0001423221-23-000010 | 10-Q | XBRL Viewer | Quanex Building Products Corp

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Stock Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Stock Based Compensation (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of shares authorized, originally	3,139,895		3,139,895
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 2,466	$ 1,775	$ 7,635	$ 5,271
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	356	371	1,258	1,079
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	1,444	796	1,873	1,512
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	592	396	3,934	2,052
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 74	$ 212	$ 570	$ 628

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash Flow, Lessee [Abstract]
Finance leases - financing cash flows	$ 1,762	$ 838
Finance leases - operating cash flows	1,815	402
Operating leases - operating cash flows	6,848	7,551
Right-Of-Use Asset Obtained In Exchange For Lease Liability [Abstract]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	3,714	1,259
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 25,723	$ 6,028

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in usd per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.24	$ 0.24

Debt and Finance Lease Obligations

9 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

Debt and Finance Lease Obligations

Long-term debt consisted of the following at July 31, 2023 and October 31, 2022 (in thousands):


	July 31, 2023		October 31, 2022
Revolving Credit Facility	$	55,000	$	13,000


Finance lease obligations and other	55,792		19,202
Unamortized deferred financing fees	(1,280)		(1,528)
Total debt	$	109,512	$	30,674
Less: Current maturities of long-term debt	2,278		1,046
Long-term debt	$	107,234	$	29,628

Revolving Credit Facility

On July 6, 2022, we entered into our Second Amended and Restated Credit Agreement (the “Credit Facility”) with Wells Fargo Securities, LLC, as Agent, Swingline Lender and Issuing Lender, and BofA Securities, Inc. serving as Syndication Agent. We capitalized $1.2 million of deferred financing fees related to the Credit Facility. This $325.0 million revolving credit facility has a five-year term, maturing on July 6, 2027, and replaces our previous credit facility. Our previous credit facility is more fully described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022.

Interest payments for the Credit Facility are calculated, at our election and depending upon the Consolidated Net Leverage Ratio, at a Base Rate (as defined within the Credit Facility) plus an applicable margin or at the same rate as Risk-Free Rate (“RFR”) Loans for domestic borrowings or Eurocurrency Rate Loans plus an applicable margin. In addition, we are subject to commitment fees for the unused portion of the Credit Facility.

The applicable margin and commitment fees are outlined in the following table:


Pricing Level	Consolidated Net Leverage Ratio	Commitment Fee	Eurocurrency Rate Loans and RFR Loans	Base Rate Loans
I	Less than or equal to 1.50 to 1.00	0.150%	1.25%	0.25%
II	Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00	0.175%	1.50%	0.50%
III	Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00	0.200%	1.75%	0.75%
IV	Greater than 3.00 to 1.00	0.250%	2.00%	1.00%

In the event of default, outstanding borrowings would accrue interest at the Default Rate, as defined, whereby the obligations will bear interest at a per annum rate equal to 2% above the total per annum rate otherwise applicable.

The Credit Facility provides for incremental revolving credit commitments for a minimum principal amount of $10.0 million, up to an aggregate amount of $150.0 million or 100% of Consolidated EBITDA, subject to the lender's discretion to elect or decline the incremental increase. We can also borrow up to the lesser of $15.0 million or the revolving credit commitment, as defined, under a Swingline feature of the Credit Facility.

The Credit Facility contains a: (1) Consolidated Interest Coverage Ratio requirement whereby we must not permit the Consolidated Interest Coverage Ratio, as defined, to be less than 3.00 to 1.00, and (2) Consolidated Net Leverage Ratio requirement, whereby we must not permit the Consolidated Net Leverage Ratio, as defined, to be greater than 3.25 to 1.00.

In addition to maintaining these financial covenants, the Credit Facility also limits our ability to enter into certain business transactions, such as to incur indebtedness or liens, to acquire businesses or dispose of material assets, make restricted payments, pay dividends (limited to $25.0 million per year) and other transactions as further defined in the Credit Facility. Some of these limitations, however, do not take effect so long as Consolidated Net Leverage Ratio is less than or equal to 2.75 to 1.00 and available liquidity exceeds $25.0 million. Substantially all of our domestic assets, with the exception of real property, are used as collateral for the Credit Agreement.

As of July 31, 2023, we had $55.0 million of borrowings outstanding under the Credit Facility (reduced by unamortized debt issuance costs of $1.3 million), $5.1 million of outstanding letters of credit and $55.8 million outstanding primarily under finance leases and other debt. We had $264.9 million available for use under the Credit Facility at July 31, 2023. Outstanding

borrowings under the Credit Facility accrue interest at 6.67% per annum. Our weighted-average borrowing rate for borrowings outstanding during the nine months ended July 31, 2023 and 2022 was 5.91% and 1.81%, respectively. We were in compliance with our debt covenants as of July 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill for the nine months ended July 31, 2023 was as follows (in thousands):


	Nine Months Ended
	July 31, 2023
Beginning balance as of November 1, 2022	$	137,855

LMI acquisition	41,393
Foreign currency translation adjustment	7,161
Balance as of the end of the period	$	186,409

At our last annual test date, August 31, 2022, we evaluated the recoverability of goodwill at each of our five reporting units with goodwill balances and determined that our goodwill was not impaired. An additional reporting unit was acquired during the nine months ended July 31, 2023. We evaluated for indicators of impairment for all reporting units during the three and nine months ended July 31, 2023 and determined that there were no triggering events. For additional discussion of change in reporting units and a summary of the change in the carrying amount of goodwill by segment, see Note 12, “Segment Information.”

Identifiable Intangible Assets

Amortizable intangible assets consisted of the following as of July 31, 2023 and October 31, 2022 (in thousands):


	July 31, 2023				October 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	159,697	$	97,647	$	139,607	$	88,646
Trademarks and trade names	56,161		42,737		54,389		40,610
Patents and other technology	25,162		22,019		22,390		22,095

Total	$	241,020	$	162,403	$	216,386	$	151,351

In connection to the LMI Acquisition, we added gross carrying intangibles of $16.0 million of customer relationships, $3.0 million of other technology and $0.5 million of trade names, each with the weighted-average amortization of twenty years. We had aggregate amortization expense related to intangible assets for the three and nine months ended July 31, 2023 of $3.0 million and $9.1 million, respectively, and $3.0 million and $9.0 million for the comparable prior year periods.

Estimated remaining amortization expense, assuming current intangible balances and no new acquisitions, for future fiscal years as of July 31, 2023 (in thousands):


	Estimated Amortization Expense
2023 (remaining three months)	$	3,003
2024	11,427
2025	10,199
2026	10,124
2027	10,125
Thereafter	33,739
Total	$	78,617

Cover page - shares	9 Months Ended
Cover page - shares	Jul. 31, 2023	Aug. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2023
Document Transition Report	false
Entity File Number	1-33913
Entity Registrant Name	QUANEX BUILDING PRODUCTS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1561397
Entity Address, Address Line One	1800 West Loop South
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77027
City Area Code	713
Local Phone Number	961-4600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001423221
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,986,332

Nature of Operations and Basis of Presentation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Related Party Transaction [Line Items]
Net sales	$ 299,640,000	$ 324,037,000	$ 835,091,000	$ 913,970,000
Non-employee directors
Related Party Transaction [Line Items]
Net sales			900,000	$ 1,600,000
Non-employee directors \| No single transaction or series of related transactions exceeded $120,000
Related Party Transaction [Line Items]
Net sales			$ 120,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases - Lease-Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Oct. 31, 2022
Assets
Operating lease right-of-use assets	$ 45,804	$ 56,000
Finance Lease, Right-of-Use Asset, Accumulated Amortization	6,073	3,726
Property, plant and equipment	58,804	22,003
Total lease assets	104,608	78,003
Current
Current operating lease liabilities	7,388	7,727
Current maturities of long-term debt	2,579	1,336
Noncurrent
Noncurrent operating lease liabilities	39,291	49,286
Long-term debt	53,189	17,816
Total lease liabilities	$ 102,447	$ 76,165

Earnings Per Share (Tables)

9 Months Ended

Jul. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted earnings per share for the three and nine months ended July 31, 2023 and 2022 were calculated as follows (in thousands, except per share data):


	Net Income		Weighted-Average Shares	Per Share
Three Months Ended July 31, 2023
Basic earnings per common share	$	31,698	32,716	$	0.97
Effect of dilutive securities:
Stock options	—		33	—
Restricted stock awards	—		124	—

Performance restricted stock units	—		46	—
Diluted earnings per common share	$	31,698	32,919	$	0.96
Three Months Ended July 31, 2022
Basic earnings per common share	$	25,908	32,999	$	0.79
Effect of dilutive securities:
Stock options	—		34	—
Restricted stock awards	—		99	—

Performance restricted stock units	—		41	—
Diluted earnings per common share	$	25,908	33,173	$	0.78
Nine Months Ended July 31, 2023
Basic earnings per common share	$	55,119	32,841	$	1.68
Effect of dilutive securities:
Stock options	—		30	—
Restricted stock awards	—		114	—

Performance restricted stock units	—		46	—
Diluted earnings per common share	$	55,119	33,031	$	1.67
Nine Months Ended July 31, 2022
Basic earnings per common share	$	63,669	33,093	$	1.92
Effect of dilutive securities:
Stock options	—		27	—
Restricted stock awards	—		95	—

Performance restricted stock units	—		41	—
Diluted earnings per common share	$	63,669	33,256	$	1.91

Leases - Weighted Average Remaining Lease Terms and Weighted Average Discount Rates (Details)	Jul. 31, 2023	Oct. 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	10 years 9 months 18 days	10 years 9 months 18 days
Financing leases	19 years	13 years 8 months 12 days
Weighted-average discount rate
Operating leases	4.01%	3.84%
Financing leases	4.49%	3.78%

Leases - Additional Information (Details)	Jul. 31, 2023
Real Estate-Related \| Minimum
Lessee, Lease, Description [Line Items]
Term of contract	5 years
Real Estate-Related \| Maximum
Lessee, Lease, Description [Line Items]
Term of contract	20 years
Equipment-Related \| Minimum
Lessee, Lease, Description [Line Items]
Term of contract	1 year
Equipment-Related \| Maximum
Lessee, Lease, Description [Line Items]
Term of contract	10 years

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 408	$ 289
Accumulated depreciation of property, plant and equipment	$ 368,979	$ 348,528
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	37,176,958	37,211,056
Common stock, shares outstanding	32,986,332	33,129,250
Treasury stock, common, shares	4,190,626	4,081,806

Leases (Tables)

9 Months Ended

Jul. 31, 2023

Leases [Abstract]

Schedule of Lease-Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the balance sheet at July 31, 2023 and October 31, 2022 (in thousands):


Leases	Classification	July 31, 2023		October 31, 2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	45,804	$	56,000
Finance lease assets	Property, plant and equipment (less accumulated depreciation of $6,073 and $3,726)	58,804		22,003
Total lease assets		$	104,608	$	78,003

Liabilities
Current
Operating	Current operating lease liabilities	$	7,388	$	7,727
Finance	Current maturities of long-term debt	2,579		1,336
Noncurrent
Operating	Noncurrent operating lease liabilities	39,291		49,286
Finance	Long-term debt	53,189		17,816
Total lease liabilities		$	102,447	$	76,165

Schedule of Components of Lease Costs

The table below presents the components of lease costs for the three and nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Operating lease cost	$	2,322	$	2,466	$	6,731	$	7,540
Finance lease cost
Amortization of leased assets	824		337		2,439		929
Interest on lease liabilities	612		142		1,815		402
Variable lease costs	420		279		1,210		759
Total lease cost	$	4,178	$	3,224	$	12,195	$	9,630

