JOY GLOBAL INC

CIK:0000801898|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Income Statement [Abstract]
Net sales	$ 497,769	$ 526,300
Cost of sales	389,108	438,256
Product development, selling and administrative expenses	111,111	110,413
Restructuring expenses	772	26,659
Other income	(1,472)	(3,941)
Operating loss	(1,750)	(45,087)
Interest income	1,588	807
Interest expense	(12,610)	(12,923)
Loss before income taxes	(12,772)	(57,203)
(Benefit) income for income taxes	(12,495)	(16,982)
Net loss	$ (277)	$ (40,221)
Basic loss per share (in dollars per share)	$ 0.00	$ (0.41)
Diluted loss per share (in dollars per share)	0.00	(0.41)
Dividends per share (in dollars per share)	$ 0.01	$ 0.01
Weighted average shares outstanding:
Basic (in shares)	98,913	97,851
Diluted (in shares)	98,913	97,851

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2017	Jan. 29, 2016
Operating Activities:
Net loss	$ (277)	$ (40,221)
Adjustments to operations:
Depreciation and amortization	26,217	40,087
Changes in deferred income taxes	3,148	(849)
Contributions to defined benefit employee pension plans	(1,457)	(1,418)
Defined benefit employee pension and postretirement plan (income) expense	(4,387)	6,217
Share-based compensation expense	6,443	4,367
Changes in long-term receivables	6,336	6,740
Other adjustments to continuing operations, net	(2,657)	3,589
Changes in working capital items:
Accounts receivable, net	44,290	146,678
Inventories	(19,623)	26,917
Other current assets	(1,421)	(2,658)
Trade accounts payable	(18,598)	(54,900)
Employee compensation and benefits	(18,224)	(8,883)
Advance payments and progress billings	66,907	8,957
Accrued warranties	(174)	(85)
Other accrued liabilities	(45,050)	(25,949)
Net cash provided by operating activities	41,473	108,589
Investing Activities:
Property, plant and equipment acquired	(6,611)	(8,103)
Proceeds from sale of property, plant and equipment	4,900	9,167
Other investing activities, net	0	122
Net cash (used) provided by investing activities	(1,711)	1,186
Financing Activities:
Common stock issued	10,668	0
Dividends paid	(1,009)	(997)
Repayments of term loan	(9,375)	(4,687)
Payments on credit agreement	0	(58,600)
Financing fees	0	(1,011)
Other financing activities, net	5,284	(1,507)
Net cash provided (used) by financing activities	5,568	(66,802)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	60	5,925
Increase in Cash, Cash Equivalents and Restricted Cash	45,270	37,048
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	278,219	102,885
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 323,489	$ 139,933

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 27, 2017	Oct. 28, 2016	Jan. 29, 2016	Oct. 30, 2015
Current assets:
Cash and cash equivalents	$ 321,909	$ 276,709
Accounts receivable, net	639,881	683,958
Inventories	836,465	814,821
Other current assets	133,005	113,434
Assets held for sale	330	3,703
Total current assets	1,931,590	1,892,625
Property, plant and equipment, net	642,882	656,245
Other assets:
Other intangible assets, net	217,081	223,411
Goodwill	350,762	350,843
Deferred income taxes	179,539	171,775
Other non-current assets	123,650	128,401
Total other assets	871,032	874,430
Total assets	3,445,504	3,423,300
Current liabilities:
Short-term borrowings, including current portion of long-term obligations	43,006	41,611
Trade accounts payable	219,502	236,787
Employee compensation and benefits	72,532	91,224
Advance payments and progress billings	242,450	173,121
Accrued warranties	40,775	40,787	$ 50,518	$ 52,146
Other accrued liabilities	167,657	188,591
Total current liabilities	785,922	772,121
Long-term obligations	953,241	962,291
Other liabilities:
Liabilities for postretirement benefits	14,249	14,260
Accrued pension costs	169,471	175,120
Other non-current liabilities	127,930	117,802
Total other liabilities	311,650	307,182
Shareholders’ equity	1,394,691	1,381,706
Total liabilities and shareholders’ equity	$ 3,445,504	$ 3,423,300