinued operations for all
periods presented. The results of operations of the Lighting
segment for all periods presented are classified as “(Loss)
income from discontinued operations, net of taxes.”
The carrying amounts of the major classes of assets and
liabilities of the Lighting segment included in discontinued
operations are as follows:
The summarized operating results of the Company’s
discontinued Lighting segment for the years ended
October 31, 2010, 2009 and 2008 are as follows:
The income from discontinued operations, net of taxes, of
$0.3 million for the year ended October 31, 2010
primarily relates to the recovery of previously written-off
accounts receivables. The loss from discontinued operations, net
of taxes, of $1.2 million and $3.8 million for the
years ended October 31, 2009 and 2008, respectively,
primarily relates to severance related costs and selling,
general and administrative transition costs.
During the year ended October 31, 2008, in response to
objective evidence about the implied value of goodwill relating
to the Company’s Lighting segment, the Company performed an
assessment of goodwill for impairment. The goodwill in the
Company’s Lighting segment was determined to be impaired
and a non-cash, partially tax-deductible goodwill impairment
charge of $4.5 million was recorded on April 30, 2008,
which is included in discontinued operations in the accompanying
consolidated statements of income for the year ended
October 31, 2008.
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Disclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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12 Months Ended | ||||
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Oct. 31, 2010
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Subsequent Events [Abstract] | |||||
SUBSEQUENT EVENTS |
Acquisition of
Linc
On December 1, 2010, the Company acquired Linc pursuant to
an Agreement and Plan of Merger, dated as of December 1,
2010 (the “Merger Agreement”), by and among ABM, Linc,
GI Manager LP, as the Members Representative, and Lightning
Services, LLC, a wholly-owned subsidiary of ABM (“Merger
Sub”). Pursuant to the Merger Agreement, Merger Sub merged
with and into Linc, and Linc continued as the surviving
corporation and as a wholly owned subsidiary of ABM. The
aggregate purchase price for all of the outstanding limited
liability company interests of Linc was approximately
$301.0 million, subject to certain adjustments as set forth
in the Merger Agreement. In connection with the Linc
acquisition, the Company acquired $98.4 million of
outstanding surety bonds and $11.9 million of standby
letters of credit as of the acquisition date. Linc provides
end-to-end
integrated facilities management services that improve operating
efficiencies, reduce energy consumption and lower overall
operational costs for facilities in the governmental, commercial
and residential markets throughout the United States and select
international markets. The operations of Linc will be included
in the Engineering segment as of the acquisition date.
Line of Credit
Facility
On November 30, 2010, the Company terminated the old
Facility and replaced it with a new $650 million five year
syndicated line of credit (the “new Facility”). The
new Facility is scheduled to expire on November 30, 2015,
with the option to increase the size of the new Facility to
$850 million at any time prior to the expiration (subject
to receipt of commitments for the increased amount from existing
and new lenders). Borrowings under the new Facility were used in
part to acquire Linc on December 1, 2010, as well as pay
down the outstanding balances under the old Facility. The new
Facility is available for working capital, the issuance of
standby letters of credit, the financing of capital expenditures
and other general corporate purposes, including acquisitions.
Under the new Facility, no compensating balances are required
and the interest rate is determined at the time of borrowing
based on the London Interbank Offered Rate (“LIBOR”)
plus a spread of 1.5% to 2.5% or, at the Company’s
election, at the higher of: the
federal funds rate plus 0.5%; the Bank of America prime rate
(“Alternate Base Rate”) plus a spread of 0.5% to 1.5%;
and the Eurodollar rate plus 1.0%. The new Facility calls for a
non-use fee payable quarterly, in arrears, of 0.25% to 0.50% of
the average, daily, unused portion of the new Facility. For
purposes of this calculation, irrevocable standby letters of
credit issued primarily in conjunction with the Company’s
self-insurance program and cash borrowings are included as usage
of the new Facility. The spreads for LIBOR and the Alternate
Base Rate and the non-use fee percentage are based on the
Company’s leverage ratio.
The new Facility includes covenants limiting liens,
dispositions, fundamental changes, investments, indebtedness,
and certain transactions and payments. In addition, the new
Facility also requires that the Company maintain three financial
covenants: (1) a fixed charge coverage ratio greater than
or equal to 1.50 to 1.0 at any time; (2) a leverage ratio
of less than or equal to 3.25 to 1.0 at each fiscal quarter-end;
and (3) a consolidated net worth of greater than or equal
to the sum of (i) $570.0 million, (ii) an amount
equal to 50% of the consolidated net income earned in each full
fiscal quarter ending after November 30, 2010 (with no
deduction for a net loss in any such fiscal quarter), and
(iii) an amount equal to 100% of the aggregate increases in
stockholders’ equity of the Company after November 30,
2010 by reason of the issuance and sale of capital stock or
other equity interests of the Company or any subsidiary,
including upon any conversion of debt securities of the Company
into such capital stock or other equity interests, but excluding
by reason of the issuance and sale of capital stock pursuant to
the Company’s employee stock purchase plans, employee stock
option plans and similar programs.
If an event of default occurs under the new Facility, including
certain cross-defaults, insolvency, change in control, and
violation of specific covenants, among others, the lenders can
terminate or suspend the Company’s access to the new
Facility, declare all amounts outstanding under the new
Facility, including all accrued interest and unpaid fees, to be
immediately due and payable,
and/or
require that the Company cash collateralize the outstanding
letter of credit obligations.
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X | ||||||||||
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- Definition
Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Information (Unaudited)
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Oct. 31, 2010
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Quarterly Information (Unaudited) [Abstarct] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY INFORMATION (UNAUDITED) |
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Valuation Accounts
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Oct. 31, 2010
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Consolidated Valuation Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED VALUATION ACCOUNTS |
Schedule Of Valuation And Qualifying Accounts Disclosure
Schedule II
CONSOLIDATED
VALUATION ACCOUNTS
The 2009 presentation of charges to costs and expenses and
write-offs net of recoveries have been reclassified to conform
to the comparable periods presented. This adjustment had no
impact on the Company’s consolidated financial statements
for any periods presented.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
An element designated to encapsulate the entire schedule of any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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