The table below presents supplemental cash flow information related to leases for the nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Nine Months Ended
	July 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - financing cash flows	$	1,762	$	838
Finance leases - operating cash flows	$	1,815	$	402
Operating leases - operating cash flows	$	6,848	$	7,551

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	3,714	$	1,259
Finance leases	$	25,723	$	6,028

Schedule of Weighted Average Remaining Lease Terms and Weighted Average Discount Rates

The table below presents the weighted-average remaining lease terms and weighted-average discount rates for the Company's leases as of July 31, 2023 and October 31, 2022:


	July 31, 2023		October 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.8		10.8
Financing leases	19.0		13.7

Weighted-average discount rate
Operating leases	4.01	%	3.84	%
Financing leases	4.49	%	3.78	%

Schedule of Maturity of Lease Liabilities

The table below presents the maturity of the lease liabilities as of July 31, 2023 (in thousands):


	Operating Leases		Finance Leases
2023 (remaining three months)	$	2,352	$	1,246
2024	8,829		4,982
2025	7,202		4,899
2026	5,847		4,731
2027	4,811		4,589
Thereafter	30,062		63,062
Total lease payments	59,103		83,509
Less: present value discount	12,424		27,741
Total lease liabilities	$	46,679	$	55,768

Schedule of Maturity of Lease Liabilities

The table below presents the maturity of the lease liabilities as of July 31, 2023 (in thousands):


	Operating Leases		Finance Leases
2023 (remaining three months)	$	2,352	$	1,246
2024	8,829		4,982
2025	7,202		4,899
2026	5,847		4,731
2027	4,811		4,589
Thereafter	30,062		63,062
Total lease payments	59,103		83,509
Less: present value discount	12,424		27,741
Total lease liabilities	$	46,679	$	55,768

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Operating activities:
Net income	$ 55,119	$ 63,669
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	31,672	30,554
Stock-based compensation	1,828	1,707
Deferred income tax	177	505
Other, net	2,423	2,647
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	9,918	(5,306)
Decrease (increase) in inventory	23,864	(48,280)
Increase in other current assets	(439)	(824)
(Decrease) increase in accounts payable	(15,471)	2,765
Decrease in accrued liabilities	(5,152)	(4,721)
(Decrease) increase in income taxes payable	(3,534)	7,522
Increase (decrease) in deferred pension benefits	22	(239)
Increase in other long-term liabilities	609	32
Other, net	1,523	(177)
Cash provided by operating activities	102,559	49,854
Investing activities:
Business acquisition	(91,302)	0
Capital expenditures	(22,450)	(19,488)
Proceeds from disposition of capital assets	183	134
Cash used for investing activities	(113,569)	(19,354)
Financing activities:
Borrowings under credit facility	102,000	70,500
Repayments of credit facility borrowings	(60,000)	(70,500)
Debt issuance costs	0	(1,210)
Repayments of other long-term debt	(1,954)	(1,301)
Common stock dividends paid	(7,952)	(7,916)
Issuance of common stock	753	502
Payroll tax paid to settle shares forfeited upon vesting of stock	(567)	(1,412)
Purchase of treasury stock	(5,593)	(6,600)
Cash provided by (used for) financing activities	26,687	(17,937)
Effect of exchange rate changes on cash and cash equivalents	2,482	(2,594)
Increase in cash and cash equivalents	18,159	9,969
Cash and cash equivalents at beginning of period	55,093	40,061
Cash and cash equivalents at end of period	$ 73,252	$ 50,030

Income Taxes	9 Months Ended
Income Taxes	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes To determine our income tax expense or benefit for interim periods, consistent with accounting standards, we apply the estimated annual effective income tax rate to year-to-date results, plus any applicable discrete items, which are recorded in the period in which they occur. Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, expiration of statutes of limitations, tax benefits on equity compensation, and increase or decrease in valuation allowances on deferred tax assets. Our annual effective tax rates from continuing operations for the nine months ended July 31, 2023 and 2022 were 18.2% and 22.2%, respectively. The difference between our effective income tax rate and the U.S. federal statutory rate of 21% principally results from discrete tax items, U.S. state tax, non-U.S. tax rate differential and other permanent differences. The primary discrete item affecting the 2023 effective rate was a benefit of $1.7 million related to a true-up of tax provision accrual to tax return filings. The primary discrete items affecting the 2022 effective rate were the charge of $0.2 million related to the vesting or exercise of equity-based compensation awards and a benefit of $1.0 million for the true-up of our accruals and related deferred taxes from prior year filings. As of July 31, 2023, our liability for uncertain tax positions (UTP) of $1.4 million relates to certain U.S. federal and state tax items regarding the interpretation of tax laws and regulations, including a minimal amount of interest and penalties. We include all interest and penalties related to uncertain tax benefits within our income tax provision account. To the extent interest and penalties are not assessed with respect to uncertain tax positions or the uncertainty of deductions in the future, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. As of July 31, 2023, we have an income tax receivable of $2.5 million included in current assets under the caption “Prepaid and other current assets” in the accompanying condensed consolidated balance sheets. We evaluate the likelihood of realization of our deferred tax assets by considering both positive and negative evidence. We maintain a valuation allowance for certain state net operating losses which totaled $0.5 million as of July 31, 2023 and October 31, 2022, respectively. On August 16, 2022 the Inflation Reduction Act of 2022 was signed into law. We are evaluating the regulations but do not believe they will result in a material impact to our consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation - Treasury Shares (Details) - shares	9 Months Ended
	Jul. 31, 2023	Oct. 31, 2022
Treasury Stock [Abstract]
Stock options exercised	(38,800)
Treasury stock repurchases	275,000
Treasury stock, common, shares	4,190,626	4,081,806
Restricted Stock Awards (RSAs)
Treasury Stock [Abstract]
Restricted stock awards granted	(94,700)
Performance Shares
Treasury Stock [Abstract]
Restricted stock awards granted	(32,680)
Stock Options
Treasury Stock [Abstract]
Stock options exercised	(38,800)

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Acquisition (Tables)

9 Months Ended

Jul. 31, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

As of July 31, 2023, we are still determining the purchase price allocation for LMI. A preliminary purchase price allocation of the fair value of the assets acquired and liabilities assumed is included in the table below. These estimates are subject to change and will likely result in an increase or decrease in goodwill, particularly with regard to third-party valuations and our estimates of fixed assets, intangible assets, and inventory, during the measurement period, which may extend up to one year from the acquisition date.


	As of Date of Opening Balance Sheet
	(In thousands)
Net assets acquired:
Accounts receivable	$	7,012
Inventories, net	5,684
Other assets	790
Property, plant and equipment, net	35,887
Goodwill	41,393
Intangible assets, net	19,500
Accounts payable	(4,736)
Accrued liabilities	(507)
Long-term debt (finance leases)	(13,721)
Net assets acquired	$	91,302
Consideration:
Cash, net of cash and cash equivalents acquired	$	91,302

Business Acquisition, Pro Forma Information

We calculated the pro forma impact of the LMI acquisitions and the associated debt financing on our operating results for the three and nine months ended July 31, 2022. The following pro forma results give effect to these acquisitions, assuming the transaction occurred on November 1, 2021.



	Three Months Ended		Nine Months Ended
	July 31, 2022		July 31, 2022
	(In thousands, except per share amounts)
Net sales	$	341,925	$	963,797
Net income	$	27,649	$	68,252
Basic earnings per share	$	0.84	$	2.06
Diluted earnings per share	$	0.83	$	2.05

Retirement Plans (Tables)

9 Months Ended

Jul. 31, 2023

Retirement Benefits [Abstract]

Net Periodic Pension Cost

The net periodic pension cost for this plan for the three and nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Service cost	$	95	$	215	$	287	$	645
Interest cost	390		201		1,169		604
Expected return on plan assets	(366)		(498)		(1,099)		(1,493)
Amortization of net loss	11		2		32		5
Net periodic pension benefit	$	130	$	(80)	$	389	$	(239)

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2023 USD ($) segment	Jul. 31, 2022 USD ($) segment
Segment Reporting Information [Line Items]
Number of reportable segments			3
Allocated corporate general and administrative expense \| $	$ 6.3	$ 5.8	$ 17.1	$ 17.1
Operating Segments \| NA Fenestration
Segment Reporting Information [Line Items]
Number of operating segments			4	3

Income Taxes (Detail) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Income Tax Disclosure
Effective Income Tax Rate Reconciliation, Percent	18.20%	22.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount	$ 1.7
Effective Income Tax Rate Reconciliation, Vesting or Exercise Of Share-based Payment Arrangement, Amount		$ 0.2
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount		$ 1.0
Liability for uncertain tax positions	1.4
Income Taxes Receivable	2.5
Valuation allowance	$ 0.5		$ 0.5

Segment Information

9 Months Ended

Jul. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment InformationWe present three reportable business segments (1) NA Fenestration, comprising four operating segments in 2023 (compared to three operating segments in 2022) primarily focused on the fenestration market in North America including vinyl profiles, insulating glass spacers, screens, custom compound mixing, and other fenestration components; (2) EU Fenestration, comprising our U.K.-based vinyl extrusion business, manufacturing vinyl profiles & conservatories, and the European insulating glass business manufacturing insulating glass spacers; and (3) NA Cabinet Components, comprising our cabinet door and components operations. The additional NA Fenestration operating segment in 2023 is related to the Acquisition of LMI, an advanced polymer solutions provider with a focus on advanced methods for mixing rubber compounds. For additional discussion of our Acquisition of LMI, see Note 2, “Acquisition.” Additionally, we maintain an Unallocated Corporate & Other which includes transaction expenses, stock-based compensation, long-term incentive awards based on the performance of our common stock and other factors, certain severance, legal, and other costs not deemed to be allocable to all segments, depreciation of corporate assets, interest expense, other, net, income taxes and inter-segment eliminations, and executive incentive compensation and medical expense fluctuations relative to planned costs as determined during the annual planning process. Other general and administrative costs associated with the corporate office are allocated to the reportable segments, based upon a relative measure of profitability in order to more accurately reflect each reportable business segment's administrative costs. We allocate corporate expenses to businesses acquired mid-year from the date of acquisition. The accounting policies of our operating segments are the same as those used to prepare the accompanying condensed consolidated financial statements. Corporate general and administrative expense allocated during the three and nine month period ended July 31, 2023 was $6.3 million and $17.1 million, respectively, and $5.8 million and $17.1 million for the comparable prior year periods.

ASC Topic 280-10-50, “Segment Reporting” (ASC 280) permits aggregation of operating segments based on factors including, but not limited to: (1) similar nature of products serving the building products industry, primarily the fenestration business; (2) similar production processes, although there are some differences in the amount of automation amongst operating plants; (3) similar types or classes of customers, namely the primary OEMs; (4) similar distribution methods for product delivery, although the extent of the use of third-party distributors will vary amongst the businesses; (5) similar regulatory environment; and (6) converging long-term economic similarities.

Segment information for the three and nine months ended July 31, 2023 and 2022, and total assets as of July 31, 2023 and October 31, 2022 are summarized in the following table (in thousands):


	NA Fenestration		EU Fenestration		NA Cabinet Components		Unallocated Corp. & Other		Total
Three Months Ended July 31, 2023
Net sales	$	177,081	$	67,889	$	55,385	$	(715)	$	299,640
Depreciation and amortization	5,033		2,434		3,084		45		10,596
Operating income	22,668		16,150		2,271		(3,626)		37,463
Capital expenditures	3,201		2,244		1,744		187		7,376
Three Months Ended July 31, 2022
Net sales	$	184,744	$	67,613	$	72,480	$	(800)	$	324,037
Depreciation and amortization	4,044		2,327		3,273		90		9,734
Operating income (loss)	23,086		9,818		2,329		(1,198)		34,035
Capital expenditures	4,166		621		916		—		5,703
Nine Months Ended July 31, 2023
Net sales	$	487,036	$	186,604	$	163,577	$	(2,126)	$	835,091
Depreciation and amortization	15,328		7,135		8,988		221		31,672
Operating income (loss)	47,686		36,052		1,928		(14,464)		71,202
Capital expenditures	11,673		5,300		5,085		392		22,450
Nine Months Ended July 31, 2022
Net sales	$	509,283	$	199,954	$	207,711	$	(2,978)	$	913,970
Depreciation and amortization	12,221		7,418		10,653		262		30,554
Operating income (loss)	57,458		30,229		1,444		(6,420)		82,711
Capital expenditures	13,103		2,827		3,488		70		19,488
As of July 31, 2023
Total assets	$	382,783	$	248,404	$	159,102	$	57,520	$	847,809
As of October 31, 2022
Total assets	$	279,139	$	223,729	$	176,154	$	45,595	$	724,617

The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the nine months ended July 31, 2023 (in thousands):


	NA Fenestration		EU Fenestration		NA Cabinet Comp.		Unallocated Corp. & Other		Total
Balance as of October 31, 2022	$	38,712	$	59,996	$	39,147	$	—	$	137,855

LMI acquisition	41,393		—		—		—		41,393
Foreign currency translation adjustment	—		7,161		—		—		7,161
Balance as of July 31, 2023	$	80,105	$	67,157	$	39,147	$	—	$	186,409

For further details of Goodwill, see Note 5, “Goodwill & Intangible Assets,” located herewith.

We did not allocate non-operating loss or income tax benefit to the reportable segments. The following table reconciles operating income as reported above to net income for the three and nine months ended July 31, 2023 and 2022 (in thousands):


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Operating income	$	37,463	$	34,035	$	71,202	$	82,711
Interest expense	(2,068)		(724)		(6,571)		(1,849)
Other, net	402		398		591		905
Income tax expense	(4,099)		(7,801)		(10,103)		(18,098)
Net income	$	31,698	$	25,908	$	55,119	$	63,669

- Definition

The entire disclosure for 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 percent 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.

+ References

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-Section 50
-Paragraph 22
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+ Details

Contingencies	9 Months Ended
Contingencies	Jul. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Remediation and Environmental Compliance Costs Under applicable state and federal laws, we may be responsible for, among other things, all or part of the costs required to remove or remediate wastes or hazardous substances at locations we, or our predecessors, have owned or operated. From time to time, we also have been alleged to be liable for all or part of the costs incurred to clean up third-party sites where there might have been an alleged improper disposal of hazardous substances. Currently, we are not involved in any such matters. From time to time, we incur routine expenses and capital expenditures associated with compliance with existing environmental regulations, including control of air emissions and water discharges, and plant decommissioning costs. We have not incurred any material expenses or capital expenditures related to environmental matters during the past three fiscal years, and do not expect to incur a material amount of such costs in fiscal 2023. While we will continue to have future expenditures related to environmental matters, any such amounts are impossible to reasonably estimate at this time. Based upon our experience to date, we do not believe that our compliance with environmental requirements will have a material adverse effect on our operations, financial condition or cash flows. Litigation From time to time, we, along with our subsidiaries, are involved in various litigation matters arising in the ordinary course of our business, including those arising from or related to contractual matters, commercial disputes, intellectual property, personal injury, environmental matters, product performance or warranties, product liability, insurance coverage and personnel and employment disputes. We regularly review with legal counsel the status of all ongoing proceedings, and we maintain insurance against these risks to the extent deemed prudent by our management and to the extent such insurance is available. However, there is no assurance that we will prevail in these matters or that our insurers will accept full coverage of these matters, and we could, in the future, incur judgments, enter into settlements of claims, or revise our expectations regarding the outcome or insurability of matters we face, which could materially impact our results of operations. We have been and are currently party to multiple claims, some of which are in litigation, relating to alleged defects in a commercial sealant product that was manufactured and sold during the 2000’s. While we believe that our product was not defective and that we would prevail in these commercial sealant product claims if taken to trial, the timing, ultimate resolution and potential impact of these claims is not currently determinable. Nevertheless, after taking into account all currently available information, including our defenses, the advice of our counsel, and the extent and currently-expected availability of our existing insurance coverage, we believe that the eventual outcome of these commercial sealant claims will not have a material adverse effect on our overall financial condition, results of operations or cash flows, and we have not recorded any accrual with regard to these claims.

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Lease, Cost [Abstract]
Operating Lease, Cost	$ 2,322	$ 2,466	$ 6,731	$ 7,540
Finance lease cost, Amortization of leased assets	824	337	2,439	929
Finance lease cost, Interest on lease liabilities	612	142	1,815	402
Variable Lease, Cost	420	279	1,210	759
Lease, Cost	$ 4,178	$ 3,224	$ 12,195	$ 9,630

Acquisition (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
Acquisition (Details) $ / shares in Units, $ in Thousands	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($) $ / shares	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($) $ / shares	Nov. 01, 2022 USD ($) ft²	Oct. 31, 2022 USD ($)
Business Combinations [Abstract]
Credit Facility, amount available	$ 264,900		$ 264,900		$ 215,000
Business Acquisition [Line Items]
Net sales	299,640	$ 324,037	835,091	$ 913,970
Operating income (loss)	37,463	34,035	71,202	82,711
Goodwill	186,409		186,409			$ 137,855
Payments to Acquire Businesses, Net of Cash Acquired			$ 91,302	$ 0
Effective Income Tax Rate Reconciliation, Percent			18.20%	22.20%
LMI Custom Mixing, LLC
Business Acquisition [Line Items]
Net sales	19,800		$ 54,000
Operating income (loss)	$ 1,700		5,100
Accounts receivable					7,012
Inventories, net					5,684
Other assets					790
Property, plant and equipment, net					35,887
Goodwill					41,393
Intangible assets, net					19,500
Accounts payable					(4,736)
Accrued liabilities					(507)
Long-term debt (finance leases)					(13,721)
Net assets acquired					$ 91,302
Payments to Acquire Businesses, Net of Cash Acquired			$ 91,302
Business Acquisition, Pro Forma Revenue		341,925		$ 963,797
Business Acquisition, Pro Forma Net Income (Loss)		$ 27,649		$ 68,252
Business Acquisition, Pro Forma Earnings Per Share, Basic \| $ / shares		$ 0.84		$ 2.06
Diluted earnings per common share \| $ / shares		$ 0.83		$ 2.05
Effective Income Tax Rate Reconciliation, Percent			25.00%
OHIO
Business Acquisition [Line Items]
Increase In Net Rentable Area \| ft²					60,000
Net Rentable Area \| ft²					313,595

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net income	$ 31,698	$ 21,512	$ 1,909	$ 25,908	$ 26,522	$ 11,239	$ 55,119	$ 63,669

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Grants (in shares)	38,704	36,669
Granted (in usd per share)	$ 20.67	$ 22.52
Cash paid to settle vested units	$ 400	$ 1,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	21,774
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	32,680

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended July 31, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Performance Restricted Stock Units (Details) - Performance Restricted Stock Units - $ / shares				9 Months Ended
	Dec. 07, 2022	Dec. 09, 2021	Dec. 02, 2020	Jul. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Performance restricted stock units settled in cash				100.00%
Performance Restricted Stock Units Granted	51,500	50,900	38,400
Granted (in usd per share)	$ 23.22	$ 21.06	$ 20.68
Performance restricted stock units shares forfeited	3,100	3,400	2,900
Vested (in shares)				32,680
Performance restricted stock units as probable to vest				45,667
Level 1 [Member] \| A-TSR greater than or equal to 50% [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units vesting percentage maximum				150.00%
Level 2 [Member] \| A-TSR less than 50% and greater than or equal to 20% [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units vesting percentage maximum				100.00%
Level 3 [Member] \| A-TSR less than 20% and greater than or equal to -20% [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units vesting percentage maximum				50.00%
Level 4 [Member] \| A-TSR less than -20% [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units vesting percentage maximum				0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units vesting percentage maximum				0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units vesting percentage maximum				150.00%

Acquisition

9 Months Ended

Jul. 31, 2023

Business Combinations [Abstract]

Asset Acquisition

Acquisition

On November 1, 2022, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with LMI Custom Mixing, LLC (“LMI”) and the equity owners of LMI, Lauren International, Ltd. and Meteor-US-Beteiligungs GMBH. Under the Purchase Agreement, we acquired substantially all of the operating assets comprising LMI’s polymer mixing and rubber compound production business (collectively, the “Purchased Assets”) and also agreed to assume certain liabilities relating to the Purchased Assets (collectively, the “Acquisition”). As consideration for the Purchased Assets, we paid $91.3 million in cash utilizing funds borrowed under our Credit Facility. Subsequent to the Acquisition, we had approximately $215 million available for use under the Credit Facility. For the three and nine months ended July 31, 2023, our consolidated operating results included net sales of $19.8 million and $54.0 million, respectively, and operating income of $1.7 million and $5.1 million, respectively, associated with LMI. In connection with the Acquisition, we amended our existing finance lease with Lauren Real Estate Holding LLC for the purpose of adding an additional lease renewal option and increasing rental space by approximately 60,000 square feet of rental space which was added to the 313,595 square feet of rentable area located in Cambridge, Ohio.


	As of Date of Opening Balance Sheet
	(In thousands)
Net assets acquired:
Accounts receivable	$	7,012
Inventories, net	5,684
Other assets	790
Property, plant and equipment, net	35,887
Goodwill	41,393
Intangible assets, net	19,500
Accounts payable	(4,736)
Accrued liabilities	(507)
Long-term debt (finance leases)	(13,721)
Net assets acquired	$	91,302
Consideration:
Cash, net of cash and cash equivalents acquired	$	91,302

We used recognized valuation techniques to determine the preliminary fair value of the assets and liabilities, including the excess earnings method for customer relationships and relief from royalty method for trade names and other technology with a discount rate that reflects the risk of the expected future cash flows. The goodwill balance is deductible for tax purposes. LMI is allocated entirely to our North American Fenestration reportable operating segment.

Pro Forma Results



	Three Months Ended		Nine Months Ended
	July 31, 2022		July 31, 2022
	(In thousands, except per share amounts)
Net sales	$	341,925	$	963,797
Net income	$	27,649	$	68,252
Basic earnings per share	$	0.84	$	2.06
Diluted earnings per share	$	0.83	$	2.05

We derived the pro forma results for the LMI acquisition based on historical financial information obtained from the sellers and certain management assumptions. Our pro forma adjustments relate to the elimination of LMI intercompany sales to our North American Fenestration reportable segment and related cost of sales, incremental depreciation and amortization expense associated with property, plant and equipment and intangible assets to affect the transactions, assuming a November 1, 2021 effective date. In addition, we calculated the tax impact of these adjustments at a 25% effective tax rate.

Segment Information (Tables)

9 Months Ended

Jul. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information for the three and nine months ended July 31, 2023 and 2022, and total assets as of July 31, 2023 and October 31, 2022 are summarized in the following table (in thousands):


	NA Fenestration		EU Fenestration		NA Cabinet Components		Unallocated Corp. & Other		Total
Three Months Ended July 31, 2023
Net sales	$	177,081	$	67,889	$	55,385	$	(715)	$	299,640
Depreciation and amortization	5,033		2,434		3,084		45		10,596
Operating income	22,668		16,150		2,271		(3,626)		37,463
Capital expenditures	3,201		2,244		1,744		187		7,376
Three Months Ended July 31, 2022
Net sales	$	184,744	$	67,613	$	72,480	$	(800)	$	324,037
Depreciation and amortization	4,044		2,327		3,273		90		9,734
Operating income (loss)	23,086		9,818		2,329		(1,198)		34,035
Capital expenditures	4,166		621		916		—		5,703
Nine Months Ended July 31, 2023
Net sales	$	487,036	$	186,604	$	163,577	$	(2,126)	$	835,091
Depreciation and amortization	15,328		7,135		8,988		221		31,672
Operating income (loss)	47,686		36,052		1,928		(14,464)		71,202
Capital expenditures	11,673		5,300		5,085		392		22,450
Nine Months Ended July 31, 2022
Net sales	$	509,283	$	199,954	$	207,711	$	(2,978)	$	913,970
Depreciation and amortization	12,221		7,418		10,653		262		30,554
Operating income (loss)	57,458		30,229		1,444		(6,420)		82,711
Capital expenditures	13,103		2,827		3,488		70		19,488
As of July 31, 2023
Total assets	$	382,783	$	248,404	$	159,102	$	57,520	$	847,809
As of October 31, 2022
Total assets	$	279,139	$	223,729	$	176,154	$	45,595	$	724,617

Changes in the Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the nine months ended July 31, 2023 was as follows (in thousands):


	Nine Months Ended
	July 31, 2023
Beginning balance as of November 1, 2022	$	137,855

LMI acquisition	41,393
Foreign currency translation adjustment	7,161
Balance as of the end of the period	$	186,409

The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the nine months ended July 31, 2023 (in thousands):


	NA Fenestration		EU Fenestration		NA Cabinet Comp.		Unallocated Corp. & Other		Total
Balance as of October 31, 2022	$	38,712	$	59,996	$	39,147	$	—	$	137,855

LMI acquisition	41,393		—		—		—		41,393
Foreign currency translation adjustment	—		7,161		—		—		7,161
Balance as of July 31, 2023	$	80,105	$	67,157	$	39,147	$	—	$	186,409

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Operating income	$	37,463	$	34,035	$	71,202	$	82,711
Interest expense	(2,068)		(724)		(6,571)		(1,849)
Other, net	402		398		591		905
Income tax expense	(4,099)		(7,801)		(10,103)		(18,098)
Net income	$	31,698	$	25,908	$	55,119	$	63,669

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Nature of Operations and Basis of Presentation (Tables)

9 Months Ended

Jul. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disaggregation of Revenue


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
	(In thousands)
North American Fenestration:
United States - fenestration	$	138,090	$	162,215	$	379,613	$	447,425
International - fenestration	8,542		10,722		22,019		30,952
United States - non-fenestration	26,423		8,324		73,823		22,117
International - non-fenestration	4,026		3,483		11,581		8,789
	$	177,081	$	184,744	$	487,036	$	509,283
European Fenestration:

International - fenestration	$	51,752	$	49,041	$	142,009	$	148,525
International - non-fenestration	16,137		18,572		44,595		51,429
	$	67,889	$	67,613	$	186,604	$	199,954
North American Cabinet Components:
United States - fenestration	$	4,486	$	4,857	$	12,613	$	13,288
United States - non-fenestration	50,199		66,758		148,774		191,908
International - non-fenestration	700		865		2,190		2,515
	$	55,385	$	72,480	$	163,577	$	207,711
Unallocated Corporate & Other
Eliminations	$	(715)	$	(800)	$	(2,126)	$	(2,978)
	$	(715)	$	(800)	$	(2,126)	$	(2,978)
Net sales	$	299,640	$	324,037	$	835,091	$	913,970

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2023	Oct. 31, 2022
Current assets:
Cash and cash equivalents	$ 73,252	$ 55,093
Accounts receivable, net of allowance for credit losses of $408 and $289	96,204	96,018
Inventories, net	105,368	120,890
Prepaid and other current assets	12,764	8,664
Total current assets	287,588	280,665
Property, plant and equipment, net of accumulated depreciation of $368,979 and $348,528	245,912	180,400
Operating lease right-of-use assets	45,804	56,000
Goodwill	186,409	137,855
Intangible assets, net	78,617	65,035
Other assets	3,479	4,662
Total assets	847,809	724,617
Current liabilities:
Accounts payable	71,464	77,907
Accrued liabilities	54,237	52,114
Income taxes payable	0	1,049
Current maturities of long-term debt	2,278	1,046
Current operating lease liabilities	7,388	7,727
Total current liabilities	135,367	139,843
Long-term debt	107,234	29,628
Noncurrent operating lease liabilities	39,291	49,286
Deferred pension benefits	0	3,917
Deferred income taxes	23,741	22,277
Other liabilities	16,221	14,831
Total liabilities	321,854	259,782
Commitments and contingencies
Stockholders’ equity:
Preferred stock, no par value, shares authorized 1,000,000; issued and outstanding - none	0	0
Common stock, $0.01 par value, shares authorized 125,000,000; issued 37,176,958 and 37,211,056, respectively; outstanding 32,986,332 and 33,129,250, respectively	372	372
Additional paid-in-capital	250,882	251,947
Retained earnings	384,623	337,456
Accumulated other comprehensive loss	(31,890)	(49,422)
Less: Treasury stock at cost, 4,190,626 and 4,081,806 shares, respectively	(78,032)	(75,518)
Total stockholders’ equity	525,955	464,835
Total liabilities and stockholders' equity	$ 847,809	$ 724,617

Leases

9 Months Ended

Jul. 31, 2023

Leases [Abstract]

Leases

We recognize a right-of-use (ROU) asset and lease liability for each operating and finance lease with a contractual term greater than 12 months at the time of lease inception. We include ROU assets and lease liabilities for leases that exist within other contracts. Leases with an original term of 12 months or less are not recognized on the balance sheet, and the rent expense related to those short-term leases is recognized over the lease term. We do not account for lease and non-lease (e.g., common area maintenance) components of contracts separately for any underlying asset class.

We lease certain manufacturing plants, warehouses, office space, vehicles and equipment under finance and operating leases. Lease commencement occurs on the date we take possession or control of the property or equipment. Original terms for our real estate-related leases are generally between five years and twenty years. Original terms for equipment-related leases, primarily manufacturing equipment and vehicles, are generally between one year and ten years. Some of our leases also include rental escalation clauses. Renewal options are included in the determination of lease payments when management determines the options are reasonably certain of exercise, considering financial performance, strategic importance and/or invested capital.

If readily determinable, the rate implicit in the lease is used to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. When the implicit rate is not determinable, our estimated incremental borrowing rate is utilized, determined on a collateralized basis, to discount lease payments based on information available at lease commencement.

Total lease costs recorded include fixed operating lease costs and variable lease costs. Most of our real estate leases require we pay certain expenses, such as common area maintenance costs, of which the fixed portion is included in operating lease costs. We recognize operating lease costs on a straight-line basis over the lease term. In addition to the above costs, variable lease costs are recognized when probable and are not included in determining the present value of our lease liability.

The ROU asset is measured at the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date and initial direct costs. For operating leases, ROU assets are reduced over the lease term by the

recognized straight-line lease expense less the amount of accretion of the lease liability determined using the effective interest method. For finance leases, ROU assets are amortized on a straight-line basis over the shorter of the useful life of the leased asset or the lease term. Interest expense on each finance lease liability is recognized utilizing the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets. Additionally, we monitor for events or changes in circumstances that may require a reassessment of one of our leases and determine if a remeasurement is required.

The table below presents the lease-related assets and liabilities recorded on the balance sheet at July 31, 2023 and October 31, 2022 (in thousands):


Leases	Classification	July 31, 2023		October 31, 2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	45,804	$	56,000
Finance lease assets	Property, plant and equipment (less accumulated depreciation of $6,073 and $3,726)	58,804		22,003
Total lease assets		$	104,608	$	78,003

Liabilities
Current
Operating	Current operating lease liabilities	$	7,388	$	7,727
Finance	Current maturities of long-term debt	2,579		1,336
Noncurrent
Operating	Noncurrent operating lease liabilities	39,291		49,286
Finance	Long-term debt	53,189		17,816
Total lease liabilities		$	102,447	$	76,165

The table below presents the components of lease costs for the three and nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Operating lease cost	$	2,322	$	2,466	$	6,731	$	7,540
Finance lease cost
Amortization of leased assets	824		337		2,439		929
Interest on lease liabilities	612		142		1,815		402
Variable lease costs	420		279		1,210		759
Total lease cost	$	4,178	$	3,224	$	12,195	$	9,630

The table below presents supplemental cash flow information related to leases for the nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Nine Months Ended
	July 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - financing cash flows	$	1,762	$	838
Finance leases - operating cash flows	$	1,815	$	402
Operating leases - operating cash flows	$	6,848	$	7,551

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	3,714	$	1,259
Finance leases	$	25,723	$	6,028

The table below presents the weighted-average remaining lease terms and weighted-average discount rates for the Company's leases as of July 31, 2023 and October 31, 2022:


	July 31, 2023		October 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.8		10.8
Financing leases	19.0		13.7

Weighted-average discount rate
Operating leases	4.01	%	3.84	%
Financing leases	4.49	%	3.78	%

The table below presents the maturity of the lease liabilities as of July 31, 2023 (in thousands):


	Operating Leases		Finance Leases
2023 (remaining three months)	$	2,352	$	1,246
2024	8,829		4,982
2025	7,202		4,899
2026	5,847		4,731
2027	4,811		4,589
Thereafter	30,062		63,062
Total lease payments	59,103		83,509
Less: present value discount	12,424		27,741
Total lease liabilities	$	46,679	$	55,768

Leases

The table below presents the lease-related assets and liabilities recorded on the balance sheet at July 31, 2023 and October 31, 2022 (in thousands):


Leases	Classification	July 31, 2023		October 31, 2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	45,804	$	56,000
Finance lease assets	Property, plant and equipment (less accumulated depreciation of $6,073 and $3,726)	58,804		22,003
Total lease assets		$	104,608	$	78,003

Liabilities
Current
Operating	Current operating lease liabilities	$	7,388	$	7,727
Finance	Current maturities of long-term debt	2,579		1,336
Noncurrent
Operating	Noncurrent operating lease liabilities	39,291		49,286
Finance	Long-term debt	53,189		17,816
Total lease liabilities		$	102,447	$	76,165

The table below presents the components of lease costs for the three and nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Operating lease cost	$	2,322	$	2,466	$	6,731	$	7,540
Finance lease cost
Amortization of leased assets	824		337		2,439		929
Interest on lease liabilities	612		142		1,815		402
Variable lease costs	420		279		1,210		759
Total lease cost	$	4,178	$	3,224	$	12,195	$	9,630

The table below presents supplemental cash flow information related to leases for the nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Nine Months Ended
	July 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - financing cash flows	$	1,762	$	838
Finance leases - operating cash flows	$	1,815	$	402
Operating leases - operating cash flows	$	6,848	$	7,551

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	3,714	$	1,259
Finance leases	$	25,723	$	6,028

The table below presents the weighted-average remaining lease terms and weighted-average discount rates for the Company's leases as of July 31, 2023 and October 31, 2022:


	July 31, 2023		October 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.8		10.8
Financing leases	19.0		13.7

Weighted-average discount rate
Operating leases	4.01	%	3.84	%
Financing leases	4.49	%	3.78	%

The table below presents the maturity of the lease liabilities as of July 31, 2023 (in thousands):


	Operating Leases		Finance Leases
2023 (remaining three months)	$	2,352	$	1,246
2024	8,829		4,982
2025	7,202		4,899
2026	5,847		4,731
2027	4,811		4,589
Thereafter	30,062		63,062
Total lease payments	59,103		83,509
Less: present value discount	12,424		27,741
Total lease liabilities	$	46,679	$	55,768

Segment Information Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 299,640	$ 324,037	$ 835,091	$ 913,970
Depreciation and amortization	10,596	9,734	31,672	30,554
Operating income (loss)	37,463	34,035	71,202	82,711
Capital expenditures	7,376	5,703	22,450	19,488
Total assets	847,809		847,809		$ 724,617
Operating Segments \| NA Fenestration
Segment Reporting Information [Line Items]
Net sales	177,081	184,744	487,036	509,283
Depreciation and amortization	5,033	4,044	15,328	12,221
Operating income (loss)	22,668	23,086	47,686	57,458
Capital expenditures	3,201	4,166	11,673	13,103
Total assets	382,783		382,783		279,139
Operating Segments \| EU Fenestration
Segment Reporting Information [Line Items]
Net sales	67,889	67,613	186,604	199,954
Depreciation and amortization	2,434	2,327	7,135	7,418
Operating income (loss)	16,150	9,818	36,052	30,229
Capital expenditures	2,244	621	5,300	2,827
Total assets	248,404		248,404		223,729
Operating Segments \| NA Cabinet Components
Segment Reporting Information [Line Items]
Net sales	55,385	72,480	163,577	207,711
Depreciation and amortization	3,084	3,273	8,988	10,653
Operating income (loss)	2,271	2,329	1,928	1,444
Capital expenditures	1,744	916	5,085	3,488
Total assets	159,102		159,102		176,154
Corporate Non-Segment
Segment Reporting Information [Line Items]
Net sales	(715)	(800)	(2,126)	(2,978)
Depreciation and amortization	45	90	221	262
Operating income (loss)	(3,626)	(1,198)	(14,464)	(6,420)
Capital expenditures	187	$ 0	392	$ 70
Total assets	$ 57,520		$ 57,520		$ 45,595

Fair Value Measurement of Assets and Liabilities	9 Months Ended
Fair Value Measurement of Assets and Liabilities	Jul. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market data developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to Level 1 and the lowest priority to Level 3. The three levels of the fair value hierarchy are described below: •Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. •Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs that are derived principally from or corroborated by observable market data by correlation or other means. •Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Carrying amounts reported on the balance sheet for cash, cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. Our outstanding debt is variable rate debt that re-prices frequently, thereby limiting our exposure to significant change in interest rate risk. As a result, the fair value of our debt instrument approximates carrying value at July 31, 2023, and October 31, 2022 (Level 2 measurement). Our performance share awards are marked-to-market on a quarterly basis during a three-year vesting period based on market data (Level 2 measurement). For further information, refer to Note 11, “Stock-Based Compensation - Performance Share Awards.” We used recognized valuation techniques to determine the preliminary fair value of the assets and liabilities, including the excess earnings method for customer relationships and relief from royalty method for trade names and other technology with a discount rate that reflects the risk of the expected future cash flows (Level 3 measurement). For further information, refer to Note 2, “Acquisition.”

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial 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 entity 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 risks 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.

+ References + Details

Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2023	Oct. 31, 2022
Inventory, Raw Materials and Supplies, Net of Reserves [Abstract]
Raw materials	$ 58,447	$ 68,455
Finished goods and work in process	47,988	54,013
Supplies and other	1,954	1,551
Total	108,389	124,019
Less: Inventory reserves	3,021	3,129
Inventories, net	$ 105,368	$ 120,890

Retirement Plans

9 Months Ended

Jul. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

Pension Plan

Our non-contributory, single employer defined benefit pension plan covers certain of our employees in the U.S. The net periodic pension cost for this plan for the three and nine months ended July 31, 2023 and 2022 was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
Service cost	$	95	$	215	$	287	$	645
Interest cost	390		201		1,169		604
Expected return on plan assets	(366)		(498)		(1,099)		(1,493)
Amortization of net loss	11		2		32		5
Net periodic pension benefit	$	130	$	(80)	$	389	$	(239)

During the nine months ended July 31, 2022, we made no contributions to fund our plan. During fiscal 2023, we may make a contribution to the pension plan equal to the remaining obligation in order to complete the plan termination that became effective November 1, 2022. In August 2023, some participants began receiving pension settlements. The pension obligation of $3.9 million is included in current liabilities under the caption “Accrued liabilities” within current liabilities as of July 31, 2023 and under the caption “Pension benefit obligations” as of October 31, 2023 in the accompanying condensed consolidated balance sheets.

Other Plans

We also have a supplemental benefit plan covering certain executive officers and key employees and a non-qualified deferred compensation plan covering members of the Board of Directors and certain key employees. As of July 31, 2023 and October 31, 2022, our liability under the supplemental benefit plan was approximately $2.0 million and $1.9 million, respectively. During the three months ended July 31, 2023, the supplemental benefit plan was terminated. Benefits associated with this plan will be distributed in June 2024 in accordance with Internal Revenue Service regulations. As of July 31, 2023 and October 31, 2022, the liability associated with the deferred compensation plan was approximately $4.1 million and $3.3 million, respectively. We record the current portion of liabilities associated with these plans under the caption “Accrued liabilities,” and the long-term portion under the caption “Other liabilities” in the accompanying condensed consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Paragraph 17
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Segment Information Reconciliation of Operating Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Segment Reporting [Abstract]
Operating income	$ 37,463			$ 34,035			$ 71,202	$ 82,711
Interest expense	(2,068)			(724)			(6,571)	(1,849)
Other, net	402			398			591	905
Income tax expense	(4,099)			(7,801)			(10,103)	(18,098)
Net income	$ 31,698	$ 21,512	$ 1,909	$ 25,908	$ 26,522	$ 11,239	$ 55,119	$ 63,669

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation

9 Months Ended

Jul. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We have established and maintain an Omnibus Incentive Plan (2020 Plan) that provides for the granting of restricted stock awards, stock options, restricted stock units, performance share awards, performance restricted stock units, and other stock-based and cash-based awards. The 2020 Plan is administered by the Compensation and Management Development Committee of the Board of Directors.

The aggregate number of shares of common stock authorized for grant under the 2020 Plan is 3,139,895 as approved by shareholders. Any officer, key employee and/or non-employee director is eligible for awards under the 2020 Plan. We grant restricted stock units to non-employee directors on the first business day of each fiscal year. As approved by the Compensation & Management Development Committee of our Board of Directors annually, we grant a mix of restricted stock awards, performance shares and performance restricted stock units to officers, management and key employees. We also historically granted stock options to certain officers, directors and key employees. Occasionally, we may make additional grants to key employees at other times during the year.

Restricted Stock Awards

Restricted stock awards are granted to key employees and officers annually, and typically cliff vest over a three-year period with service and continued employment as the only vesting criteria. The recipient of the restricted stock award is entitled to all of the rights of a shareholder, except that the award is nontransferable during the vesting period and quarterly dividends are not paid until the award vests. The fair value of the restricted stock award is established on the grant date and then expensed over the vesting period resulting in an increase in additional paid-in-capital. Shares are generally issued from treasury stock at the time of grant.

A summary of non-vested restricted stock awards activity during the nine months ended July 31, 2023 is presented below:


	Restricted Stock Awards	Weighted-Average Grant Date Fair Value per Share
Non-vested at October 31, 2022	212,100	$	20.86
Granted	94,700	23.49
Forfeited	(10,100)	22.30
Vested	(54,400)	18.49
Non-vested at July 31, 2023	242,300	$	22.36

The total weighted-average grant-date fair value of restricted stock awards that vested during each of the nine months ended July 31, 2023 and 2022 was $1.0 million and $1.2 million, respectively. As of July 31, 2023, total unrecognized

compensation cost related to unamortized restricted stock awards was $2.7 million. We expect to recognize this expense over the remaining weighted-average vesting period of 1.9 years.

Stock Options

Historically, stock options have been awarded to key employees, officers and non-employee directors. In December 2017, the Compensation & Management Development Committee of the Board of Directors approved a change to the long-term incentive award program eliminating the grant of stock options and replacing this award with a grant of performance restricted stock units and performance shares as further described below. As a result, the final stock options were granted during the fiscal year ended October 31, 2017. Stock options typically vested ratably over a three-year period with service and continued employment as the vesting conditions. Our stock options may be exercised up to a maximum of ten years from the date of grant. The fair value of the stock options was determined on the grant date and expensed over the vesting period resulting in an increase in additional paid-in-capital. For employees who were nearing retirement-eligibility, we recognize stock option expense ratably over the shorter of the vesting period or the period from the grant-date to the retirement-eligibility date.

We use a Black-Scholes pricing model to estimate the fair value of stock options. A description of the methodology for the valuation assumptions was disclosed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022.

The following table summarizes our stock option activity for the nine months ended July 31, 2023:


	Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (000s)
Outstanding at October 31, 2022	175,117	$	19.39
Granted	—	—
Exercised	(38,800)	19.41
Forfeited/Expired	(4,000)	21.11
Outstanding at July 31, 2023	132,317	$	19.33	2.2	$	1,166
Vested at July 31, 2023	132,317	$	19.33	2.2	$	1,166
Exercisable at July 31, 2023	132,317	$	19.33	2.2	$	1,166

Intrinsic value is the amount by which the market price of the common stock on the date of exercise exceeds the exercise price of the stock option. The total intrinsic value of stock options exercised during the nine months ended July 31, 2023 and 2022 was $0.3 million and $0.1 million, respectively.

Restricted Stock Units

Restricted stock units may be awarded to key employees and officers from time to time, and annually to non-employee directors. The non-employee director restricted stock units vest immediately but are payable only upon the director's cessation of service unless an election is made by the non-employee director to settle and pay the award on an earlier specified date. Restricted stock units awarded to employees and officers typically cliff vest after a three-year period with service and continued employment as the vesting conditions. Restricted stock units are not considered outstanding shares and do not have voting rights, although the holder does receive a cash payment equivalent to the dividend paid, on a one-for-one basis, on our outstanding common shares. Once the criteria is met, each restricted stock unit is payable to the holder in cash based on the market value of one share of our common stock. Accordingly, we record a liability for the restricted stock units on our balance sheet and recognize any changes in the market value during each reporting period as compensation expense.

During the nine months ended July 31, 2023 and 2022, non-employee directors received 38,704 and 36,669 restricted stock units, respectively, at a weighted-average grant date fair value of $20.67 per share and $22.52 per share, respectively, which vested immediately. During the nine months ended July 31, 2023, 21,774 restricted stock units, which were awarded to key employees, vested. During the nine months ended July 31, 2023, we paid $0.4 million and $1.0 million for the comparable prior year to settle vested restricted stock units.

Performance Share Awards

We have awarded annual grants of performance shares to key employees and officers. Performance share awards vest with return on net assets (RONA) as the vesting condition and pay out 100% in cash, and are accounted for as liability.

The expected cash settlement of the performance share award is recorded as a liability and is being marked to market over the three-year term of the award and can fluctuate depending on the number of shares ultimately expected to vest. Depending on the achievement of the performance conditions, 0% to 200% of the awarded performance shares may ultimately vest.

The following table summarizes our performance share grants and the grant date fair value for the RONA performance metrics:



Grant Date	Shares Awarded	Grant Date Fair Value		Shares Forfeited


December 2, 2020	65,300	$	20.68	4,100
December 9, 2021	80,900	$	22.54	4,600
December 7, 2022	89,300	$	23.49	4,600

In December 2022, 101,200 shares vested pursuant to the December 2019 grant, which were settled with a cash payment of $2.2 million.

Performance share awards are payable in cash based upon the number of performance shares ultimately earned, and are therefore not considered outstanding shares.

Performance Restricted Stock Units

We award performance restricted stock units to key employees and officers. These awards cliff vest upon a three-year service period with the absolute total shareholder return of our common stock over this three-year term as the vesting criteria. The number of shares earned is variable depending on the metric achieved, and the settlement method is 100% in our common stock, with accrued dividends paid in cash at the time of vesting, assuming the shares had been outstanding throughout the performance period.

To value the performance restricted stock units, we used a Monte Carlo simulation model to arrive at a grant-date fair value. This amount will be adjusted for forfeitures and expensed over the three-year term of the award with a credit to additional paid-in-capital. Depending on the achievement of the performance conditions, a minimum of 0% and a maximum of 150% of the awarded performance restricted stock units may vest. Specifically, the awards vest on a continuum with the following Absolute Total Shareholder Return (A-TSR) milestones:

Vesting Level

Vesting Criteria

Percentage of Award Vested

Level 1

A-TSR greater than or equal to 50%

150%

Level 2

A-TSR less than 50% and greater than or equal to 20%

100%

Level 3

A-TSR less than 20% and greater than or equal to -20%

50%

Level 4

A-TSR less than -20%

—%

The following table summarizes our performance restricted stock unit grants and the grant date fair value for the A-TSR performance metric:


Grant Date	Shares Awarded	Grant Date Fair Value		Shares Forfeited


December 2, 2020	38,400	$	20.68	2,900
December 9, 2021	50,900	$	21.06	3,400
December 7, 2022	51,500	$	23.22	3,100

During the nine months ended July 31, 2023, 32,680 performance restricted stock units vested.

The performance restricted stock units are not considered outstanding shares, do not have voting rights, and are excluded from diluted weighted-average shares used to calculate earnings per share until the performance criteria is probable to result in the issuance of contingent shares. As of July 31, 2023, we have deemed 45,667 shares related to the December 2020 grant of performance restricted stock units as probable to vest.

The following table summarizes amounts expensed as selling, general and administrative expense related to restricted stock awards, stock options, restricted stock units, performance share awards and performance restricted stock units for the three and nine months ended July 31, 2023 and 2022 (in thousands):


	Three Months Ended				Nine Months Ended
	July 31, 2023				July 31, 2023
	2023		2022		2023		2022
Restricted stock awards	$	356	$	371	$	1,258	$	1,079

Restricted stock units	1,444		796		1,873		1,512
Performance share awards	592		396		3,934		2,052
Performance restricted stock units	74		212		570		628
Total compensation expense	$	2,466	$	1,775	$	7,635	$	5,271

Treasury Shares

We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Shares are generally issued from treasury stock at the time of grant of restricted stock awards, upon the exercise of stock options, and upon the vesting of performance shares and performance restricted stock units. On the subsequent issuance of treasury shares, we record proceeds in excess of cost as an increase in additional paid in capital. A deficiency of such proceeds relative to costs would be applied to reduce paid-in-capital associated with prior issuances to the extent available, with the remainder recorded as a charge to retained earnings. There were no charges to retained earnings during the nine months ended July 31, 2023.

The following table summarizes the treasury stock activity during the nine months ended July 31, 2023:


			Nine Months Ended
			July 31, 2023
Beginning Balance as of November 1, 2022			4,081,806
Restricted stock awards granted			(94,700)
Performance restricted stock units vested			(32,680)
Stock options exercised			(38,800)
Treasury stock repurchases			275,000
Balance at July 31, 2023			4,190,626

Leases - Present Maturity of Lease Liabilities (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Operating Leases
2023 (remaining three months)	$ 2,352
2024	8,829
2025	7,202
2026	5,847
2027	4,811
Thereafter	30,062
Total lease payments	59,103
Less: present value discount	12,424
Total lease liabilities	46,679
Finance Leases
2023 (remaining three months)	1,246
2024	4,982
2025	4,899
2026	4,731
2027	4,589
Thereafter	63,062
Total lease payments	83,509
Less: present value discount	27,741
Total lease liabilities	$ 55,768

Goodwill and Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 241,020		$ 241,020		$ 216,386
Accumulated amortization	162,403		162,403		151,351
Intangible assets amortization expense	3,000	$ 3,000	9,100	$ 9,000
Estimated Amortization Expense
2023 (remaining three months)	3,003		3,003
2024	11,427		11,427
2025	10,199		10,199
2026	10,124		10,124
2027	10,125		10,125
Thereafter	33,739		33,739
Total	78,617		78,617		65,035
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	159,697		159,697		139,607
Accumulated amortization	97,647		97,647		88,646
Customer relationships \| LMI Custom Mixing, LLC
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	16,000		16,000
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	56,161		56,161		54,389
Accumulated amortization	42,737		42,737		40,610
Trademarks and trade names \| LMI Custom Mixing, LLC
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	500		500
Patents and other technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	25,162		25,162		22,390
Accumulated amortization	22,019		22,019		$ 22,095
Patents and other technology \| LMI Custom Mixing, LLC
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 3,000		$ 3,000

Retirement Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Retirement Plans (Detail) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Retirement Benefits [Abstract]
Liability, defined benefit pension plan	$ 3,900		$ 3,900
Defined benefit plan, contributions by employer			0
Supplemental benefit plan liability	2,000		2,000		$ 1,900
Deferred compensation liability	4,100		4,100		$ 3,300
Net periodic benefit cost:
Service cost	95	$ 215	287	$ 645
Interest cost	390	201	1,169	604
Expected return on plan assets	(366)	(498)	(1,099)	(1,493)
Amortization of net loss	11	2	32	5
Net periodic pension benefit	$ 130	$ (80)	$ 389	$ (239)

Goodwill and Intangible Assets - Goodwill (Details)		9 Months Ended
Goodwill and Intangible Assets - Goodwill (Details)	Aug. 31, 2022 USD ($) reporting_unit	Jul. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit	5
Goodwill, impairment loss	$ 0
Goodwill [Roll Forward]
Beginning balance		$ 137,855,000
LMI acquisition		41,393,000
Foreign currency translation adjustment		7,161,000
Balance as of the end of the period		$ 186,409,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Stock Options, [Roll Forward]
Outstanding at beginning of period (in shares)	175,117
Granted (in shares)	0
Exercised (in shares)	(38,800)
Forfeited/Expired (in shares)	(4,000)
Outstanding at end of period (in shares)	132,317
Vested (in shares)	132,317
Exercisable at end of period (in shares)	132,317
Weighted-Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 19.39
Granted (in usd per share)	0
Exercised (in usd per share)	19.41
Forfeited/Expired (in usd per share)	21.11
Outstanding at end of period (in usd per share)	19.33
Vested or expected to vest at end of period (in usd per share)	19.33
Exercisable at end of period (in usd per share)	$ 19.33
Weighted Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life	2 years 2 months 12 days
Vested, remaining contractual life	2 years 2 months 12 days
Exercisable, weighted average remaining contractual life	2 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 1,166
Vested or expected to vest at end of period	1,166
Exercisable at end of period	$ 1,166
Stock Options
Stock Options, [Roll Forward]
Exercised (in shares)	(38,800)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Total intrinsic value of options exercised	$ 300	$ 100

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 31,698	$ 25,908	$ 55,119	$ 63,669
Other comprehensive income (loss):
Foreign currency translation gain (loss)	3,078	(5,168)	17,532	(19,595)
Other comprehensive income (loss)	3,078	(5,168)	17,532	(19,595)
Comprehensive income	$ 34,776	$ 20,740	$ 72,651	$ 44,074

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Jul. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Share Activity

A summary of non-vested restricted stock awards activity during the nine months ended July 31, 2023 is presented below:


	Restricted Stock Awards	Weighted-Average Grant Date Fair Value per Share
Non-vested at October 31, 2022	212,100	$	20.86
Granted	94,700	23.49
Forfeited	(10,100)	22.30
Vested	(54,400)	18.49
Non-vested at July 31, 2023	242,300	$	22.36

Schedule of Stock Option Activity

The following table summarizes our stock option activity for the nine months ended July 31, 2023:


	Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (000s)
Outstanding at October 31, 2022	175,117	$	19.39
Granted	—	—
Exercised	(38,800)	19.41
Forfeited/Expired	(4,000)	21.11
Outstanding at July 31, 2023	132,317	$	19.33	2.2	$	1,166
Vested at July 31, 2023	132,317	$	19.33	2.2	$	1,166
Exercisable at July 31, 2023	132,317	$	19.33	2.2	$	1,166

Schedule of Performance Share Awards

The following table summarizes our performance share grants and the grant date fair value for the RONA performance metrics:



Grant Date	Shares Awarded	Grant Date Fair Value		Shares Forfeited


December 2, 2020	65,300	$	20.68	4,100
December 9, 2021	80,900	$	22.54	4,600
December 7, 2022	89,300	$	23.49	4,600

Schedule of Performance Restricted Stock Vesting Conditions

Specifically, the awards vest on a continuum with the following Absolute Total Shareholder Return (A-TSR) milestones:

Vesting Level

Vesting Criteria

Percentage of Award Vested

Level 1

A-TSR greater than or equal to 50%

150%

Level 2

A-TSR less than 50% and greater than or equal to 20%

100%

Level 3

A-TSR less than 20% and greater than or equal to -20%

50%

Level 4

A-TSR less than -20%

—%

Performance Restricted Stock Units by Grant


Grant Date	Shares Awarded	Grant Date Fair Value		Shares Forfeited


December 2, 2020	38,400	$	20.68	2,900
December 9, 2021	50,900	$	21.06	3,400
December 7, 2022	51,500	$	23.22	3,100

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Three Months Ended				Nine Months Ended
	July 31, 2023				July 31, 2023
	2023		2022		2023		2022
Restricted stock awards	$	356	$	371	$	1,258	$	1,079

Restricted stock units	1,444		796		1,873		1,512
Performance share awards	592		396		3,934		2,052
Performance restricted stock units	74		212		570		628
Total compensation expense	$	2,466	$	1,775	$	7,635	$	5,271

Treasury Stock Activity

The following table summarizes the treasury stock activity during the nine months ended July 31, 2023:


			Nine Months Ended
			July 31, 2023
Beginning Balance as of November 1, 2022			4,081,806
Restricted stock awards granted			(94,700)
Performance restricted stock units vested			(32,680)
Stock options exercised			(38,800)
Treasury stock repurchases			275,000
Balance at July 31, 2023			4,190,626

Goodwill and Intangible Assets (Tables)

9 Months Ended

Jul. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the nine months ended July 31, 2023 was as follows (in thousands):


	Nine Months Ended
	July 31, 2023
Beginning balance as of November 1, 2022	$	137,855

LMI acquisition	41,393
Foreign currency translation adjustment	7,161
Balance as of the end of the period	$	186,409

The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the nine months ended July 31, 2023 (in thousands):


	NA Fenestration		EU Fenestration		NA Cabinet Comp.		Unallocated Corp. & Other		Total
Balance as of October 31, 2022	$	38,712	$	59,996	$	39,147	$	—	$	137,855

LMI acquisition	41,393		—		—		—		41,393
Foreign currency translation adjustment	—		7,161		—		—		7,161
Balance as of July 31, 2023	$	80,105	$	67,157	$	39,147	$	—	$	186,409

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Identifiable Intangible Assets

Amortizable intangible assets consisted of the following as of July 31, 2023 and October 31, 2022 (in thousands):


	July 31, 2023				October 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	159,697	$	97,647	$	139,607	$	88,646
Trademarks and trade names	56,161		42,737		54,389		40,610
Patents and other technology	25,162		22,019		22,390		22,095

Total	$	241,020	$	162,403	$	216,386	$	151,351

Estimated Amortization Expense Related to Intangible Assets


	Estimated Amortization Expense
2023 (remaining three months)	$	3,003
2024	11,427
2025	10,199
2026	10,124
2027	10,125
Thereafter	33,739
Total	$	78,617

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

+ Details

Earnings Per Share

9 Months Ended

Jul. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareWe compute basic earnings per share by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per common and potential common shares include the weighted-average of additional shares associated with the incremental effect of dilutive employee stock options, non-vested restricted stock as determined using the treasury stock method prescribed by U.S. GAAP and contingent shares associated with performance share awards, if dilutive.

Basic and diluted earnings per share for the three and nine months ended July 31, 2023 and 2022 were calculated as follows (in thousands, except per share data):


	Net Income		Weighted-Average Shares	Per Share
Three Months Ended July 31, 2023
Basic earnings per common share	$	31,698	32,716	$	0.97
Effect of dilutive securities:
Stock options	—		33	—
Restricted stock awards	—		124	—

Performance restricted stock units	—		46	—
Diluted earnings per common share	$	31,698	32,919	$	0.96
Three Months Ended July 31, 2022
Basic earnings per common share	$	25,908	32,999	$	0.79
Effect of dilutive securities:
Stock options	—		34	—
Restricted stock awards	—		99	—

Performance restricted stock units	—		41	—
Diluted earnings per common share	$	25,908	33,173	$	0.78
Nine Months Ended July 31, 2023
Basic earnings per common share	$	55,119	32,841	$	1.68
Effect of dilutive securities:
Stock options	—		30	—
Restricted stock awards	—		114	—

Performance restricted stock units	—		46	—
Diluted earnings per common share	$	55,119	33,031	$	1.67
Nine Months Ended July 31, 2022
Basic earnings per common share	$	63,669	33,093	$	1.92
Effect of dilutive securities:
Stock options	—		27	—
Restricted stock awards	—		95	—

Performance restricted stock units	—		41	—
Diluted earnings per common share	$	63,669	33,256	$	1.91

We do not include equity instruments in our calculation of diluted earnings per share if those instruments would be anti-dilutive. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. There were no anti-dilutive instruments for the three and nine months ended July 31, 2023 and 2022.

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) - USD ($)	9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Oct. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Number of Shares
Non-vested (in shares)	242,300		212,100
Grants (in shares)	94,700
Cancelled (in shares)	(10,100)
Vested (in shares)	(54,400)
Weighted-Average Grant Date Fair Value per Share
Non-vested at beginning of the period (in usd per share)	$ 20.86
Granted (in usd per share)	23.49
Cancelled (in usd per share)	22.30
Vested (in usd per share)	18.49
Non-vested at end of the period (in usd per share)	$ 22.36
Fair value of restricted stock awards vested	$ 1,000,000	$ 1,200,000
Unrecognized compensation cost - non vested restricted stock awards	$ 2,700,000
Weighted-average period over which unrecognized cost is expected to be recognized	1 year 10 months 24 days

Stock-Based Compensation - Performance Share Awards (Details) - USD ($) $ / shares in Units, $ in Millions				9 Months Ended
	Dec. 07, 2022	Dec. 09, 2021	Dec. 02, 2020	Jul. 31, 2023
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares settled in cash				100.00%
Performance shares granted	89,300	80,900	65,300
Return On Net Assets	$ 23.49	$ 22.54	$ 20.68
Performance shares forfeited	4,600	4,600	4,100
Vested (in shares)				101,200
Payment For Settlement Of Share-Based Compensation				$ 2.2
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares vesting percentage maximum				0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares vesting percentage maximum				200.00%
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares granted	51,500	50,900	38,400
Performance shares forfeited	3,100	3,400	2,900
Vested (in shares)				32,680
Performance Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares vesting percentage maximum				0.00%
Performance Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares vesting percentage maximum				150.00%

Inventories (Tables)

9 Months Ended

Jul. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following at July 31, 2023 and October 31, 2022 (in thousands):


	July 31, 2023		October 31, 2022
Raw materials	$	58,447	$	68,455
Finished goods and work in process	47,988		54,013
Supplies and other	1,954		1,551
Total	108,389		124,019
Less: Inventory reserves	3,021		3,129
Inventories, net	$	105,368	$	120,890

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, Common
Balance at beginning of period at Oct. 31, 2021	$ 419,782	$ 373	$ 254,162	$ 259,718	$ (21,770)	$ (72,701)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,239			11,239
Foreign currency translation adjustment	(3,159)				(3,159)
Common dividends ($0.08 per share)	(2,587)			(2,587)
Stock-based compensation activity:
Expense related to stock-based compensation	552		552
Stock options exercised	55		5			50
Restricted stock awards granted			(1,534)			1,534
Performance restricted stock units vested			(1,598)			1,598
Other	(1,383)		(1,383)
Balance at end of period at Jan. 31, 2022	424,499	373	250,204	268,370	(24,929)	(69,519)
Balance at beginning of period at Oct. 31, 2021	419,782	373	254,162	259,718	(21,770)	(72,701)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	63,669
Balance at end of period at Jul. 31, 2022	450,137	373	251,359	315,471	(41,365)	(75,701)
Balance at beginning of period at Jan. 31, 2022	424,499	373	250,204	268,370	(24,929)	(69,519)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,522			26,522
Foreign currency translation adjustment	(11,268)				(11,268)
Common dividends ($0.08 per share)	(2,671)			(2,671)
Purchase of treasury stock	(1,569)					(1,569)
Stock-based compensation activity:
Expense related to stock-based compensation	572		572
Stock options exercised	118		9			109
Other	(29)		(29)
Balance at end of period at Apr. 30, 2022	436,174	373	250,756	292,221	(36,197)	(70,979)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,908			25,908
Foreign currency translation adjustment	(5,168)				(5,168)
Common dividends ($0.08 per share)	(2,658)			(2,658)
Purchase of treasury stock	(5,031)					(5,031)
Stock-based compensation activity:
Expense related to stock-based compensation	583		583
Stock options exercised	329		20			309
Balance at end of period at Jul. 31, 2022	450,137	373	251,359	315,471	(41,365)	(75,701)
Balance at beginning of period at Oct. 31, 2022	464,835	372	251,947	337,456	(49,422)	(75,518)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,909			1,909
Foreign currency translation adjustment	11,372				11,372
Common dividends ($0.08 per share)	(2,661)			(2,661)
Stock-based compensation activity:
Expense related to stock-based compensation	679		679
Stock options exercised	99		6			93
Restricted stock awards granted			(1,752)			1,752
Performance restricted stock units vested			(605)			605
Other	(545)		(545)
Balance at end of period at Jan. 31, 2023	475,688	372	249,730	336,704	(38,050)	(73,068)
Balance at beginning of period at Oct. 31, 2022	464,835	372	251,947	337,456	(49,422)	(75,518)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,119
Balance at end of period at Jul. 31, 2023	525,955	372	250,882	384,623	(31,890)	(78,032)
Balance at beginning of period at Jan. 31, 2023	475,688	372	249,730	336,704	(38,050)	(73,068)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,512			21,512
Foreign currency translation adjustment	3,082				3,082
Common dividends ($0.08 per share)	(2,659)			(2,659)
Purchase of treasury stock	(5,593)					(5,593)
Stock-based compensation activity:
Expense related to stock-based compensation	719		719
Other	(22)		(22)
Balance at end of period at Apr. 30, 2023	492,727	372	250,427	355,557	(34,968)	(78,661)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,698			31,698
Foreign currency translation adjustment	3,078				3,078
Common dividends ($0.08 per share)	(2,632)			(2,632)
Stock-based compensation activity:
Expense related to stock-based compensation	430		430
Stock options exercised	654		25			629
Balance at end of period at Jul. 31, 2023	$ 525,955	$ 372	$ 250,882	$ 384,623	$ (31,890)	$ (78,032)

Nature of Operations and Basis of Presentation Summary of Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Product Information [Line Items]
Total sales	$ 299,640	$ 324,037	$ 835,091	$ 913,970
Operating Segments \| NA Fenestration
Product Information [Line Items]
Total sales	177,081	184,744	487,036	509,283
Operating Segments \| NA Fenestration \| United States \| Fenestration [Member]
Product Information [Line Items]
Total sales	138,090	162,215	379,613	447,425
Operating Segments \| NA Fenestration \| United States \| Non-fenestration [Member]
Product Information [Line Items]
Total sales	26,423	8,324	73,823	22,117
Operating Segments \| NA Fenestration \| International \| Fenestration [Member]
Product Information [Line Items]
Total sales	8,542	10,722	22,019	30,952
Operating Segments \| NA Fenestration \| International \| Non-fenestration [Member]
Product Information [Line Items]
Total sales	4,026	3,483	11,581	8,789
Operating Segments \| EU Fenestration
Product Information [Line Items]
Total sales	67,889	67,613	186,604	199,954
Operating Segments \| EU Fenestration \| International \| Fenestration [Member]
Product Information [Line Items]
Total sales	51,752	49,041	142,009	148,525
Operating Segments \| EU Fenestration \| International \| Non-fenestration [Member]
Product Information [Line Items]
Total sales	16,137	18,572	44,595	51,429
Operating Segments \| NA Cabinet Components
Product Information [Line Items]
Total sales	55,385	72,480	163,577	207,711
Operating Segments \| NA Cabinet Components \| United States \| Fenestration [Member]
Product Information [Line Items]
Total sales	4,486	4,857	12,613	13,288
Operating Segments \| NA Cabinet Components \| United States \| Non-fenestration [Member]
Product Information [Line Items]
Total sales	50,199	66,758	148,774	191,908
Operating Segments \| NA Cabinet Components \| International \| Non-fenestration [Member]
Product Information [Line Items]
Total sales	700	865	2,190	2,515
Corporate Non-Segment
Product Information [Line Items]
Total sales	$ (715)	$ (800)	$ (2,126)	$ (2,978)

New Accounting Guidance	9 Months Ended
New Accounting Guidance	Jul. 31, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	New Accounting GuidanceFrom time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standards setting bodies that we adopt as of the specified effective date. We did not adopt any new accounting pronouncements during the three and nine months ended July 31, 2023. As of July 31, 2023, we believe the impact of any recently issued standards that are not yet effective are either not applicable to us at this time or will not have a material impact on our condensed consolidated financial statements upon adoption.

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Income Statement [Abstract]
Net sales	$ 299,640	$ 324,037	$ 835,091	$ 913,970
Cost and expenses:
Cost of sales (excluding depreciation and amortization)	221,065	251,446	637,586	712,931
Selling, general and administrative	30,516	28,822	94,631	87,774
Depreciation and amortization	10,596	9,734	31,672	30,554
Operating income	37,463	34,035	71,202	82,711
Non-operating (expense) income:
Interest expense	(2,068)	(724)	(6,571)	(1,849)
Other, net	402	398	591	905
Income before income taxes	35,797	33,709	65,222	81,767
Income tax expense	(4,099)	(7,801)	(10,103)	(18,098)
Net income	$ 31,698	$ 25,908	$ 55,119	$ 63,669
Basic earnings per common share	$ 0.97	$ 0.79	$ 1.68	$ 1.92
Diluted earnings per common share	$ 0.96	$ 0.78	$ 1.67	$ 1.91
Weighted-average common shares outstanding:
Basic (in shares)	32,716	32,999	32,841	33,093
Diluted (in shares)	32,919	33,173	33,031	33,256
Cash dividends per share (in usd per share)	$ 0.08	$ 0.08	$ 0.24	$ 0.24

Segment Information Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Jul. 31, 2023 USD ($)
Goodwill [Line Items]
Beginning balance	$ 137,855
LMI acquisition	41,393
Foreign currency translation adjustment	7,161
Balance as of the end of the period	186,409
Operating Segments \| NA Fenestration
Goodwill [Line Items]
Beginning balance	38,712
LMI acquisition	41,393
Foreign currency translation adjustment	0
Balance as of the end of the period	80,105
Operating Segments \| EU Fenestration
Goodwill [Line Items]
Beginning balance	59,996
Foreign currency translation adjustment	7,161
Balance as of the end of the period	67,157
Operating Segments \| NA Cabinet Components
Goodwill [Line Items]
Beginning balance	39,147
Foreign currency translation adjustment	0
Balance as of the end of the period	39,147
Corporate Non-Segment
Goodwill [Line Items]
Beginning balance	0
Foreign currency translation adjustment	0
Balance as of the end of the period	$ 0

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Inventories

9 Months Ended

Jul. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following at July 31, 2023 and October 31, 2022 (in thousands):


	July 31, 2023		October 31, 2022
Raw materials	$	58,447	$	68,455
Finished goods and work in process	47,988		54,013
Supplies and other	1,954		1,551
Total	108,389		124,019
Less: Inventory reserves	3,021		3,129
Inventories, net	$	105,368	$	120,890

Fixed costs related to excess manufacturing capacity, if any, have been expensed in the period they were incurred and, therefore, are not capitalized into inventory.

Debt and Finance Lease Obligations (Details) - USD ($)	3 Months Ended	9 Months Ended
Debt and Finance Lease Obligations (Details) - USD ($)	Jan. 31, 2023	Jul. 31, 2023	Jul. 31, 2022	Nov. 01, 2022	Oct. 31, 2022	Jul. 06, 2022
Debt Instrument [Line Items]
Unamortized deferred financing fees		$ 1,280,000			$ 1,528,000
Total debt		109,512,000			30,674,000
Current maturities of long-term debt		2,278,000			1,046,000
Long-term Debt		107,234,000			29,628,000
Debt issuance costs		0	$ (1,210,000)
Letters of credit, outstanding		5,100,000
Finance lease obligations and other		55,800,000
Credit Facility, amount available		$ 264,900,000		$ 215,000,000
Debt Instrument, Interest Rate During Period		5.91%	1.81%
Capital Lease Obligations
Debt Instrument [Line Items]
Total debt		$ 55,792,000			19,202,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility		55,000,000
Total debt		$ 55,000,000			$ 13,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ (1,200,000)
Debt Instrument, Interest Rate, Stated Percentage		6.67%
Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Default interest rate		2.00%
Minimum Incremental Borrowing		$ 10,000,000
Maximum Incremental Borrowing		$ 150,000,000
Debt Instrument, Required Coverage Ratio		0.0300
Debt Instrument, Required Leverage Ratio		0.0325
Debt Instrument, Limitation on Annual Dividend		$ 25,000,000
Debt Instrument, Leverage Ratio Threshold for Limitations to Take Effect		2.75
Debt Instrument, Liquidity Threshold for Limitations to Take Effect		$ 25,000,000
Credit Facility [Member] \| Line of Credit [Member] \| Less than or equal to 1.50 to 1.00
Debt Instrument [Line Items]
Commitment fee percentage		0.15%
Credit Facility [Member] \| Line of Credit [Member] \| Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00
Debt Instrument [Line Items]
Commitment fee percentage		0.175%
Credit Facility [Member] \| Line of Credit [Member] \| Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00
Debt Instrument [Line Items]
Commitment fee percentage		0.20%
Credit Facility [Member] \| Line of Credit [Member] \| Greater than 3.00 to 1.00
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
Revolving Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 325,000,000
Long-Term Debt, Term						5 years
Swing Line [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount		$ 15,000,000
Eurocurrency Rate Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Less than or equal to 1.50 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Eurocurrency Rate Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Eurocurrency Rate Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Eurocurrency Rate Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 3.00 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Transitioned RFR Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Less than or equal to 1.50 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Transitioned RFR Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Transitioned RFR Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Transitioned RFR Loans \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 3.00 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Base Rate [Member] \| Credit Facility [Member] \| Line of Credit [Member] \| Less than or equal to 1.50 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Base Rate [Member] \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Base Rate [Member] \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Base Rate [Member] \| Credit Facility [Member] \| Line of Credit [Member] \| Greater than 3.00 to 1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Nature of Operations and Basis of Presentation

9 Months Ended

Jul. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Quanex Building Products Corporation is a global, publicly traded manufacturing company primarily serving original equipment manufacturers (OEMs) in the fenestration, cabinetry, solar, refrigeration and outdoor products markets. These components can be categorized as window and door (fenestration) components and kitchen and bath cabinet components. Examples of fenestration components include: (1) energy-efficient flexible insulating glass spacers, (2) extruded vinyl profiles, (3) window and door screens, and (4) precision-formed metal and wood products. We also manufacture cabinet doors and other components for OEMs in the kitchen and bathroom cabinet industry. In addition, we provide certain other non-fenestration components and products, which include custom mixing, solar panel sealants, trim moldings, vinyl decking, vinyl fencing, customized compounds, water retention barriers, and conservatory roof components. We have organized our business into three reportable business segments. For additional discussion of our reportable business segments, see Note 12, “Segment Information.” We use low-cost, short lead-time production processes and engineering expertise to provide our customers with specialized products for their specific window, door, and cabinet applications. We believe these capabilities provide us with unique competitive advantages. We serve a primary customer base in North America and the United Kingdom (U.K.), and also serve customers in international markets through our operating plants in the U.K. and Germany, as well as through sales and marketing efforts in other countries.

Unless the context indicates otherwise, references to “Quanex”, the “Company”, “we”, “us” and “our” refer to the consolidated business operations of Quanex Building Products Corporation and its subsidiaries.

Basis of Presentation and Principles of Consolidation

The accompanying interim unaudited condensed consolidated financial statements include the accounts of Quanex Building Products Corporation. All intercompany accounts and transactions have been eliminated in consolidation. These financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of October 31, 2022 was derived from audited financial information but does not include all disclosures required by U.S. GAAP. The accompanying financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022. In our opinion, the accompanying financial statements contain all adjustments (which consist of normal recurring adjustments, except as disclosed herein) necessary to fairly present our financial position, results of operations and cash flows for the interim periods. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year or for any future periods.

Use of Estimates

In preparing financial statements, we make informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. We review our estimates on an on-going basis, including those related to impairment of long-lived assets and goodwill, contingencies and income taxes. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.

Revenue from Contracts with Customers

Revenue recognition

We recognize revenue that reflects the consideration we expect to receive for product sales upon transfer to customers. Revenue for product sales is recognized when control of the promised products is transferred to our customers, and we are entitled to consideration in exchange for such transfer. We account for a contract when a customer provides us with a firm purchase order that identifies the products to be provided, the payment terms for those products, and when collectability of the consideration due is probable.

Performance obligations

A performance obligation is a promise to provide the customer with a good or service. Our performance obligations include product sales, with each product included in a customer contract being recognized as a separate performance obligation.

For contracts with multiple performance obligations, the standalone selling price of each product is generally readily observable.

Revenue from product sales is recognized at a point in time when the product is transferred to the customer, in accordance with the shipping terms, which is generally upon shipment. We estimate a provision for sales returns and warranty allowances to account for product returns related to general returns and product nonconformance.

We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. Additionally, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Pricing and sales incentives

Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price, reflective of current and prospective discounts.

Shipping and handling costs

We account for shipping and handling services as fulfillment services; accordingly, freight revenue is combined with the product deliverable rather than being accounted for as a distinct performance obligation within the terms of the agreement. Shipping and handling costs incurred by us for the delivery of goods to customers are considered a cost to fulfill the contract and are included in cost of sales in the accompanying condensed consolidated statements of income.

Contract assets and liabilities

Deferred revenue, which is not significant, is recorded when we have remaining unsatisfied performance obligations for which we have received consideration.

Disaggregation of revenue

We produce a wide variety of products that are used in the fenestration industry, including window spacer systems; extruded vinyl products; metal fabricated products; and astragals, thresholds and screens. In addition, we produce certain non-fenestration products, including kitchen and bath cabinet doors and components, flooring and trim moldings, solar edge tape, plastic decking, fencing, water retention barriers, conservatory roof components, and other products.

The following table summarizes our product sales for the three and nine months ended July 31, 2023 and 2022 into groupings by segment which we believe depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further details regarding our results by segment, refer to Note 12, “Segment Information”.


	Three Months Ended				Nine Months Ended
	July 31,				July 31,
	2023		2022		2023		2022
	(In thousands)
North American Fenestration:
United States - fenestration	$	138,090	$	162,215	$	379,613	$	447,425
International - fenestration	8,542		10,722		22,019		30,952
United States - non-fenestration	26,423		8,324		73,823		22,117
International - non-fenestration	4,026		3,483		11,581		8,789
	$	177,081	$	184,744	$	487,036	$	509,283
European Fenestration:

International - fenestration	$	51,752	$	49,041	$	142,009	$	148,525
International - non-fenestration	16,137		18,572		44,595		51,429
	$	67,889	$	67,613	$	186,604	$	199,954
North American Cabinet Components:
United States - fenestration	$	4,486	$	4,857	$	12,613	$	13,288
United States - non-fenestration	50,199		66,758		148,774		191,908
International - non-fenestration	700		865		2,190		2,515
	$	55,385	$	72,480	$	163,577	$	207,711
Unallocated Corporate & Other
Eliminations	$	(715)	$	(800)	$	(2,126)	$	(2,978)
	$	(715)	$	(800)	$	(2,126)	$	(2,978)
Net sales	$	299,640	$	324,037	$	835,091	$	913,970

Allowance for Credit Losses

We have established an allowance for credit losses to estimate the risk of losses, which represents an estimate of expected losses over the remaining contractual life of our receivables. The allowance is determined using two methods. The amounts calculated from each of these methods are combined to determine the total amount reserved. First, a specific reserve is established for individual accounts where information indicates the customers may have an inability to meet financial obligations. Second, a reserve is determined for all customers based on a range of percentages applied to aging categories. These percentages are based on historical collection rates, write-off experience, and forecasts of future economic conditions. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful.

Related Parties

Net sales include transactions with a customer which is a related party with one of our non-employee directors for the nine months ended July 31, 2023 of approximately $0.9 million and $1.6 million for the comparable prior year period. We performed a review of these transactions, of which no single transaction or series of related transactions exceeded $120,000 in amount, and determined that these transactions were enacted independently of each other. We are not aware of any other related party transactions with any of our current non-employee directors or officers outside of their normal business functions or expected contractual duties.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Earnings Per Share Disclosure [Line Items]
Basic earnings per common share	$ 31,698	$ 25,908	$ 55,119	$ 63,669
Diluted earnings per common share	$ 31,698	$ 25,908	$ 55,119	$ 63,669
Basic (in shares)	32,716	32,999	32,841	33,093
Diluted (in shares)	32,919	33,173	33,031	33,256
Basic earnings per common share	$ 0.97	$ 0.79	$ 1.68	$ 1.92
Diluted earnings per common share	$ 0.96	$ 0.78	$ 1.67	$ 1.91
Stock Options
Earnings Per Share Disclosure [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	33	34	30	27
Restricted Stock Awards (RSAs)
Earnings Per Share Disclosure [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	124	99	114	95
Performance Restricted Stock Units
Earnings Per Share Disclosure [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	46	41	46	41

Debt and Finance Lease Obligations (Tables)

9 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

Debt and Finance Lease Obligations

Long-term debt consisted of the following at July 31, 2023 and October 31, 2022 (in thousands):


	July 31, 2023		October 31, 2022
Revolving Credit Facility	$	55,000	$	13,000


Finance lease obligations and other	55,792		19,202
Unamortized deferred financing fees	(1,280)		(1,528)
Total debt	$	109,512	$	30,674
Less: Current maturities of long-term debt	2,278		1,046
Long-term debt	$	107,234	$	29,628

Schedule of Applicable Margin and Commitment Fees

The applicable margin and commitment fees are outlined in the following table:


Pricing Level	Consolidated Net Leverage Ratio	Commitment Fee	Eurocurrency Rate Loans and RFR Loans	Base Rate Loans
I	Less than or equal to 1.50 to 1.00	0.150%	1.25%	0.25%
II	Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00	0.175%	1.50%	0.50%
III	Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00	0.200%	1.75%	0.75%
IV	Greater than 3.00 to 1.00	0.250%	2.00%	1.00%